The Olin School of Business has created a master’s degree program for accounting.
The master of accounting, or MACC, was developed in response to growing demand in the industry for accountants who can think critically and respond to the evolving demands in the face of a global economy.
The business school did have a master of science in business administration (M.S.B.A.) with a concentration on accounting.
That also fulfilled the 150 hours of classes that students need in order to take the Certified Public Accountant exam, said Tzachi Zach, Ph.D., assistant professor of accounting.
Zach developed MACC with Ronald King, Ph.D., the Myron Northrop Professor of Accounting. However, this program was exclusively aimed at WUSTL undergrads, while the new MACC aims to also attract outside students.
“This is actually a big change from what we offered before,” Zach said. “The underlying philosophy in MACC is that students will learn how to learn.
“Overall, the program will emphasize the development and enhancement of students’ oral and written skills.
“The hope is for students to become strong critical thinkers. Our expectation is that students learn to form their opinions and defend their ideas on a wide spectrum of accounting-related issues.”
The program will last one or two years, depending on the background and experience of the individual. Students in MACC have a choice of participating in a three-month internship in a public accounting firm and conduct a research project related to that experience.
Zach and King said the plan is to expand the program’s offerings to also include internships in a corporate accounting setting.
The capstone of the curriculum is a course whose purpose is to integrate all the knowledge gained by introducing students to current accounting research and identifying their roles within the accounting and business industry.
“We believe this kind of knowledge is essential in the post-Sarbanes-Oxley climate,” Zach said.
“Employers are looking for people who can easily adapt to change. They’re also seeking people who can place those changes in a larger context and communicate their significance to others.”
Currently, MACC has 29 students enrolled from within the ranks of undergraduate students. The degree is in alignment with the Olin School’s development of other programs that offer students skills that are in high demand.
Last year, the school began offering a master’s in finance. The first group to enter that program consisted of eight students; 30 students will enter the program at the start of the fall semester.