Auburn University Accounting Roadmap to Success - Harbert COB School of Accountancy

Roadmap to Success

Your Plan for Accounting Career Readiness

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Table of Contents

Table of Contents

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Guidance by Year

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Upper-Level Accounting Courses

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Successful Study Approach

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Rising Accountant & Analyst Program

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Beta Alpha Psi

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Accounting Internship Program

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Helpful Recruiting Hints

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About the Auburn MAcc

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Building Credentials for MAcc Admission

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Taking the GMAT

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Taking the CPA Exam

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Funding Your Accounting Education

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Guidance by Year FRESHMAN & SOPHOMORE ☐ Meet with a pre-business academic advisor to develop a plan of study in 147 Lowder. ☐ Pursue a skill-building minor. ☐ Upon completion of 30 semester hours, declare accounting as your major and confirm your plan of study with the ACCT academic advisor. ☐ Consider taking the GMAT (reccomended for admission to the Auburn MAcc; refer to page 13 for additional information). ☐ Start your college career strong - get involved & study hard! ☐ Join Rising Accountant & Analyst Program (RAAP) while enrolled in ACCT 2110, if not

before.

☐ Attend workshops in the Office of Professional and Career Development (OPCD) in 101 Lowder. ☐ Complete your profile on Handshake after your resume is perfected.

JUNIOR ☐ Use the Successful Study Approach on page five in all upper-level accounting classes to earn strong academic credentials. ☐ Join Beta Alpha Psi (BAP) while enrolled in ACCT 3110 and be actively involved. ☐ Enroll in ACCT 3810 Professional Development in Accountancy the semester you take ACCT 3110 . ☐ Attend Meet the Firms fall and spring semesters. ☐ Network and attend ALL recruiting events for locations of interest. ☐ Read all e-mail communications from Mrs. Lakas, SOA Director of Recruiting & Professional Development. ☐ Apply for summer leadership programs (SLPs) and attend all conferences for which you accept an invitation. ☐ Take the GMAT between junior and senior year, if you have not already done so. ☐ Apply for School of Accountancy scholarships.

☐ Meet with the ACCT academic advisor in 147 Lowder to complete your graduation check. ☐ Maintain active involvement in BAP. ☐ Unless you have accepted an offer, attend Meet the Firms and apply early fall

Guidance by Year

SENIOR

semester to interview for internships during accounting week in September. ☐ Apply to the Master of Accountancy (MAcc) program early in the fall semester.

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Upper-Level Accounting Courses Our major coursework is designed not only to develop your technical skills, but also to prepare you for the CPA Exam.

ACCOUNTING COURSES

PREREQUISITES

☐ ACCT 3110 Intermediate Accounting I

☐ ACCT 2110 Principles of Financial Accounting

☐ ACCT 3120 Intermediate Accounting II

☐ ACCT 3110 Intermediate Accounting I (with a grade of “C” or better)

☐ ACCT 3210 Cost Accounting

☐ ACCT 2110 Principles of Financial Accounting

☐ ACCT 3520 Accounting Information Systems

☐ ACCT 2110 Principles of Financial Accounting and Junior Standing

☐ ACCT 3530 Accounting Analytics

☐ ACCT 3110 Intermediate Accounting I ☐ CTCT 3250 Information Analysis ☐ ACCT 3520 Accounting Information Systems

☐ ACCT 4310 Auditing and Assurance Services

☐ ACCT 3120 Intermediate Accounting II ☐ ACCT 3520 Accounting Information Systems

☐ ACCT 4410 Income Tax I

☐ ACCT 3110 Intermediate Accounting I

☐ ACCT 4920 Accounting Internship

☐ ACCT 3110 Intermediate Accounting I ☐ ACCT 3110 Intermediate Accounting II ☐ ACCT 3530 Accounting Analytics ☐ ACCT 4310 Auditing & Assurance Services ☐ ACCT 4410 Income Tax I

☐ ACCT 5130 Advanced Accounting Topics

☐ ACCT 3120 Intermediate Accounting II

☐ ACCT 5420 Income Tax II*

☐ ACCT 4410 Income Tax I

☐ ACCT 5610 Gov’t and Notfor-Profit Accounting*

☐ ACCT 3120 Intermediate Accounting II

☐ ACCT 5700 Advanced Business Law*

☐ ACCT 2700 Business Law

Upper-Level Accounting Courses

Important Note: Students MUST take MNGT 4800 Strategic Management prior to the spring semester of their senior year. MKTG 3310 Principles of Marketing, MNGT 3100 Principles of Management, and FINC 3610 Principles of Finance are prerequisites to MNGT 4800 Strategic Management. Hence, students MUST complete the aforementioned prerequisites prior to enrolling in MNGT 4800.

Courses marked with an asterisk (*) are also available at the graduate level. If a student has extra capacity in his or her senior year schedule and is competitive for the Auburn MAcc, he or she may be eligible to take up to 12 hours of graduate credit while an undergraduate (graduate tuition and fees apply).

For more information, ask your ACCT Academic Advisor in 147 Lowder.

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Successful Study Approach 1. Before class, quickly read the assigned chapter to be familiar with the concepts.

2. Attend class, listen to the lecture/ discussion, and work along with in-class exercises.

The key to success in upper-level accounting classes is the repetition you get from the approach below.

GLEIM: EXAM QUESTIONS AND EXPLANATIONS The Gleim Exam Questions and Explanations books help accounting students improve their comprehension skills and achieve higher grades in

3. Reread the assigned chapter very

their accounting courses. In addition,

thoroughly and make yourself a

students who use these books have

condensed outline of the chapter.

a higher success rate on the Uniform

4. Begin to work your homework assignments while referring back to similar examples in the chapter and your class notes.

5. Review your chapters and homework assignments before each exam. Work

CPA Exam. There is a Gleim book for every upper-level accounting class.

You need to use the entire series in order to be successful. You can either buy these books at a local bookstore or order them online by going to www.gleim.com/accounting/eqe.

additional exercises to confirm your

Financial

understanding of the material. Don’t

ACCT 3110 ACCT 3120 ACCT 5130 ACCT 5610

rework the same problems over and over. When you do this, you develop a false sense of understanding

Audit

because you have memorized the

ACCT 3520 ACCT 4310

problem. You cannot be successful in an accounting class by memorizing.

6. Practice! Practice! Practice using the Gleim questions and explanations

Cost ACCT 3210

successful on accounting exams, you need to understand the material, not just mechanically memorize it.

Business Law ACCT 5700

Tax ACCT 4410 ACCT 5420

Successful Study Approach

to test your understanding. To be

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Rising Accountant & Analyst Program (RAAP)

Join While Enrolled in ACCT 2110 or Before!

WHAT IS RAAP? The Rising Accountant & Analyst Program (RAAP) is an organization open to outstanding freshmen and sophomores who have declared or are considering accounting or business analytics as a major.

REQUIREMENTS:

WHEN TO JOIN:

• Incoming freshmen must have a very strong high school scholastic record.

• Freshmen and Sophomores must have and maintain a 3.0 cumulative GPA.

Applications are accepted at the beginning of every fall and spring semesters.

Generally, the application deadline is at the end of the first week of the semester.

Join no later than the semester you are enrolled in ACCT 2110! DON’T WAIT!!

HOW TO JOIN:

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RAAP

internship opportunities.

Rising Accountant & Analyst Program

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Go to www.auburnbap.com.

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RAAP members may attend all Beta Alpha Psi professional meetings and “Meet the Firms” in the fall and spring. Membership in RAAP and attendance at meetings and events will give you invaluable insight into accounting opportunities. In addition, RAAP can help facilitate your networking with accounting firms, thereby increasing your potential for

Risin

BENEFITS:

Beta Alpha Psi (BAP)

Join While Enrolled in ACCT 3110!

WHAT IS BAP? Beta Alpha Psi (BAP) is an international honorary organization for accounting students and professionals. The primary objective of Beta Alpha Psi is to encourage and give recognition to scholastic and professional excellence in the field of accounting. This includes promoting the study and practice of accounting; providing opportunities for self-development, service and association among members and practicing professionals; and encouraging a sense of ethical, social, and public responsibility.

REQUIREMENTS: •C ompletion of ACCT 2110, enrolled in

ACCT 3110, and making progress towards the completion of an accounting degree.

• Must have a 3.0 overall GPA or a 3.25 GPA from the most recent 30+ semester hours.

• Must have an accounting GPA of 3.0 that includes all ACCT courses taken (excluding ACCT 2700) as well as an upper-level accounting GPA of a 3.0 (if have completed upper-level courses).

• Transfer students must complete two upper-level accounting courses at Auburn University with at least a 3.0 GPA (including ACCT 2110).

• Graduate students must complete one semester of graduate study with at least an overall GPA of 3.25 and an accounting GPA of 3.5.

• Members must maintain the GPA requirements to remain in good standing for BAP.

Participating in BAP allows you to network with accounting professionals, which is the ULTIMATE pathway to internship and fulltime employment opportunities.

Applications are accepted at the beginning of every fall and spring semesters. Generally, the application deadline is at the end of the first week of the semester. Join while enrolled in ACCT 3110! DON’T WAIT!!

HOW TO JOIN: Go to www.auburnbap.com.

Beta Alpha Psi

BENEFITS:

WHEN TO JOIN:

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Accounting Internship Program

PROGRAM SUMMARY Our program enables students to earn up to three semester hours of credit for a qualifying spring internship (ACCT 4920) while taking two accounting courses and a free elective, earning an additional nine hours. The two accounting electives are offered in a five-week “mini-semester� format similar to that of summer school.

This program allows students the opportunity to complete an internship without postponing their expected graduation date while earning enough money to finance the additional education required to sit for the CPA Exam.

Students will have two scheduling options for the internship and the mini-semester courses: 1) Mid-March Option and 2) Mid-April Option. The option that you select will depend on the internship offer you accept.

Accounting Internship Program

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1. Mid-March Option: Students intern from January through mid-March and return to campus mid-March to take two electives in a mini-semester. The mini-semester courses begin midMarch and last through the end of spring semester.

2. Mid-April Option: Beginning in January, students are on campus to cover the first three weeks of the coursework for the two minisemester electives. At the beginning of the fourth week, students leave campus to begin their internships.

Students return to campus midApril to complete the remaining two weeks of coursework for the two mini-semester electives. This option enables the student to intern for the busiest part of tax season, up to the April 15th deadline.

Most internship opportunities are available during the spring semester. However, students may intern during the summer or fall semesters and receive three semester hours of credit for a qualifying internship. All internships must be approved in advance by Mrs. Lakas. No retroactive credit will be given for internships that are not approved in advance.

Academic credit will be awarded for one internship only.

Helpful Recruiting Hints

☐ Get involved with recruiting at beginning of junior year, if not sooner. ☐ Join RAAP and BAP as soon as you are eligible in order to begin making recruiting contacts for internships. ☐ Build relationships with recruiters and firm employees; these relationships are critical to getting an internship offer. ☐ Make good grades and practice good communication skills. ☐ Pursue an internship with a firm in the city where you want to work full-time.

Why? Recruiters hire interns as their full-time staff for the upcoming year. ☐ Be involved in BAP starting in your junior year, if possible. ☐ Attend ALL socials sponsored by a firm located in the city where you want to work full-time. Even if you cannot stay the entire time, you must at least make an appearance at these socials/events. ☐ Email your recruiting contacts after a social/event expressing your appreciation for the invitation.

☐ Apply to all Summer Leadership Programs (SLPs) sponsored by firms of interest. ☐ Attend all SLPs for which you receive an invitation and are available. ☐ If it is not possible to attend a SLP, inquire about an office visit during the summer. ☐ Attend all summer events/ socials for your location. ☐ Act and dress in a professional manner at all times. ☐ Always dress conservatively, even if the event is casual dress. ☐ Avoid consuming alcohol at events.

☐ Read all e-mail communications from Mrs. Lakas, SOA Director of Recruiting & Professional Development.

Helpful Recruiting Hints

☐ Take advantage of the services offered in the Office of Professional and Career Development in 101 Lowder Hall your student fees fund this unit.

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About the Auburn MAcc

Visit macc.harbert.auburn.edu for more information.

The Auburn MAcc Program provides students with additional technical skills, research and communication skills, as well as focused preparation on passing the CPA Exam.

The program is highly acclaimed by recruiters and employers and is accredited by The Association to Advance Collegiate Schools of Business (AACSB International), the gold standard for business and accounting education.

Roadmap Aboutto the Success Auburn MAcc

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WHY SHOULD YOU ENROLL?

ABOUT THE AUBURN MAcc

• Auburn MAcc students achieve a much higher pass rate on the CPA Exam.

• MAcc graduates progress faster in their careers with enhanced earnings potential.

• Experience another culture by studying abroad with MAcc classmates.

• Thirty semester hours, completed in three semesters • Summer or fall admission; 90% enroll in the summer, which is recommended • Twelve hours enrollment summer and fall, and only six hours spring while taking Becker CPA Exam Review and sitting for the CPA Exam

INTERNATIONAL TRIP • Students are required to study abroad fall semester, typically 8-10 days.

• The international trip is funded by the graduate professional fees.

• The trip consists of business visits, a service learning project, and cultural activities.

BECKER CPA EXAM REVIEW

• Students are required to attend the MAcc Leadership Summit, a three-day campus residency. The MAcc Leadership Summit consists of business and leadership seminars as well as networking events. The residency begins the last Wednesday in April and concludes on Friday.

• Participation is a requirement for graduation.

• The Becker CPA Exam Review is a comprehensive review of information tested on the CPA Exam.

• Becker students generally produce the #1 pass rates of any CPA Exam review course.

• Auburn MAcc students enroll in the Becker CPA Exam Review spring semester while taking six semester hours of coursework.

• Many employers cover the cost of the Becker CPA Exam Review.

TUITION & FEES

FUNDING YOUR AUBURN MAcc

• Visit macc.harbert.auburn.edu for current tuition rates.

• Graduate professional fees of $200 per credit hour, for a total of $6,000

• Competitive applicants may be awarded a graduate assistantship.

• Savings from your internship • Student loans • School of Accountancy scholarships

About the Auburn MAcc

MACC LEADERSHIP SUMMIT

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Building Credentials for MAcc Admission

TOP 10 WAYS TO BUILD YOUR MACC CREDENTIALS

Since admission to the Auburn MAcc is competitive, students should start building credentials early!

• • • • • • Building Credentials for MAcc Admission

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Make the Grades Earn a Competitive GMAT Score Get to Know Your Faculty Pursue a Skill Building Minor Follow Guidance and Be Responsible Obtain a Relevant Accounting Internship

• Build a Competitive Resume • Present Yourself for the Opportunity You Want • Apply Early and Be Proactive • Distinguish Yourself with Strong Overall Reputation

Historically, the average quantitative credentials for Auburn MAcc candidates are as follows: • GMAT 600* • Upper-Level Accounting GPA 3.60* • Overall GPA 3.60

* These credentials are heavily emphasized by the MAcc Admissions Committee.

Meeting the quantitative credentials does not guarantee admission.

For more information, please visit www.macc.harbert.auburn.edu or scan the QR code.

Taking the GMAT

Visit MBA.com for more information about the GMAT.

ABOUT THE GMAT The Graduate Management Admission Test (GMAT) is a standardized test used as criteria for admission into graduate business programs throughout the U.S. Sections on the exam: • • • •

Analytical Writing Assessment Integrated Reasoning Quantitative Verbal

MAT scores range from 200 to 800, with G a score of 0 to 6 assigned to the writing assessment and 1 to 8 for the Integrated Reasoning section.

Historically, the average GMAT score for Auburn MAcc candidates is 600.

Scores are valid for five years.

Auburn University offers the GMAT in a testing center located in Biggin Hall.

SHOULD YOU TAKE THE GMAT? Even though the GMAT is now optional for Auburn University undergraduate students, it is still recommended. Students who include a competitive GMAT score with their application are not only more competitive for admission, but also for Graduate Assistantship positions. A GMAT score can only help an application package.

HOW TO STUDY FOR THE GMAT? Taking the GMAT

Test prep is recommend for most students. Magoosh is an online test prep program that has proven success in helping students improve their GMAT scores.

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Taking the CPA Exam

WHAT IS THE CPA EXAM? The CPA Exam is the professional licensing exam that serves to protect the public interest by ensuring that only qualified individuals are licensed to practice as Certified Public Accountants.

The CPA Exam is divided into four sections: • Auditing and Attestation (AUD) • Business Environment and Concepts (BEC) • Financial Accounting and Reporting (FAR) • Regulation (REG) Requirements to sit for the CPA Exam vary by state. The educational requirements for Alabama and Georgia are listed to the right.

The School of Accountancy strongly recommends that students complete the educational requirements for licensure prior to sitting for the CPA Exam.

Taking the CPA Exam

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ALABAMA: • Alabama CPA Exam candidates complete a total of 120 semester hours of postsecondary education, including a baccalaureate degree at a college or university accredited by a regional accreditation board such as the Southern Association of Colleges and Universities, with a concentration in accounting (comprised of 24 hours of upper-level courses) and 24 semester hours in non-accounting business courses.

• In order to obtain the CPA license in Alabama after passing all four parts of the exam, a student must complete 150 hours of coursework and 33 hours of upper-level accounting/27 hours of non-accounting business courses within a 36-month period.

GEORGIA: • Georgia CPA Exam candidates earn a baccalaureate degree with 20 semester hours in accounting courses above the introductory level at a four year accredited university.

• In order to obtain the CPA license after passing all four parts of the Exam, a student must have completed 150 hours of coursework and 30 hours of upper-level accounting, excluding ACCT 5700 Advanced Business Law.

Funding Your Accounting Education

Scholarships are a terrific way to help fund your accounting education at Auburn University. The Harbert College of Business and the School of Accountancy award scholarships each year to deserving scholarship applicants. Business and accounting scholarships are funded through the generous contributions of numerous donors. Scholarship recipients are selected based on a variety of credentials including overall and accounting GPAs, involvement on-campus, and overall academic reputation. School of Accountancy scholarships are presented by the donors at the annual Accounting Awards Ceremony each spring, while the Harbert College of Business scholarships are presented to recipients in the fall.

FINANCIAL AID

For student loans, please contact the Student Financial Aid office at 203 Mary Martin Hall, (334) 844-4634 or www.auburn.edu/finaid.

GRADUATE ASSISTANTSHIPS

Graduate Assistantship (GA) positions are available on a competitive basis to campus students admitted to the Auburn MAcc who demonstrate academic excellence, a strong reputation, campus involvement, and work experience. For more information, please visit www.macc.harbert.auburn.edu.

FundingRoadmap Your Accounting to Success Education

UNDERGRADUATE SCHOLARSHIPS

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405 West Magnolia Avenue 301 Lowder Hall Auburn, Alabama 36849-5247 (334) 844-5340 www.harbert.auburn.edu Auburn University is an equal opportunity employer/educational institution.

August 2020