Making a Difference: Careers in Academia Presented by: Nancy Bagranoff, Dean, Old Dominion University Stephanie Bryant, Incoming President-Elect BAΨ Annual Meeting Friday, August 4, 2006, 9:00-10:15 a.m.

Welcome Were Glad Youre here!! Nancy Bagranoff, Dean, Old Dominion University, BAΨ Forum Stephanie Bryant, Johnson Distinguished Professor, University of South Florida, Incoming International President-Elect of BAΨ

Objectives of This Session To let you know what being a professor is like To tell you how you can plan for a career in academia

Sources for Information Contained in this Presentation Assessing the Shortage of Accounting Faculty, Plumlee, et al. (2006) Issues in Accounting Education 21 (2): Report of the AAA/APLG Ad Hoc Committee to Assess the Supply and Demand of Accounting Ph.D.s (2005) Available at: ( ) Teaching for the Love of It, Myers (June 2006), Journal of Accountancy. Accounting in College Lures More Students, Wall Street Journal, July 29, 2004.

The Shortage of Business Faculty A recent report predicts a major shortage of all business faculty with Ph.D.s over the next ten years. The number of business doctorates is at a 17-year low We will focus in this presentation on a career in accounting, though much of the presentation translates to other areas of specialty as well

Supply of New Ph.D.s as a Percent of Demand over (Source: AAA/APLG 2005, 11)

Two Ways to Join Academia As a professionally qualified faculty member –Minimum requirements are: Masters degree (MBA ok) 18 hours of graduate accounting (or IS/finance) As an academically qualified faculty member –Minimum requirement is: Ph.D. in accounting (IS/finance) from an AACSB- accredited institution

Getting a Doctorate The doctorate largely prepares you for a career in research The doctoral program consists of courses in: –Accounting research –Economics –Statistics –Econometrics –Finance

Getting a Doctorate (Contd) A doctorate involves –Coursework –Written and oral general examination –Dissertation

Some Things to Consider in Getting a Doctorate How long does it take? How much does it cost? How do I figure out where to go to school? How hard is it to get in? When is the right time to apply? How much can I expect to earn with a doctorate?

How Long Does it Take to Get a Ph.D.? Average is 4 years, though some do it a little faster or a little slower –2-3 years coursework –1-4 years on doctoral dissertation To some extent you set the pace The more focused you are, the faster you will finish the program

How Much Does it Cost? Tuition is generally waived for doctoral students Doctoral student stipend is generally $16- $24k for 9 months Health insurance sometimes provided (varies from school to school) Opportunity cost

How Do I Figure Out Where to Go to School? This is a very important decision Target a school that supports your area of interest –Methodologically –Functionally AACSB website has list of AACSB- accredited institutions with Ph.D. programs – schools.aspwww.aacsb.edu/publications/dfc/phd- schools.asp

How Hard is it to Get In? Most Ph.D.-granting schools admit 1-4 doctoral students each year or every other year –Check with the school(s) you are interested in to determine their schedule Ask to meet with the Ph.D. program director and possibly some Ph.D. students GMAT score is the primary determinant Secondarily is GPA and work experience

Getting In (Contd) GMAT scores –Minimum is usually 600, but can be higher for very selective schools –You can retake the GMAT if you dont score high enough the first time –Consider a GMAT review course to help raise your score

When Should I Apply? Most schools take applications in early spring Check with the schools you are interested in to determine deadlines –Websites are usually very good Very important to have a complete and professional application

Financial Rewards Accounting, IS, and Finance are all high- paying professions, including academic positions for Ph.D.s Salary depends on the type of institution you are hired by

Financial Rewards (Contd) Type of SchoolStarting Salary for New Ph.D.s Undergraduate$45,000-$105,000 Masters$50,000-$135,000 Ph.D.$90,000-$160,000

Financial Rewards (Contd) Salaries for Professionally Qualified faculty are considerably less –Adjuncts (Masters degrees with 18 hours of graduate accounting) usually earn $3,000-$5,000 per course –Permanent instructors with Masters degrees in accounting usually earn from $50,000-$60,000 on average for teaching 3-4 courses per semester. –PQ people do not have research requirements

How Many Hours a Week Can I Expect to Work? This depends on the type of school you are hired at, and the promotion and tenure standards The higher the promotion and tenure standards, the more hours a week you can generally expect to work The BIG DIFFERENCE here is autonomy –You largely get to set your schedule

Bottom Line If you expect to go into academia because you dont want the hours of public accounting, you will likely be disappointed The financial rewards can be very significant More importantly, you have a chance to give back to the profession and your community by choosing a career in academia

Bottom Line (Contd) Though you may still work lots of hours, YOU CHOOSE when and where to work Other advantages include travel and getting to know people from all over Intellectually stimulating

Q&A Questions?