ACCOUNTING - Department Code: ACC
INTRODUCTION AND EDUCATIONAL OBJECTIVES
The objective of the program of studies in accounting is to prepare students to make a smooth transition from college into a successful and meaningful career in the professional practice of accounting, whether it be in public, private, or governmental accounting. Because of the professional aspects of accounting, equal emphasis is placed upon general education in the arts and humanities and the functioning of business enterprises, as well as the basic underlying concepts of accounting.
An Accounting major can earn either a Bachelor of Business Administration (BBA) or a Bachelor of Science in Business Administration (BSBA) by meeting the appropriate School of Business Administration requirements.
The undergraduate curriculum consists of 24 semester hours of Accounting and three semester hours of Business Law beyond the Business Foundation and the Professional Core requirements.
The following courses are required:
ACC301 ACC 402
ACC311 ACC 403
ACC 312 ACC 404
ACC 406 ACC 411
To continue as an accounting major, a student must have a cumulative grade point average of 3.0 or higher in accounting before enrolling in ACC312. Students who have not completed ENG 230 must register for BUS 300 concurrently with ACC 312.
The Department of Accounting allows business students to earn a minor in accounting. In addition to the general requirements for all business minors, business students wishing to minor in accounting must complete ACC301, ACC 311 and ACC 403.
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).
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.
Many of our graduates satisfy the 30 semester hours requirement for the CPA by continuing on for a fifth year during which time they also can complete the requirements for either the Master of Accounting (MAcc) or Master of Science in Taxation (MST) degree. 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 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. The MST is designed for students interested in careers requiring a high degree of specialized tax knowledge in public accounting, private industry, and government. Students interested in these programs should consult with the Program Director within the Department of Accounting.
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.
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 BSL401.
• 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
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
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 graduate accounting 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 additional 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
• 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 3.50, but students with these scores are not guaranteed admission. The decision will depend on the quality and size of the application pool and will be made by senior school administrators and faculty.
• 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 or 401.
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,
• 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.