Graduate Accounting Programs

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1 Brittany Kruse Elijah Watt Sells Recipient Of the 95,000 CPA test takers in 2013, only 55 scored higher than 95.5% on all four sections of the CPA exam. Brittany is now employed by Deloitte, LLP in Minneapolis, MN. From left to right are partners Dennis McCormick of CliftonLarsonAllen, Scott Danger of Abdo Eick & Meyer, and Chuck Christiansen of Eide Bailly. They were judges in a competitive scholarship for writing and oral communication skills in the Master of Accounting program in January The first place recipient was awarded $2,000, second place $600, and the third place was $400. The scholarship was funded by CliftonLarsonAllen and Allen Lenzeier, alumni of MSUM. A Recent Competitive Scholarship for the Master of Accounting Graduate Accounting Programs ADVISING BOOKLET Name Faculty Advisor Catalog Year

2 Table of Contents Master of Accounting 3 Admission Requirements for the MAcc Program 5 Accounting and Business Law Advisors 7 Master of Accounting Curriculum 8 MAcc Course Learning Objectives and Descriptions 9 Illustrative Schedule for MAcc 19 CPA Licensing Requirements in Minnesota 20 Accounting Paths Beyond Graduation 21 Professional Accounting Organizations 22 Notice of Alumna to Receive Prestigious Accounting Award 25 2

3 Master of Accounting Why a Master of Accounting Degree? Minnesota State Mankato's Master of Accounting (MAcc) program provides students with the credit hours necessary to become a Certified Public Accountant (CPA), prepares them for success in a dynamic job market and produces graduates with skills and abilities that will allow them to advance faster. With convenient classes offered by respected faculty in both Mankato and Normandale, the 12-month program offers an exceptional value to both new graduates and anyone seeking to shift gears and pursue a career in public accounting. MAcc graduates offer an exceptional value to accounting firms, who are looking for employees who have done more than just fulfill the state's required 150 credit hours. They want to see those additional credit hours focused on professional leadership skills and advanced accounting skills. Our program incorporates both theory and technical expertise as well as the professional skills that employers are looking for: the ability to communicate clearly, collaborate easily, work well in a team, find new solutions, and keep an open mind. Certified Public Accountants (CPAs) are actively recruited by public accounting firms, corporations, small businesses, nonprofit organizations, and government agencies. To become a CPA, an individual must complete 150 credits of college-level coursework - but an undergraduate degree in accounting only requires 120 credit hours. The MAcc provides the additional 30 credits and is sought after by many employers - including the Big 4 accounting firms, which regularly request MAcc credentials. In public accounting firms, advancement opportunities without a CPA are limited, and most firms want entry-level employees to have earned the necessary credits in a more meaningful way than a double major before beginning employment. Minnesota State Mankato's MAcc program is one of the most affordable programs in the region. Courses will be offered in both Mankato and Normandale, providing convenient access to the program wherever students are located. 3

4 As one of the few AACBS accredited business programs in the upper Midwest, the College of Business at Minnesota State Mankato will continue to provide quality accounting education through this new program offering. MAcc Program Learning Objectives Upon completion of the program, students should be able to: 1. Apply the technical knowledge of the discipline of accounting to a variety of business situations to formulate solutions and recommendations. 2. Apply critical thinking skills to research and analyze tax and accounting issues to determine appropriate actions. 3. Produce effective professional written communications and deliver effective oral presentations. 4. Analyze and assess situations to determine appropriate actions with regard to the ethical responsibilities of an accounting professional. 4

5 Admission Requirements for the MAcc Admission to our MAcc Program is competitive. An undergraduate degree is required for admittance; undergraduates in their senior year can apply for admission but would not be able to take MAcc courses until their degree is conferred. Applicants with degrees other than accounting must complete, at a minimum, the Intermediate Accounting course sequence before applying for the MAcc. Applicants without an undergraduate accounting degree must complete equivalent undergraduate accounting courses before beginning their MAcc coursework. Equivalent coursework would include, at a minimum, the following subjects: introductory financial accounting and management accounting, intermediate financial accounting, advanced financial accounting, cost or management accounting, auditing, individual income tax, corporate income tax, and accounting information systems. A business law contracts course is strongly recommended as well. The admission process is the same whether you are planning to take courses in Mankato or at the Normandale Campus: Students must first obtain admission from the College of Graduate Studies and Research. The application is available at grad.mnsu.edu/applying. This completed application, along with two official transcripts from all colleges and universities attended, a completed immunization form and a $40 application fee must be submitted to: College of Graduate Studies and Research Minnesota State University, Mankato 115 Alumni Foundation Center Mankato, MN Phone: Fax: Students who do not use English as their first language must demonstrate the ability to study in English by submitting a score of at least 500 on the written Test of English as a Foreign Language (TOEFL) test, 173 on the computer-based test or 61 or better on the web-based exam. We will also accept a score of 6 or better on the IELTS. Applicants from countries where English is the sole official language of instruction [Australia, Bahamas, Barbados, Canada (except Quebec), England, Ghana, Ireland, Jamaica, Kenya, New Zealand, Nigeria, Scotland, St. Vincent and the Grenadines, Trinidad, Tobago, Uganda and Wales] are typically not required to submit TOEFL results. 5

6 A Graduate Management Admissions Test (GMAT) score of 500 or above is also generally required. Test scores must be sent directly to the College of Graduate Studies and Research from GMAC. This requirement will be waived for applicants meeting one of the following criteria: a. Applicant has an undergraduate degree from Minnesota State Mankato's College of Business or is in the last semester completing an undergraduate degree from Minnesota State Mankato with a 3.2 overall GPA and a 3.0 GPA in the Intermediate Accounting courses. b. Applicant has passed the CPA exam. c. Applicant has a PhD, JD, or MD. d. Applicant has a Master's from an AACSB accredited business school. Applicants must also complete the MAcc program application, which can be found at cob.mnsu.edu/macc/. Send this form, along with a current resume, to: Dr. William Brown, MAcc Program Chair Department of Accounting and Business Law College of Business Minnesota State University, Mankato 150 Morris Hall Mankato, MN After review of your application, the admissions committee, at their discretion, may also request the submission of two letters of reference. The committee may also request that the applicant participate in an interview with the chair of the MAcc program. Admissions Committee: William Brown, Chair of the Accounting and Business Law Department, MAcc Program Chair Jane Baird, Professor of Accounting Ferdinand Siagian, Assistant Professor of Accounting Accounting students with an undergraduate degree in Accounting and with a 3.2 GPA overall and 3.0 GPA in Accounting 300 and Accounting 301 are not required to take the GMAT for entrance into the MAcc. 6

7 ACCOUNTING AND BUSINESS LAW ADVISORS All Accounting and Business Law faculty contribute to student advising. Students are encouraged to seek advice from all faculty. Bill Brown - Chair Office: Morris Hall 150 Phone: william.brown@mnsu.edu Oksana Kim Office: Morris Hall 227 Phone: oksana.kim@mnsu.edu Jane Baird Office: Morris Hall 258 Phone: jane.baird@mnsu.edu Byron Pike Office: Morris Hall 251 Phone: byron.pike@mnsu.edu Paul Brennan Office: Morris Hall 230 Phone: paul.brennan@mnsu.edu Ferdinand Siagian Office: Morris Hall 231 Phone: ferdinand.siagian@mnsu.edu Abo-El-Yazeed Habib Office: Morris Hall 234 Phone: abo-el-yazeed.habib@mnsu.edu Robert Zelin Office: Morris Hall 232 Phone: robert.zelin@mnsu.edu Steven Johnson Office: Morris Hall 254 Phone: steven.johnson@mnsu.edu ACCOUNTING AND BUSINESS LAW CONTRIBUTORS Penny Herickhoff Office: Morris Hall 262 Phone: penny.herickhoff@mnsu.edu Kay Wallerich Office: Morris Hall 226 Phone: kay.wallerich@mnsu.edu Georgia Holmes Office: Morris Hall 253 Phone: georgia.holmes@mnsu.edu Vicki Luoma Office: Morris Hall 150 Phone: vicki.luoma@mnsu.edu 7

8 MAcc Curriculum All of the required and elective classes (with the exception of the internship) are designed as two-credit hours each, to allow students the option to take more courses at a time and complete the program within a 12-month time period. Our courses have been designed to correlate to each of the four parts of the CPA exam - financial accounting and reporting, auditing and attestation, business environment and concepts, and regulations - and to address the leadership and communication skills for which public accounting firms seek in employees. 16 Required Credits MBA 610 MAcc 615 MAcc 620 MAcc 625 MAcc 630 MAcc 640 MAcc 655 MAcc 680 Writing in the Workplace Accounting Theory Financial Statement Analysis Accounting for Nonbusiness Entities Corporate Governance and Professional Ethics External Auditing and Other Attest Services Fundamentals of Federal Taxation Controllership 14 Elective Credits (at least 4 credits must be MAcc courses) MAcc 635 MAcc 642 MAcc 643 MAcc 645 MAcc 650 MAcc 651 MAcc 652 MAcc 661 MAcc 662 MAcc 670 MBA 645 MBA 651 MBA 663 MBA 665 MBA 667 MBA 674 MBA 676 MBA 690 Special Topics in Accounting Fraud Examination and Forensic Accounting Audits of Nonbusiness Entities Executive Auditing Tax Research and Consultancy Taxation of Partnerships Taxation of Corporations International Accounting Electronic Banking and Financial Instruments Internships (1-4 credits) Information Technology and Systems Management Managing Behavior in a Changing World Negotiation Leadership Organizational Development and Change International Management International Finance Executive Seminar 8

9 MAcc Course Learning Objectives and Descriptions MAcc 615: Accounting Theory Course Description: The theoretical structure underlying financial accounting will be discussed. The relationship of accounting theory to basic financial statements and standard setting will be analyzed. Case analysis will require research in accounting standards and application of those standards to various situations. Learning Outcomes: Upon completion of this course, students should be able to: Assess the performance of the business entity as implied by the various accounting models. Analyze the advantage and disadvantages of the various accounting models. Assess a given situation from a political economy perspective. Compare and contrast many perspectives for different accounting issues. Analyze implications of efficient markets for financial reporting. Effectively communicate through oral presentation and writing papers related to contemporary accounting issues. Conduct effective research on financial accounting issues. Course Outline: Topics include accounting under ideal conditions, the decision usefulness approach to financial reporting, efficient securities markets, the information approach to decision usefulness, the measurement approach to decision usefulness, measurement applications, economic consequences and positive accounting theory, an analysis of conflict, executive compensation, earnings management, standard setting: economic issues, and standard setting--political issues. MAcc 620: Financial Statement Analysis Course Description: This course provides in-depth coverage of contemporary tools and techniques available for analyzing financial statements and other relevant data to derive measurements and relationships useful in decision making. Learning Outcomes: Upon completion of the course, students are expected to be able to: Calculate and interpret various accounting and market ratios based on the publicly available information about firms performance. Integrate the knowledge of financial statement analysis techniques into important tasks such as issuance of recommendations, performing vertical and horizontal comparative analysis, and composite analysis of various sources of information. Analyze the impact of various factors on the modern financial reporting environment. Obtain and utilize various sources of past and forward-looking financial information. Compare and contrast the informational needs of various stakeholder groups. 9

10 Course Outline: Topics include financial reporting and analysis, analyzing financing activities, analyzing investing activities, analyzing operating activities, cash flow analysis, return on invested capital, profitability analysis, prospective analysis, credit analysis, equity analysis and valuation. MAcc 625: Accounting for Nonbusiness Entities Course Description: This course examines accounting rules and regulations for governmental and not-for-profit entities. Learning Outcomes: Upon completion of this course, students should be able to: Demonstrate and apply different objectives, bases of accounting, and measurements that are used in preparing the two sets of financial statements in the reporting model of government accounting. Compare and contrast the accounting for state and local governments, the federal government, and not-for-profit organizations. Construct journal entries and create a comprehensive annual financial report for governmental units. Construct journal entries and create financial statement for non-profit organizations. Effectively communicate information about not-for-profit organizations, through oral presentation and writing papers. Course Outline: Topics covered include characteristics of governmental and nonprofit accounting, state and local governmental accounting and financial reporting model, the general fund, special revenue funds, budgeting, budgetary accounting, and budgetary reporting, revenue accounting, expenditure accounting, capital project funds, debt service funds, enterprise funds, internal service funds, trust and agency funds, basic financial statements, the comprehensive annual financial report, not-for-profit organizations, accounting for colleges and universities, accounting for health care organizations, and federal government accounting. MAcc 630: Corporate Governance and Professional Ethics Course Description: The course provides an overview of organizing, financing and managing corporations, risk management, bankruptcy and foreclosure. SEC oversight of publicly traded securities, insider trading restrictions, and liability issues are also examined. Professional and ethical responsibilities of accountants are discussed. Learning Outcomes: At the end of this course, students should be able to: Evaluate the debt/equity benefits and risks of participants in specific corporate financing scenarios. Analyze the pros and cons of venture capital financing in specific corporate scenarios. Analyze management s fiduciary duties to corporate creditors and shareholders in specific corporate scenarios. 10

11 Compare the corporate liability consequences of SEC Rule 10 b-5 and SEC 16(b) in specific corporate scenarios. Evaluate the liability exposure of corporate officers, directors and shareholders in SEC required financial reporting. Analyze the business advantages and disadvantages of filing for Chapter 11 Bankruptcy Reorganization in specific corporate scenarios. Course Outline: Topics include corporate financial structures, corporate management structures, corporate authority and reporting frameworks, civil and criminal liability of directors and officers, financing alternatives, Sarbanes Oxley Act of 2002, bankruptcy and foreclosure, Code of Professional Conduct (AICPA), Code of Ethics for Professional Accountants (IFAC), Public Company Accounting Oversight Board (PCAOB), and the Government Accountability Office (GAO). MAcc 640: External Auditing and Other Attest Services Course Description: This course examines the audit of investments, equity, estimates, going concern issues, and other advanced topics related to the audit of financial statements. The course also covers nonaudit services such as compilations, SSARS reviews, and agreed upon procedures engagements. Learning Outcomes: Upon completion of this course, students should be able to: Apply the financial statement assertions over long-lived assets and their corresponding expense accounts to the evaluation of risk assessment and corresponding controls. Develop and execute the substantive audit procedures over long-lived assets. Apply the financial statement assertions over liabilities, equity, acquisitions, and related party transactions to the evaluation of risk assessment and corresponding controls. Develop and execute the substantive audit procedures over liabilities, equity, acquisitions, and related party transactions. Differentiate between the various types of audit opinions issued during the audit of financial statements as well as the events/circumstances that cause a change in the type of opinion issued. Additionally, one should be able to construct the format of the audit opinion and how each type of opinion changes the general format. Construct and illustrate the steps and audit procedures to be performed after gathering substantive audit evidence but before an audit opinion can be issued. Contrast auditors legal liability for providing assurance services, the type of legal defenses available, and the jurisdiction from which suits can be filed against the auditor. Develop strategies for dealing with complex audit issues and uncertain judgments. Compare and contrast the procedures required and level of assurance given for reviews, compilations, agreed-upon procedures, forecasts, and projections. 11

12 Course Outline: Topics include the audit of long-lived assets and related expense accounts, the audit of long-term liabilities, equity, acquisitions, and related party transactions, wrapping up and completing the audit, advanced understanding of audit reports and modifications, auditors professional liability, advanced topics and complex audit judgments, compilations, reviews, and agreed-upon procedures. MAcc 642: Fraud Examination and Forensic Accounting Course Description: This course examines the principles and methodology of fraud detection and deterrence. Topics include skimming, cash larceny, check tampering, register disbursement schemes, billing schemes, payroll and expense reimbursement schemes, non-cash misappropriations, corruption, fraudulent financial statements, and interviewing witnesses. Learning Outcomes: At the end of this course, students should be able to: Compare and contrast common fraud schemes, including asset misappropriation schemes, corruption schemes, and financial statement fraud schemes. Analyze scenarios in relation to the fraud triangle and its elements. Describe appropriate controls and procedures to prevent or detect specific fraud schemes. Apply knowledge of fraud schemes and investigative procedures to resolve allegations of fraud. Effectively communicate results of fraud investigations in a professional manner through a written fraud examination report. Course Outline: Course topics include skimming, cash larceny, billing schemes, check tampering, payroll schemes, expense reimbursement schemes, register disbursement schemes, non-cash assets schemes, corruption schemes, fraudulent financial statement schemes, conducting investigations, interviewing witnesses, and writing reports. MAcc 643: Audits of Nonbusiness Entities Course Description: This course is an analysis and discussion of the requirements and standards related to audits of government entities, not-for-profit organizations, and employee benefit plans. Learning Outcomes: Upon completion of this course, students should be able to: Analyze the need for benefit plan audits, the type of employee benefits subject to audit, and the different types of benefit plan audits conducted by auditors. Evaluate the risk assessment control considerations, including the need of a SAS 70 report, in the execution of a benefit plan audit. Conduct the benefit plan audit procedures of eligibility testing, contribution testing, and distribution testing, compile results of these procedures and determine appropriate opinion and reporting requirements. 12

13 Contrast and compare the differences between a typical external audit and that of a governmental audit. Outline the procedures performed and considerations made in the financial audit element of governmental auditing. Construct the elements and procedures of a performance audit of a governmental entity. Compare and contrast the other major not-for-profit and governmental assurance services provided by auditors, including the appropriate governing bodies and standards covering the forms of reporting/assurance. Course Outline: Topics include execution of benefit plan audits, Yellow Book standards and coverage of governmental audits, considerations and differences of not-for-profit audits, and considerations of compliance and other regulatory auditing. MAcc 645: IT Auditing Course Description: This course is designed for those interested in financial auditing. The course focusses on the processes involved in information technology (IT) auditing, from planning an IT audit to auditing controls. Topics include general controls, application controls, and audit technology applications. Auditing standards and frameworks, including the COSO and COBIT frameworks, are examined. The approach to performing a SOX audit for the IT infrastructure that supports key financial applications is discussed. Learning Outcomes: At the end of this course, students should be able to: Evaluate the role of IT auditing in the financial statement auditing process Assess IT Risks specific to large, medium, and small enterprises and the implications to the scope and nature of the financial statement audit Analyze the ways in which the COSO and COBIT frameworks impact the IT audit Distinguish between IT General controls and IT Application controls and evaluate those controls Perform analytical reviews specific to the General Ledger and assess the implications to the financial audit Design and critique IT Application Controls (revenue, inventory, payroll, etc.) and analyze the specific risks to the financial statements Course Outline: Topics include: differences & similarities between computer auditing and traditional auditing; the IT audit process; auditing concerns specific to computers; general IT controls; internal controls for application-level security; general ledger IT audit issues; revenue cycle, inventory, payroll cycle, financial reporting (an overlay of coso and cobit); integrating the IT audit into the financial audit; evaluating excel applications; key reports and report writers; other report writer controls; potential IT audit failures and the role of compensatory controls. 13

14 MAcc 650: Tax Research and Consultancy Course Description: This course concentrates on the skills needed to research tax questions. This course examines the sources of the U.S. Federal tax law, and legislative, administrative and judicial explanations and interpretations. Research and analysis of tax issues is required. Learning Outcomes: At the end of this course, you should be able to: Categorize and compare the various sources of federal tax law. Demonstrate the ability to apply a systematic tax research methodology in solving complex tax problems. Demonstrate critical thinking skills in analyzing tax law sources, evaluating alternative solutions to tax problems, and making recommendations for taxpayer actions based on the tax law and taxpayer goals. Demonstrate the ability to effectively communicate the results of tax research through technical tax research memoranda and through oral presentations to the class. Course Outline: Course topics include tax research methodology, legislative sources of tax law, administrative sources of tax law, judicial sources of tax law, tax law databases, and communicating results of tax research. MAcc 651: Taxation of Partnerships Course Description: This course covers the federal income taxation of partnerships, S Corporations, and trusts. Topics include the formation of, termination of, distributions from and elections available to these entities. Tax strategies related to the use of these entities will also be discussed. Learning Outcomes: At the end of this course, students should be able to: Analyze factual situations to assess relevant tax issues associated with pass-through entity transactions. Critically analyze, interpret, and apply relevant tax authority to formulate conclusions and recommendations related to pass-through entity tax issues. Effectively communicate conclusions and recommendations related to pass-through entity tax issues through technical memoranda and professional letters to hypothetical clients. Demonstrate comprehension of essential tax reporting and accounting issues for passthrough entities. Course Outline: Course topics include Subchapter K, partnership tax reporting, formation of partnerships, taxation of partnership taxable income to the partners, determining partners distributive shares, allocation of partnership liabilities, transactions between partners and the partnership, sales of partnership interests by partners, partnership distributions, the hybrid characteristics of the S corporation, S corporation tax reporting, S corporations eligibility, election, and termination, effect of Subchapter S election by corporations with no C corporation 14

15 history, effect of Subchapter S election by corporations with C corporation history, brief review of the trust form and the essential mechanics of Form MAcc 652: Taxation of Corporations Course Description This course examines issues and rules governing the taxability of corporations and their shareholders. The tax concepts and rules related to the activities of formation, operations, distributions, and liquidation are reviewed for both C and S corporation entities and their shareholders. Although the majority emphasis features the C corporation context, the significant rules particular to S corporations and their shareholders are also addressed. Learning Objectives After taking this course, students should be able to: Recognize the rules governing the tax effects of corporate formation and identify methods to minimize the potential for income tax liability. Comprehend the distinctions between debt and equity in capital structure and recognize when a corporation may be classified as thinly capitalized. Identify the differences between taxable income, book income, and corporate earnings and profits and be able to compute those varying amounts. Understand and apply the tax effects of corporate distributions and redemptions upon the corporation and shareholders. Recognize the basic requirements and effects of corporate liquidations, acquisitions, and selected forms of reorganizations. Differentiate between the taxability of C and S corporation shareholders and be able to determine the bases of their respective investment interests across transactions. Course Outline Topics include: tax strategies in corporate formation; debt and equity in capital structure; computation or taxable income book income, and corporate earnings; tax effects of corporate distributions and redemptions; corporate liquidations, acquisitions, and reorganizations; differences in taxability of C and S corporation shareholders and related bases issues. MAcc 655: Fundamentals of Federal Taxation Course Description: The course examines significant principles of the federal tax system as applied to individuals and entities to provide a deeper understanding and appreciation of tax rules and underlying policies. The course will utilize the study of critical tax cases and application of tax laws to factual scenarios. Learning Outcomes: Upon completion of this course, students should be able to: 15

16 Clarify and explain significant values and policies inherent in the federal income tax system Understand and apply critical rules of income realization and recognition and distinguish special situations involving excluded, deferred, and imputed income. Understand and apply concepts and rules involving the ordinary, necessary, reasonableness of business deductions and identify and apply issues relating to the capitalization of expenditures. Identify and apply concepts and rules regarding allowances and limitations on the deductibility of losses. Classify the types and determine the tax results of property transactions. Recognize goals and policies in the use of entities to accomplish certain transactions. Understand and differentiate the requirements and results of certain timing issues involving permissible years, accounting methods, and changes in methods. Course Outline: Topics include: federal income tax system policies; rules of income realization and recognition; items excluded from taxable income; deferrals; imputed income; ordinary, necessary, reasonableness of business deductions; capitalization of expenditures; allowances; limitations on the deductibility of losses; property transactions; permissible years, accounting methods, and changes in methods. MAcc 661 International Accounting Course Description: The course examines the IFRS reporting practices of various countries and examines recognition and disclosure differences of the major classes of assets and liabilities reported in accordance with IFRS and US GAAP. Hedging transactions of multinational corporations are also discussed. Learning Outcomes: Upon completion of this course, students should be able to: Integrate theoretical knowledge of IFRS into complex reporting tasks such as transformation of foreign currency-denominated financials into domestic accounting standards and translation and restatement of financial statements of foreign subsidiaries. Analyze factors that cause reporting differences between IFRS and US GAAP through reference to financial statements of multinational corporations. Analyze and suggest remedies for risks faced by multinational corporations. Perform high level analytical review of financial statements prepared in accordance with IFRS and US GAAP. Explain the rules related to hedging foreign exchange and interest rate risks faced by multinational corporations using various derivative and non-derivative hedging techniques, such as options, forwards, futures, and money market hedge. 16

17 Course Outline: Topics include raising capital on different markets, international convergence of financial reporting standards, IFRS, major differences between IFRS and US GAAP, FOREX market, hedging foreign exchange risk, translation of foreign currency financial statements, performance reporting, and international transfer pricing. MAcc 662: Electronic Banking and Financial Instruments Course Description: This course provides an overview of US electronic banking rules, commonly used financial instruments and collateralizing lending. Discussion will focus on equity, debt and convertible securities, as well as common uses of derivatives. Course Outcomes: Upon completion of this course, students should be able to: Analyze the liability of parties in specific cases of fraud and forgery involving commercial paper Synthesize the duties and liabilities of multiple parties in specific banking transactions Evaluate when a security interest has attached and has been perfected in specific lending transactions. Evaluate the priority rights of creditors in collateralized transactions. Course Outline: Topics include negotiable instruments, documents of title, forgeries, fictitious payees and imposters, cashier s checks, teller s checks and traveler s checks, electronic banking, creditor and debtor relations, collateral, security interests and repossession. MAcc 670: Internship Course Description: Participation in a paid full-time position with a cooperating business, governmental, or civic organization whose program has been approved in advance by the department in which the student has an approved major. Credits provided upon completion of all requirements. Course Outcomes: Upon completion of the internship experience, the student will be able to: Apply business and accounting knowledge and skills to solve problems faced by organizations. Work in a collaborative fashion with colleagues, staff and supervisors. Demonstrate responsibility, accountability and dependability in a professional business environment. Utilize technology and analytical tools to address accounting issues faced by businesses. Assess potential career interests through an enhanced experience and knowledge base. Course Outline: The goal of the internship is to provide a meaningful and challenging work experience that benefits the employer's goals and the career interests of the student. The internship is designed to give students real world accounting, auditing, or tax experience, which will allow them to apply the concepts and skills learned in the classroom to actual situations, as well as provide students an opportunity to examine potential career interests. 17

18 MAcc 680: Controllership Course Description: This course will employ hands-on application of accounting and tax concepts to case applications. Applications will include completion of the accounting cycle as well as researching in accounting standards and tax law to address appropriate treatment of transactions. Learning Outcomes: Upon completion of this course, students should be able to: Apply a comprehensive knowledge of the accounting cycle and GAAP to hypothetical companies transactional data to record transactions, make adjusting entries, and compile financial statements. Evaluate factual business situations for current accounting-related problems, including financial accounting, tax, and auditing issues. Effectively utilize professional accounting and auditing standards and tax law resources to analyze issues and resolve problems in all areas of accounting. Demonstrate an ability to effectively communicate accounting information both orally and in writing. Course Outline: Topics covered include accounting, audit and tax issues related to company formation, creation of opening book and tax balance sheets, the accounting cycle for a corporate entity (including posting transactions, adjusting entries, and closing entries), compilation of annual financial statements, including required footnote disclosures, and preparation of corporate tax returns. 18

19 Illustrative Schedule for the MAcc Term Spring Credits Milestones Designator Course # Course Name MBA 610 Writing in the Workplace 2 Overall GPA 3.0 MAcc 615 Accounting Theory 2 MAcc 620 Financial Statement Analysis 2 MAcc 655 Fundamentals of Federal Tax 2 MBA 663 Negotiating 2 MBA 665 Leadership 2 TOTAL 12 Term Summer Credits Milestones Designator Course # Course Name MAcc 650 Tax Research 2 Overall GPA 3.0 MAcc 651 Taxation of Corporations 2 MBA 676 International Finance 2 TOTAL 6 Term Fall Credits Milestones Designator Course # Course Name MAcc 661 International Accounting 2 Overall GPA 3.0 MAcc 662 Electronic Banking and Financial Instruments 2 MAcc 625 Accounting for Non-Business Entities 2 MAcc 630 Corporate Governance 2 MAcc 640 External Auditing 2 MAcc 680 Controllership 2 TOTAL 12 Students are encouraged to select electives that fit their career strategies. For example, if you wish to emphasize tax, a plan would include tax electives. This particular plan (above) includes several tax electives. This schedule assumes the student can commit full time to the MAcc program. If you have significant work commitments, it is strongly recommended that you take fewer classes per semester. 19

20 CPA Licensing Requirements in Minnesota In Minnesota, CPA candidates are expected to meet the following requirements (Minnesota State Board of Accountancy, 2012; Becker, 2012): 24 semester hours of accounting and 24 hours in business related courses must be taken. A baccalaureate degree with an accounting concentration is required. Candidates may sit for exam with lesser or no degree if qualifying experience requirements are satisfied. Candidates need 150 credit hours to be granted a certificate, but not to sit for the exam. Candidates must have a minimum of one year experience plus 150 credit hours of college level courses to be granted a certificate. Candidates may apply for the exam 180 days prior to completing educational requirements. Candidates may be granted "provisional" approval to take the CPA exam 90 days prior to completing education requirements. Educational requirements must be completed no later than 120 days after the actual date on which the candidate took the first exam section. "Graduates with master's degrees receive starting salaries that are approximately 10 percent to 20 percent higher than the starting salaries of those with only bachelor's degrees evidence shows that promotions to manager and partner and to corporate managerial positions are increasingly going to individuals with master's degrees." Journal of Accountancy: Accounting Enrollment, Hiring Increase. Alexandra Delefice. June,

21 Accounting Paths Beyond Graduation The following information is derived from Robert Half, one of the most comprehensive resources available for hiring trends in the fields of accounting and finance. The examples provided are just one sampling of possible career opportunities in corporate accounting, each listed with base salaries that do not include other forms of compensations such as retirement packages, bonuses, etc. Professional Title Projected Low Salary for 2014 Projected High Salary for 2014 **Chief Financial Officer $101,000 - $148,000 $284,000 - $449,000 **Treasurer $100,750 - $137,250 $283,000 - $437,750 **Vice President of Finance $92, $130,000 $225,000 - $364,000 **Director of Finance $93,000 - $122,750 $153,750 - $229,500 **Director of Accounting $82, $113,750 $145,000 - $205,250 **Director of Fin. Reporting $95, $126,500 $147,500 - $212,000 **Corporate Controller $89,000 - $119,000 $152,750 - $216,000 **Controller $74,500 - $104,500 $145,750 - $201,500 **Divisional Controller $82, $115,000 $135,500 - $188,000 **Assistant Controller $60,500 - $85,500 $113,500 - $154,000 **Assistant Treasurer $59,750 - $83,250 $109,500 - $153,500 **Tax Director $110,500 - $169,750 $152,500 - $249,500 *Tax Manager $85,000 - $120,000 $106,750 - $154,000 *Compliance $51,750 - $69,750 $162,250 - $232,000 **Internal Audit Director $109,000 - $152,000 $167,500 - $257,500 *Financial Reporting $47,500 - $59,500 $103,750 - $142,250 General Accountant $38,000 - $46,500 $80,750 - $113,750 Cost Accountant $43,000 - $53,000 $82,500 - $113,000 Tax Accountant $44,000 - $55,750 $88,250 - $125,250 Financial Analyst $41,250 - $49,500 $90,000 - $125,000 Budget Analyst $39,000 - $49,250 $86,000 - $121,000 Treasury Analyst $39,250 - $48,750 $86,750 - $122,000 Cost Analyst $39,000 - $49,000 $86,250 - $121,250 Business Analyst $46,750 - $62,250 $86,000 - $119,000 *Forensic Accountant $68,500 $108,000 Operational Support $30,500 $103,000 Healthcare $36,000 $50,250 * These professions frequently require a CPA. ** These professions regularly advertise a Master's Degree as a position requirement. Students are encouraged to use online search services to confirm qualifications. 21

22 Professional Accounting Organizations We encourage all students to join at least one professional organization that serves working accounting professionals in a variety of capacities and careers. Students can receive deeply discounted membership rates while receiving full benefits of these organizations. Not only are memberships valuable additions to your resume, but you will gain excellent resources and develop strong networking connections. Many of these professional organizations have sections on their websites directly dedicated to students. American Accounting Association The American Accounting Association is the largest community of accountants in academia. Founded in 1916, we have a rich and reputable history built on leading-edge research and publications. The diversity of our membership creates a fertile environment for collaboration and innovation. Collectively, we shape the future of accounting through teaching, research and a powerful network, ensuring our position as thought leaders in accounting. American Institute of CPAs Committed to member service and the public interest, the American Institute of Certified Public Accountants (AICPA) and its predecessors have been serving the accounting profession since No matter where your career takes you, the AICPA is there to provide the training, professional skills, programs, services and publications you need to keep you at the top of your professional life. Membership in the AICPA is an invaluable career investment. Association of Certified Fraud Examiners It is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Association of Government Accountants AGA is a leading organization for financial professionals in government. It leads and encourages change that benefits the field and all citizens. The networking events, professional certification, publications and ongoing education help members build their skills and advance their careers. 22

23 Forensic Certified Public Accountants The FCPA Society was founded July 15, 2005 with the purpose of promoting excellence in the forensic accounting profession. To this end, the Society has developed a comprehensive FCPA certification study and testing course. Upon certification, the FCPA (Forensic Certified Public Accountant) designation after a name informs the public and the business community that the holder is not only a CPA, but a certified forensic accountant who has met credible testing and experience guidelines. The FCPA certification is an international credential and has members representing 37 countries. Information Systems Audit and Control Association As a nonprofit, global membership association for IT and information systems professionals, ISACA is committed to providing its diverse constituency of more than 110,000 worldwide with the tools they need to achieve individual and organizational success. The benefits offered through our globally accepted research, certifications and community collaboration result in greater trust in, and value from, information systems. Through more than 200 chapters established in more than 80 countries, ISACA provides its members with education, resource sharing, advocacy, professional networking, and a host of other benefits on a local level. Institute of Internal Auditors IIA members are entitled to free or specially priced guidance, training, and services. Many of the valuable opportunities available to IIA members include: Guidance and resources are available to members to advocate their role with key stakeholders; The IIA advocates internal auditing by building relationships with governments, regulators, oversight bodies, and professional associations whose decisions often affect internal auditing, as well as governance, risk management, and control as a whole; and The IIA maintains a presence in Washington, DC to advocate the profession. Institute of Management Accountants (IMA) The mission of IMA is to provide a forum for research, practice development, education, knowledge sharing, and the advocacy of the highest ethical and best business practices in management accounting and finance. IMA currently represents more than 60,000 accountants and financial professionals in business. It offers a rigorous and highly respected credential, the CMA, builds a peer network of professionals, provides extensive education programs, and promotes leading research in the industry. 23

24 Minnesota Society of Certified Public Accountants (MnSCPA) The MnSCPA is a not-for-profit professional organization offering services to support CPAs and accounting professionals. Their four primary initiatives include providing education, encouraging leadership, offering member resources, and serving the public. Minnesota State Board of Accountancy (MnSBA) The mission of the MnSBA is to protect the public through the regulation of the practice of accounting by CPAs, Registered Accounting Practitioners, and others by ensuring that professionals meet competency standards, establishing standards of practice, and enforcing the laws, rules, and standards in Minnesota in a fair and consistent manner. 24

25 FOR IMMEDIATE RELEASE Contact: Elizabeth Johnson 20 March 2014 (507) ; College of Business Alumna Receives Prestigious Accounting Award Mankato, Minn. College of Business alumna Brittany Kruse has just been named as one of the 2013 Elijah Watt Sells award recipients, placing her in the top.0006 percent of people who sat for the CPA exam in The prestigious Elijah Watt Sells award was created in 1923 by the American Institute of Certified Public Accountants in honor of one of the first CPAs in the United States. The award recognizes outstanding performance on the Uniform CPA Examination. Award recipients must have a minimum cumulative average score of 95.5 across all four sections of the exam on their first attempt. In 2013, nearly 95,000 people sat for the CPA exam across the nation, and only 55 were able to achieve the award s 95.5 required score. Among Kruse s fellow award winners, 65 percent already had a Master of Accounting degree or the equivalent, and only one other recipient completed their accounting degree in Minnesota, studying at the Carlson School of Management at the University of Minnesota. Kruse, now employed with Deloitte, completed her BS degree in Accounting and Finance in 2012 and was named the Minnesota State Mankato 2012 Accounting Student of the Year. Dr. William Brown, Accounting Department Chairperson and Director of the Master of Accounting program, taught Kruse in an upper level business taxation course and calls her exceptional. Dr. Brown takes pride in his department s ability and commitment to help Kruse prepare extremely well for the exam. Kruse s award proves that the best accounting students at Minnesota State Mankato can compete with the best students in any accounting program across the nation. The recent addition of the Master of Accounting program at Minnesota State Mankato positions the accounting program to provide more exceptional graduates in coming years. For more information about the College of Business Accounting programs, visit cob.mnsu.edu or contact Dr. William Brown: william.brown@mnsu.edu. 25

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