Handbook: Financial Accounting Track Updated 11/15/09 Go to the following site for updated information: http://www.sba.uwm.edu/gdrive/Accounting%20News/Accounting%20Routes.ppt

Table of Contents Undergraduate scheduling Accounting routes, 3 Recent changes in BBA, 4 Things to know, 5 BBA Study plans, 6 Sp. 209, 4 sem, sp. Intern, 7 Sp. 209, 4 sem, no sp. Intern, 8 Sp. 209, 3 sem, no sp. Intern, 9 Fall 209, 3 sem, sp. Intern, 10 Fall 209, 3 sem, no sp. Intern, 11 Fall 209, 4 sem, no sp. Intern, 12 Accounting course offerings, 13 International opportunity, Employment International Opportunity 14 Work experience, 15 Interviewing, 16 Career skills course, 17 Graduate school Graduate school options, 18 MSPA Options 19 Graduate school procedures, 20 Funding graduate studies, 21 CPA Exam 22

Accounting Routes

Recent Changes to Accounting BBA You are not required to take 311 (quality), you have a choice of 311 (quality), 293 (ethics), or 380 (real estate) You continue to have to take one of 320, 447, 450, 455 or 456 or 482, Valuation of Real Estate (if you took 380) You must have B in 201(and 3.0 GPA) to take 301,a B in 301 to take 402, 404, 409. You must have C in 301 to take 405, 406 and 408 The university considers you to be a full time student if you take a 3 credit full time internship in spring or summer. This is important for health insurance and student loan purposes. Accounting Intern means full time for at least 10 weeks or 400 hours in two semesters (including summer) in pre-approved program. Must be in spring of or summer after senior year. (two semester could be fall/spring of senior year) or spring/summer) Everything else is a part time job.

Things to Know - BBA You should take 3 or 4 semesters to complete BBA, after completing 301. You should try not take more than 2 accounting courses per semester. There are 6 required courses past 301. Use business electives wisely. Consider finance, real estate (valuation) or MIS. You can build on to these courses in Masters Program. Finance dual major is popular. Only 308 (Systems), 405 (Tax I) and 406 (Tax II) are guaranteed available in summer. CPA Exam requires 150 total credits and 24 accounting credits (for now 201 is wrongfully counted). But, success requires at least 3 grad. courses Those going on to MS-PA should be consider interning in senior year or summer following senior year. If you intern in spring, you have no time for coursework except for Bus Adm. 600, which is 5 weeks starting in early April. Summer interns have no chance to take classes.

BBA Study Plans Your accounting study plan depends on when you complete Intermediate Accounting (301), how many semesters you have until graduation, and if you intend to intern. The perfect time for 301 is 2nd semester of Sophomore year. The accounting study plan includes only accounting courses. Work with your advisor to fill in other courses needed. Meet with the “CPA in Residence – Ellis Jordan, right after 301. Doing an internship means you are using one business elective (3 credits). Spring interns should start the MS-PA in summer or fall. Summer interns should start the MS-PA the following Sept. MS-PA students need GMAT, take it early (summer after junior year) and when you have time. 3.5 overall GPA exempts you. If you plan to intern in Spring, you need courses in summer, winterin, or study abroad

Complete 301 in Spring, Recommended 4 Semester Plan with Spring Internship Junior 1 (fall) 402 Fin Rep 2 408 Systems (SS) Junior 2 (spring) 404 Cost 405 Tax 1 (SS) Interview for all senior internships (SS) = Also available in summer school Senior 1 (fall) 409 Auditing 406 Tax 2 (SS) Senior 2 (spring) Intern 1-1 – 4/1 600 Mgmt Analysis (4/1 start)

Complete 301 in Spring 4 Semester Plan without Spring Internship Junior 1 (fall) 402 Fin Rep 2 408 Systems (SS) Junior 2 (spring) 404 Cost 405 Tax 1 (SS) Interview for following Summer internship (SS) = Also available in summer school Senior 1 (fall) 409 Auditing Senior 2 (spring) 406 Tax 2 (SS) Summer Possible Internship

Complete 301 in Spring 3 Semester Plan without Spring Internship Junior 2 (Fall) 402 Fin Rep 2 408 Systems (SS) Interview for all spring or summer internships Senior 1 (Spring) 404 Cost 405 Tax 1(SS) Senior 2 (Fall) 409 Audit 406 Tax 2 (SS) Spring Possible internship with or without credit

Complete 301 in Fall, Recommended 3 Semester Plan with Spring Internship Junior 2 (Spring) 402 Fin Rep 2 405 Tax 1 (SS) Interview for Spring/Sum Int. Summer 408 Systems Possible 406 Tax 2 Senior 1 (Fall) 404 Cost 409 Auditing Senior 2 (spring) Intern 1-1 – 4/1 600 Mgmt Analysis (4/1 start) Summer 406 Tax II (SS) – if not prior summer (SS) = Also available in summer school

Complete 301 in Fall, 3 Semester Plan without Spring Internship Junior 2 (Spring) 402 Fin Rep 2 408 Systems (SS) Interview for following Summer internship Senior 1 (Fall) 404 Cost 405 Tax 1(SS) Senior 2 (spring) 406 Tax 2 (SS) 409 Auditing Summer Possible Internship (SS) = Also available in summer school

Complete 301 in Fall 5 Semester Plan with delayed Spring Internship Junior 1 (Spring) 402 Fin Rep 2 408 Systems (SS) Junior 2 (Fall) 404 Cost 405 Tax 1(SS) (SS) = Also available in summer school Senior 1 (Spring) 409 Auditing Interview for Internship Senior 2 (Fall) 406 Tax 2 (SS) Senior 3 (Spring) Internship or Part time job

Accounting course offerings Fall Spring Summer 408, Systems day, nt nt 402, Advanced 2 day 404, Cost 405, Tax 1 406, Tax 2 409, Auditing 440, Internship Full time 550 Mgmt Analysis 4/1, nt Day, nt

International Opportunity Winterim or Early Summer Overseas Program should be considered Applied International learning Substitutes for required 496 or can be Bus. Elective (seldom elective room for accountants) Great on resume Grad program includes summer study opportunity in Germany (subs for International Accounting course)

Work Experience Employers expect to see 3 things: 1. good grade point (over 3.2), 2. experience, 3. involvement (such as Beta Alpha Psi) You should have relevant accounting experience when you interview for a full time position, and even for a full time internship. Employers do not require an internship, just experience. But Big 4 are at >75% interns to full time There are three times as many spring internships as there are in summer. “Internship” is defined by the faculty as full time positions that tend to lead to a full time job. You earn 3 credits. The main advantages to you are higher pay, full time type experience and early job offer – you won’t have to interview in graduate year. You can also intern without credit (after you graduate). Firms that hire interns also hire students that did not intern with them. That means you can get two interview opportunities. We consider all other positions to be “part time jobs”. There is confusion on that by employers who generically call all jobs internships

Interviewing Internships leading to MS and full time employment Late Spring of Junior Year – interview for internship for the following fall/spring part time, spring (Jan . – April) or for summer after senior year. This time covers 70% of opportunities Early October of Senior Year –a limited few full time Spring internship (Jan. – April). Normally, these are firms not interviewing prior spring. February of Senior Year –a limited number of full time summer internships. employment upon graduating from full time MS program. Full time positions Mid October of Senior Year – BBA terminal students graduating in Dec, next May or Aug. can interview for full time position upon graduation. This is the main season, but opportunities come up throughout the year. October of graduate year – free agents and those not staying with company they interned for may interview for position at graduation from MS-PA

Career Seminar You will be able to take a one credit careers skills course. This should be done in the Junior year before interviewing for internship or full time position Topics include etiquette, resume, correspondence, interviewing, mock interview, strategy, advancement and more The course is taught by experienced professional recruiters This is the best way to maximize your opportunities The course will be taught over two weeks in summer and winterim to prepare students for the following semester’s interviewing season.

Graduate School Options Required courses for MS-PA 724, Consolidations and Governmental 726, Cost Management II 753, Advanced Business Law 821, Business Taxation 844, Auditing, Prof. Standards and Practice

MS-PA Options MS-PA (Fin) 840, Current Issues, Fin Acct 841, Fin Statement Analysis 843. International Accounting Or do E&Y study abroad in first summer Two electives from: Specified finance courses Specified MIS courses 848, Prof. Accounting Practice MS-PA (Tax) 820, Tax Research 823, Corporate Taxation 826, Tax Planning, Individuals 828, Partnerships, S corps. LLC One elective from: 840, Current Issues, Fin Acct 841, Fin Statement Analysis 843, International Accounting 848, Prof. Accounting Practice

Graduate School Procedures Students take 2 summer courses and 4 courses each semester as part of full time MS-PA. In the financial track, there are 7 course available during the day. In tax there are 4. Application should be made by January 1 for the next summer or fall. GMAT Exam should be taken by Dec. 1. You need to study for it to earn acceptable score. Students with all GPA’s of 3.5 are exempt form GMAT. Take it summer after junior year! You may begin graduate studies any semester or summer term, however, the program is primarily designed to begin in summer or Fall.

Funding Graduate Studies About 10 students receive full tuition scholarships There are over 15 teaching assistantships for the SBA Some students find a two or three day a week accounting position through the SBA Career Center. These positions do not usually lead to full time employment. Some students remain part time with the firm they interned for in Spring or Summer. This is not common for Big 4 CPA firms but is more common for regional CPA firms and very common for industry. Those students that do not have the option of remaining with their intern employer during the school year, are assisted in their search to find temporary employment by the SBA Career Center.

CPA Exam If you do not earn a graduate degree in accounting, you must have a total of 150 credits including 24 credits of accounting. See http://www.sba.uwm.edu/gdrive/Accounting%20News You may take the CPA Exam 60 days prior to completing the education requirement (150 hours and/or graduation form grad school). It is common to take the Exam in the final semester of grad school. UWM offers a course to prepare you for the Exam. To be licensed as a CPA in Wisconsin, you must also have a year of experience (after meeting education requirement) either in a CPA firm or with another employer doing acceptable accounting work. You can fulfill the experience requirement without working for a CPA firm. Your chance of passing the Exam is greatly reduced if you do go to work full time before taking the Exam For more information on the nature of the Exam, “Google” CPA Exam.