GRADUATE FACULTY COUNCIL DOC. NO. 777 Approved March 22, 1999

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1 GRADUATE FACULTY COUNCIL DOC. NO. 777 Approved March 22, 1999 RECOMMENDATIONS OF THE FACULTY OF THE SCHOOL OF BUSINESS ADMINISTRATION FOR A REVISION OF THE EXISTING GRADUATE PROGRAM IN MANAGEMENT I. DESCRIPTION 1.1 Exact Designation of Proposed Revisions Introduce a new area of concentration in Professional Accounting in the existing Master of Science in Management program. 1.2 Department or Functional Equivalent School of Business Administration 1.3 School, College, or Functional Equivalent School of Business Administration II. PROGRAM OBJECTIVES 2.1 Statement of Program Objectives The primary objective of the proposed area of concentration in Professional Accounting is to equip students to meet the new educational standards of the accounting profession. As of January 1, 2001, anyone who sits for the Uniform Certified Public Accountant exam in the State of Wisconsin will have to have 150 semester hours of education with an accounting concentration at an institution of higher education and have received a bachelor's or higher degree with an accounting concentration from an institution of higher education. The requirement was signed into law by Governor Thompson in Wisconsin is now one of 40 states and jurisdictions with a 150 hour requirement for certification. Currently, UWM's accounting program is the largest supplier of accounting professionals to Wisconsin employers. Students are placed both regionally and nationally upon graduation. The vast majority of students takes and passes the Uniform CPA Exam. The job outlook for students in the program continues to be very good -- the demand for qualified accounting graduates exceeds the supply. The proposed program will assist UWM in continuing to meet the demands of its students as well as the demands of employers of our students. Such a program fills a critical need for CPA certified professional accountants southeastern Wisconsin and indeed in the entire state of Wisconsin and nation-wide. The program is designed for students who hold an undergraduate degree in accounting and desire to complete their additional 30 required credits in a masters-level accounting program. [The current MS-Accounting area of concentration is designed for students who do not hold a first degree in accounting.] The program offers students a broad and rigorous training in advanced accounting courses but also requires them to enhance their

2 Graduate Faculty Council Doc. No. 777 p. 2 Approved March 22, 1999 business skills by specializing in one of six allied specialties -- management information systems, finance, management, production/operations management, marketing, or health care management. In addition to being in conformity with the requirements for the American Institute of Certified Public Accountants (AICPA) and the Wisconsin Institute of Certified Public Accountants (WICPA), the proposed curriculum format is in conformity with the guidelines of the AACSB-the International Association for Management Education, the internationally recognized accrediting body for bachelor's, masters' and doctoral degree programs in business schools. To achieve accreditation a business school must meet a wide range of quality standards relating to faculty resources, curriculum, admission, degree requirements, computer facilities, financial resources, and intellectual climate. UWM's School of Business Administration will be seeking AACSB accreditation of its accounting programs during its next review cycle. 2.2 Describe the Course of Study MS - Professional Accounting (Requires an Undergraduate Accounting Degree for Admission) CORE COURSES 406 Taxation of Corporations, Partnerships, and Estates* Decision Making with Accounting Information* Governmental and Nonprofit Accounting* Advanced Business Law* Auditing: Professional Standards and Practices International Accounting Theory and Practice Financial Statement Analysis and Financial Instruments 3 Total required credits *406, 426, 753, and 842 are required if equivalent courses have not been completed. If advanced standing is granted nine credits of these twelve possible credits must be replaced by accounting electives. ACCOUNTING ELECTIVE(S) 847 Topics in Accounting Theory (subtitle) Accounting Research Methods Strategic Planning and Control Systems Tax Research, Practice & Procedures 3 Total required credits 3 ALLIED SPECIALTY At least six credits required from courses in one of the following areas: Management Information Systems 747 Systems Analysis and Design Data Management System Emerging Information Technologies 2

3 Graduate Faculty Council Doc. No. 777 p. 3 Approved March 22, 1999 Finance 770 Financial Management Financial Strategy Investments International Financial Management Financial Institutions Fixed Income Security Analysis Seminar in Depth - Finance 2 Management 738 Human Resources Management Transforming Organizations Organizational Development Decision Making in Organizations Strategic Management Enterprise Integration (select topics) Competition and Strategy Multinational Business Operations 3 Production Operation Management 710 Operations Research Production and Inventory Planning Operations Modeling and Simulation Service Operations Management Operations Strategy and Project Management 2 Marketing 761 Marketing Seminar: Product and Brand Management Marketing Research Marketing Strategy and Plans Services Marketing 2 Health Care 755 Health Care Administration Health Care Delivery Systems Managed Care and Integrated Health Networks 3 BUSINESS ELECTIVES Any course listed in the allied specialties above, or 794 Enterprise Integration Modules (1 credit each) Total required courses 3 Total Required Credits Relationships to Existing UWM Mission and Academic Plan

4 Graduate Faculty Council Doc. No. 777 p. 4 Approved March 22, 1999 The proposed area of concentration in Professional Accounting strongly complements UWM's mission and academic plan in that it is designed to provide a formal program of study for students who wish to successfully pursue or advance professional careers in the accounting profession. The program will "integrate the creation, dissemination and application of knowledge" in that the learning experiences of current and potential students will be enhanced by the knowledge and skills obtained in the new program and will directly benefit employers of students having completed the program. In addition, the requirements for an "allied specialty" [the interdisciplinary nature of the program] responds to the needs of potential employers for students with both discipline-specific [accounting] and broad-based backgrounds. The program also "enriches the learning experiences of UWM students" by engaging enrolled students in research and creative activities. The courses offered within the program are structured in such a manner to help participants build upon the knowledge learned previously in the next level course. Scheduling of graduate courses in the School of Business Administration is primarily oriented to part-time students. For this reason, the proposed option will be accessible to full-time as well as part-time students, and thus fulfills another dimension of the urban mission of the UWM campus. It also strongly complements the mission and core strategies of the School of Business Administration Strategic Charter. [From our mission statement] Our masters degree programs prepare students to assume general management or functional specialist positions, with potential for senior level leadership positions or entrepreneurial careers. Additionally, our graduate programs prepare students to meet the expectations of professional certification bodies. [From our core strategies] To implement our mission, act according to our educational philosophy, and realize our vision, we must Continuously review and improve our academic offerings, with an emphasis on graduate programs Effectively market our distinctive qualities and excellence. MS students in the proposed area of concentration in Professional Accounting will benefit considerably from the strong links of the accounting faculty with the business community, both in terms of access to real world accounting projects/internships as well as job opportunities after graduation. 2.3 Closely Related UWM Programs and Areas of Strength The proposed area of concentration in Professional Accounting in the MS Program has strong links with other existing MS programs within the School of Business Administration. The curriculum (shown above) utilizes relevant course offerings from six other areas of concentration --- management information systems, marketing, finance, management, production/operations management, and health care management. Such provisions contribute to efficient utilization of existing faculty resources.

5 Graduate Faculty Council Doc. No. 777 p. 5 Approved March 22, 1999 Since not all colleges and universities in southeastern Wisconsin and the State of Wisconsin will offered a fifth-year master's option, the availability of 30 credits of additional coursework leading to a masters degree will attract additional students to UWM's graduate programs. It may also act as a catalyst to attract more students into the undergraduate program since they will be able to complete all of the requirements for the CPA examination at one school. III. EFFECTS 3.1 Additional Faculty Required No request is being made with this proposal for additional faculty positions. 3.2 Four-Year Faculty Needs The Professional Accounting curriculum can be offered with the present faculty. Additional faculty positions may be requested dependent upon demand for the program. 3.3 Library Resources The collection of books and periodicals presently held by the UWM Library is sufficient for the proposed area of concentration in Professional Accounting. 3.4 Required Additional Facilities and Equipment No additional facilities and equipment are anticipated for the proposed option. 3.5 Program Costs No additional costs are anticipated. In fact there may be net cost savings for UWM as a whole due to the fact that much of the proposed option will result in fuller utilization of existing courses without additional staffing costs. 3.6 Resource Allocation No additional program costs are anticipated. IV. JUSTIFICATION FOR PROPOSED REVISION The Wisconsin Institute of Certified Public Accountants will require that in order for students to be licensed by the accounting examining board as a certified public accountant (CPA), effective December 31, 2000, the applicant must have completed 150 semester hours of education with an accounting concentration at an institution of higher education and have received a bachelor's or higher degree with an accounting concentration from an institution of higher education. A four-year BBA with an accounting major currently exists for students who wish to complete their studies in four years. These students specialize in accounting skills that are sought after by industry and governmental units that do not require the CPA designation.

6 Graduate Faculty Council Doc. No. 777 p. 6 Approved March 22, 1999 Students who opt for the CPA program will take an integrated set of coursework during their fifth year that will meet the specific demands of the practicing CPA. These students will be awarded the MS in Management with a concentration in Professional Accounting. This curricular revision is critical if UWM is to retain viable accounting degree programs. V. PROPOSED GRADUATE SCHOOL BULLETIN COPY PROFESSIONAL ACCOUNTING: CR Core Courses 406 Taxation of Corporations, Partnerships, and Estates* 426 Decision Making with Accounting Information* 842 Governmental and Not-for-Profit Accounting* 753 Advanced Business Law* 844 Auditing: Professional Standards and Practices 843 International Accounting Theory and Practice 841 Financial Statement Analysis and Financial Instruments credits *406, 426, 753, and 842 are required if equivalent courses have not been completed. If advanced standing is granted nine credits of these twelve possible credits must be replaced by accounting electives. Accounting Elective(s) 3 credits 847 Topics in Accounting Theory (subtitle) Accounting Research Methods Strategic Planning and Control Systems Tax Research, Practice & Procedures 3 Allied Specialty At least six credits required from courses in one of the following areas: 6 credits Management Information Systems 747 Systems Analysis and Design Data Management System Emerging Information Technologies 2 Finance 770 Financial Management Financial Strategy Investments International Financial Management Financial Institutions Fixed Income Securities Seminar in Depth - Finance 2

7 Graduate Faculty Council Doc. No. 777 p. 7 Approved March 22, 1999 Management 738 Human Resources Management Transforming Organizations Organizational Development Decision Making in Organizations Strategic Management Enterprise Integration (select topics) Competition and Strategy Multinational Business Operations 3 Production Operation Management 710 Operations Research Production and Inventory Planning Operations Modeling and Simulation Service Operations Management Operations Strategy and Project Management 2 Marketing 761 Marketing Seminar: Product and Brand Management 762 Marketing Research Marketing Strategy and Plans Services Marketing 2 Health Care 755 Health Care Administration Health Care Delivery Systems Managed Care and Integrated Health Networks 3 Business Electives Any course listed in the allied specialties above, or 794 Enterprise Integration Modules (1 credit each) 3 credits VI. RECOMMENDATIONS FOR ACTION 1. The Master of Science in Management (Professional Accounting Area of Concentration) is approved for revision as reflected in the proposed changes and Graduate School Bulletin copy described above. 2. The program revision is effective for students seeking admission for the Spring 2001 semester.