GMITACC8PageNEW_Layout 1 04/04/ :16 Page 1 THE SCHOOL OF BUSINESS. Opening Your Mind to the World of Business

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1 GMITACC8PageNEW_Layout 1 04/04/ :16 Page 1 THE SCHOOL OF BUSINESS Opening Your Mind to the World of Business

2 GMITACC8PageNEW_Layout 1 04/04/ :16 Page 2 Bachelor of Business (Honours) in Accounting Level 8 Overview The School of Business in GMIT offers a three year, level 8, honours degree in accounting. This highly practical and recognised programme offers a direct pathway to a full-time career in accounting. It provides the learner with a thorough grounding in the fundamental theories, concepts, principles and practices essential to the pursuit of a fulfilling career in the area of professional accountancy. On completion of this programme, it is envisaged the graduate will: be competent and skilled in a variety of core accountancy disciplines; hold a significant number of exemptions from the professional accountancy bodies; have a critical understanding of and a developed thought process towards current developments in the accounting world; have practical IT skills to enable them to take up immediate employment; hold sufficient professional and personal skills, allowing them to contribute effectively to the work environment. Why Study Accounting in GMIT? Long tradition of educating accounting students since Dedicated teaching staff focussed on student development and progression. Your lecturers are highly qualified professional accountants with considerable lecturing experience, some of whom act as examiners and lecturers for the professional accounting bodies. Opportunity to obtain a level 8 qualification in just three years. You will receive information and advice on the professional accounting bodies and the exemptions you may obtain. Focus on practical skills for accountants e.g. computerised accounting, IT, project management. Employability skills built into the programme e.g. teamwork, written and verbal communication, problem-solving. Dedicated module in year one to help you make the transition to third level. Programme is frequently updated in line with professional body and employer requirements. Porfessional Development module in final year preparing you for the workplace.

3 GMITACC8PageNEW_Layout 1 04/04/ :16 Page 3 What Will I Study? This programme will focus on financial accounting, management accounting, taxation and financial management. The specific modules you will study each year are outlined here: Year 1: Financial Accounting, Management Accounting, Micro- and Macro-Economics, Computing & Information Systems, Business Communications, Business Mathematics, Computerised Accounting Packages, Management Principles & Business Environment Year 2: Financial Reporting, Financial Management (Managerial Finance and Investment Decisions) Business Law, Marketing, Management Accounting (Performance Management and Decision Making), Introduction to Irish Tax, Corporate Law, Tax 2, MIS & Project Management Year 3: Corporate Reporting, Financial Management (Corporate Finance), Ethics & Corporate Governance, Professional Development, Strategic Management, Tax, Auditing Exemptions Information One of the biggest attractions of studying accountancy in GMIT, is the extensive exemptions from the professional accountancy bodies that the programme has been granted. The programme board has very close links with all of the professional accountancy bodies, as well as with industry. We invite prospective students to compare our exemptions with other colleges and universities to see how favourably GMIT is placed in the area of accountancy. The following sections outline the current exemptions obtainable from the Bachelor of Business (Hons) in Accounting offered in GMIT. Please note that exemptions are subject to change and are dependent on individual students obtaining the grades required by the professional bodies. Tara Lavin, Graduate 2010 II graduated with a Bachelor of Business Degree in Accounting from GMIT in I really loved that course and found the study environment in GMIT conducive to exam success. The introduction of the ACCA Professional Exams as a post graduate course at GMIT gave me the opportunity to continue my education in familiar surroundings. I found the jump from degree to professional level a big challenge, but the lecturers were very helpful and supportive. Having passed my first two exams in December, I was invited to interview for Deloitte in Dublin. The fact that I was sitting my professional exams at the time was a major advantage and led to me being offered a training contract with Deloitte. In June I was successful in passing the remaining three exams and became an ACCA affiliate. Completing my ACCA Professional Exams in one year is my biggest achievement to date. I can now concentrate fully on my new role as a trainee accountant in the Small and Medium Enterprise department with Deloitte & Touche. I have the added advantage of being able to adapt to a new city and a new job without the pressure of studying in the evenings and at weekends.

4 GMITACC8PageNEW_Layout 1 04/04/ :16 Page 4 Bachelor of Business (Honours) in Accounting Level 8 Chartered Accountants Ireland To become a chartered accountant you must: Gain work-experience under a training contract with a Recognised Training Organisation Pass professional examinations (CA Proficiency 1, CA Proficiency 2 and the Final Admitting Exam) Demonstrate competence in Information Technology In the Bachelor of Business (Hons) in Accounting you can set out on the path to becoming a chartered accountant by gaining valuable exemptions while gaining your degree. The table below outlines the exemptions you can gain and what you will need to do after you get your degree. ( denotes where an exemption may be obtained) CA Proficiency 1: CA Proficiency 2: 1. Finance 1. Auditing and Assurance 2. Management Accounting 2. Strategic Finance and Management Acc. 3. Financial Accounting 3. Financial Reporting 4. Taxation I 4. Taxation II 5. Law for Accountants Final Admitting Examination: Further details on CAI available at: Association of Chartered Certified Accountants In order to qualify as an ACCA member, you will need to complete: 14 exams (nine of which are eligible for exemption) a minimum of three years relevant practical experience a Professional Ethics module. By successfully completing the Bachelor of Business (Hons) in Accounting in GMIT you gain all nine of the modules which ACCA allow for exemption. ( denotes where an exemption may be obtained) Fundamental Level: Professional Level: F1 Accountant in Business P1 Governance, Risk & Ethics F2 Management Accounting P2 Corporate Reporting F3 Financial Accounting P3 Business Analysis F4 Corporate and Business Law Plus select any two: F5 Performance Management P4 Advanced Financial Management F6 Taxation P5 Advanced Performance Management F7 Financial Reporting P6 Advanced Taxation F8 Audit and Assurance P7 Advanced Audit and Assurance F9 Financial Management Further details on ACCA available at:

5 GMITACC8PageNEW_Layout 1 04/04/ :16 Page 5 The Institute of Certified Public Accountants To become a member of CPA you must complete 4 levels of examinations: Formation 1 Professional 1 Formation 2 Professional 2 You must also complete a minimum of three years relevant supervised training and prove your competency at IT. ( denotes where an exemption may be obtained) Formation 1: Professional 1: Business Mathematics Corporate Reporting & Quantitative Methods Auditing Economics & The Business Environment Managerial Finance Business Laws Corporate Laws & Governance Formation 2: Professional 2: Financial Accounting Advanced Corporate Reporting Taxation Strategy & Leadership Information Systems Plus 2 subjects from: Management Accounting Advanced Taxation Audit Practice & Assurance Services Strategic Performance Management Strategic Corporate Finance Further details on CPA available at: Lisa Keane, Graduate 2008 In 2008 I graduated with a Bachelor of Business Honours Degree in Accounting. This course has offered me an excellent base for pursuing a professional accounting qualification. In September 2008, I commenced a three and a half year training contract with Mazars Tierney Chartered Accountants in Galway as a trainee accountant. Mazars are one of the leading professional service firms. They employ 10,500 professionals across 50 countries and have been providing professional services for the past 25 years. Mazars support my further study with the Chartered Accountants Ireland (CAI). Having completed accounting in GMIT I gained exemptions from subjects with the CAI and gained a lot of practical experience. When I started in GMIT I did not know anyone in my course and now I have lifelong friends. GMIT is an excellent practical college and the Business and Accounting department will challenge and prepare its students for the world of work.

6 GMITACC8PageNEW_Layout 1 04/04/ :16 Page 6 Bachelor of Business (Honours) in Accounting Level 8 Chartered Institute of Management Accounting The professional qualification consists of ten exams including a final case study: 3 exams at Operational Level 3 exams at Management Level 3 exams at Strategic Level Test of professional competence in management accounting (T4) You also need to gain three years of practical work experience. ( denotes where an exemption may be obtained) Certificate in Business Accounting Exempt from all five exams. Operational Level E1 Enterprise Operations P1 Performance Operations F1 Financial Operations Managerial Level: E2 Enterprise Management P2 Performance Management F2 Financial Management Strategic Level: E3 Enterprise Strategy P3 Performance Strategy F3 Financial Strategy Test of professional competence in management accounting (T4): Further details on CIMA available at: and

7 GMITACC8PageNEW_Layout 1 04/04/ :16 Page 7 Frequently Asked Questions 1. What does an accountant do? An accountant basically looks after people s money. Among other things they prepare, and analyse financial records and forecasts, project future finances and provide financial advice. The main type of accountant are professional accountants (who work in private practices) or management accountants (who work in companies), but there are also many specialist roles such as auditors (who ensure the integrity of financial data) and tax consultants (who provide tax advice). 2. How do I become an accountant? To become an accountant you will need to become a member of a professional body. To do so you will need to take exams with the professional body and obtain professional experience. For further information see the section on Exemptions. 3. Do I have to have studied accounting or business before? No, as we presume no prior knowledge when you commence the programme. However, this is a specialist accounting programme so it helps if you know you have an aptitude for accounting. 4. If I m not sure I want to be an accountant should I choose this programme? The Bachelor of Business (Hons) in Accounting is designed for people who wish to pursue a career in Accounting. You could choose the Bachelor of Business programme (GA170) and if you successfully pass the first two years and take specified accounting modules, you can apply to transfer to year 2 of the Bachelor of Business (Hons) in Accounting. This route will allow you to have a broader exposure to business and decide whether accounting is the discipline which interests you most. However, following this path will take you one year longer to obtain your accounting degree. 5. If I complete the accounting degree, do I have to become an accountant? The programme is primarily focussed on producing graduates who go on to become accountants. However, you will receive knowledge and skills which may allow you to pursue other careers e.g. in financial services, taxation. You will also have many general skills which employers seek e.g. numerical competence, communication, critical thinking, IT skills, teamwork, problem solving, time management and business awareness. 6. Are there jobs in accounting? There will always be jobs in accounting as accountants are required by every business in every industry. Naturally as the economy has retracted there are fewer accountants being employed. However, accounting as a career has proved more resilient than other sectors. As the economy begins to recover it is anticipated that there will be an increasing demand for trainee accountants. 7. The Bachelor of Business in Accounting is a three year Level 8 degree. Is it intense? Yes, you will be completing in three years what generally takes four years. However, if you are highly motivated, have an aptitude for accounting and work hard it is quite achievable. It allows you to fulfil your dream of becoming an accountant in a shorter period of time.

8 GMITACC8PageNEW_Layout 1 04/04/ :16 Page 8 Graduate Profile I was a student at GMIT from from where I obtained a Diploma in Business Studies. I then went on to qualify as a Chartered Certified Accountant (ACCA). While working as a trainee accountant with Oliver Freeney & Co (now Crescent Accountancy Group) I worked abroad in Saudi Arabia from and on my return to Ireland I became a partner in an accountancy firm before establishing my own practice Gallagher & Co in I found that my qualification from the GMIT entitled me to gain several exemptions from the ACCA exams and the course content provided a valuable foundation for my training and subsequent professional exams. We have employed a number of graduates from the GMIT as Trainee Accountants and they proved to be excellent Accountants and have progressed through their exams to full qualification. The range of subjects they have studied and the qualification they have obtained are of enormous benefit both to us as a firm of Accountants and Auditors and to themselves in subsequent exams and careers. Any candidate from the GMIT which would apply to us for a Trainee Accountant position would merit serious consideration based on our knowledge of the strength and value of their qualification. Gerry Gallagher, Gallagher & Company How do I apply? To apply to enter year 1 of the programme you must apply through the CAO system. See for details. Note: Holders of an accounting technician qualification are eligible to enter year 2 of this programme. To do so, you need to complete a direct application. See the Admissions Office pages on For further information please contact: Shane Moran Programme Chair Tel: Carmel Brennan Head of Department Tel:

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