About the Author

I am currently enrolled in a Master of Professional Accounting program at UWG. I intend to develop expertise in Fraud Examination and Business Advisory. The Student CPA is a blog that strives to provide learning resources for accounting courses, graduate business school admission tips, information about careers in accounting, and job search strategies.

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Master of Accounting Admissions: Chronicles of My Quest to Secure a Graduate Assistantship

I was hoping to file this blog post a week after I announced with much fanfare my return to the weekly blogging I had been doing until I went missing in action for several months. I must confide to you that my long absence from the blogging world has had a somewhat corrosive effect on my blogger's soul. You ought to however concede that it is often a little challenging to resume normal activity after an extended period of interruption. I therefore ask you to bear with me as I slowly but surely get reacquainted with my muse. I started the first semester in the completion of my master of accounting a little over two weeks ago and so far I have been very pleased with the way each of my professors go about delivering the lectures. I will even go farther and say that I am surprisingly impressed by the human touch that has characterized most of my interactions with the faculty and staff members of the University of West Georgia. I have been so used to being treated as a number throughout my previous experiences at other universities that I initially found it odd that the human factor played a primary role in the way services are provided to students at UWG. This shouldn't have come as a surprise because this is what ought to be expected out of any educational institution or service provider. I sure hope I keep on getting pleasantly surprised by members of the staff and faculty here at UWG.

As things stand right now, I can say without any reserve that I am very happy I chose UWG to pursue my Master of Accounting degree. I am particularly pleased with this choice as I completed my application file less than four weeks before the deadline.  At the time, I already had received five formal admission decisions, four of which were favorable but none of them came with a much anticipated Graduate Assistantship appointment. In a previous post entitled Graduate Business School Admissions: The Waiting Game, I explained that financial aid would be the decisive factor in deciding which school I would en up enrolling at. That is the reason why, very early in my school search process, I only shortlisted MAcc programs located within less than 50 miles radius of a major metropolitan area (employment and networking opportunities) and that not only have a clearly defined GA program for first year students but also that have easily attainable admission standards as they related to my applicant's profile. I did firmly believe that scoring 620+ on my first and only attempt at giving the GMAT, graduating with an overall GPA flirting with 3.0, writing compelling admissions essays, securing terrific academic and professional recommendations, and submitting a respectable resume would all have sufficed to very easily earn me a GA appointment at each school I applied to. Unfortunately things did not turn out to be that way. Let me give you a very concise summary of what actually happened.

In a nutshell, none of the schools that made me an offer of admission was willing to tell me where I stood on my GA applications. They all kept jerking me around, I could never get a straight answer out of any of those schools. I was really disappointed that none of the schools was making any effort to be forthcoming with me. I ended up getting so frustrated by the treatment I was receiving from those institutions that I decided to cease communicating with each and everyone of them.Through all those tumultuous times, I never allowed my faith to weaken. I kept on praying for the outcome I hoped for: receiving a GA appointment with benefits that would substantially cover the cost of a Master's degree in accounting. It's been my personal experience that I have a much higher success rate in achieving my goals when I make room in my plans for God as opposed to when I don't. The month of April 2010 was about to come to an end when it occurred to me there still was one last institution with which I still had to complete the application process. That institution in question was the University of West Georgia. However I needed to proceed without wasting any additional time because the deadline to have all application materials submitted for the fall admission was June 7. I managed to have everything turned in by the end of the first week of the month of May.  While I waited for one more admission decision, I kept snooping around the website of UWG to learn everything I could about all the financial aid possibilities. That was how I found out that out of state MBA/MAcc applicants with both an analytical writing test score over 3.0 and an overall score above 480 on the GMAT would be eligible for a full out of state tuition waiver.  After all I had gone through with the other schools I had applied to, I was on the brink of catching a big break. The admission decision from UWG came in the mail in late May and not only was it was favorable but a full out of state tuition award also came along with it. I could not help but accept the offer because it was in fact the best one I had received up to that point. Now that I knew which school I would enroll at for the fall, I could focus on cold calling the various academic departments of the university to inquire about possible GA opportunities. It didn't take me too long before I identified very promising leads. To cut the story short, I ended up receiving three GA offers and the rest is now history. What a relief that was, my prayers were favorably answered and my perseverance rewarded.

The lessons that I have learned from my graduate school admission experience can be summarized in just a few sentences. If you are interested in obtaining a GA, it is of the utmost importance that you start your school search process and standardized test (GMAT/GRE) preparation at least a year before your anticipated term of entrance. You also need to cast your net very wide in selecting the programs you would like to enroll in. As opposed to targeting two or three universities, make every effort to shortlist anywhere between 7 and 10 institutions. That will be the best way to hedge your bets. Be mindful of not getting personal because it is all business. No matter what happens, good or bad, keep your cool and just keep on plugging away. Also, make an effort to be proactive as opposed to being passive. Passivity is not going to get you anywhere. Last but not least, make a room in all your endeavors for The Lord: “He who did not spare his own Son, but gave him up for us all—how will he not also, along with him, graciously give us all things?” (Rms 8:32).

Glad to Be Back in Business

It's been quite a wile since I filed my last blog post. While I do really enjoy almost any activity that stimulates the intellect, just over three months ago, I determined that my brain cells could seriously benefit from an extended break from most intellectually driven activities before I embarked  in my graduate studies in accounting. As a matter of fact, in less than a week I will be starting the completion of my masters degree in accounting at the University of West Georgia. While I pursue my graduate degree in accounting, I will be simultaneously employed as a Graduate Assistant  in one of the university's academic departments. In one of my previous blog posts entitled Graduate Business School Admissions: The Waiting Game, I explained how important it was for me to obtain a graduate assistantship as it enables me to optimally minimize my out of pocket expenses. In a later post, I will be sharing further details regarding my journey to an admission into a master's degree in accounting. While I was away from the blogosphere, I did make the extra effort to add additional features to the website. Indeed, The Student CPA weblog now features a "Sample Accounting Tests" page as well as a "Forum" page. The former comes to complement the already very popular "Accounting Lecture Notes" page while the latter offers a discussion and collaboration platform for anybody either enrolled in an accounting course or preparing for any of the accounting professional certifications. I am really excited at the idea of resuming my blogging activities. I will make every effort to improve upon what has already been accomplished so far. You can expect the same high levels of candor and thoroughness that have become the hallmark of almost each and every post or page published on The Student CPA weblog.
 

Temporary Leave of Absence

Dear readers:

I would like to thank all the individuals that have contributed either remotely or up close to the gradual development of The Student CPA. While I am taking a temporary break from my blogging activities, I nevertheless want to reassure the readership of The Student CPA that I have big ideas for the future development of this blog. As of now, I really don't know when I will be resuming my writing, it could be tomorrow or it could be four weeks from now. If this is your first time stumbling upon this blog, please take a few minutes to browse through the wealth of information on display here.

Best Regards,

Narcisse

Business News Outlets for the Millennial Generation

During my years in college, I was very struck by the fact that very few of my peers kept up to date with the then current business news events. I would often find myself sitting in classrooms chucked full of students cluelessly staring at the instructor as she waited for a feedback after bringing up a current or recent business news event. Would one of these instructors have spoken about a reality TV like The Real World from MTV, she would undoubtedly have gotten a more enthusiastic response from the majority of students siting in her lecture. This is typical to our generation: the Millennial Generation or Generation Y.  We grew up with computers along with TVs in our bedrooms therefore most of us are more in tune  with entertainment related media programming than we are with the news media programming in general. I personally did not have a TV and computer to my  name until my first year in college. That along with the manner with which my siblings and I were brought up have somewhat insulated me from the assault of the show business media on Generation Next. I remember I was barely a teenager when I started reading newspapers and news magazines as well as watching the nightly news and documentaries.  It is to be noted that without my dad's involvement it would have been nearly impossible for me to make any sense out of  all the serious issues I was being exposed to at the time.  He always made every effort to speak in a tongue I understood whenever I quizzed him on stories I read or watched that surpassed my level of comprehension. Since those formative years, keeping up with current events in general and business news in particular has become part of my daily routine.  As a result, I became a more complete business student than I could have been otherwise. Because of the variety of business stories I came across over the years preceding then covering my college life, I could easily relate to the topics that were being discussed in my business courses. Nowadays, most of the business news information I get is served to me via the web.  What else would one expect, I am a member of the Net Generation. Because our generation has a tendency to almost live on the web, I am going to recommend several web based business news outlets that an undergraduate business student can visit couple of times a day to keep abreast of current business news events.

  • Online Business news aggregators: Google News Business , Yahoo News Business, and Bing News Business are all three free services that aggregate the top business news stories of the day from hundreds if not thousands of online news sources. The webpages are continuously updated close to real time throughout the day.
  • Online Business news videos:
    • Business News Network (BNN): This is a Canadian based business news TV network. The website contains dozens of video clips from the shows of the day. Because the US  is the number one trading partner of CANADA, this Canadian cable network does a very good job of covering US business news events. They are very thorough in their business news coverage and they ask relevant questions to the guests they bring on the shows' sets. Last but not least there is little advertising. It is really worth checking out.
    • Nightly Business Report (NBR): This is the daily business news recap by Public Broadcasting Service (PBS). They do a nice job of offering a really fair and balance reporting of the day's business events. You will also find on the website video clips from prior shows.
    • Bloomberg News Youtube Channel: Out of the three major US based business news network (CNBC, Blomberg News, and Fox Business News), I believe Bloomberg provides the most objective reporting. CNBC and Fox Business News seem more concerned with singing the praises of big business as opposed to just delivering the news and allowing the viewer to form her own opinion. Anyhow, you will find thousands of videos on Bloomberg News Youtube Channel.
    • Reuters Business Video Channel: "Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals." On this website, you will find business news video briefs  from the day.
    • CNNMoney.com: This is another terrific website with tons of business news videos filed under several subsets: Business News, Markets, Personal Finance, Technology, Luxury, Small Business.
  • Business News Documentaries:
    • Frontline Business & Economy: Frontline is another program from Public Broadcasting System (PBS) that offers an hour long analysis of the major US business and US economy issues. From America's love story with credit cards to the near collapse of US financial markets, you will find plenty to chew on.
    • FORA.tv: "FORA.tv helps intelligent, engaged audiences get smart. Our users find, enjoy, and share videos about the people, issues, and ideas changing the world." On this website, you will find a variety of video clips on a variety of business, management, and economics topics. FORA.tv gathers "the web's largest collection of unmediated video drawn from live events, lectures, and debates going on all the time at the world's top universities, think tanks and conferences." I recently discovered this website and I am starting to love it!
  • Facebook Fan Page Updates: The Millennial Generation engineered online social networks in the likes of Facebook. Many members of our generation maintain a secondary life on Facebook. If you happen to be one of them, I would suggest that you become a fan of the pages of any of the following business news publications: Fortune Magazine, Wall Street Journal, and CNN Money. This way, all business news updates will be published on your wall so you can click on them for further reading.

There are thousands if not millions of ways to have business news serve to you. The examples I provided here offer to the Net Generation a convenient way of accomplishing it. Learning business school theories is great however it is even better when you can complement your classroom learning with some real life stories. It is indeed only then that you draw the greatest level of utility from your academic knowledge of the world of business. If you stumble on this post and have taken the time to read it from beginning to end, please be kind to drop a comment.

Study Habits for the Average Accounting Student

Succeeding in any field of study requires the use of a solid strategy and accounting is no exception. As an undergraduate student in accounting, I many times had classmates in my accounting courses that would vent to me their frustration with their inability to consistently achieve above average exam grades. In response, I would ask them their strategy for studying for the course. In 9 out 10 cases, they had no clearly defined strategy and that's exactly what I call a recipe for failure. Successful studies in the field of accounting require a structured approach. While I never did exceptionally well in college, I was however able to do better than average in all my accounting classes because I developed and adopted effective learning habits very early on. Before going any further, I would like to mention that the study skills I am about to share with the whole world are not a one size fits all. You are thereby invited to tweak them for the purpose of achieving optimum results. With the disclaimer out of the way, let's take a look together at the study habits that enabled me to fare better than most throughout each of my accounting classes. These learning habits were stacked up in four chronological phases: before the lecture, during the lecture, after the lecture, and before the test.

  1. Before the lecture: Before showing up for every lecture, there were two things that I would do. First, I would read the assigned chapter's opening story. Reading the opening story was very helpful to me because it enabled me to get a good feel for the issues to be discussed throughout the lecture. The other activity that I completed as part of preparing for the lecture was to print out then read the assigned chapter's powerpoint slides hosted on the textbook's website. If any worked problem was included in the slides, I would make every effort to solve it without looking at the solution. By the time I was finished working with the slides, I had become well acquainted with most of the topics to be covered in the lecture.
  2. During the lecture:  I always made sure to show up for the lecture on time and equipped with the chapter's powerpoint slides, the textbook, a basic scientific calculator, a notebook, etc. As I listened to the lecture, I would write anything that the instructor mentioned that was not included in the notes. If the professor singled out topics or types of problems that were highly likely to appear in the exam, I would also write that down. Last but not least, I made every effort to ask questions whenever I felt confused and I could not find the answers in the textbook.
  3. After the lecture: My first year in college, I had a bad habit of not reviewing my class notes nor completing any additional reading in a timely manner. That strategy seemed to work well until the semester of my Intermediate Accounting I course. The instructor was going through the chapters so fast that my procrastination ended up becoming a serious liability. It didn't take me too long to realize that a change of strategy was badly needed. It is right then that I decided that I was going to strive as much as possible to review my class notes and complete any further reading within 36 hours of the completion of a class session. Additionally, I committed to working out all chapter assigned problems over the weekend. These small adjustments in my study habits turned out to be very instrumental in helping me turn the semester around after I got off to a bad start in my Intermediate I accounting course.
  4. Before the exam: Once I became accustomed to consistently completing phases 1 through 3, my exam preparation became less tedious. Obviously I still needed to do things like review my class notes, read over the powerpoint slides, and rework some of the assigned problems with higher difficulty levels. I also did put a special emphasis on knowing how to solve every problem worked in class and in the textbook. This is because, from personal experience,  in almost 85% percent of the cases, the tests questions will be modeled after the lecture's and or textbook's solved illustrations or problems. To complete my preparation for the exam, I would go on the textbook's website take a quiz and a true or false questionnaire for each of the chapters I was going to be tested on. Not only did this final step help me hone in my exam taking skills, but it did also assist me in assessing  my level of readiness for the exam I was about to give.  

These guidelines are not meant to apply to very student's situation because learning styles vary from one individual to the other. Nonetheless, any person is welcomed to adapt the study habits I just outlined to her own set of circumstances. If you find yourself reading this post, please take a few minutes to contribute to the discussion by sharing some of the study techniques that worked or are working for you in your accounting courses or in your other business classes.

US GAAP to IFRS Migration: Reframing the Debate

For a decade or so, there has been quite a lot of talk in the US about a possible transition from US GAAP (Generally Accepted Accounting Principles) to IFRS (International Reporting Standards) with regard to US publicly traded companies. Up to this point, most of the discussions on the subject have been about assessing the merits of such a change. As usual, some people are for it while others aren't. Because I am still in the process of gathering the facts on the possible ramifications of the adoption or non-adoption of IFRS by the SEC (US securities and Exchange Commission), I find myself incapable of formulating an opinion on this issue. There is however plenty of literature about the subject available online therefore I urge you to conduct your own investigation. From the little I have learned so far, it is no longer a matter of if but when the SEC will require US publicly traded companies to report under IFRS. I am saying this because the American Institute of Certified Public Accounting announced not too long ago that starting with the year 2011, the CPA exam will test the candidate's knowledge on IFRS and IAS (International Auditing Standards). What would be the purpose of incorporating IFRS and IAS content into the uniform CPA exam if IFRS and IAS were not actually going to be widely or selectively implemented in the US? The debate we should be having right at this moment is how to best prepare accounting professionals and college students majoring in accounting in order to ensure a smooth transition from US GAAP to IFRS. This debate is critical because without adequately trained accounting professionals, the migration from US GAAP to IFRS is going to be a total disaster. Two Big Four accounting firms Deloitte and Ernst & Young have independently created partnerships with a select number of universities in order to develop teaching materials to aid instructors and professors in incorporating the differences between U.S. GAAP and IFRS into intermediate accounting courses. Although I salute those initiatives, I believe that more needs to be done. In my opinion, every higher education institution offering accounting degrees ought to, without further delay, start reengineering its curricula in anticipation of the ineluctable adoption of IFRS by the SEC. Right at this moment, it will indeed pay more to adopt an anticipatory attitude rather than a reactionary one. Furthermore, every accounting department's advisory board shall make it a top priority that IFRS is no longer vaguely talked about but rather taught in classrooms' settings. Last but not least , college accounting textbooks publishers and their respective authors must work hand in hand in order to quickly bring to market comprehensibly updated study materials that fully incorporate IFRS. Because mankind is a creature of habits, I thus understand that we have a certain tendency to resist the idea of change. However, one can no longer ignore the fact that the SEC is moving inexorably towards the adoption of IFRS. Therefore, all potentially affected parties must work in concert with each other to ensure that today's and tomorrow's US accounting professionals are more than appropriately prepared to deal with the much anticipated SEC migration from US GAAP to IFRS.

Suggested reading:

  1. International Financial Reporting Standards: An AICPA Backgrounder
  2. Content and Skill Specifications for the Uniform CPA Examination
  3. University Professors Weigh In on IFRS Curricula
  4. Is it US GAAP IFRS at US Universities?
  5. Deloitte Puts IFRS in College Classrooms
  6. E & Y Launches Academic Center