UNDERGRADUATE ACCOUNTING MAJOR

The path to professional ACCOUNTING MAJOR

ADVISING BOOKLET

March 2017

School of Business Administration Mission Statement

The University of Montana's School of Business Administration enhances lives and benefits society by providing world-class business education in a supportive, collegial environment.

We accomplish this mission by acting on our shared core values of creating significant experiences, building relationships, teaching and researching relevant topics, behaving ethically, and inspiring individuals to thrive.

University of Montana, School of Business Administration Accounting Faculty

Dr. Teresa Beed, CPA Professor of Accounting

Craig Crawford Executive Lecturer

Lisa Eiler Assistant Professor of

Accounting

Director of Masters of Accountancy program

teresa.beed@umontana.edu 243-6494, GBB 315

craig.crawford@business.umt.edu 243-4596, GBB 311

lisa.eiler@mso.umt.edu 243-4968, GBB 364

Teresa Beed is a CPA and received her Ph.D. from the University of Colorado in Boulder. She is a professor of accounting and the Director of the Masters of Accountancy Program. Her teaching interests are intermediate financial accounting and the masters-level accounting theory class. She has served on the MSCPA board of directors and is a member of AICPA and the IMA.

Craig graduated from the University of Montana in 1979 with a degree in Business Administration, emphasis in Accounting. He started his career shortly after graduation with Peat, Marwick, Mitchell & Co. (now KPMG LLP) in Billings, Montana, and remained at KPMG (though in different locations) until his retirement in 2015. At the time of his retirement, Craig served as National Partner-in-Charge, Audit Quality in New York. During his time at KPMG, Craig served as audit engagement partner on a number of engagements and represented the firm on the AICPA's Auditing Standards Board and on the International Auditing and Assurance Standards Board. He has travelled extensively in deliberating auditing standards for use by auditors in the US and internationally.

Lisa earned her Ph.D. in Accounting from the University of Oregon. She holds CPA licenses in Oregon (active) and Minnesota (inactive). She has professional accounting experience in large and small public accounting firms, and industry accounting experience in a publicly traded corporation. Her research interests include tax and international accounting. She has publications in National Tax Journal, The Journal of the American Taxation Association, Advances in Accounting, and The International Journal of Accounting. She teaches courses in financial and intermediate accounting.

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Ed Guay, CPA Adjunct Instructor

edward.guay@umontana.edu 243-5137, GBB 348-5

Mr. Ed Guay is entering his tenth year teaching as an adjunct instructor for the accounting department. Mr. Guay holds undergraduate degrees in both Political Science- Pre Law from Montana State University and Business Administration with an Accounting Emphasis from the University of Montana. He obtained his Masters of Business Administration from the University of Montana. He obtained his Certified Public Accountant status in 1992. Mr. Guay brings a strong practical experience aspect into the classroom. Over the past 18 years he has worked in the capacity of Controller, Chief Financial Officer and Vice President for several notable companies in Montana. In addition he is or has sat on various profit and non-profit boards in the Missoula area.

Dr. Josh Herbold, CPA Associate Professor of

Accounting

Dr. Terri Herron, CPA, CISA

Professor of Accounting

KPMG Faculty Fellow

joshua.herbold@umontana.edu 243-2724, GBB 320

Josh Herbold is an associate professor and the Pat & Judy McDonald Faculty Fellow at the University of Montana's School of Business Administration. Currently, he teaches a variety of financial accounting topics, though he has also taught accounting for MBA students, auditing, and a range of accounting-related executive education courses. Josh received both his undergraduate and graduate accounting degrees from the University of Illinois at Urbana-Champaign, is a CPA in the state of Montana, is a member of the board of directors of the Montana Society of CPAs, and serves as a volunteer and board member for the Missoula County Search and Rescue team.

Associate Dean

terri.herron@umontana.edu 243-5878, GBB 316

Terri Herron is a CPA in Montana and Texas and is also a CISA. She received her Ph.D. from the University of Texas at Arlington and undergraduate degree from Baylor University. She is the Associate Dean of the School of Business Administration, where she primarily teaches Auditing. She has practical experience with KPMG, LLP as an audit manager. She has served on the MSCPA board of directors and is also a member of the AICPA and the American Accounting Association.

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Dr. Barbara Reider, CPA, CMA, CIA, CFM, CGFM ?

Professor Emerita of Accounting

barbara.reider@umontana.edu 243-5145, GBB 341

Barbara Reider has been a faculty member at the University of Montana since 2001. Her primary teaching interests are intermediate accounting, government and not-for-profit accounting, and auditing. Barbara has received several professional certifications including Certified Public Accountant, Certified Management Accountant, and Certified Internal Auditing. Barbara received her PhD from Kent State University in Ohio.

Dr. Kent Swift, CPA Professor of Accounting

Isho Tama-Sweet Assistant Professor of

Accounting

kenton.swift@umontana.edu 243-4182, GBB 319

isho.tama-sweet@mso.umt.edu 243-4967, GBB 305

Kent Swift received his PhD in Accounting and his Masters in Accountancy degrees from the University of Wisconsin-Madison. He also has a Master's of Business Administration degree from the University of California at Berkeley. Kent teaches the undergraduate and graduate level tax courses at U of M. His teaching interests also include financial reporting, managerial accounting, and sustainability reporting. Kent is a licensed CPA and has more than 25 years of experience as an accounting professional. Isho Tama-Sweet earned his PhD in Accounting from the University of Oregon, an MBA from the University of California, Davis, and a BA from Cornell University. He is a Certified Management Accountant, and a member of the Institute of Management Accountants and the American Accounting Association. His teaching interests are managerial/cost accounting and accounting information systems.

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 .



Academic misconduct is not tolerated.

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Table of Contents

About the Accounting Program ............................................ 6 Career Advising ................................................................... 6 Course Advising ? Freshman and Sophomore Years ......... 7 Course Advising ? Junior and Senior Years ........................ 8 Advising Tips ..................................................................... 10 The Rules .......................................................................... 11 Department of Accounting and Finance Policies ............... 12 Certificate in Accounting Information Systems .................. 13 Masters of Accountancy .................................................... 13 Professional Organizations ................................................ 14 Suggested wording for resumes ........................................ 15 Beta Alpha Psi ................................................................... 16 2014-2015 Major and General Education Requirements .. 17 List of Other Designations ................................................. 18

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About the Accounting Program

Undergraduate accounting majors may select from a variety of career and higher education pathways. 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 178 institutions worldwide hold this "gold standard" accreditation, and no other accounting program in the State of Montana 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. Our full-time faculty teach across the curriculum providing students the opportunity to gain 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. We commit to high quality teaching and applying scholarship to professional practice and theory.

The undergraduate accounting program is committed to preparing students to apply accounting and business knowledge in organizations. The accounting faculty have adopted the following learning goals for our undergraduate accounting students:

Learning Goal 1: Accounting majors will possess fundamental accounting knowledge Learning Goal 2: Accounting majors will be effective writers Learning Goal 3: Accounting majors will critically analyze and solve problems, using technology where appropriate Learning Goal 4: Accounting majors will 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 Nonprofit Accounting Internal Auditing Financial Consultant

Tax Planning/Research Tax Compliance Forensic Accountant IS Auditor/Consultant

Corporate Accounting Government Accountant Fraud Auditor Entrepreneur

Most professional accounting positions either require or prefer the CPA certification. Some positions also seek specialty certifications such as the CMA, CIA, CFE, or CISA (see last page of

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booklet for a list of certifications). To earn a CPA in most states in the U.S., you must have 150 semester credits, though the specific requirements for licensure vary from state to state. Many accounting 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 than the national average on the CPA exam. Because the undergraduate program is not designed to be 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 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 Keep your cumulative GPA above 2.0

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). Prerequisites are strictly enforced.

11 Lower Core Courses ? Required for any business major

WRIT 101 M115 or M162 STAT 216 ECNS 201S ECNS 202S CSCI 172 COMX 111A ACTG 201 ACTG 202

BGEN 235 BMIS 270

College Writing I Probability & Linear Math or Applied Calculus Introduction to Statistics (Prereq = M 115) Principles of Microeconomics Principles of Macroeconomics (Prereq = ECNS 201S) Intro to Computer Modeling Introduction to Public Speaking Princ. of Financial Accounting (Prereq or Coreq = M 115 or M 162) Princ. of Managerial Accounting (Prereq = ACTG 201 and M 115 [or M 162], each with a C or better) Business Law MIS Foundations for Business

Prereq = you must complete the prereq BEFORE taking the course (not with or after) Prereq or Coreq = you must complete the coreq BEFORE or WHILE taking the course (not after)

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A suggested course progression is below:

SEMESTER 1

WRIT 101 College Writing

M 115

Probability and Linear Math

ECNS 201 Prin of Microeconomics

Elective (consider BGEN 105S Intro to Business)

General Education Course

Total

SEMESTER 2

3 COMX 111 Public Speaking

3

3 CSCI 172 Intro to Computer Modeling

3

3 ECNS 202 Principles of Macroeconomics 3

3 Elective - Non - business

3

3 General Education Writing Course

3

15 Total

15

SEMESTER 3 ACTG 201 Principles of Financial Accounting STAT 216 Introduction to Statistics

Elective - Non - business Elective - Non - business General Education Course

Total

SEMESTER 4

3 ACTG 202 Princ of Managerial Accounting 3

4 BGEN 200 Business Ethics & Social

3

Responsibility

3 BMIS 270 MIS Foundations for Business 3

3 General Education Course

3

3 General Education Course

3

ACTG 203 Accounting Lab (or semester 5) 1

Apply for accounting major

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 required 400-level ACTG courses and the business capstone courses must be taken at The University of Montana-Missoula.

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 We strongly recommend that you 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 per semester once you start the 300-level coursework BFIN 322 should be completed as early as possible (preferably fall semester of your junior year) 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 (BMGT 486 and BGEN 499 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 We strongly recommend that you take ACTG 410 (Cost/Mangement Accounting) in Semester 5 and ACTG 321 in Semester 7, as shown in the suggested course plan below.

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