Master of Accountancy in Financial Accounting: Frequently Asked Questions

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1 Master of Accountancy in Financial Accounting: Frequently Asked Questions What is the deadline for submitting an application for admission into the Master of Accountancy in Financial Accounting ( MAccy-FA ) program? The admission process for the MAccy-FA program is a rolling admission process, with the deadline for summer admission no later than March 31; fall admission no later than July 31; and spring admission no later than November 1. Is admission into the MAccy-FA program restricted to summer admission only? No. Admission in the fall or spring results in the applicant taking the elective courses during those semesters and the core courses in the summer. The deadline for admission in the fall or spring is set forth in the preceding question. Is there a minimum number of credit hours which an applicant needs to be admitted to the MAccy-FA program? No. An applicant is only required to have an undergraduate degree in accounting. Is a GMAT required? Students who complete their undergraduate degree in accounting from universities other than Rutgers are required to submit a GMAT score with their application. A student who completes and/or is completing his/her undergraduate degree in accounting from Rutgers Business School is not required to submit a GMAT score as long as the student s cumulative GPA at the time of submitting his/her application is at least a 3.0. RBS students whose cumulative GPA is less than 3.0 are required to submit a GMAT score as part of the application process. The GMAT is waived for applicants who have successfully completed all four parts of the CPA exam and can provide a letter from the licensing jurisdiction indicating the applicant has completed all four parts of the exam. Applicants who have successfully completed other professional licensing requirements (e.g., The Law Bar exam, Chartered Financial Analysts, Certified Management Accountant, etc.) can petition the Director, MAccy-FA program for a waiver of the GMAT requirement. What is the minimum GMAT score considered appropriate for admission into the MAccy-FA program? The average GMAT score is 550. Are letters of recommendation required for RBS accounting graduates? No. RBS students with GPAs in excess of 3.0 are not required to submit two letters of reference with their application.

2 Can an applicant who did not receive an undergraduate degree in accounting be admitted into the MAccy-FA program? Yes, but an applicant with an undergraduate degree in other than accounting must have completed the 24 credit hours of accounting courses required to be considered an accounting major. The prerequisite accounting courses are as follows: Introduction to Financial Accounting Introduction to Managerial Accounting Intermediate Accounting I Intermediate Accounting II Advanced Accounting Auditing Income Tax Accounting Cost Accounting Accounting Information Systems All prerequisite courses have to be completed prior to admission into the MAccy-FA program. Are international students eligible to be admitted into the MAccy-FA program? No. Is an applicant required to have a B in calculus and statistics at the undergraduate level for admission into the MAccy-FA program? No. Calculus and statistics are not required to be admitted into the MAccy-FA program. What documents are required to be submitted to the Graduate Admissions Office by RBS accounting undergraduates who have a cumulative GPA of 3.0 applying to the MAccy-FA program? The documents that have to be submitted to the Graduate Admissions Office by RBS accounting undergraduates are as follows: The RBS Graduate Application Resume Essay (on an ethical dilemma) Official Transcripts from all institutions attended Application Fee Does the MAccy-FA program accommodate applicants who work full time, given that the summer core courses are full time? Yes. However, the five core courses are only offered during the summer semester on campus. The accommodation is to allow students to split the courses over two summers. We would expect the employer to confirm their support for the student s participation in the program. Are there other required courses in addition to the five core courses taught in the summer? Yes. Students admitted into the MAccy-FA program are required to take the online Governmental Accounting & Auditing course unless they took an equivalent course in their undergraduate studies.

3 How are the elective courses outside of the five core courses taken by students? The elective courses are typically taken online but also may be taken in a formal classroom setting. Formal classroom courses must be approved by the Director, MAccy-FA program. Formal classroom courses can be taken either on the Newark or New Brunswick RBS campus. What are the online classes offered for students in the MAccy-FA program? The online classes currently offered are: Advanced Tax Research Business Valuations Ethics in Business Forensic Accounting Governmental Accounting and Auditing Litigation Support & Bankruptcy Management Control for Nonprofit Organizations Online courses offered in the Master of Accountancy in Governmental Accounting may also be taken. Examples of such courses are: Design and Development of Information Systems Government Budgeting Systems Public Sector Auditing Public Financial Management How does a student admitted into the MAccy-FA program apply for Advanced Standing credits? Students admitted into the MAccy-FA program can petition up to six credit hours in Advanced Standing credits. Advanced Standing credits are approved on a 2:3 ratio two graduate credit hours for three qualifying undergraduate credit hours. Courses to be considered for Advanced Standing must be upper division courses which are substitutable for the electives described above. For one of these courses to qualify for Advanced Standing credit, the student must have achieved at least a B (3.0) in the course. Can a student admitted into the MAccy-FA program who obtained his/her undergraduate degree in accounting from a university other than Rutgers Business School Petition for Advanced Standing credits? Yes. The university from which the undergraduate degree in accounting is received must be an AACSB accredited university. What is the tuition for the MAccy-FA program? The Board of Governors reviews the tuition and fees on an annual basis and sets new tuition and fee rates at its July Board meeting. To learn more, click here. How many hours does a student have to take in the Rutgers Business School to be considered a full time student? A full time student in the Rutgers Business School is defined as a student who takes a minimum of 12 hours. Are there scholarships or financial aid available to students admitted into the MAccy-FA program?

4 There are no scholarships available to students admitted into the MAccy-FA program. There is a financial aid program set up by the Financial Aid Office. The contact information for the person in the Financial Aid Office who administers this program is as follows: Ms. Maria C. CORREIA, Assistant Manager Financial Aid Blumenthal Hall Room 302 Newark Campus 249 University Avenue Newark, NJ (973) (973) (Fax) mcorreia@rci.rutgers.edu Are there TA positions available for students enrolled into the MAccy-FA program? Due to the nature of the program, there are no TA positions available in the MAccy-FA program program. If the student s employer provides full tuition, does the student have to pay the term bill upon receipt or can the student pay when he/she receives the voucher from the employer? There are two ways that employers fund the education of their employee's education Direct Billing or Tuition Reimbursement. Direct Billing The student is issued a voucher from the employer with the indicated tuition benefit the employer is providing for the semester. The student submits the voucher to the Rutgers Billing Office. The Billing Office will then prepare an invoice and submit it to the employer for payment. The employer does not have any stipulations for payment (e.g., grades). Tuition Reimbursement The student pays the term bill by the due date for the semester. At the end of the semester after grades are submitted, the student will submit a tuition reimbursement request to his/her employer. The employer reimburses the student for the indicated tuition benefit, provided the student meets the stipulation in the employer s tuition reimbursement program (e.g., attainment of a certain grade level). In the event that the employer provides the student with a tuition reimbursement option, the student must pay tuition upfront (by billing due date for the semester) and manage the reimbursement process separately with his/her employer. Can an applicant who obtains his/her undergraduate degree in accounting from an online institution (e.g., University of Phoenix) apply for admission into the MAccy-FA program? Typically, NO. Admission to the MAccy-FA program requires that the applicant receive his/her undergraduate degree in accounting from a nationally accredited university (e.g. AACSB accredited). Accordingly, if the university that confers online degrees is AACSB accredited, a student from that university can apply for admission into the MAccy-FA program. A regionally accredited university does not qualify as an accredited university for purposes of the MAccy-FA program. Can an RBS undergraduate student take the graduate elective online courses prior to completing his/her undergraduate degree in accounting? No.

5 Is a student admitted to the MAccy-FA program required to complete the degree requirements within one year after beginning the program? No. While most students complete the requirements of the MAccy-FA program within a year after beginning the program, the program is flexible and permits students who may have work conflicts to arrange their classes around the conflicts. A student who fails to register for any courses for two consecutive semesters must formally notify the Graduate Admissions Office and Registrar of their plans for program completion. Can a student take online courses on a non-matriculating basis? No. Students cannot take online courses on a non-matriculating basis. These courses are limited in size and to students who have been admitted into the MAccy-FA program Is there summer housing available to students admitted into the MAccy-FA program? Yes, summer housing is available for students admitted into the MAccy-FA program. Information on summer housing may be obtained by sending a request for information in an to: oncampus@rci.rutgers.edu How does a student register for the elective classes offered in the fall and spring? The registrations for all electives are administered by the Director, MAccy-FA program. Students complete a request which identifies their course preferences by August 1st (fall courses) and November 1st (spring courses) How does a student register for summer classes? Students are registered for the summer core classes by the Director prior to Orientation. Where are the summer core classes taught? The summer core classes are taught in New Brunswick on the Livingston Campus located in Piscataway, New Jersey.