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vanderbilt

MAcc VALuation Master of Accountancy Valuation


Only one business school

offers you this ty

Vanderbilt MAcc Valuation The MAcc Valuation program offers you a combination of advantages you’ll find nowhere else. A program tailored to meet the real-world needs for valuation professional service firms among global service firms. Small classes and professors who know you by name. Emphasis on professional development. An opportunity for a paid internship. And preparation for the CPA and CFA exams. In one intensive year, you’ll gain the knowledge, experience and credentials to jump successfully into a dynamic field.

Table of Contents What Is Valuation?........................................2-3 Curriculum and Exam Prep......................4-5 Partner Internship Firms........................... 6-7 Where Do You Want to Go? ....................8-9 One Day in the Life.....................................10-11 Important Admission Information..........12

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in America

pe of program.

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Build a career at the int

finance and

accou

How do you determine the value of intellectual property? What is a brand name worth? How much should a company pay to purchase a competitor? Or a supplier? As a valuation professional, you and your team provide counsel on questions such as these— and help your firm’s clients make sound business decisions on everything from strategy and acquisitions to asset management, restructuring and divestitures and management planning.

What valuation professionals evaluate Asset retirement obligations Brand equity Business enterprises Customer relationships Financial instruments Goodwill Intellectual property Stock-based compensation

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Russ Aiken PwC Ask those who know Russ and they will tell you how much he enjoys spending time with people. Whether that means hanging out with his family, coaching football or working on a team project—Russ loves it all.

MAcc Valuation

2013

Class


tersection of

d

ounting. “When you come in and meet the people–it’s surprising how close everyone is in the MAcc Valuation program after only knowing each other for a year. This is a place dedicated to helping individuals learn and grow in order to help us land our dream jobs.”

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Put yourself on track

Today, demand is growing by double digits for young professionals with the skill and savvy to succeed in the valuation field.

Classes like Financial Economics, Corporate Valuation and Advanced Financial Reporting will help prepare you for the field, and the built-in review courses for both the CPA and the CFA will help you to study and sit for both exams. Our rigorous program will help you develop the technical expertise in finance and accounting as well as the communications and leadership skills that are essential in this client-facing business.

Professor Karl Hackenbrack Faculty Director, MAcc Programs

Professor Nick Bollen

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to the top. You won’t just learn technical skills. At Vanderbilt, like nowhere else, your professional development is a major part of the MAcc Valuation program. It begins with coaching and a leadership assessment through which you gain insights into your strengths, challenges and personal motivators, and how they all affect your working relationships with others. Then, you’ll work with one of our professional development coaches with prior public accounting experience to turn all this feedback into strategies you can take into your internship. During the program’s final weeks, you and other MAcc Valuation students work with a licensed executive coach to maximize and apply what you learned from your internship experience. At all times, our professional development coaches are available for one-on-one coaching. The bottom line? You’re even more valuable to potential employers. You’re not just ready to handle a job. You’re prepared for your career.

MAcc Valuation Curriculum at a Glance SPRING

Engagement Documentation (1)

Financial Reporting II (2)

Advanced Cost Accounting (2)

Taxation of Business and Investment Transactions (2)

Strategic Management (2)

Financial Economics 2 (2) Financial Modeling (2) Financial Reporting I (2)

Research in Financial Reporting (2)

Winter Break

Mod 2

Accounting Valuation Internship or electives (6)

Mod 4

Advanced Financial Reporting (2)

Commencement

Mod 3

SUMMER

Mod 1 Immersion Week Audit Institutions (Continued)

Pre-Mod 1 Communication, Leadership, and Ethics in Accounting (1) Financial Economics 1 (2)

FALL

Becker CPA Review Course and CPA Exam

Financial Statement Analysis (2)

Corporate Value Management (2)

Introduction to Law and Business (2)

Audit Institutions (1) Schweser CFA Exam Review and Level I Exam

(x) = credit hours Curriculum and course information is updated annually and is subject to change.

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Intern with one of the

And get paid

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As part of the program, you’ll have unparalleled access to our partner firms (who happen to be among the world’s top public accounting firms) to pursue a 10-week, paid internship. The internship allows you to round out your education with the real-world experience you’ve been preparing for. And it enables partner firms to give you a “trial run”—since successful internships typically lead to job offers upon graduation.

10,000

$

The average amount paid for a MAcc Valuation internship.

100

%

The percentage of MAcc Valuation students who received at least one internship offer.

world’s top firms.

while you learn.

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Where can the macc Valuati

where do

“ We’re becoming part of a community, not just attending a school.”

MAx dutcher

Vanderbilt MAcc Valuation | 2013 Undergrad: Furman University Undergrad Major: Business Administration Deloitte, New York

“We learn how to not just be accountants or valuation professionals but how to be real businesspeople who are able to communicate and learn from people.”

“We’ve got the opportunity to sit for both the CPA and the CFA exams and we are really well prepared for each of them.”

becca stone

john hostek

Vanderbilt MAcc Valuation | 2013 Undergrad: Vanderbilt University Undergrad Major: Economics Deloitte, New York

Vanderbilt MAcc Valuation | 2013 Undergrad: Duke University Undergrad Major: History Grant Thornton, New York

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“At Vanderbilt, they taught me how to be a leader, not just how to be smart.”

Kaylen james

Vanderbilt MAcc Valuation | 2013 Undergrad: Vanderbilt University Undergrad Major: Economics PwC, Dallas


tion program take you?

you want to go? ina

F

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Public A c

vices Ser

PARTNER

rate Sect o rpo

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u n t i ng a n co

nce Sector

CEO/CFO

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Our partner firms are among the top of the professional services field—and at or near the top of any list of “Best Places to Work and Launch a Career.” Starting with Welcome Weekend, you’ll have opportunities to network with them, visit them in their offices and evaluate which might be best for you.

CEO

CEO

Manager

epreneur ntr

VICE PRESIDENT

(Valuation / Consulting)

MAcc Valuation

JR./SR. Associate (Valuation)

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One Day in the

Life:

Kaylen James 8:00 AM

9:30 AM

Arrive at the office. Most of the other staff arrive at 9. I have a chance to settle in and catch up on emails. One great thing about valuation is that, even though each day is unpredictable, my location is not. We don’t travel much, and we’re not at the clients’ offices. I get to be in the same office every day.

I’m busy working on audit support papers for the audit team. I’m doing a range of tasks on any given day, valuing everything from goodwill to subsidiaries.

11:00 AM

I’ve already worked on projects for three different clients. I might work on as many as 12 before the day is over.

9:00 AM

Each Tuesday, all of the valuation team meet (there are 13 of us) to see what the workload is like and plan our day accordingly. 10


First off, says Kaylen James, there’s no such thing as a typical day in valuation. During “audit busy season”—January through March—at the Dallas office of PricewaterhouseCoopers, where Kaylen interned, valuation teams supported the firm’s audit teams. In August after graduation, she will likely perform work for clients wanting to assess the value of newly acquired assets. Even during busy season, it’s never the same from one day to the next. “You have to enjoy adjusting on the fly—which I do.”

Noon

6:00 PM

Lunch with team members. Dallas has an amazing number of dining places to discover.

Interns are encouraged to experience what their city has to offer during their internships. After work, I head out to dinner with friends to explore and meet new people.

1:15 PM

I have phone conversations throughout the afternoon with the audit team and even previous valuation teams.

9:00 PM

Relax before bed with some light reading or television. It really helps you unwind after a day of numbers.

3:30 PM

I’m working on the value of a noncompete agreement. You have to forecast the extra income an individual would get by competing against your client and how much of the client’s business they’d take away. It’s very complicated. And very interesting. 11

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CLASS PROFILE All Vanderbilt Business students have one thing in common: They’re different. But while there’s no risk that we’ll ever reduce students to statistics and averages, here are a few figures that may give you a picture of who your classmates might be. Inaugural Class of 2013 Profile Class Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Average Age . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Undergraduate GPA Average . . . . . . . . . . . . . 3.7 GMAT Average . . . . . . . . . . . . . . . . . . . . . . . . . . . . 705 Women . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38%

List of Undergraduate Majors n n

n

Accounting Business Administration Economics

n n n

Finance Financial Markets History

List of Undergraduate Institutions n n n n n

Brigham Young University Davidson College Duke University Furman University Lipscomb University

n

n n n n

Southern Methodist University University of Florida University of Texas University of Washington Vanderbilt University

Where the Inaugural Class Went to Work Atlanta Chicago Dallas New York City San Jose

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admissions requirementS

Open house ADMISSIONs EVENTS

Admissions Requirements

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Successful candidates have strong academic performance in prior university studies, with proven problem-solving skills and analytical aptitude. They demonstrate integrity and exhibit exceptional communication skills and carry themselves with a mature, professional presence. To be considered, all applicants will provide the following: n n n n n n n

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Open House Admissions Events

Open Houses are second round interview events scheduled from Thursday afternoon through Friday afternoon. Participants will learn more about the program and hear from representatives of our partner firms as well as interact with other applicants, current students, faculty and staff from the MAcc and MAcc Valuation programs.

Online application Transcripts from all universities attended GMAT or GRE score (you may submit your application prior to taking the exam) Essays Two letters of recommendation Resume 1st round interview and attendance at an Open House admissions event (by invitation only)

Welcome Weekend Event

Welcome Weekend is open only to those who receive an offer of admission and is an opportunity for admitted students to get to know their classmates and immerse themselves into the Nashville and Vanderbilt communities. Students will also have the opportunity to meet members of our partner firms.

Prerequisites Students must have completed the following courses from an accredited school, with a grade of B or better. Additional prerequisites may be required on a case-bycase basis. Students may be admitted to the program before these requirements are met. n Introductory Financial Accounting n Introductory Managerial/Cost Accounting n Introductory & Intermediate Statistics n Introductory & Intermediate Microeconomics n Introductory Macroeconomics n Corporate Finance n Calculus I and II

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Vanderbilt is pleased to offer ready access to financial aid. Additionally, merit-based scholarships may be awarded based on achievement and potential. With exceptional job placement made possible through our unparalleled network with the top professional services firms, the typical “payback” for the program is less than two years.

We encourage you to apply as early in the admission cycle as possible.

Deadline to Apply

Open House Admissions Events

1

Sept 3, 2013

Thurs. Sept 26 & Fri. Sept 27, 2013

2

Oct 1, 2013

Thurs. Oct 24 & Fri. Oct 25, 2013

3

Oct 21, 2013

Thurs. Nov 14 & Fri. Nov 15, 2013

4

Nov 4, 2013

Thurs. Dec 5 & Fri. Dec 6, 2013

5

Jan 20, 2014

Thurs. Feb 13 & Fri. Feb 14, 2014

6

Feb 17, 2014

Thurs. Mar 13 & Fri. Mar 14, 2014

7

Mar 17, 2014

Thurs. Apr 3 & Fri. Apr 4, 2014

Welcome Weekend for the Class of 2015 – April 11-12, 2014

TUITION AND FINANCIAL AID

application deadlines & Open House Admissions events Round

Open House admissions events are by invitation only, for selected candidates who pass a 1st round interview 1st round interviews are by invitation only and are conducted via video call, phone or in person Application fee of $50 is non-refundable and due at the time of submission

Estimated Expenses Tuition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 46,125 Books/Supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,842 Rent/Utilities (divide if shared). . . . . . . . . . . . . . . . $ 9,676 Meals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,942 Personal* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,614 Transportation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,966 Loan Fees**. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,158 * Includes Vanderbilt recreation facilities and health insurance ** U.S. citizens only

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A distinguished school. With some

distinctive differences.

We’re competitive, not cutthroat. We lead with ideas, not egos. We take business personally. Our professors will know you by name.

Vanderbilt Master of Accountancy Valuation

Vanderbilt University | Owen Graduate School of Management 401 21st Avenue South | Nashville, TN 37203-2422 Telephone: 615.322.6509 | Fax: 615.343.1175 Email: maccvaluation@owen.vanderbilt.edu Web: owen.vanderbilt.edu/macc-valuation Hours: 8:30AM – 5:00PM, US Central Time ©2013 Vanderbilt and the Vanderbilt logo are registered trademarks and service marks of Vanderbilt University. REV. 07/13 Vanderbilt University is committed to principles of equal opportunity and affirmative action. Visit owen.vanderbilt.edu for Vanderbilt University’s complete EEO and affirmative action statement.


MAcc Valuation Viewbook