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Accounting Chair: W. Bruce Johnson
Director, Professional Program in Accounting: Lynn M. Pringle
Director, RSM McGladrey Institute of Accounting Education and Research: Ramji Balakrishnan
Director, Master of Accountancy program: Lynn M. Pringle
Professors: Ramji Balakrishnan (Ernst and Young Research Professor), Daniel W. Collins (Henry B. Tippie Research Chair in Accounting), Douglas V. DeJong (John F. Murray Professor), W. Bruce Johnson (Sidney G. Winter Professor of Accounting), Mark C. Penno, Albert A. Schepanski
Professor emeritus: Valdean C. Lembke
Associate professors: Joyce E. Berg, Paul Hribar, Sonja Olhoft Rego
Associate professors emeriti: Richard A. Grimlund, Richard M. Tubbs
Assistant professors: Cristi A. Gleason, Haidan Li, Ryan J. Wilson
Clinical assistant professor: Lynn M. Pringle
Lecturers: Amy An, Thomas J. Carroll, Robert J. Hartman
Undergraduate degree: B.B.A. in Accounting
Graduate degrees: M.Ac.; Ph.D. in Business Administration
Web site: http://www.biz.uiowa.edu/acct The Department of Accounting offers a broad education that prepares undergraduate and graduate students for careers in public accounting, private industry, government, nonprofit organizations, and academia. Professional Program in Accounting The Professional Program in Accounting draws on curricula that provide a strong base of traditional technical subject matter and the skills needed for solving complex business problems. This framework of study enables students to continue professional growth over the entire span of their careers. The program emphasizes communication skills and provides the academic background required for leadership positions in business, government, and public accounting. It also qualifies students to take the Certified Public Accountant (CPA) and Certified Management Accountant (CMA) examinations. The Professional Program in Accounting leads to a Bachelor of Business Administration in accounting, which requires 120 s.h. of credit (see "Undergraduate Program" below), and the Master of Accounting, which requires 30 s.h. of graduate credit (see "Graduate Programs" later in this section). Students are granted the B.B.A. upon successful completion of the junior and senior years of the Professional Program in Accounting, and the M.Ac. after successful completion of 30 s.h. beyond the B.B.A. Undergraduate Program The Department of Accounting offers the Bachelor of Business Administration in accounting for students admitted to the Professional Program in Accounting. Undergraduate accounting majors are subject to the probation and dismissal rules described in the Tippie College of Business section of the Catalog and are governed by the Tippie College of Business Honor Code. The B.B.A. is not sufficient preparation for CPA licensure in states that have passed a 150 hour law (all states except California, Colorado, New Hampshire, and Vermont). Bachelor of Business Administration Undergraduate students admitted to the Professional Program in Accounting work toward the B.B.A. in accounting, which requires at least 25 s.h. in the major. Course work in the program provides concentrated coverage of professional accounting subjects and closely related topics in commercial law, business, and information systems. To enter the Professional Program in Accounting, undergraduates must complete 60 s.h. of course work at The University of Iowa (or equivalent course work at another institution) and must be admitted to the Tippie College of Business. Students already admitted to the business college who wish to declare accounting as a major are automatically admitted to the professional program if they have a University of Iowa g.p.a. of at least 3.00, a cumulative g.p.a. of at least 3.00, and a B-minus average in 06A:001 Introduction to Financial Accounting and 06A:002 Managerial Accounting. Students who wish to declare accounting as a major but do not satisfy the automatic admission requirements may still apply to the professional program; applications are reviewed case-by-case. Students must complete the following prerequisite courses before admission to the Professional Program in Accounting.
| 06A:001 Introduction to Financial Accounting |
3 s.h. |
| 06A:002 Managerial Accounting |
3 s.h. |
| 06E:001 Principles of Microeconomics |
4 s.h. |
| 06E:002 Principles of Macroeconomics |
4 s.h. |
| 22M:017 Calculus and Matrix Algebra for Business |
4 s.h. |
| 22S:008 Statistics for Business |
4 s.h. |
Professional Program in Accounting requirements for the junior and senior years are as follows. JUNIOR YEAR Fall Semester
| 06A:131 Income Measurement and Asset Valuation |
3 s.h. |
| 06A:133 Introduction to Taxation |
3 s.h. |
| 06A:150 Professional Orientation Seminar Series (must be taken during first or second semester in the professional program) |
1 s.h. |
| 06B:100 Foundations of Business (taken first semester after admission to the college) |
1 s.h. |
| Two business core requirements |
6 s.h. |
The business core requirements (06F:100, 06J:047, 06J:048, 06K:100, 06M:100) may be taken in any sequence, preferably before the senior year; 06J:047 is a prerequisite to 06A:148, so it should be taken before spring semester of the senior year. Students must complete 06B:100 Foundations of Business during their first semester after admission to the Tippie College of Business. Spring Semester
| 06A:132 Valuation of Financial Claims |
3 s.h. |
| 06K:180 Applied Information Systems |
3 s.h. |
| Two business core requirements |
6 s.h. |
Due to the overlap in course content, accounting majors may not receive degree credit for 06A:120 Financial Accounting and Reporting and 06A:113 Taxes and Business Decisions. SUMMER: GMAT AND ADMISSION TO THE M.AC. Students who intend to continue in the Professional Program in Accounting after receiving the B.B.A. should take the Graduate Management Admission Test (GMAT) during the summer before their senior year, as preparation for applying to the Master of Accountancy program. Students who plan to earn 3-6 s.h. of internship credit for 06A:190 Experiential Learning during the spring semester of their senior year must be admitted to the M.Ac. program by December 1 of their senior year. Those who do not participate in 06A:190 may apply to the M.Ac. program after December 1 of their senior year. See "Application Deadlines" below. SENIOR YEAR WITH INTERNSHIP Seniors who wish to include a formal accounting internship in their program take 06A:190 Experiential Learning during spring semester of their senior year. To earn 3-6 s.h. of credit for the internship, they must be admitted to the M.Ac. Program (the fifth year of the Professional Program in Accounting) by December 1 of their senior year and must have departmental approval before the beginning of their internship semester. Students who participate in the internship normally must attend a summer session before or after their senior year in order to complete the B.B.A. requirements. Students who choose the internship option should pursue the following study plan. Fall Semester
| 06A:130 Accounting for Management Analysis and Control |
3 s.h. |
| 06A:148 Business Law (or summer if offered) |
3 s.h. |
| One business core requirement |
3 s.h. |
One of these:
| 06A:145 Advanced Financial Accounting |
3 s.h. |
Spring Semester
| 06A:190 Experiential Learning |
3-6 s.h. |
Summer Session
| 06A:148 Business Law (if not already taken) |
3 s.h. |
SENIOR YEAR WITHOUT INTERNSHIP Students who do not wish to include the internship program (06A:190) during their senior year pursue the following study plan. Students must choose one of the following accounting electives during their senior year.
| 06A:145 Advanced Financial Accounting |
3 s.h. |
Fall Semester
| One accounting elective |
3 s.h. |
| One business core requirement |
3 s.h. |
Spring Semester
| 06A:130 Accounting for Management Analysis and Control |
3 s.h. |
| One accounting elective (if not taken fall semester) |
3 s.h. |
| Two or three electives |
6-9 s.h. |
OPTIONAL ACCOUNTING ELECTIVE All undergraduates, whether admitted to the M.Ac. program or not, may take 06A:199 Academic Internship for 1 s.h. in fall, spring, or summer. Department consent is required. Graduate Programs The Department of Accounting offers the Master of Accountancy (M.Ac.) and a Doctor of Philosophy (Ph.D.) in business administration. Ph.D. requirements are described under "Graduate Programs" in the Tippie College of Business section of the Catalog and on the Department of Accounting web site. The department also offers a joint M.Ac./J.D. with the College of Law; see Juris Doctor in the College of Law section of the Catalog. Applicants to the graduate programs in accounting must meet the admission requirements of the Graduate College; see the Manual of Rules and Regulations of the Graduate College or the Graduate College section of the Catalog. Application materials must include the applicant's score on the Graduate Management Admission Test (GMAT). Graduate students in accounting are subject to the probation and dismissal rules of the Graduate College and are governed by the Tippie College of Business Honor Code. Master of Accountancy The Master of Accountancy (M.Ac.) is a nonthesis program that permits students to specialize in accounting areas according to their interests and objectives. It builds on the technical skills acquired in the undergraduate program, broadens students' perspectives of the role of accounting in organizations and decision making, and further develops written and oral communication skills. M.Ac. course work focuses on the conceptual and economic foundations of accounting with applications to current and emerging problems of professional practice. It also provides an opportunity to acquire expertise in one of four areas of specialization: financial accounting/auditing, management information systems, taxation, and managerial accounting. Students from a variety of academic backgrounds enter the M.Ac. program. Those who enter with an undergraduate degree in accounting can expect to complete the degree in 12 months. Those who enter with a nonaccounting undergraduate degree typically require four semesters to complete the M.Ac. Study plans are adjusted to reflect each student's particular academic background; see "Course Work for Students Without Undergraduate Degrees in Accounting" later in this section. The M.Ac. requires a total of 30 s.h. beyond the B.B.A. At least 12 s.h. must be earned in graduate-level accounting courses, and at least 21 s.h. must be earned in 200-level courses. Courses leading to specialization areas and those required for the core program are as follows. Because of the cross-disciplinary nature of the subject matter included in the specialization areas, courses in a number of other departments are included. SPECIALIZATION IN FINANCIAL ACCOUNTING/AUDITING Accounting Courses Total of 12 s.h. All of these:
| 06A:221 Financial Reporting: Theory and Practice |
3 s.h. |
| 06A:245 Financial Information and Capital Markets |
3 s.h. |
One of these:
| 06A:220 Design and Use of Cost Management Systems |
3 s.h. |
| 06A:231 Taxes and Business Strategy |
3 s.h. |
Finance Courses Total of 6 s.h.
| 06N:225 Managerial Finance (requires consent of M.B.A. office) |
3 s.h. |
| One additional 200-level finance course |
3 s.h. |
Management Information Systems Courses Total of 3-6 s.h.
| 06K:226 Visual Basic Programming (if not already taken) |
3 s.h. |
General Electives Total of 6-9 s.h. SPECIALIZATION IN MANAGEMENT INFORMATION SYSTEMS Due to the timing of course offerings, students who do not begin the M.Ac. program in the summer session should take a computer programming course while they are undergraduates. This decreases the number of required management information systems courses and increases electives by 3 s.h. in the M.Ac. program. Accounting Courses Total of 12 s.h.
| 06A:220 Design and Use of Cost Management Systems |
3 s.h. |
Two of these:
| 06A:221 Financial Reporting: Theory and Practice |
3 s.h. |
| 06A:231 Taxes and Business Strategy |
3 s.h. |
One of these (not already taken):
| 06A:221 Financial Reporting: Theory and Practice |
3 s.h. |
| 06A:231 Taxes and Business Strategy |
3 s.h. |
| 06A:245 Financial Information and Capital Markets |
3 s.h. |
Management Information Systems Courses Total of 9-12 s.h.
| 06K:226 Visual Basic Programming (if not already taken) |
3 s.h. |
| Three 200-level information systems courses (06K or 22C) |
9 s.h. |
General Electives Total of 6-9 s.h. SPECIALIZATION IN TAXATION Accounting Courses Total of 9 s.h. Two of these:
| 06A:220 Design and Use of Cost Management Systems |
3 s.h. |
| 06A:221 Financial Reporting: Theory and Practice |
3 s.h. |
One of these (not already taken):
| 06A:220 Design and Use of Cost Management Systems |
3 s.h. |
| 06A:221 Financial Reporting: Theory and Practice |
3 s.h. |
| 06A:245 Financial Information and Capital Markets |
3 s.h. |
Taxation Courses Total of 12 s.h.
| 06A:231 Taxes and Business Strategy |
3 s.h. |
| College of Law tax courses |
6 s.h. |
General Electives Total of 9 s.h. College of Law courses (prefix 091) follow a different calendar than do business courses. Some courses may require consent of instructor. SPECIALIZATION IN MANAGERIAL ACCOUNTING Accounting Courses Total of 12 s.h.
| 06A:220 Design and Use of Cost Management Systems |
3 s.h. |
Two of these:
| 06A:221 Financial Reporting: Theory and Practice |
3 s.h. |
| 06A:231 Taxes and Business Strategy |
3 s.h. |
One of these (not already taken):
| 06A:221 Financial Reporting: Theory and Practice |
3 s.h. |
| 06A:231 Taxes and Business Strategy |
3 s.h. |
| 06A:245 Financial Information and Capital Markets |
3 s.h. |
Management Information Systems Courses Total of 3-6 s.h.
| 06K:226 Visual Basic Programming (if not already taken) |
3 s.h. |
Nonaccounting Business Electives
| Two 200-level business electives |
6 s.h. |
General Electives Total of 6-9 s.h. CORE PROGRAM COURSE REQUIREMENTS Students who do not wish to pursue a specialization area must complete 30 s.h. beyond the B.B.A. At least 15 s.h. must be earned in graduate-level accounting courses and at least 21 s.h. must be earned in 200-level courses. The following courses are required. Accounting Courses Total of 15 s.h.
| 06A:220 Design and Use of Cost Management Systems (taken spring semester) |
3 s.h. |
| 06A:221 Financial Reporting: Theory and Practice (taken fall semester) |
3 s.h. |
| 06A:230 Advanced Auditing (taken spring semester) |
3 s.h. |
| 06A:231 Taxes and Business Strategy (taken fall semester) |
3 s.h. |
One of these (not already taken):
| 06A:245 Financial Information and Capital Markets |
3 s.h. |
Management Information Systems Courses Total of 3-6 s.h.
| 06K:226 Visual Basic Programming (if not already taken) |
3 s.h. |
General Electives Total of 9-12 s.h. Course Work for Students Without Undergraduate Degrees in Accounting Courses taken by students who enter the program with a nonaccounting bachelor's degree are determined by each student's background and interest area. In addition to meeting the core program requirements for the M.Ac., students typically take a combination of undergraduate and M.B.A. courses to remove academic deficiencies in quantitative methods, business, and accounting. Students with a bachelor's degree in another area of business typically are required to take 45-51 s.h. in order to complete the M.Ac. program. Those with degrees outside of business and with no accounting courses typically are required to take 57-60 s.h. CPA Examination and the Iowa Accountancy Act The Iowa Accountancy Act that became effective in January 2001 requires individuals who wish to take the CPA examination to have a bachelor's degree, 24 s.h. of business course work, and 24 s.h. of accounting course work beyond 06A:001 Introduction to Financial Accounting. Admission Admission to the M.Ac. program is competitive. The admissions committee reviews applications individually, considering quantitative aspects (grade-point average and GMAT scores) and qualitative aspects of each applicant's background and professional experience (if applicable) to assess the applicant's potential for academic success and professional growth. Applicants must meet the admission requirements of the Graduate College; see the Manual of Rules and Regulations of the Graduate College or the Graduate College section of the Catalog. University of Iowa undergraduate accounting students are encouraged to take the Graduate Management Admission Test (GMAT) the summer before their senior year. Those who participate in the formal accounting internship during their senior year (06A:190 Experiential Learning) must apply to the M.Ac. early enough to ensure admission by December 1 of their senior year. Students who do not participate in 06A:190 may apply to the M.Ac. after December 1 of their senior year. See "Application Deadlines" below. Application materials must include the following: an Application for Graduate Admissions; official transcripts of all undergraduate and graduate course work submitted by each institution the applicant has attended; official scores on the Graduate Management Admission Test (GMAT); a supplemental application form with essay responses; a résumé and cover letter; and at least three letters of reference from former instructors or employers. (B.B.A. accounting students at The University of Iowa are not required to provide letters of reference.) Applicants whose first language is not English must score at least 600 (paper-based) or 250 (computer-based) on the Test of English as a Foreign Language (TOEFL). For complete information about application procedures, contact the University's Office of Admissions or the Department of Accounting. APPLICATION DEADLINES The Department of Accounting admissions committee reviews completed M.Ac. application files (which must include official GMAT scores) on five dates: March 1, April 15, July 15, October 1, and December 1. Applications are reviewed on these dates regardless of whether the applicant plans to begin the M.Ac. program in the fall semester (August), spring semester (January), or summer session (June). Final Graduate College application deadlines are as follows. Fall semester entry: July 15 (April 15 for international students) Spring semester entry: December 1 (October 1 for international students) Summer session entry: April 15 (March 1 for international students) Students who wish to apply for a teaching assistantship must apply to the M.Ac. program no later than March 1. Joint M.Ac./J.D. The Department of Accounting and the College of Law offer the joint Master of Accountancy/Juris Doctor. The joint M.Ac./J.D. requires a minimum of 18 s.h. of graduate course work in accounting. Students in the program may count up to 12 s.h. of College of Law courses as electives for the M.Ac., and up to 12 s.h. of graduate accounting courses as electives for the J.D. Separate application to each program is required. Applicants must be accepted to each program before they may enroll in the joint program. Doctor of Philosophy Students majoring in accounting may earn a Ph.D. in business administration. Ph.D. requirements are described under "Graduate Programs" in the Tippie College of Business section of the Catalog and on the Department of Accounting web site. Faculty The department's faculty members stay current in their discipline by producing and disseminating accounting-related knowledge. They keep abreast of the latest developments in the field of education and the profession by participating in educational conferences and seminars and publishing in leading academic journals.
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