Master's in Accounting Program at Minnesota State University, Mankato

MAcc M a s t e r

o f

A c c o u n t i n g

cob.mnsu.edu/macc/ • chnl7700.mnsu.edu

Table of Contents Why a Master of Accounting Degree? . . . . . . . . . . . . . . . . . . . . . . 2 Master of Accounting Curriculum Overview . . . . . . . . . . . . . . . . . . 4 Accounting and Professional Skills . . . . . . . . . . . . . . . . . . . . . . . . . 6 The Department of Accounting & Business Law at Minnesota State University, Mankato looks forward to offering a new Master of Accounting (MAcc) program in 2013.

Program Comparisons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Course Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Admission Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Planning Tips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Contact Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 CPA Requirements in Minnesota . . . . . . . . . . . . . . . . . . . . . . . . . 19

Why a Master of Accounting Degree?

Minnesota State Mankato’s Master of Accounting program provides students with the credit hours necessary to become a Certified Public Accountant, prepares them for success in a dynamic job market and produces graduates with skills and abilities that will allow them to advance faster. With convenient classes offered by respected faculty in both Mankato and Edina, the 12-month program offers an exceptional value to both new graduates and anyone seeking to shift gears and pursue a career in public accounting.

Minnesota State Mankato’s Master of Accounting program is one of the most affordable programs in the region. Courses will be offered in both Mankato and Edina, providing convenient access to the program wherever students are located.

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.

Master of Accounting graduates offer an exceptional value to accounting firms, who are looking for employees who have done more than just fulfill the state’s required 150 credit hours. They want to see those additional credit hours focused on professional leadership skills and advanced accounting skills.

Our program incorporates both theory and technical expertise as well as the professional skills that employers are looking for: the ability to communicate clearly, collaborate easily, work well in a team, find new solutions, and keep an open mind.

Certified Public Accountants (CPA) are actively recruited by public accounting firms, corporations, small businesses, nonprofit organizations, and government agencies. To become a CPA, an individual must complete 150 credits of college-level coursework—but an undergraduate degree in accounting only requires 120 credit hours. The MAcc provides the additional 30 credits and is sought after by many employers—including the Big 4 accounting firms, which regularly request MAcc credentials. In public accounting firms, advancement opportunities without a CPA are limited, and most firms want entry-level employees to have earned the necessary credits in a more meaningful way than a double major before beginning employment.

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“Graduates with master’s degrees receive starting salaries that are approximately 10 percent to 20 percent 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, 2011.

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Master of Accounting Curriculum All of the required and elective classes (with the exception of the internship) are designed as two-credit hours each, to allow students the option to take more courses at a time and complete the program within a 12-month time period. Our courses have been designed to correlate to each of the four parts of the CPA exam—financial accounting and reporting, auditing and attestation, business environment and concepts, and regulations—and to address the leadership and communication skills that public accounting firms are looking for in employees.

16 Required Credits MBA 610: Writing in the Workplace MAcc 615: Accounting Theory MAcc 620: Financial Statement Analysis MAcc 625: Accounting for Nonbusiness Entities MAcc 630: Corporate Governance and Professional Ethics MAcc 640: External Auditing and Other Attest Services MAcc 650: Tax Research and Consultancy MAcc 680: Controllership 14 Elective Credits (at least 4 credits must be MAcc courses) MAcc 642: Fraud Examination and Forensic Accounting MAcc643: Audits of Nonbusiness Entities MAcc 651: Taxation of Pass-Through Entities MAcc 661: International Accounting MAcc 662: Electronic Banking and Financial Instruments MAcc 670: Internships (1-4 credits ) MBA 645: Information Technology and Systems Management MBA 651: Managing Behavior in a Changing World MBA 663: Negotiation MBA 665: Leadership MBA 667: Organizational Development and Change MBA 674: International Management MBA 676: International Finance MBA 690: Executive Seminar 4

Master of Accounting Concentration Concentration

Course Number

Course Name

Credits

Required/ Elective

Financial Accounting

615

Accounting Theory

2

Required

Financial Accounting

620

Financial Statement Analysis

2

Required

Financial Accounting

625

Accounting for Nonbusiness Entities

2

Required

Financial Accounting

661

International Accounting

2

Elective

Audit

640

External Auditing and Other Attest Services

2

Required

Audit

642

Fraud Examination and Forensic Accounting

2

Elective

Audit

643

Audits of Nonbusiness Entities

2

Elective

Tax

650

Tax Research and Consultancy

2

Required

Tax

651

Taxation of Pass-Through Entities

2

Elective

Tax

680

Controllership

2

Required

Business Law

630

Corporate Governance and Professional Ethics

2

Required

Business Law

662

Electronic Banking and Financial Instruments

2

Elective

Internship

670

Internship

1-4

Elective

5

Advanced Accounting Skills

Professional Leadership Skills

Minnesota State Mankato’s Accounting programs at both the undergraduate and graduate levels are designed to align with the four parts of the CPA exam through both the required classes and the electives available to students.

Our Master of Accounting program is also designed to provide the professional leadership skills that public accounting firms look for in their employees.

We have pulled a suite of courses for the MAcc from the Master in Business Administration curriculum (see below) to complement the advanced accounting skills covered in the rest of the required courses.

MAcc Should Mirror CPA Exam Content Concentration

Required/Available

Credit Hours

Bachelor’s Degree in Accounting Financial Accounting

Required

12

Managerial Accounting

Required

6

Audit

Required

3

Tax

Required

6

Business Law

Required

6

Required

3

Accounting Information Systems

Master of Accounting Financial Accounting

Required

6

Managerial Accounting

Required

0

Audit

Required

2

Tax

Required

4

Business Law

Required

2

Professional Leadership Skills + MBA Electives Concentration

Course Number

Course Title

Credit Hours

Required/ Elective

MBA

610

Writing in the Workplace

2

Required

MBA

663

Negotiation

2

Elective

MBA

665

Leadership

2

Elective

MBA

690

Executive Seminar

2

Elective

MBA

645

IT and Systems Management

2

Elective

MBA

651

Managing Behavior in a Changing World

2

Elective

MBA

667

Organizational Development and Change

2

Elective

MBA

674

International Management

2

Elective

MBA

676

International Finance

2

Elective

CPA Exam Preparation: Undergrad + MAcc Concentration

Required/Available

Credit Hours

Bachelor’s Degree + MAcc Financial Accounting

Required

18

Managerial Accounting

Required

6

Audit

Required

5

Tax

Required

10

Business Law

Required

8

Bachelor’s Degree + MAcc

6

Financial Accounting

Available

20

Managerial Accounting

Available

6

Audit

Available

9

Tax

Available

12

Business Law

Available

14

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Program Comparisons

Course Descriptions

Minnesota State Mankato’s accounting programs at both the undergraduate and graduate levels compare favorably to two of the other programs offered in Minnesota (Carlson School of Management and University of St. Thomas).

As you’ll see below, however, Minnesota State Mankato’s program is significantly less expensive than the others.

REQUIRED

Carlson School of Management

University of St. Thomas

12

Financial Accounting

12

Financial Accounting

12

Managerial Accounting

6

Managerial Accounting

6

Managerial Accounting

5

MAcc 625: Accounting for Nonbusiness Entities (required)

Audit

3

Audit

4

Audit

4

Tax

6

Tax

8

Tax

6

This course examines accounting rules and regulations for governmental and nonprofit entities.

Accounting Information Systems

3

Accounting Information Systems

4

Accounting Information Systems

2

Business Law

3

Business Law

4

Business Law

4

Minnesota State Mankato

AV A I L A B L E

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.

Financial Accounting

Master of Accounting (Accountancy) Carlson School of Management

University of St. Thomas

MAcc 630: Corporate Governance and Professional Ethics (required) 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.

Financial Accounting

8

Financial Accounting

12

Financial Accounting

6

Managerial Accounting

0

Managerial Accounting

0

Managerial Accounting

3

Audit

6

Audit

Audit

3

Tax

6

Tax

6

Tax

3

IT/Accounting Information Systems

2

Accounting Information Systems

4

Accounting Information Systems

3

Business Law

4

Business Law

0

Business Law

0

MAcc 642: Fraud Examination and Forensic Accounting (elective)

Professional/ Leadership

8

Professional/ Leadership

4

Professional/ Leadership

6

General Business Electives

8

General Business Electives

General Business Electives

0

This course examines the principles and methodology of fraud detection and deterrence.

Approximately $550 (Mankato)/ $650 (Edina) per credit hour

8

This course explores the theoretical structure underlying financial accounting and analyzes the relationship of accounting theory to basic financial statements and standard setting. Case analysis will require research in accounting standards and application of those standards to various situations.

MAcc 620: Financial Statement Analysis (required)

Bachelor’s Degree in Accounting Minnesota State Mankato

MAcc 615: Accounting Theory (required)

10

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Approximately $1,150 per credit hour

MAcc 640: External Auditing and Other Attest Services (required) 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.

Approximately $850 per credit hour

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MAcc 643: Audits of Nonbusiness Entities (elective)

MAcc 670: Internship (elective)

This course is an analysis and discussion of the requirements and standards related to audits of government entities, nonprofit organizations, and employee benefit plans.

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.

MAcc 650: Tax Research and Consultancy (required) 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.

MAcc 651: Taxation of Pass-Through Entities (elective) 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.

MAcc 661: International Accounting (elective) 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.

MAcc 662: Electronic Banking and Financial Instruments (elective) 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.

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MAcc 680: Controllership (required) 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 accounting standards and tax law to address appropriate treatment of transactions.

MBA 610: Writing in the Workplace (required) 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) This 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.

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MBA 651: Managing Behavior in a Changing World (elective) 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) 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 674: International Management (elective) 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) This course is an exploration of financing investments and working capital management problems in multi-national environments.

MBA 690: Executive Seminar (elective) 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.

MBA 665: Leadership (elective) 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 667: Organizational Development and Change (elective) 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.

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Admission Requirements for the MAcc Program Admission to our MAcc Program is competitive. An undergraduate degree is required for admittance; undergraduates in their senior year can apply for admission but would not be able to take MAcc courses until their degree is conferred. Applicants with degrees other than accounting must complete, at a minimum, the Intermediate Accounting course sequence before applying for the MAcc. Applicants without an undergraduate accounting degree must complete equivalent undergraduate accounting courses before beginning their MAcc coursework. Equivalent coursework would include, at a minimum, the following subjects: introductory financial accounting and management accounting, intermediate financial accounting, advanced financial accounting, cost or management accounting, auditing, individual income tax, corporate income tax, and accounting information systems.

A business law contracts course is strongly recommended as well.

The admission process is the same whether you are planning to take courses in Mankato or at the Edina Campus: Students must first obtain admission from the College of Graduate Studies and Research. The application is available at grad.mnsu.edu/ applying. This completed application, along with two official transcripts from all colleges and universities attended, a completed immunization form and a $40 application fee must be submitted to: College of Graduate Studies and Research Minnesota State University, Mankato 115 Alumni Foundation Center Mankato, MN 56001 Phone: 507-389-2321 Fax: 507-389-5974 14

Students who do not use English as their first language must demonstrate their ability to study in English by submitting a score of at least 500 on the written Test of English as a Foreign Language (TOEFL) 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.

A Graduate Management Admissions Test (GMAT) score of 500 or above is also generally required. Test scores must be sent directly to the College of Graduate Studies and Research from GMAC. This requirement will be waived for applicants meeting one of the following criteria: a. Applicant has an undergraduate degree from Minnesota State Mankato’s College of Business or is in their last semester completing an undergraduate degree from Minnesota State Mankato with a 3.2 overall GPA and a 3.0 GPA in the Intermediate Accounting courses. b. Applicant has passed the CPA exam. c. Applicant has a Phd, JD or MD. d. Applicant has a Master’s from an AACSB accredited business school.

Applicants must also complete the MAcc program application, which can be found at cob.mnsu.edu/macc/. Send this form, along with a current resume, to: Dr. William Brown, MAcc Program Chair Department of Accounting and Business Law College of Business Minnesota State University, Mankato 150 Morris Hall Mankato, MN 56001

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Planning Tips After review of your application, the admissions committee, at their discretion, may also request the submission of two letters of reference.

The committee may also request that the applicant participate in an interview with the chair of the MAcc program.

Admissions Committee: William Brown, Chair of the Accounting and Business Law Department, MAcc Program Chair Jane Baird, Professor of Accounting Ferdinand Siagian, Assistant Professor of Accounting

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.

• GMAT tests are administered in Bloomington, Minn. Complete information on the GMAT test is available at: http://www.mba.com • Students can take the elective hours from the MBA program at any time after being admitted.

• 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.

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Contact Us for More Information

CPA Licensing Requirements in Minnesota

For more information regarding the MAcc program, or for any other questions related to the Accounting & Business Law Department, please contact:

In Minnesota, CPA candidates are expected to meet the following requirements (Minnesota State Board of Accountancy, 2012; Becker, 2012):

Dr. Bill Brown 507-389-5427 william.brown@mnsu.edu http://cob.mnsu.edu/macc http://cob.mnsu.edu/acct/contact/contactus.php/ Melva J. Wojahn Administrative Assistant Accounting and Business Law 150 Morris Hall 507-389-2965 melva.wojahn@mnsu.edu http://cob.mnsu.edu/acct/contact/contactus.php/

• 24 semester hours of accounting and 24 hours in business related courses must be taken.

• A baccalaureate degree with an accounting concentration is required.

• Candidates may sit for exam with lesser 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 one 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, 2010-11 Edition.

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Notes

MAcc M a s t e r

o f

A c c o u n t i n g

A Higher Standard.

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 507-389-2965 (V), 800-627-3529 or 711 (MRS/TTY). BUSC133BK