MAcc. Master of Accounting Program

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1 MAcc Master of Accounting Program Launching Fall 2013

2 Table of Contents Why a Master of Accounting Degree?... 2 Master of Accounting Two Locations Master of Accounting Curriculum Overview MAcc Course Descriptions... 5 The Department of Accounting & Business Law at Minnesota State University, Mankato looks forward to offering a new Master of Accounting (MAcc) program in MBA Course Descriptions... 9 Admission to the Master of Accounting Program Planning Tips Contact Us CPA Requirements in Minnesota

3 Why a Master of Accounting Degree? The Master of Accounting (MAcc) is a graduate professional degree designed to prepare students for careers in accounting and to provide students with the 150 credit hours required by most states to become a Certified Public Accountant (CPA). CPAs are actively recruited by public accounting firms, corporations, small businesses, non-profit organizations, and government agencies. To become a CPA, an individual must have 150 credits of college-level coursework, making the MAcc an ideal addition to a 120 credit hour undergraduate degree. In public accounting firms, advancement is limited if individuals do not have the CPA designation, and therefore firms desire entry-level employees to have earned the 150 necessary credits before beginning employment. The MAcc program at Minnesota State Mankato enables students to complete the courses in one year. The program contains 15 two credit courses, or 30 credit hours in total. The program is designed to not only prepare students for the CPA examination but also to provide a strong knowledge of accounting principles and business applications, preparing students for the job market and to become valuable and competent employees. New Master of Accounting Program for 2013 Two Locations One Quality Program The College of Business at Minnesota State University, Mankato will be offering the only Minnesota State Colleges and Universities system Master of Accounting (MAcc) program in southern Minnesota beginning the fall of 2013, and it will be one of the most affordable programs in the region. The MAcc courses will be offered in two locations the Mankato campus in southern Minnesota and the Edina campus on France Avenue in the metropolitan area. This convenience will allow students in various regions to pursue high quality education in Accounting. As one of the few AACSB 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. Graduates with master s degrees receive starting salaries that are approximately 10% to 20% 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,

4 Master of Accounting Curriculum Required Courses (16 Credits) MBA 610: Writing in the Workplace 2 credits MAcc 615: Accounting Theory 2 credits MAcc 620: Financial Statement Analysis 2 credits MAcc 625: Accounting for Nonbusiness Entities 2 credits MAcc 630: Corporate Governance and Professional Ethics 2 credits MAcc 640: External Auditing and Other Attest Services 2 credits MAcc 650: Tax Research and Consultancy 2 credits MAcc 680: Controllership 2 credits Electives (14 credits with a minimum of 4 credits of MAcc courses): MAcc 642: Fraud Examination and Forensic Accounting 2 credits MAcc 643: Audits of Nonbusiness Entities 2 credits MAcc 651: Taxation of Pass-Through Entities 2 credits MAcc 661: International Accounting 2 credits MAcc 662: Electronic Banking and Financial Instruments 2 credits MAcc 670: Internships 1-4 credits MBA 645: Information Technology and Systems Management 2 credits MBA 651: Managing Behavior in a Changing World 2 credits MBA 663: Negotiation 2 credits MBA 665: Leadership 2 credits MBA 667: Organizational Development and Change 2 credits MBA 674: International Management 2 credits MBA 676: International Finance 2 credits MBA 690: Executive Seminar 2 credits MAcc 615: Accounting Theory (required) 2 credits This course will explore the theoretical structure underlying financial accounting. The relationships 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. 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, and standard setting for economic and political issues. MAcc 620: Financial Statement Analysis (required) 2 credits 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. 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 (required) 2 credits This course examines accounting rules and regulations for governmental and not for-profit entities. 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, revenue accounting, expenditure accounting, capital project funds, debt service funds, enterprise funds, internal service funds, trust and agency funds, basic financial statements, the annual financial report, not-for-profit organizations, accounting for colleges and universities, accounting for health care organizations, and federal government accounting. 4 5

5 MAcc 630: Corporate Governance and Professional Ethics (required) 2 credits 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. 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 (required) 2 credits 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. 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 (elective) 2 credits 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. 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 (elective) 2 credits 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. 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 650: Tax Research and Consultancy (required) 2 credits This course concentrates on the skills needed to research tax questions. This course considers the sources of the Federal tax law and of its legislative, administrative and judicial explanations and interpretations, the research tools available and their uses. The research process employed to ascertain the state of the Federal tax law applicable to the facts, and the formulation of conclusions and professional recommendations is also explored. 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 Pass-Through Entities (elective) 2 credits 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. 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 history, effect of Subchapter S election by corporations with C corporation history, brief review of the trust form and the essential mechanics of Form

6 MAcc 661: International Accounting (elective) 2 credits 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. 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 680: Controllership (required) 2 credits 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. 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. MAcc 662: Electronic Banking and Financial Instruments (elective) 2 credits This course provides an overview of U.S. 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. 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 (elective) 1-4 credits 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. 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. MBA 610: Writing in the Workplace (required) 2 credits This course provides an advanced overview of the production and management of workplace communication. Participants will analyze and produce documents typical of workplace communication (ranging from memos and reports to business plans and websites) and research presentations, documentation, and management of communication projects appropriate to their industry or business concerns. MBA 645: Information Technology and Systems Management (elective) 2 credits The MBA MIS course integrates contemporary technology concepts with an emphasis on the managerial aspects of information systems. A review of contemporary technology examines data management, analysis, modeling, and design, and data communications, and networking in the most recent generation of technology. Project and change management, and information systems policy and strategy emphasize the managerial aspects of information systems. Project and change management examines how systems and technologies are implemented. It includes consideration of project planning, scheduling, and budgeting, as well as consideration of the change management required to implement projects, MIS policy, and strategy examines the IS project portfolio from the view of the senior IS executive and from the view of the business executive. It shows students how policy and strategy considerations affect every aspect of IS and, conversely, how IT transforms organizations and, indeed, the very nature of business. 8 9

7 MBA 651: Managing Behavior in a Changing World (elective) 2 credits This course will focus on an area of study that attempts to explain, predict, control, and increase understanding of human work behavior in organizations both in the U.S. and internationally. Using a variety of techniques, students will learn about the nature of people as well as how individual and group behavior is influenced by organizational factors. The intent is to use various theories and principles to help diagnose and solve organizational problems. The goal is to more effectively manage in today s environment so employees are engaging in ethical, creative, and productive behaviors on the job. Learning tools include some lecture/discussion, active learning groups, original readings, exercises, projects, cases, library research and presentations. MBA 663: Negotiation (elective) 2 credits This class is designed to enhance negotiating skill. Students will learn techniques for generating beneficial outcomes from bargaining situations with regard to contracts, purchasing, and dispute resolution. A number of different bargaining models will be introduced and students will engage in simulated negotiations. MBA 667: Organizational Development and Change (elective) 2 credits This course is designed to provide students with the theory and practical applications to diagnose organizational problems and to develop appropriate interventions and solutions to those problems. Students also use theory to guide practice in designing and implementing successful organizational change. These activities require students to use research and data analysis skills to gather data to learn about organizations. MBA 674: International Management (elective) 2 credits This class is a comparison of major management systems within differing cultural environments. The course looks at cultural differences in value systems and human resource issues. MBA 676: International Finance (elective) 2 credits This course is an exploration of financing investments and working capital management problems in multi-national environments. MBA 665: Leadership (elective) 2 credits This course is designed to combine the why of leadership thinking with the how of leadership skill development. The class is both philosophical and practical, so you will have to both think and apply what you are learning. The course will provide students with opportunities to use theories to analyze leader behaviors, and with personal awareness and development. You will come out of the class with a Leadership Development Plan of your own to help you apply the class to your own development as a leader and manager. MBA 690: Executive Seminar (elective) 2 credits The Executive Seminar provides the opportunity for students to interact directly with visiting executives in order to gain insight into the challenges in leading a modern complex business organization. Personal communication skills, reflective learning, critical thinking assignments, and career planning exercises help shape executive development

8 Admission Requirements for the MAcc Program Admission to the MAcc Program in the College of Business is competitive. Note that students are only required to obtain 120 credit hours in order to apply for entrance to the MAcc program. Students must first obtain admission from the College of Graduate Studies and Research before consideration into the MAcc program. The MAcc application deadline is June 1 for fall semester and November 1 for spring semester. Questions about admission in the MAcc program can be directed to: Dr. Bill Brown [email protected] An online application will be available at: cob.mnsu.edu/macc Candidates must provide the following admission information: 1. Completed Application for Graduate Study 2. Two official transcripts from all colleges and universities attended 3. Completed immunization form 4. $40 application fee 5. Applicants must have taken the Graduate Management Admission Test (GMAT) within the past 5 years. A score of at least 500 is recommended. Test scores must be sent from GMAT directly to the College of Graduate Studies and Research. 6. If necessary, scores on the Test of English as a Foreign Language (TOEFL). Students who do not use English as their first language must demonstrate ability to study in English by submitting a score of at least 500 on the written 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. 7. Completed MAcc application form 8. Two signed letters of reference 9. Resume 12 13

9 Planning Tips The Minnesota State Mankato College of Business is an AACSB accredited program, requiring that all steps in the admission process for the MAcc program be followed. These entrance requirements for the MAcc are identical to the MBA program at the University, including the completion of a four year degree (120 credit hours), an adequate GMAT score, and other MBA requirements which can be found online at: In order to assist students with planning for admission to the MAcc program, the following tips are suggested. Apply for your undergraduate degree at least 12 months before the anticipated graduation date to avoid surprises that might affect your plans. Until a formal procedure is in place for the MAcc program admission, students can apply to the MBA program and then convert to the MAcc program at the appropriate time. Direct application to the MAcc program at Minnesota State Mankato will be available January, GMAT tests are administered in Bloomington, Minn. Complete information on the GMAT test is available at: Students can take the elective hours from the MBA program at any time after being admitted. Contact Us for More Information For more information regarding the MAcc program, or for any other questions related to the Accounting & Business Law Department, please contact: Dr. Bill Brown [email protected] Melva J Wojahn Administrative Assistant Accounting and Business Law 150 Morris Hall [email protected] Students should be aware that some classes [ACCT 423, ACCT 424, ACCT 477, BLAW 455] are being moved form the undergraduate accounting curriculum to the graduate curriculum. These courses cannot be granted graduate credit in the MAcc. Additional credits must be taken to substitute for these particular classes. The number of students enrolled in master s degree programs continues to rise from 22,291 in 2008 to 29,464 in This has led to a corresponding increase in the share of new employees with master s degrees hired by firms up from 26% in 2008 to 37% in Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook, Edition

10 CPA Requirements in Minnesota In Minnesota, CPA candidates are expected to meet the following requirements (Minnesota State Board of Accountancy, 2012; Becker, 2012): Twenty-four semester hours of accounting and twenty-four hours in business related courses must be taken. A baccalaureate degree with an accounting concentration is required. Candidates may sit for exam with lessor 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 1 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. As of 2009, 46 states and the District of Columbia required Certified Public Accounting (CPA) candidates to complete 150 semester hours of college coursework an additional 30 hours beyond the usual 4-year bachelor s degree. Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook, Edition. 16

11 College of Business Department of Accounting and Business Law A member of the Minnesota State Colleges and Universities System and an Affirmative Action/Equal Opportunity University. This document is available in alternative format to individuals with disabilities by calling College of Business at (V), or 711 (MRS/TTY). BUSC133BK