Department of Accounting & Finance Academic Year Assessment Report

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1 Office of the Provost and Vice President for Academic Affairs Department of Accounting & Finance Academic Year Assessment Report MISSION STATEMENT The Department of Accounting and Finance prepares ethically aware decision makers with effective analytical and qualitative business knowledge and skills to become professionals in their respective fields. We commit to high quality teaching and applying scholarship to professional practice and theory. The Master of Accountancy (MAcct) program provides breadth and depth in accounting, taxation, and business to develop a high level of understanding, skill and leadership capability for advancement in the accounting profession and other related business careers. DEPARTMENT OBJECTIVES and ALIGNMENT WITH STRATEGIC ISSUES 1. Foster student growth and equip them for success in their respective fields. (Partnering for Student Success; Education for the Global Century; Dynamic Learning Environment) 2. Demand excellence in teaching, rigor in expectations, expertise in our fields and nurture of the faculty/student relationship. (Partnering for Student Success; Dynamic Learning Environment) 3. Offer a modern curriculum, breadth in course offerings and a faculty engaged in maintaining currency. (Discovery and Creativity to Serve Montana and the World, Dynamic Learning Environment, Planning-Assessment Continuum) 4. Offer a curriculum that has a strong focus on analytical and problem solving skills, which are crucial to success in accounting and finances fields at all levels of a career. (Planning-Assessment Continuum) 5. Incorporate requirements to communicate both technical and nontechnical findings in the context of the fields of accounting and finance. (Partnering for Student Success) 1

2 STUDENT LEARNING GOALS AND MEASUREMENT TOOLS i 1. Students will possess fundamental accounting or finance knowledge. (ACTG, FIN) Major Field Test Financial Statement Disclosure Analysis AICPA Code of Conduct CPA Exam Research Paper and Presentation to CPAs 2. Students will be effective business writers. (ACTG, FIN) 3. Students will critically analyze and solve problems, using technology where appropriate. (ACTG, FIN) 4. Students will understand the importance of ethics in their professions and demonstrate ethical decision making. (ACTG, FIN) 5. MAcct students will obtain a deeper mastery of technical accounting competencies. 6. MAcct students will understand the role of the accounting profession in business and the economy, along with the importance of professionalism and ethics in carrying out this role. 7. MAcct students will be effective communicators. 8. MAccst students will apply critical thinking skills. 9. MAcct students will be prepared for certification as a CPA. 2

3 RESULTS AND MODIFICATIONS Goal 1 - All business majors are required to take the Major Field Test (MFT), administered by ETS. The MFT tests a variety of business areas at the fundamental level. We expect accounting and finance majors to score in the 75th percentile on the accounting and finance questions on the MFT. In Spring 2014, accounting students scored in the 99th percentile on accounting questions, and finance students scored in the 99th percentile on the finance questions These percentiles are based on all business students from all schools who took the test in the respective period. Goal 2 - Accounting students completed a financial statement analysis project that included a writing component in Spring Students selected an issue included in an annual financial report for a real company, discussed the issue, explained how it is accounted for, and critically examined the accounting policy the company used for that issue. Students were evaluated with possible scores of 1 (low) to 5 (high) on grammar/mechanics. We expect students to score an average of 3.75 or higher. Students scored an average score of Results are satisfactory. We will continue to monitor results on the MFT. Results are satisfactory. We will continue to measure written communication skills using this assessment and monitor results. 3

4 Goal 3 - Accounting students completed a financial statement analysis project that included an analysis component in Spring Students selected an issue included in an annual financial report for a real company, discussed the issue, explained how it is accounted for, and critically examined the accounting policy the company used for that issue. Students were evaluated on how well they identified and analyzed the issue and its implications, on a scale of 1 to 10, with high being 10. We expect students to score 7 or higher, on average. Students averaged a score of 7.77 on this assignment. Goal 4 - Accounting students answered 13 multiple choice exam questions related to the AICPA Code of Professional Conduct (which CPAs are required to follow). These questions were part of a regular semester exam. We expect students to get an average of 70% of the questions correct. In Spring 2013, students scored an average of 82.4% correct. Goal 5 - A very broad set of technical accounting competencies is tested on the national CPA exam. Almost all MAcct students opt to take the CPA exam at the conclusion of their program. Pass rates for MAccts far exceed national pass rates for all test takers (REG=86%, FAR=71%, BEC=67%, AUD=75%, with national pass rates ranging from 44%-48% on the four parts). Results are satisfactory. We will continue to measure problem solving skills with technology using this assessment and monitor results. Results are satisfactory. No modifications to curriculum or assessment and we will continue to monitor results. 4

5 Goal 6 - The CPA exam addresses the role of the accounting profession in business and the economy. Two sections of the exam (Regulation and Auditing) both address ethics topics. Almost all MAcct students opt to take the CPA exam at the conclusion of their program. Pass rates for MAccts far exceed national pass rates for all test takers. See learning goal #5 for MAcct pass rates compared to national pass rates. Goal 7 - In ACTG 615, MAcct students complete research papers and present their topics (on very current developments) to an audience of local CPAs, faculty, and other students. The local CPAs and faculty evaluate each student on their presentation skills (verbal and nonverbal). Students have been very highly rated for several years running, and the local CPAs are always extremely complimentary of the poise and presentation skills the students show. Goal 8 - A very broad set of technical accounting competencies is tested on the national CPA exam. Almost all MAcct students opt to take the CPA exam at the conclusion of their program. Pass rates for MAccts far exceed national pass rates for all test takers (REG=86%, FAR=71%, BEC=67%, AUD=75%, with national pass rates ranging from 44%-48% on the four parts). 5

6 Goal 9 - A very broad set of technical accounting competencies is tested on the national CPA exam. Almost all MAcct students opt to take the CPA exam at the conclusion of their program. Pass rates for MAccts far exceed national pass rates for all test takers (REG=86%, FAR=71%, BEC=67%, AUD=75%, with national pass rates ranging from 44%-48% on the four parts). APPENDICES Major Field Test Results FUTURE PLANS FOR CONTINUED ASSESSMENT We will continue to administer the MFT for all business majors. We will continue to use a third party grader, with expertise in business writing, to evaluate writing assignments in several required courses. We continue to monitor CPA Exam pass rates for the MAcct (note -- even though the undergrad accounting program does not fully prepare students for the CPA exam, most of our MAcct students completed their undergraduate accounting coursework at UM. Our high pass rates provide indirect support of our undergraduate accounting students' program learning goals. i NOTE: The Department has three programs -- undergraduate accounting major (ACTG), undergraduate finance major (FIN), and Master in Accountancy (MACCT). All programs are accredited by AACSB at the School of Business Administration (SoBA) level. Some assessment activities are carried out at the SoBA level, but they apply to all undergraduate programs. In addition, ACTG and MACCT programs hold an additional AACSB accreditation in accounting. This requires much more extensive assessment activities for these programs. Thus, assessment activities for the Department are skewed to the ACTG and MACCT programs. The learning goals below will include notations as to which program(s) each applies to. 6

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