The path t
ACCOUNTING MAJOR
ADVISING BOOKLET
Name _______________________________________________________ My faculty advisor is __________________________________________ Catalog for major ________________________________
Catalog for general education __________________________________
Fall 2010
The path to professional.
ACCOUNTING MAJOR
ADVISING BOOKLET
Name _______________________________________________________ My faculty advisor is __________________________________________ Catalog for major _____________________________________________ Catalog for general education __________________________________
Name _______________________________________________________ My faculty advisor is __________________________________________
_____________ Catalog for general education __________________________________
The Department of Accounting and Finance seeks to instill
high ethical standards in all students. Students are expected
to be familiar with and to uphold the University of Montana
Student Conduct Code
(http://life.umt.edu/vpsa/documents/StudentConductCode1.pdf)
Academic misconduct is not tolerated.
ACCOUNTING FACULTY
Teresa Beed teresa.beed@umontana.edu
Professor 243-4983, GBB 315
Director of Masters of Accountancy Program
Barbara Chaney barbara.chaney@umontana.edu
Associate Professor 243-5954, GBB 309
Joshua Herbold joshua.herbold@umontana.edu
Assistant Professor 243-2724, GBB 320
Terri Herron terri.herron@umonttana.edu
Professor 243-5878, GBB 316
Department Chair
Ron Premuroso ronald.premuroso@umontana.edu
Assistant Professor 243-6464, GBB 341
Barbara Reider barbara.reider@umontana.edu
Professor 243-5145, GBB 311
Kent Swift kenton.swift@umontana.edu
Associate Professor 243-4182, GBB 319
School of Business Administration Mission Statement
The University of Montana’s School of Business Administration is a collegial learning community dedicated to the teaching, exploration, and application of the knowledge and
skills necessary to succeed in a competitive marketplace. .
Table of Contents
About the Accounting Program ... 1
Career Advising ... 1
Course Advising – Freshman and Sophomore Years ... 2
Course Advising – Junior and Senior Year ... 3
Advising Tips ... 5
The Rules ... 6
Department of Accounting and Finance Policies ... 7
Masters of Accountancy ... 7
Beta Alpha Psi ... 8
1
About the accounting program
Undergraduate accounting majors may select from a variety of career and higher education pathways. So the undergraduate accounting program is designed to provide a broad base of analytical and qualitative business knowledge that would apply to any accounting field.
The Accounting programs at the University of Montana are accredited by AACSB (Association to Advance Collegiate Schools of Business International). Only 173 institutions worldwide hold this “gold standard” accreditation, and no other accounting program in the state holds this distinction. In fact, only 10 schools in all of Washington, Oregon, Idaho, and Montana hold separate AACSB accounting accreditation. We are very proud of earning this distinction and strive to continually improve our programs in the spirit of AACSB accreditation.
The Department of Accounting & Finance values high quality teaching; thus we take care to place our full-time tenured or tenure-track professors in the required upper division accounting courses. This also provides students the opportunity to get exposure to a diverse collection of teaching styles, while forming professional relationships with a number of faculty members.
Mission Statement - Undergraduate Accounting Studies
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.
Assessment Outcomes
Students graduating with a major in accounting will:
• Possess fundamental accounting knowledge for professional accounting positions • Demonstrate communication skills
• Critically analyze and solve problems, using technology where appropriate
• Understand the importance of ethics to the accounting profession and demonstrate ethical decision making
Career Advising
Accounting majors are fortunate to have many, many options available as careers. All
organizations need accountants!! Some need accountants with only bookkeeping knowledge, which you can acquire without getting an accounting degree. Most need accountants with detailed knowledge of GAAP, financial statements, and management skills, which requires at least an undergraduate degree.
Because we realize students may not have a clear idea of what field of accounting they would like to enter, we bring in guest speakers and panels that represent a wide variety of careers. These include:
External Auditing Tax Prep/Research Corporate Accounting Nonprofit Accounting Tax Compliance Government Accountant Internal Auditing Forensic Accountant Fraud Auditor
Financial Consultant IS Auditor/Consultant Entrepreneur
Most professional accounting positions either require or prefer the CPA certification. Some
positions also seek specialty certifications such as the CMA, CIA, or CISA (see last page of booklet for a list of certifications). To earn a CPA in most states in the U.S., you must have 150 college credits, though he specific requirements for licensure vary from state to state. Many accounting
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programs accommodate this requirement by offering a one-year (30 credit) masters degree in accounting. UM’s Master of Accountancy (MAcct) degree is structured to be completed in one year. The MAcct has a reputation for high quality, advanced study in accounting, development of interpersonal skills, and an extremely high job placement rate. UM’s MAcct students succeed in much higher rates on the national average on the CPA exam. Because the undergraduate program is not complete preparation for the CPA exam, those wanting to be a CPA without obtaining our MAcct degree will be looking at significant self-study to be successful on the exam. Recruiters tell us that they assume all accounting majors will have the appropriate technical basis for the job. What differentiates applicants is their ability to communicate, think on their feet, present themselves professionally, and analyze complex problems without apparent black and white answers. The more education you get, the more these skills will develop.
Course Advising – Freshman and Sophomore Years
To do list:
Complete the 11 lower-core courses required for any business major (see below)
Earn grades of C or better in these 11 lower-core courses
Take the UM Writing Proficiency Assessment (cannot declare your accounting major until you attempt this exam, effective Fall 2010)
Take some general education classes
Take some elective classes
Apply for the accounting major the semester before beginning 300-level business courses
Begin attending Career Development activities in the SoBA
It is advisable to balance your schedule so that you do not find yourself with some of the more challenging courses all in the same semester. If you expect to have difficulties with any subject, take that subject early. This will allow you the most degrees of freedom. Because of the
requirement to earn a C or better in all 11 of these lower core courses, some students find the need to repeat a course to achieve the C grade (note: C- does NOT count as a C).
11 Lower Core Courses – Required for any business major WRIT 101 College Writing I
M 115 or Probability & Linear Mathor
M 162 Applied Calculus (finance majors must choose this course) STAT 216 Introduction to Statistics (Prereq = M 115)
ECNS 201S Principles of Microeconomics
ECNS 202S Principles of Macroeconomics (Prereq = ECNS 201S) CSCI 172 Intro to Computer Modeling
COMM 111A Introduction to Public Speaking
ACTG 201 Princ. ofFinancial Accounting (Co-requisite = M 115 or M 162)
ACTG 202 Princ. ofManagerial Accounting (Prereq = ACTG 201 and M 115 [or M 162], each with a C or better)
MIS 257 Business Law
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Prereq = you must complete the prereq BEFORE taking the course (not with or after) Coreq = you must complete the coreq BEFORE or WHILE taking the course (not after) A suggested course progression is below:
SEMESTER 1
SEMESTER 2
WRIT 101 College Writing 3 COMM 111 Public Speaking 3 M 115 Probability and Linear Math 3 CSCI 172 Intro to Computer Modeling 3 ECNS 201 Prin of Microeconomics 3 ECNS 202 Principles of Macroeconomics 3
Elective (consider MIS 100 Intro to Business) 3 Elective - Non - business 3
General Education Course 3 General Education Writing Course 3
Total 15 Total 15
SEMESTER 3
SEMESTER 4
ACTG 201 Principles of Financial Accounting 3 ACTG 202 Princ. of Managerial Acct 3 STAT 216 Introduction to Statistics 4 MIS 257 Business Law 3
Elective - Non - business 3 MIS 270 Management Info Systems 3
Elective - Non - business 3 General Education Course 3
General Education Course 3 General Education Course 3
ACTG 203 Accounting Lab (or semester 5) 1
Take Writing Proficiency Assessment Apply for accounting major
Total 16 Total 15-16
Course Advising – Junior and Senior Years
Most of your accounting courses will be taken in your junior and senior years. Important notes about these courses:
Many 300- and 400-level accounting courses are only offered one term per year – you must plan ahead and do well in these courses to stay on track for graduation
All course prerequisites and corequisites are strictly enforced for undergraduates
You must first earn a C or better in ACTG 305 and ACTG 203 before you can take ACTG 306 or ACTG 307
You can take ACTG 203 Accounting Lab right after you take ACTG 201; but you must take it no later than the semester you are taking ACTG 305 or ACTG 321 (whichever you take first)
It is highly recommended to take no more than two 3-credit accounting courses once you start the 300-level coursework
FIN 322 should be completed as early as possible to increase synergy with accounting courses
You must earn a C- or better in the four upper core classes BEFORE you take a capstone course (MGMT 445, MGMT 446, and MIS 448 are capstone courses)
You should meet with your faculty advisor in your junior year to discuss career options and how those might impact your future coursework and plans
When you have completed the 11 lower core classes, achieved at least 60 credits, and applied for and been accepted in your accounting major, then you can begin taking upper division business classes. These are in three groups: (1) those required for your accounting major, (2) upper core classes, and (3) a capstone course. Unless otherwise noted in a prerequisite, you must complete these courses with a grade of C- or better. Courses and prereqs/coreqs are listed below:
Students must complete each of the courses above with a C (2.00) or better in order to take upper-division courses in the School of Business Administration. A grade of C- is not acceptable.
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ACCOUNTING COURSES PREREQ / COREQ
ACTG 203 Accounting Lab (1 cr) Prereq=ACTG 201, C or better ACTG 305 Corporate Reporting I Coreq=ACTG 203
ACTG 306 Corporate Reporting II Prereq=ACTG 203 and 305, Cs or better ACTG 307 Corporate Reporting III* Coreq-ACTG 306
ACTG 321 Accounting Info Systems Coreq=ACTG 203 ACTG 401 Prin. Fed Income Tax – Individual Coreq=ACTG 306 ACTG 410 Cost/Management Acct I Senior standing ACTG 420 Cost/Management Acct II* Prereq=ACTG 410
ACTG 411 Auditing Prereq=ACTG 321 and ACTG 306 ACTG 415 Govt/Nonprofit Acct Coreq=ACTG 306
(*choose one from these two)
UPPER CORE COURSES PREREQ / COREQ
FIN 322 Business Finance lower core done, Cs or better MIS 341 Operations Management lower core done, Cs or better MKTG 360 Marketing Principles lower core done, Cs or better MGMT 340 Mgmt & Org Behavior lower core done, Cs or better The following is a suggested course plan for 300- and 400-level coursework.
Those only offered for the one term listed are marked with **:
SEMESTER 5
SEMESTER 6
ACTG 305 Corporate Reporting I 3 ACTG 306 Corporate Reporting II 3
ACTG 321 Accounting Information Systems 3
ACTG 307 or
ACTG 415
Corporate Reporting III** or
Govt/Nonprofit Accounting** 3 ACTG 203 Accounting Lab (if not already taken) 1 MIS 341 Operations Management 3
FIN 322 Business Finance 3 MKTG 360 Marketing Principles 3
Elective – Non-business 3 General Education Writing Course 3
General Education Course 3
Total 15-16 Total 15
SEMESTER 7
SEMESTER 8
ACTG 401 Prin Fed. Income Tax – Individual** 3 ACTG 411 Auditing I** 3
ACTG 410 Cost/Management Acct I** 3
ACTG 307 or ACTG 415
Corporate Reporting III** or
Govt/Nonprofit Accounting** 3
MGMT 340S Mgmt & Organizational Behavior 3
MGMT 445 or MGMT 446 or MIS 448
Small Bus Mgmt/Strat Planning or
Strategic Management or
Management Game 3
Elective - Non - business 3 Elective – Non-business 3
General Education Course 3 ACTG 432 VITA (recommended elective) 1
Apply for spring graduation Elective 2
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Advising Tips:
• The following offerings are planned in the next year. Note that some courses are only offered
once per year. Variation to this plan are announced in classes, at group advising sessions, and at 4Bear advising appointments.
ACTG 203 – fall, spring ACTG 305 – fall, spring ACTG 306 – fall, spring ACTG 307 – spring only ACTG 321 – fall, spring ACTG 401 – fall only ACTG 410 – fall only ACTG 411 – spring only ACTG 415 – spring only
ACTG 420 – not offered 2010-2011
• Accounting majors should never depend upon a particular course being offered during the
summer. Summer offerings are determined early in the spring prior to summer session but before registration for fall semester. It is at this point that students can determine if a particular accounting class will be offered during summer session.
• Each student should meet in person with his or her assigned faculty advisor starting in the
junior year. You can either see your advisor during regular office hours or make an appointment. You will still get your advising number at the group advising sessions.
• Accounting Information Systems (ACTG 321) is best taken in the same semester as Corporate
Reporting I (ACTG 305)
• For those students interested in pursuing a CPA, ACTG 307 should be taken instead of ACTG
420.
• For those students interested in pursuing the CMA, ACTG 420 should be taken instead of
ACTG 307 (note: ACTG 420 will not be offered in 2010-2011).
• Students are encouraged to take ACTG 432 (VITA—Volunteer Income Tax Assistance) in the
spring semester of their senior year. This is a 1-credit, C/NCR course where students provide income tax preparation for lower-income taxpayers. Students also conduct outreach by going to agency locations to prepare returns for underserved populations such as teen mothers, homeless families, and disabled community members.
• Consider completing an accounting internship if you have room in your business electives.
Many firms use part-time spring internships and/or full-time summer internships as the primary means of hiring for full-time positions (offering next year’s full-time positions to interns at the end of their internships).
• Faculty are required to hold office hours to meet students one-on-one. If you have any difficulties in a class, you should see your instructor as soon as possible. Do not try to solve the problem on your own. If you are proactive, then you will likely succeed.
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The Rules
The catalogue dictates a number of rules that you must follow in order to graduate. These rules cannot be waived, so it is important that you pay attention to them as you go along. We see students every year who must delay their graduation because they fail to meet these.
1. All lower core courses must be completed with a grade of C or better (not C-). 2. All upper core courses must be completed with a grade of C- or better.
3. You must earn a C- or better in any course counted as a gen ed course.
4. Some courses in the accounting major require a grade of C or better (ACTG 203, 305). 5. You must earn at least 120 credits.
6. Of the 120 credits, 60 must be non-business (ECNS may be counted as non-business). 7. HHP activity courses cannot count in the 60 non-business courses.
8. If you earn two business majors, you will exceed 120 credits.
9. All courses counted towards the major or gen ed must be taken for a letter grade. 10. A maximum of 6 internship credits can count toward your degree (as electives).
11. All business majors are required to take experiential courses. Because ACTG 321, ACTG 401, and the capstone course are designated as “experiential,” accounting majors will automatically meet the experiential requirement.
12. Your GPA must meet three tests: a. Overall GPA at least 2.0
b. GPA in business courses at least 2.0 c. GPA in major courses at least 2.0
13. You must attempt the Writing Proficiency Assessment (WPA) before your application to be a business major will be approved (effective Fall 2010).
14. You must pass the WPA to graduate from UM. See more information at
http://www.umt.edu/writingcenter/upperdivisionwritingproficiencyexam.htm.
15. You must pass the Major Field Test in Business to earn a business degree from UM. You will be required to take this test in the semester you are enrolled in the capstone.
16. You must earn 39 upper division credits at UM (upper division residency requirement). 17. You must earn 30 of your last 45 credits at UM (end of degree residency requirement). 18. Departments reserve the right to accept or deny any transfer credits that apply in the major,
so you must get these approved ahead of time.
19. In general, once you start your accounting major at UM, you are expected to take UM accounting courses to complete the major (exceptions for exchanges apply).
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Department of Accounting and Finance Policies
1. Department faculty members will sign drop slips until the University’s official mid-term drop date. After that date, a petition is required. A petition will not be approved unless the student can produce documentation of meeting one of the approved circumstances per the UM catalog. The instructor reserves the right to deny petitions to drop.
2. The Department strictly enforces accounting and School of Business Administration prerequisites. Prerequisites may be checked in any class. If a student does not meet course prerequisites, he is required to drop the course.
3. It is the student’s responsibility to plan his schedule, including the possibility that not all classes may be available every semester. To avoid the possibility of a delay in graduation, students should regularly consult with their faculty advisor about the departmental plans for course offerings.
4. A career in accounting is a professional career. Students are expected to act professionally in all of their courses and in their contact with faculty members. Faculty members of the department are dedicated to helping all students achieve their professional career goals. To accomplish this, it is essential that students respect each other’s right to pursue their education in the most beneficial atmosphere possible.
5. Students must use an approved calculator on examinations: HB 10BII and TI BAII+. The instructor must approve the use of any other calculator.
6. Department faculty members maintain an open-door policy. Students are encouraged to visit faculty during their office hours or to seek appointments to discuss any academic or career questions.
Masters of Accountancy
The baccalaureate program does not offer full preparation for professional certification as a Certified Public Accountant (CPA). Students wanting to become CPAs are strongly advised to complete the Master of Accountancy (MAcct) degree.
Masters of Accountancy Mission Statement
The Masters of Accountancy 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.
Dr. Teresa Beed is the Director of the MAcct program. Any student considering the MAcct program should make an appointment with Dr. Beed to fully understand the program admission
requirements and recommended application timing. We also provide MAcct information in a senior level accounting class each fall.
CPA exam pass rates for MAcct students are significantly higher than non-MAcct students. Students interested in the MAcct should be sure and choose ACTG 307 Corporate Reporting III in their undergraduate accounting program.
February 1st is the application deadline for all students applying for graduate scholarships or graduate assistantships (for start dates in the following summer or fall). Currently, all MAcct students in their last year of coursework are granted at least a $1,000 scholarship.
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Beta Alpha Psi
Beta Alpha Psi is an organization geared for the serious financial information student who wants to have a little fun and GET INVOLVED! Beta Alpha Psi has achieved national and professional recognition as the outstanding Accounting, Finance, and Information System student organization
Goals of Beta Alpha Psi:
• Instill a desire for self-improvement • Foster high moral and ethical standards
• Encourage and recognize academic and professional excellence • Cultivate responsibility and community spirit
• Promote collegiate study of professional accountancy • Provide access to practicing professionals
Beta Alpha Psi Offers YOU!
• Contact with local and national accounting firms • Social events sponsored by accounting firms
• Presentations of job opportunities in public and private accounting • Faculty and student interaction
• Travel to regional and national meetings • Community service opportunities Membership Requirements
• 3.0 GPA overall (must be an accounting, finance, or information systems major with a 3.0
GPA in at least one upper-division course in your major)
• Completion of 30 undergraduate credit hours
• Attend all-member meetings, professional events, initiation celebration, community service
events, and fund-raising events
• Pay one-time national initiation fee • Pay semester dues
Many recruiters recognize the achievement of Beta Alpha Psi membership and involvement. The UM chapter has been recognized as a Superior Chapter (the best category!) for seven years. This a great opportunity to get involved and know your peers.
For more information, visit the national Beta Alpha Psi website: www.bap.org Dr. Terri Herron, advisor.
Professional Organizations
We encourage all students to join at least one professional organization that serves working accounting professionals in a variety of careers. All offer some kind of deeply-discounted student membership rate, though students get full membership benefits. Not only does it look good on a resume, but it also introduces students to the world of professional organizations, networking, and resources. Most of these organizations have special sections of their websites dedicated to student needs.
Institute of Management Accountants (IMA) – www.imanet.org
The IMA is the leading professional organization devoted exclusively to management accounting and financial management. Its goals are to help members develop both personally and
professionally through education, certification, and association with other business professionals. The IMA also runs the Certified Management Accountant (CMA) certification program. The CMA is recognized globally as a credential signaling a high level of technical and management skills necessary to be a corporate accountant. Student membership = $39 (full membership = $195)
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American Institute of CPAs (AICPA) – www.aicpa.org
The AICPA is the national, professional organization for all Certified Public Accountants. Its
mission is to provide members with the resources, information, and leadership that enable them to provide valuable services in the highest professional manner. In fulfilling its mission, the AICPA works with state CPA organizations and gives priority to those areas where public reliance on CPA skills is most significant.
Only students residing in the U.S. are eligible for student membership. Student membership is free
at http://www.thiswaytocpa.com/ beginning September 2010. (full partner membership - $395)
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Information Systems Audit and Control Association (ISACA) – www.isaca.org
ISACA is a global organization addressing the needs of IS auditors both internal to organizations and external (public accountants, regulators). ISACA runs the Certified Information System Auditor (CISA) certification program. ISACA has lots of materials on internal controls and auditing.
Student membership = $25 (full membership = $130). Montana Society of CPAs – www.mscpa.org
The MSCPA is the statewide professional organization of certified public accountants. With over 1500 members, the Society is divided geographically into eight chapters. Nearly 70 percent of the certified public accountants in the State of Montana belong to MSCPA. The MSCPA is an active supporter of accounting students across the state and sponsors a number of scholarships. The last few years, a group of Montana accounting firms have sponsored a program that offers free student membership in the MSCPA. To become a student member, go to www.mscpa.org, and click on “Student Section” on the left-hand menu bar. (full professional membership = $275)
10 June 8, 2009 Designation Sponsoring Organization Web-site Low Salary * High Salary * CPA Required Student Memberships available Online Career Center & Job
Searches Offered Employment possibilities
CISA ISACA https ://www.i s aca.org $46,750 $127,000 $25 √ IS Program Manager
Certified Information Systems Auditor Securi ty Consul tant
Information Systems and Control Association I T Securi ty Speci al i s t
CISM ISACA https ://www.i s aca.org $46,750 $127,000 $25 √ Informati on Securi ty Di rector
Certified Information Security Manager Informati on Securi ty Anal ys t
Information Systems and Control Association Informati on As s urance Offi cer
CITP AICPA https ://i nfotech.ai cpa.org $46,750 $127,000 √ $35 √ Securi ty Engi neer
Certified Information Technology Professional IT Audi tor
American Institute of Certified Public Accountants Technol ogy & Securi ty Ri s k Servi ces
CFE ACFE http://www.acfe.com $58,500 $92,750 $25 √ Fraud Investi gator
Certified Fraud Examiner Law Enforcement (IRS, FBI...)
Association of Certified Fraud Examiners Forensi c Accountant
CFF AICPA http://fvs .ai cpa.org $58,500 $92,750 √ $35 √ Forens i c Audi tor
Certified in Financial Forensics Li ti gati on Support Servi ces
American Institute of Certified Public Accountants Forens i c Technol ogy Manager
CFFA NACVA http://www.nacva.com $58,500 $104,250 $125 √ Ri s k Manager
Certified Forensic Financial Analysts Inci dent Res pons e Anal ys t
National Association of Certified Valuation Analysts Securi ty Engi neer
Cr.FA ACFEI http://www.acfei .com $58,500 $92,750 √ √ Computer Forens i c Manager
Certified Forensic Accountant Evi dence Techni ci an
American College of Forensic Examiners Compl i ance Di rector
CIA IIA http://www.thei i a.org $41,500 $114,750 $35 √ Audi t Speci al i s t
Certified Internal Auditor Seni or Audi tor
Institute of Internal Auditors Fi nanci al Audi t Manager
ABV AICPA http://fvs .ai cpa.org $41,000 $96,000 √ $35 √ Accountant/Fi nanci al Anal yst
Accredited in Business Valuation Apprai s er
American Institute of Certified Public Accountants Li ti gati on Support Servi ces
CVA NACVA http://www.nacva.com $41,000 $96,000 √ $125 √ Val uati on Manager
Certified Valuation Analysts Cl ai ms Speci al i s t
National Association of Certified Valuation Analysts Trans acti on Advi s ory Servi ces
CMA IMA https ://www.i manet.org $33,500 $96,750 $39 √ Corporate Offi cer (CEO, CFO…)
Certified Management Accountant Accounti ng Manager
Institute of Management Accountants Fi nance Di rector
CGFM AGA https ://www.agacgfm.org $35,250 $103,000 $30 √ Internal Revenue Agent
Cettified Governmental Financial Manager Fi nanci al & Tax Anal ys ts
Advancing Governmental Accounting Regul atory Reporti ng Manager
* Robert Ha lf, 2009 Sa lary Guide, Accounting & Fina nce, Corpora te Accounting
