1. Accounting MAcc/MSA Info Session Accounting MAcc/MSA Information Session April 15, 2015

2. Accounting MAcc/MSA Info Session Agenda Why a Master’s Degree? CPA Requirements Program Structures Admissions Process and Requirements Financial information

3. Accounting MAcc/MSA Info Session Winter & Spring Internships Accounting department opportunity Contact Katie Maxwell for additional information at maxwellk@email.arizona.edu

4. Accounting MAcc/MSA Info Session Why a Masters Degree? Expand upon undergraduate work –Study advanced topics in accounting –More course facilitation and discussion Improve employment opportunities –Master’s degree highly desired by employers –Master’s students ahead of peers in workforce –Always have it on your resume Prepare for CPA before working –States with 150 credit requirements (e.g. Arizona)

5. Accounting MAcc/MSA Info Session CPA General Information Must apply to the State Board where you plan to work Uniform exam can be taken at any testing center around the U.S. – NOT just the state where you will be licensed 4 Parts – Audit, Regulation, Business Environment and Concepts, and Financial Accounting and Reporting Fee for each part as of Spring 2015 –$172.51 (REG & BEC); $192.03 (FAR & AUD)

6. Accounting MAcc/MSA Info Session Arizona CPA Certification Requirements Arizona State Board of Accountancy* –Baccalaureate Degree –150 semester hours –36 semester hours in accounting courses 30 in upper division accounting courses –30 semester hours of related courses * http://www.azaccountancy.gov/Certification/FAQs.aspx#Q4 Master of Accounting Program –Provides additional 30 required semester hours –Provides additional accounting semester hours

7. Accounting MAcc/MSA Info Session Non-Arizona CPA Requirements Requirements for the CPA vary by state – you will need to research the state you plan to be licensed in to ensure you have all necessary requirements

8. Accounting MAcc/MSA Info Session Sitting for CPA Exam during Program Criteria for Arizona –Bachelor’s degree –24 units in accounting (12 upper division) –18 units of related courses Must apply to AZ Board of Accountancy –$100 fee –Takes 45-60 days to be approved (process could take longer – the board only meets once per month)

9. Accounting MAcc/MSA Info Session MAcc Program Structure 30 Units Total – 24 required units, 6 elective units 2 Tracks of Study –Tax track –Audit track

10. Accounting MAcc/MSA Info Session Program Requirements Tax Track Fall: –Acct 555 (Taxation of Real Estate Transactions) –Acct 557A (Tax Return Preparation Lab – 2 units) –Acct 657 (LLC, LLP, Partnership Tax) –Acct 531 (Principles of Auditing) –Elective Spring: –Acct 501 (Advanced Accounting) –Acct 647A (Corporate Taxation) –Acct 556 (Tax Provision and Related Topics) –Acct 553 (Tax Research) –ACCT 562A (Technology for Accountants: Excel – 1 unit) –Elective

11. Accounting MAcc/MSA Info Session Program Requirements Tax Track Approved Elective Courses: Acct 521 (Business Law) Law 648 (Estate and Gift Taxation) Law 619 (Estates and Trusts) Law 646 (Federal Income Tax) Law 655M (State and Local Taxation) Law 655J (International Taxation) Law 652A (Formation & Taxation of NFP) Law 649G (Federal Tax Policy)

12. Accounting MAcc/MSA Info Session Program Requirements Audit Track Required Courses: Acct 531 (Principles of Auditing) Acct 522 (Advanced Federal Taxation) Acct 532 (Audit Simulation) Acct 501 (Advanced Accounting) Acct 525 (Accounting Theory and Institution) Acct 521 (Business Law) Acct 561* (Accounting Information Systems) Acct 580 (Communication Skills for the Accounting Profession) *Only if not taken previously at the undergraduate level

13. Accounting MAcc/MSA Info Session Program Requirements Audit Track Accounting Electives: Acct 510* (Principles of Profit Planning and Control) Acct 554* (Accounting Analysis of Financial Statements) Acct 572A* (Government and Not-For-Profit) Acct 562A (Technology for Accountants 1 unit) Acct 562B (Accounting Systems and Software 1 unit) Acct 562C (International Financial Reporting Standards, 1 unit) Acct 556 (Tax Provisions) * If you have taken Acct 410, 472A, or 451 as an undergraduate, you will not be allowed to take Acct 510, 572A, or 554 respectively as a MAcc graduate.

14. Accounting MAcc/MSA Info Session Program Requirements Audit Track If you choose not to take any of the three optional accounting courses you may take an approved ACCT, MIS, FIN, ECON, or LAW course. Common Electives in other Concentrations: FIN 513Fundamental Valuation Modeling MIS 513 Business Foundations for IT MIS 515Info Security in Public and Private Sectors MIS 516Privacy, Security, and Business Continuity LAW 619Estates and Trusts

15. Accounting MAcc/MSA Info Session MSA Program Master of Science in Accounting Requirements: –At least 18 units of Accounting (6 courses) –12 units of Acct or Non-Acct Courses

16. Accounting MAcc/MSA Info Session Course Eligibility You must be enrolled in the MAcc/MSA Program to be eligible for MAcc/MSA courses.

17. Accounting MAcc/MSA Info Session Admissions Deadlines Domestic/International Priority: Fall 2015 – March 1, 2015 Spring 2016- October 1, 2015 International Final Deadline: applicant must be complete and reviewed by this date Fall 2015 – June 1, 2015 Spring 2016- October 15, 2015 We continue to accept applications after these deadlines but priority for aid and admission is given to early applicants. We will continue to review applications until a few weeks prior to the beginning of the semester and continue to admit qualified students if space permits.

18. Accounting MAcc/MSA Info Session Admissions Requirements Minimum Requirements –4-year Bachelor's Degree –3.0 GPA (4.0 scale) Requirements for Waiver –Student is one semester away from earning their undergraduate degree in Accounting from U of A or has earned the degree within the past 12 months AND –Overall GPA: 3.2 (including courses at all institutions attended) –Upper Division Acct GPA: 3.0 (does NOT include ACCT 200 and 210)

19. Accounting MAcc/MSA Info Session Admission Process with Waiver Graduate School Application –Apply online at www.grad.arizona.edu –Accounting department application included –$75 application fee Official transcripts from all previous institutions attended for college credit besides U of A

20. Accounting MAcc/MSA Info Session Admission Process without Waiver Graduate School Application –Apply online at www.grad.arizona.edu –Two letters of reference –Three essays –Resume –GMAT –$75 application fee Official transcripts from all previous institutions attended for college credit besides U of A

21. Accounting MAcc/MSA Info Session GMAT Prep Test Dates –Reserve test date online ( http://www.mba.com/the-gmat.aspx ) –Test fee of $250 –Most centers open 6 days a week –4 test centers in Arizona (Tucson, Phoenix, Flagstaff) Information Sessions –Kaplan on campus – Call 1-800-KAP-TEST Practice is key! –Invest in preparation materials Kaplan, Peterson’s, GMAT website (www.gmac.com) –Practice on paper and on computer

22. Accounting MAcc/MSA Info Session Program Costs Included in the total above is a program fee of $5,750 per semester. Tuition rates are based on Spring 2015 and subject to change. http://www.bursar.arizona.edu/students/fees UnitsTotal Resident Tuition & Fees Total Non-Resident Tuition & Fees 3 units $8,268 $10,587 4 units $9,097 $12,189 5 units $9,926 $13,791 6 units $10,755 $15,393 7 units $11,618 $17,032 8 units $11,618 $18,571 9+ units $11,618 $20,109

23. Accounting MAcc/MSA Info Session Fall 2013, Spring 2014 Graduates (77)

24. Accounting MAcc/MSA Info Session Graduates - Job Placement (71)

25. Accounting MAcc/MSA Info Session Graduates - Job Placement Locations (71)

26. Accounting MAcc/MSA Info Session Graduates – Public Accounting Firms (60)

27. Accounting MAcc/MSA Info Session Financial Assistance Scholarships –Accounting Department Scholarship –Many others listed on Department of Accounting’s website Includes AICPA, ALPFA, and IIA https://macc.eller.arizona.edu/scholarships

28. Accounting MAcc/MSA Info Session Teaching Assistantships 10 Hours per week *Non-resident fee is waived Semester value includes 50% tuition reduction and per semester stipend of $2,928 The cost of student health insurance for the individual student is reimbursed 10% discount at all A.S.U.A. Bookstores Approximate Semester Value ResidentNon-Resident* $5,364$13,855

29. Accounting MAcc/MSA Info Session Staff Positions 3 positions 20 scheduled hours per week Qualified tuition reduction (QTR) – Program fee and tuition costs are fully covered –typical uncovered fees are between $500 - $600 per semester QTR benefit is taxable, so paychecks are a very minimal amount QTR status does not disqualify from loan eligibility Positions for 2015-2016 have been selected. If you will be attending 2016-2017 watch for emails notifying students of this opportunity.

30. Accounting MAcc/MSA Info Session Guest Speakers U of A MAcc Graduates: –Katie Starling Audit Associate EY –Shaan Mahmood Audit Associate R&A

31. Accounting MAcc/MSA Info Session Questions? Dean Barefield barefieldd@email.arizona.edu MAcc Coordinator Assistant: Hannah DeAlto hmcbride@email.arizona.edu (520) 621-4455 MSA Coordinator Assistant: Ryan Appel ryanappel@email.arizona.edu (520) 621-4455 A copy of these slides will be posted to the MAcc and MSA websites within the next few days.

32. Accounting MAcc/MSA Info Session Q&A During Presentation Q - Can you start sitting for the exam before the 150 credit hours requirement is met? A - Varies by state (i.e. no in Texas, yes in Arizona). Certification standards are set by the individual states and can vary considerably; therefore, you should always check the respective state for any requirements (whether to sit for the exam or to qualify for certification). Becker CPA review has a good resource at the following site: http://www.becker.com/cpa-review/resources/about-exam/requirementshttp://www.becker.com/cpa-review/resources/about-exam/requirements Q - If in the tax track, can you earn a law degree simultaneously with a MAcc degree? A – The Graduate College allows you to only overlap 2 courses for the MAcc degree and the Law degree. Typically, students will complete the MAcc and then continue on to their law degree. Q - Are the audit and tax track courses listed on the Accounting Department website? A - Yes, see https://macc.eller.arizona.edu/curriculum-courses/curriculum.https://macc.eller.arizona.edu/curriculum-courses/curriculum

33. Accounting MAcc/MSA Info Session Q&A During Presentation Q - Does the waiver only excuse the GMAT? A - No, the waiver excuses the GMAT, essays, and letters of reference. Q - When is the waiver deadline? A - There is no specific waiver deadline, it is synonymous with application deadlines. GPA qualification for the waiver is considered at the time of application (e.g. applying for Fall 2015, grades will be considered through Fall 2014 if applying Jan – May or Spring 2015 if applying over the summer). Q - Is there a cut-off score for the GMAT? A – No, there is no firm cut-off, but we have found that students under 500 are typically not as successful in the program. Average GMAT scores can be found here: https://macc.eller.arizona.edu/admissions/class-profiles. https://macc.eller.arizona.edu/admissions/class-profiles

34. Accounting MAcc/MSA Info Session Q&A During Presentation Q - Do you receive the TA benefits if you’re already an in-state resident? A – Yes, you still receive a 50% reduction in in-state tuition and a payment stipend each semester. For more details see https://macc.eller.arizona.edu/scholarships/teaching-assistantships. https://macc.eller.arizona.edu/scholarships/teaching-assistantships Q - When do students start applying for scholarships? A - TA positions are evaluated at the March/October deadline. Department scholarships are decided once the student has been accepted into program – need based department scholarships for the summer have an application deadline in July. For all other scholarships, there are various application deadlines that can be found here: https://macc.eller.arizona.edu/scholarships.https://macc.eller.arizona.edu/scholarships

35. Accounting MAcc/MSA Info Session Q&A for Guest Speakers Q - What is the time commitment compared to undergrad? A - A lot more. It is hard to quantify in hours, but probably close to double the time. Q - When do you find time to take the CPA exam while enrolled in the Master’s Program? A - Winter break and spring break are great times, be sure to line up your courses with the sections you want to take (i.e. take Reg while in a tax course). Q - Do students have internships during the Master’s program? A - Internships are usually done during your senior year/over the summer. It would be hard to hold an in-semester internship while enrolled in the Master’s program and is often not done by students.