ACCOUNTING - Dept. Code:  ACC

DEGREE PROGRAMS

The Department of Accounting offers two degree programs leading to the Master’s degree:

Master of Accounting (MAcc) and
Master of Science in Taxation (MST).

While the programs are similar in that they offer an opportunity to concentrate in accounting, they differ in degree of specialization and career path orientation. The MAcc offers two separate tracks in assurance and corporate accounting while the MST is designed for students interested in careers in taxation.

For admission to either program, based on an undergraduate degree from an accredited U.S. institution, we consider the applicant’s undergraduate grade point average, GMAT score, grades in specific accounting courses, the rigor of the undergraduate program, and other factors such as work experience. Admission decisions are made on a competitive basis from the applicant pool.  Undergraduate students from the University of Miami that have a grade point average of 3.4 or higher do not have to take the GMAT exam.  In addition individuals who have demonstrated their ability to do graduate work in accounting by becoming a CPA or who have earned a graduate degree from a business school accredited by the AACSB are also waved from the requirement to take the GMAT exam.

Students without an undergraduate degree in accounting will be required to take certain prerequisite courses to secure admission. These prerequisites will depend upon the undergraduate major and previous accounting courses taken. Necessary prerequisite accounting courses can be taken in the University of Miami Accounting Summer Intensive Program, which is a seven-week program beginning in early July.

Foreign students must provide evidence of proficiency in English by supplying a TOEFL score.

Additionally, foreign students must have successfully completed two semesters of intermediate accounting, one semester of cost accounting, one semester of auditing, one semester of accounting systems and one semester of tax at a U.S. university accredited by the AACSB before enrolling in graduate accounting courses. Alternatively, foreign students may attend the University of Miami Accounting Summer Intensive Program to fulfill this requirement.

SCHOLARSHIPS

University of Miami School of Business - Alumni Association Endowed Accounting Scholarships are available for students pursuing Graduate Studies in Accounting. Various other scholarships and assistantships may be available. An application may be obtained from the Department’s website.

MASTER OF ACCOUNTING (MACC)

The MAcc program offers two tracks: Assurance (MAcc-Assurance) for students planning to go into public accounting and Corporate Accounting (MAcc-Corporate) for students planning careers as controllers, CFOs or financial analysts.
In addition to the traditional one year of full-time study beyond the Bachelor’s level, the MAcc and the MST programs are offered as accelerated programs for UM undergraduates. Students in the accelerated programs have the option of obtaining an International Designation.

The MAcc is designed for the student who has taken the accounting and related courses required for an undergraduate major in accounting or other undergraduate business majors who have successfully completed the Accounting Summer Intensive Program . These students should be able to complete the MAcc in a year or less provided they enroll as full time students.

Undergraduate Course Requirements

The courses listed below are undergraduate prerequisites that, unless already completed, must be fulfilled in order to be admitted for graduate study. For most graduate tax classes the equivalent of ACC 404: Advanced Taxation (Corporate and Partnership Income Taxation) is also required. If a candidate does not have an undergraduate business degree, additional business prerequisites (economics, marketing, management, finance and others) will also be required.

Principles of Financial Accounting (ACC 211)
Managerial Accounting (ACC 212)
Intermediate Financial Accounting I and II (ACC 311 and 312)
Cost/Managerial Accounting (ACC 301)
Auditing (ACC 402)
Fundamentals of Taxation (ACC 403)
Accounting Information Systems (ACC 406)

Master of Accounting—Assurance Track (MAcc-Assurance)

The program requires 30 semester hours consisting of five required courses and the balance of approved elective courses provided the student has an undergraduate degree in Accounting, or its equivalent, from an accredited institution. Of the elective courses, at least four credits must be selected from electives with an accounting emphasis (refer to list below). Courses with a 600-level designation are designed for graduate students. Courses with a 500-level designation are open to graduate students and upper-level undergraduate students. Graduate students are permitted to take up to 6 semester hours in 500-level courses. The remaining credits must all be earned in 600-level courses.

Required courses:
ACC 530 International Financial Reporting Standards (1 credit)
ACC 603 Studies in Financial Reporting Issues
ACC 610 Accounting Research and Theory
ACC 611 Auditing Seminar

In addition to the above courses, a student must select one of the following courses:
ACC 602 Analysis of Financial Statements
ACC 672 Advanced Financial Analysis

In addition to the above courses, a student must take at least two credits from the following accounting courses:
ACC 522 Advanced Issues in Auditing
ACC 524 Accounting for Governmental and Not-for-Profit Entities
ACC 620 Accounting Controls in Information Technology
ACC 623 International Accounting and Taxation
ACC 648 Financial Reporting Implications of Income Taxes
ACC 675 Compensation, Incentives and Strategic Control
ACC 677 Forensic Accounting

Students may select their other electives from courses above or the following courses:

Recommended elective courses:
BUS 602 Critical Thinking and Effective Writing (1 credit)
BUS 603 Critical Thinking and Effective Presentations (1 credit)

Other elective courses:
ACC 640 Corporate Taxation I
ACC 641 Corporate Taxation II
ACC 642 Seminar in Taxation
ACC 643 Tax Research
ACC 645 Partnership Taxation
ACC 647 Estate and Gift Taxes
ACC 649 Issues in Tax Policy
ACC 662 Taxation of Multinational Corporations
ACC 677 Forensic Accounting
BSL 691 The Public Corporation

Any other electives must be selected in consultation with the Program Director.

Master of Accounting—Corporate Accounting Track (MAcc-Corporate)

The program requires 30 semester hours consisting of five required courses and the balance of approved elective courses provided the student has an undergraduate degree in Accounting, or its equivalent, from an accredited institution. Of the elective courses, at least two credits must be selected from electives with an accounting/finance emphasis (refer to list below). Courses with a 600-level designation are designed for graduate students. Courses with a 500-level designation are open to graduate students and upper-level undergraduate students. Graduate students are permitted to take up to 6 semester hours in 500-level courses. The remaining credits must all be earned in 600-level courses.

Required courses:
ACC 530 International Financial Reporting Standards (1 credit)
ACC 603 Studies in Financial Reporting Issues
ACC 675 Compensation, Incentives and Strategic Control
FIN 670 Corporate Finance

In addition to the above courses, a student must select one of the following two courses:
ACC 602 Analysis of Financial Statements
ACC 672 Advanced Financial Analysis


In addition to the above courses, a student must take at least one course from the following accounting or finance courses:
ACC 610 Accounting Research and Theory
ACC 677 Forensic Accounting
FIN 650 Financial Investment
FIN 651 Advanced Topics in Investments
FIN 660 International Finance
FIN 671 Advanced Topics in Corporate Finance
FIN 685 Mathematics of Financial Derivatives

Students may select their other electives from courses above or the following courses:

Recommended elective courses:
BUS 602 Critical Thinking and Effective Writing (1 credit)
BUS 603 Critical Thinking and Effective Presentations (1 credit)

Other elective courses:
ACC 522 Advanced Issues in Auditing
ACC 524 Accounting for Governmental and Not-for-Profit Entities
ACC 601 Trends in Present Day Accounting
ACC 606 Internal Auditing
ACC 611 Auditing Seminar
ACC 620 Accounting Controls in Information Technology
ACC 623 International Accounting and Taxation
ACC 640 Corporate Tax I
ACC 641 Corporate Tax II
ACC 642 Seminar in Taxation
ACC 643 Tax Research
ACC 647 Estate and Gift Taxes
ACC 648 Financial Reporting Implications of Income Taxes
ACC 649 Issues in Tax Policy
ACC 662 Taxation of Multinational Corporations
BSL 691 The Public Corporation

Any other electives must be selected in consultation with the Program Director.

MASTER OF SCIENCE IN TAXATION (MST)

This program affords the accounting major or equivalent the opportunity to specialize in the area of taxation. Through electives, students are able to expand their areas of expertise, so that they may adequately prepare themselves for careers requiring a high degree of specialized tax knowledge in public accounting, private industry, and government. The program requires 30 semester hours consisting of six required courses and the balance of approved elective courses provided the student has an undergraduate degree in Accounting, or its equivalent, from an accredited institution and has completed ACC403: Fundamentals of Taxation and ACC404: Advanced Taxation, or their equivalents.. Of the elective courses, at least two courses must be selected from electives with a tax emphasis (refer to list below). Courses with a 600-level designation are designed for graduate students. Courses with a 500-level designation are open to graduate students and upper-level undergraduate students. Graduate students are permitted to take up to 6 semester hours in 500-level courses. The remaining credits must all be earned in 600-level courses.


Required courses:
ACC 640 Corporate Taxation I
ACC 641 Corporate Taxation II
ACC 643 Tax Research
ACC 645 Partnership Taxation
ACC 648 Financial Reporting Implications of Income Taxes

In addition to the above courses, a student must select at least one of the following courses:
ACC 623 International Accounting and Taxation
ACC 649 Issues in Tax Policy
ACC 662 Taxation of Multinational Corporations

Students may select their other electives from courses above or the following courses:

Recommended elective courses:
BUS 602 Critical Thinking and Effective Writing (1 credit)
BUS 603 Critical Thinking and Effective Presentations (1 credit)

Other elective courses:
ACC 522 Advanced Issues in Auditing
ACC 524 Accounting for Governmental and Not-for-Profit Entities
ACC 530 International Financial Reporting Standards (1 credit)
ACC 601 Trends in Present Day Accounting
ACC 602 Analysis of Financial Statements*
ACC 603 Studies in Financial Reporting Issues
ACC 606 Internal Auditing
ACC 610 Accounting Research and Theory
ACC 611 Auditing Seminar
ACC 620 Accounting Controls in Information Technology
ACC 642 Seminar in Taxation
ACC 647 Estate and Gift Taxes
ACC 672 Advanced Financial Analysis and Valuation**
ACC 675 Compensation, Incentives and Strategic Control
ACC 677 Forensic Accounting
BSL 691 The Public Corporation
*Not open to students who have taken ACC 672
**Not open to students who have taken ACC 602 Any other electives must be selected in consultation with the Program Director.

ACCELERATED MASTER’S PROGRAMS

In addition to offering the Master of Accounting (MAcc) and Master of Science in Taxation (MST) on the usual time frame involving one year of full-time study beyond the Bachelor’s level, the MAcc-Assurance Track, MAcc-Corporate Track, and MST are offered as accelerated programs. These programs permit high achieving accounting students who have accelerated their education by taking advanced courses in high school, testing out of classes, taking increased class loads, or going to summer school, to start their graduate work while seniors.
The accelerated programs are available only to students who are undergraduate students at the University of Miami. The programs are designed in such a way that students can expect to complete both their Bachelor’s and Master’s degrees and make significant progress on the CPA exam (if not complete it entirely) within 4½ years. In addition, these programs are extremely price competitive.

Accelerated Program Timeline

1. Internship in summer after junior year

2. Twelve credits of work in senior year will count towards their graduate degree (only students in the accelerated programs will be permitted to take these classes during their senior year).

3. In summer after senior year take one graduate course, CPA review course, and CPA exam.

4. Complete remaining credits of graduate work in fall semester after senior year.

Prerequisites

The following must be completed before students begin their senior year:
• A minimum of 102 credit hours
• 15 credit hours of the 21-hour Professional Business Core including CIS 410, ECO 302, FIN 302, MGT 303, and MGT 304. (MGT 401 must be taken in the final semester and FIN 303 will be taken as the core elective in the senior year.)
• The following Accounting major requirements: ACC 301, ACC 311, ACC 312, ACC 402 ACC 403, and BSL 301.
• All other requirements for a Bachelor’s degree other than those that will be satisfied through completion of the undergraduate courses taken while in senior-graduate status.

Senior Year Curriculum (Senior-Graduate Status)

The curriculum for the senior year is the same for all tracks (except that students selecting the MAcc-Corporate track must complete FIN 303 in order to take the graduate finance courses required for the track) and consists of 14 credits in the fall and 16 credits in the spring semester as follows:

Fall Semester Senior Year

Recommended Sequence:
ACC 404 Advanced Taxation (3 credits)
ACC 406 Accounting Systems (3 credits)
FIN 303 Intermediate Financial Management (3 credits)

Courses offered only in the fall:
ACC 524 Accounting for Governmental and Not-for-profit Entities (2 credits)
ACC 530 International Financial Reporting Standards (1 credit)
BSL 691 The Public Corporation (2 credits)

Spring Semester Senior Year

Recommended Sequence:
ACC 411 Advanced Accounting (3 credits)
MGT 401 Strategic Management (3 credits)
One other non-accounting undergraduate course (3 credits)


Courses offered only in the spring:
ACC 643 Tax Research (2 credits)
ACC 522 Advanced Issues in Auditing (3 credits)
BUS 602 Critical Thinking and Effective Writing (1 credit)
BUS 603 Critical Thinking and Effective Presentations (1 credit)
Students should select their track (MAcc-Assurance, MAcc-Corporate, or MST) by the spring semester of their senior year before registering for their final fall graduate classes.

Summer after Senior Year

Students must take one 2 or 3-credit accounting graduate course. Accounting courses are offered based on demand and could include ACC 620, Accounting Controls in IT (offered every summer) or ACC 649: Issues in Tax Policy.

To graduate on time you are REQUIRED to take an approved CPA review course during the summer following your senior year after you graduate.  If you do not take a CPA review course you will have to register and pay for an addition six graduate credits in the next spring semester and you will graduate from graduate school a semester late, in May instead of December. 

Students would also be expected to pass part, if not all of the CPA exam during this summer.

Final Fall Semester

In the final fall semester students will complete the remaining 15 or 16 graduate credits including the requirements for their track and electives selected in consultation with the Program Director.

Admission to the Accelerated Programs

Incoming Freshmen
• Prospective students apply to the accelerated program when they apply for admission to the University of Miami.
• SAT scores should meet or exceed 1400; high school unweighted GPA should meet or exceed 3.75.
• Students are required to have an overall and accounting GPA of 3.0 or higher by their junior year in college and to maintain this GPA after their junior year.
• Students will need to have completed 102 credit hours by the start of their senior year.

Current University of Miami Undergraduate Accounting Majors
• Students apply to the accelerated program by February 1 of their junior year.
• Admission to the program will be primarily based on GPA, and letters of recommendation.  It is expected that the students admitted to the program will have GPAs exceeding 3.5, but students with these scores are not guaranteed admission.  The decision will depend on the quality and size of the application pool.
• After admission, students must maintain an overall GPA of 3.0 or higher and an accounting GPA of 3.0 or higher to remain eligible.
• Students will need to have completed 102 credit hours by the start of their senior year including ACC 301, ACC 311, ACC 312, ACC 402, ACC 403, and BSL 301.


International Designation Requirements

Admission to this accelerated program is expected to be more competitive given the small number of international internships that will be available.

Incoming Freshman Admission Requirements

Applicants must meet the freshman admission requirements of the accelerated program as well as:
• Applicants must meet the freshman admission requirements of the accelerated program
• Maintain an overall GPA of 3.00 or higher and an accounting GPA of 3.25 or higher and
• Demonstrate proficiency in a second language.

Current University of Miami Undergraduate Accounting Major Admission Requirements
Applicants must meet accelerated program admission requirements:
• Have an overall and accounting GPA of 3.5 or higher, and
• Demonstrate proficiency in a second language,

Educational Requirements to Sit for The CPA Exam

Most of our students intend to become qualified as Certified Public Accountants (CPA). While the CPA exam is a national exam administered by the American Institute of Certified Public Accountants, its execution and licensing practices are governed by state law. For example, some states require a certain number of credit hours in particular subjects and have overall accounting and business credit hour requirements. As such, you should check with the state in which you intend to practice to determine what the specific course requirements are for that state. Note, our department is unable to make a determination of your eligibility to sit for the CPA exam. This can only be done by the appropriate state board. The licensure requirements for the State of Florida can be viewed at: http://www.myfloridalicense.com/dbpr/cpa/licensure.html
For your convenience, the Florida rules that apply to most individuals are summarized here. Please check the State of Florida Web site noted above for updates and rules which may apply in particular circumstances.

As of July 1, 2008 the Florida State Board of Accountancy (BOA) separated the requirements to become a Certified Public Accountant (CPA) into two parts: (1) the requirements to be eligible to take the CPA exam and (2) the requirements for licensure to practice as a CPA in Florida.

Requirements to Sit for the CPA Exam: To be eligible to take the CPA exam, you must have completed 120 semester hours including 24 semester hours of accounting (auditing, cost and managerial accounting, financial accounting, accounting information systems, and taxation) at the upper division level (300-level or above) and 24 semester hours in general business courses (including at least 6 semester hours of business law courses). One course can be at a lower lever (freshman or sophomore), the other course must be upper division (junior level or higher).  The exam is offered in the following time periods; January – February, April – May, July – August and October – November.  Note you do not have to have a bachelor’s degree in order to sit for the CPA exam.

Requirements for Licensure: In addition to passing all four parts of the CPA exam with at least a 75% within 18 month rolling period, the BOA requires that you have completed a bachelor’s degree plus an additional 30 hours for a total of 150 semester hours before you can become licensed as a CPA. One year of work experience under the supervision of a licensed CPA is now also required to become licensed. (This experience may be obtained before or after sitting for the exam, however, all requirements to sit for the exam must be met before the work experience commences.) If you fail to apply for licensure within three years of receiving the licensure package, (sent after you pass all four parts) the CPA grades expire and you have to retake the examination.

The 150 semester hours must include a minimum of 36 semester hours of accounting courses and at least 39 semester hours of general business courses. Excess upper division accounting courses may be used to meet the general business requirement. Courses for non-accounting majors and any MBA courses that are equivalent to elementary accounting are not accepted for this requirement.
Licensed in Another State: If you are licensed in a state other than Florida you can obtain a license in Florida by a process called endorsement.  You must provide evidence of meeting all of the requirements in effect at the time of your application.  In addition if you passed the exam more than two years before applying you must provide evidence of meeting continuing professional education requirements.

Accreditation

The Board accepts degrees from schools accredited by the following associations : Middle States Association, New England Association, North Central Association, Northwest Association, Southern Association of Colleges and Schools, Western Association of Schools and Colleges, Association of Independent Schools and Colleges who have been approved by the Florida State Board of Independent Colleges and Universities, and Canadian Schools who have been approved by their provincial educational bodies. If you have graduated from a school or college which is not accredited by the above mentioned means, then you must use the provisions of F.A.C. 61H1-27.001 (5) (see below).

Applicants Who Have Graduated from Non-Accredited Schools (61H1-27.001) (5)

Applicants who have graduated from a non-accredited school may still qualify to sit for the CPA examination. The candidate must take 15 semester hours of graduate classes. Those must consist of at least nine hours of graduate level accounting courses including a minimum of three semester hours of graduate tax. THESE HOURS MUST BE TAKEN AFTER ADMISSION TO GRADUATE SCHOOL. If the courses are taken before admission to a graduate program, the classes will not be accepted, even if the school includes them as part of the graduate program. These courses cannot duplicate other courses which the applicant has taken and they cannot be used to accredit the non-accredited degree and satisfy the educational requirements. The applicant must complete the graduate school courses to validate the non-accredited degree. The applicant must also meet all other requirements for endorsement or transfer of credit. An evaluation of foreign transcripts must be completed by an evaluation service which has been approved by the Board (see Board Approval Evaluation Services).

Duplicate Courses

No credit will be given for courses which duplicate another course for which the applicant has received credit. Review courses are considered as duplicates.
For the CPA requirements in other states, you should consult the State Board of Accountancy for your state.