New master's in accounting will provide skilled graduates to Louisiana economy

From The Daily Advertiser; August 3, 2014

The B.I. Moody III College of Business at the University of Louisiana at Lafayette will offer the master’s of accounting program this fall for the first time. We asked Joby John, dean, why the college began offering the degree and what its prospects were for success.

Question: New degree programs aren’t initiated without demand. What was the demand for this program? Who will enroll, who will it serve and how will that fit in with our local workforce needs?

Answer: Area professionals and businesses, particularly those in public accounting, have frequently expressed the need to increase the supply of accounting graduates. We need graduates with expanded skill sets ready to sit for the CPA Exam by having already completed 150 hours of coursework. This master’s program will help satisfy these demands and will greatly strengthen the relationships between the professional community and the department, the college and the university.

The continued success of industries such as energy and manufacturing and the growth of new initiatives such as digital media will depend to a large extent on the availability of a pool of accounting professionals with the expertise to support such enterprises. The MS in accounting helps meet these needs and provides students the exposure to the accounting issues specific to these and other industry sectors while mastering technical skills, enhancing professional competencies, developing problem solving abilities and extending beyond the classroom to include interactions with the accounting and business communities.

The UL Lafayette MS in Accounting program is designed primarily for students with undergraduate degrees in accounting. Students with undergraduate degrees in non-accounting business programs or in non-business areas will require additional coursework to complete the program. However, the courses offered in this accounting program provide quality accounting education to non-accounting graduate students who choose to increase their knowledge of accounting and who possess the required course prerequisites.

Q: How will the degree help graduates toward preparation for the CPA exam?

A: The National Association of State Boards of Accountancy has ranked the Department of Accounting at UL Lafayette as one of the top programs in the country, based on student performance on the CPA examination. The State Board of Certified Public Accountants of Louisiana requires students to earn 150 hours at an accredited university to take the CPA exam in the state. Students who complete UL Lafayette’s undergraduate accounting program earn 120 credit hours, which include the required courses for the CPA exam. The MS in Accounting will provide the additional 30 hours required to sit for the exam in Louisiana and enhance the student’s ability to successfully complete the exam.

Q: How long will it take to complete the program? Will any classes be offered online or at night?

A: The MS in Accounting program consists of 33 hours and is designed to be completed in approximately one year by a full-time student. However, the program is flexible enough to allow fall, spring and summer entrants on either a full or part-time basis. Many courses will be offered in the evening or as hybrid courses, allowing students to work while completing the program. Importantly, the program is both convenient and affordable.

Q: What are the requirements for entrance into the program? Tell us what you are looking for in students, including undergraduate degree and work experience.

A: To be considered for regular admission, an applicant must have an undergraduate degree from an accredited American institution, submit acceptable test scores on the Graduate Admissions Test and meet the admission standards and other regulations of the UL Lafayette Graduate School. The GMAT may, at the discretion of the program director, be waived for students with an undergraduate GPA in accounting of 3.25 or greater. The GRE may be accepted in lieu of the GMAT depending upon the student’s undergraduate major.

Students whose first language is not English, must, in addition, submit scores from the Test of English as a Foreign Language and demonstrate to the director of the program an appropriate working and speaking level of English.

Applicants with a non-accounting degree will be accepted into the program upon completion of the specific prerequisite accounting courses or their equivalents. More information on requirements and admission is available at accounting.louisiana.edu.

Q: How is UL Lafayette positioned to attract students in this program? What are the nearest master’s programs, and are there enough accounting professionals here to keep the program thriving?

A: In 2011 the Department of Accounting achieved separate accreditation from the Association to Advance Collegiate Schools of Business, one of fewer than 180 programs around the world to do so. The bachelor’s program graduates approximately 70-80 accounting majors each year. Prior to the establishment of this MS in Accounting program, however, UL Lafayette accounting undergraduates seeking to gain the needed hours to sit for the CPA exam by pursuing a graduate degree in accounting find that the nearest program to the east is in Baton Rouge, the nearest program to the north is in Ruston, and the nearest program to the west is in Houston. The majority of our students, both undergraduate and graduate, are employed locally and relocating from the Lafayette area or commuting to attend these programs is simply not a logistically feasible option.

The MS in Accounting at UL Lafayette is the only graduate program in accounting focused on serving students in Acadiana and the Southwest Louisiana area. The level of economic activity in the region is expected to sustain and enhance the current intense demand for the proposed program and its graduates.

The Louisiana Workforce Commission reports there will be 210 annual job openings for accounting/accountants/auditors each year in the Lafayette/Acadiana region alone through 2018 with another 80 annual job openings projected for the Lake Charles region. The University’s initial goal is to produce students with master’s-level credentials to meet 10-20 percent of that demand, increasing production as the region’s employers more consistently demand certified, master’s-prepared accountants.

Thanks to Drs. Suzanne Ward and Dan Ward as well as Ms. Pam Meyer for their contributions to this article.