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DRAFT
Master of Accounting (MAC)
Background
Changes in Pennsylvania’s CPA Law require 150 credit hours and one year of public
accounting experience—in addition to the successful completion of the CPA Exam—
before granting a CPA license. Currently, 45 of 50 states have passed legislation
requiring 150 credit hours.
After January 1, 2012, candidates will need to have graduated with a bachelor’s or
master’s degree and completed at least 150 credit hours, with 36 semester-credits in
accounting subjects. These subjects include accounting and auditing, business law,
finance, and tax subjects acceptable to the Pennsylvania State Board of Accountancy.
To be minimally compliant with the new law, Juniata College must offer twelve more
credits in accounting.
Juniata has the unique opportunity to provide a Master of Accounting (MAC) program in
a liberal arts setting. Given the increasing fiduciary, legal, and ethical responsibilities of
accountants and business leaders, graduates of the MAC would receive an education
that exposes them to viewpoints from other academic disciplines.
According to the American Institute of Certified Public Accountants (AICPA), "the
additional academic work needed to acquire the technical competence and develop the
skills required by today's CPA is best obtained at the graduate level. Graduate-level
programs are an excellent way to more fully develop skills such as communication,
presentation, and interpersonal relations, and to integrate them with the technical
knowledge being acquired."
Additionally, MAC graduates will be adequately prepared to pursue a doctorate in
accounting. With the demand for accounting education predicted to increase, colleges
and universities will need a healthy supply of PhDs. Currently, the pool of doctoral
candidates pursuing accounting is insufficient to meet anticipated demand. Starting
salaries for new Accounting PhDs reach well into the six-figure range—far beyond that
of other new business and economics faculty members.
Description of the Program Mission Statement
Consistent with the mission statement of the Juniata College and the Department of
Accounting, Business, and Economics, the MAC program is dedicated to producing
student-centered outcomes. We are particularly concerned with the development of
students' capabilities in reading with insight, in using written and spoken language
clearly and effectively, and in thinking analytically. We want our students to lead
fulfilling and useful lives by helping them develop a set of broad-based capabilities
useful not only in accounting but in all aspects of their lives.
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The program strives to prepare students for entry into a world where individuals must
have a command of relevant knowledge about accounting, management, and
economics, and have a capacity to apply that knowledge in addressing problems and
making decisions.
Accounting education should not focus exclusively on narrow, technical, short-term
objectives. Rather, a firm understanding of accounting theories and concepts and the
development of skills necessary for a productive long-term career should be
emphasized.
The primary purpose of the MAC program is to prepare students for lifelong learning
and fulfilling careers. The learning philosophy of the MAC emphasizes fundamental
accounting concepts, theories, and skills, which students can apply to a wide variety of
decision-making contexts.
Major Learning Objectives
Graduates of this program will meet the educational requirements of Pennsylvania (and
all other states) to become a Certified Public Accountant.
More importantly, the MAC program is designed to develop the following seven
capabilities and skills of our graduates:
Having technical capabilities means understanding and using the technical
methods, processes, procedures and techniques of accounting and related
disciplines. This capability involves specialized knowledge, analytical ability, and
facility in the use of the tools and techniques of accounting.
Decision-making capabilities involve the use quantitative and qualitative decision
techniques to design and implement a practical solution to a problem. This
capability means thinking in terms of relative emphases and priorities among
conflicting objectives and criteria, relative tendencies and probabilities as well as
certainties, and rough correlations and patterns among elements as well as
clear-cut cause-and-effect relationships.
Having communication capabilities means using spoken, written, non-verbal and
visual processes with a sensitivity to the appropriateness and timeliness of any
given message or medium.
Having conceptual capabilities means seeing the whole organization as a
system, recognizing how the various components of the system depend upon
one another and how a change in any one part affects all the others. Also
involved are understanding the relationships between an organization and its
external uncontrollable environment, including its industry and the political,
social, economic, and technological systems within which it operates.
To work effectively as a group member, whether as a leader or a participant,
requires human interaction capabilities. These capabilities involve correctly
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perceiving the interrelationships within a group of persons and controlling one's
own behavior so as to make conscious, effective interventions in the group
process.
Information capabilities mean the student can locate, collect, and transform data
into information using modern technologies. This capability involves discerning
what information is needed in a situation, what data underlies the needed
information, and what technologies, systems, and manipulation procedures must
be used to create the information.
International capabilities involve the comprehension of the international
environment in which business and economic activities must take place.
Students must develop openness to multi-cultural experiences and the
knowledge of the complexities which such experiences bring to managerial and
economic activities.
Market Analysis
Only one liberal arts college in Pennsylvania offers a MAC (Chatham University in
Pittsburgh). Some of our private baccalaureate college competitors offer or plan to offer
a 150-hour bachelor’s degree, an unappealing option for most students. In fact, the
AICPA dubbed the 150-hour undergraduate degree “impractical.” An alumnus who
recruits for Deloitte, a Big Four accounting firm, indicated his firm is already seeing
students shift to master’s degree programs.
Nearly all MAC programs are housed in large public universities, many of whom cater
only to their own undergraduates or have limited capacity. Many of these programs are
full-time and cohort-driven, making part-time study impossible. Several for-profit
universities now offer expensive online masters programs possessing varying levels of
quality.
Juniata has, for the past decade, graduated roughly 10-15 students annually with POEs
in Accounting and Finance. Thus, at any given time, we have at least 40 students
interested in a degree in Accounting or Finance. Without the MAC, at least some of
these students will choose to study elsewhere. With the MAC, Juniata will retain
students and be positioned to attract additional undergraduate students.
Three students paying tuition of $12,800 per year will cover the modest annual budget
for the MAC. A target enrollment goal for the first 3 years of the program will be 8-10
student students annually (See “Resource Implications” for further detail).
With careful planning, students in nearly any current undergraduate program could
complete a bachelor’s degree in another field and the MAC within five years. The
coupling of a bachelor’s degree and the one-year MAC is likely to be popular with
students. Non-accounting ABE students could decide as late as the second semester
junior year to complete the MAC during a fifth year of study. Non-ABE students could
decide after the sophomore year and still complete the MAC program during a fifth year.
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The coursework in the MAC program will be offered on a traditional daytime basis. The
clientele for this program will not include current working professionals as many of them
already hold CPA licenses or MBA degrees. Our main clientele will include those
students interested in practicing pubic accounting at either the outset of their
undergraduate careers or following the completion of another undergraduate degree.
Accounting continues to be a high growth field. The Bureau of Labor Statistics reports

Accountants and auditors are expected to experience much faster than average
employment growth from 2008-18. Job opportunities should be favorable;
accountants and auditors who have a professional certification, especially CPAs,
should have the best prospects.

Employment of accountants and auditors is expected to grow by 22 percent
between 2008 and 2018, which is much faster than the average for all
occupations.

There is a growing movement towards International Financial Reporting
Standards (IFRS), which uses a judgment-based system to determine the fair
market value of assets and liabilities, which should increase demand for
accountants and auditors because of their specialized expertise.

Job opportunities should be favorable. Accountants and auditors who have
earned professional recognition through certification or other designation,
especially a CPA, should have the best job prospects. Applicants with a master's
degree in accounting or a master's degree in business administration with a
concentration in accounting also may have an advantage.
The AICPA’s 2009 trend report concerning the supply of accounting graduates and the
demand for public accounting recruits indicates that accounting enrollments continue on
an upward trend. From 2001/2002 to 2007/2008, the number of accounting degrees
awarded in the U.S. increased 40 percent. Additionally, capacity constraints in
accounting programs continue to be a concern as many large, public university
accounting programs report declining admission to candidates.
Analysis of Current Major
Our current POE in Accounting is insufficient to meet the requirements of the new CPA
Law. However, in addition to the MAC, we plan to redesign the undergraduate
accounting POE. The MAC is designed to meet legislative requirements to be a CPA,
practice in public accounting, and continue graduate study at the doctoral level. The
the undergraduate accounting POE will be focused on accounting theories, concepts,
and skills relevant to corporate, governmental, and non-profit organizations. (See the
proposed revisions to the accounting POE attached.)
Sources Used in Designing the Proposed Curriculum
Starting January 1, 2012, the Pennsylvania State Board of Accountancy requires CPA
candidates to have graduated with a bachelor’s or master’s degree and completed at
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least 150 credit hours, with 36 semester-credits in accounting subjects. These subjects
include accounting and auditing, business law, finance, and tax subjects acceptable to
the Pennsylvania State Board of Accountancy. Accounting-related credits can be
accomplished through undergraduate, graduate, or a combination of both levels of
study.
The proposed curriculum is consistent with the Pennsylvania State Board of
Accountancy requirements and with the guidance provided by the AICPA.
In conjunction with the guidance provided by the above sources, we surveyed the
accounting curricula of dozens of MAC programs and generally modeled the MAC
program similarly given available resources. The Juniata MAC is designed to prepare
students for professional careers in accounting and for further academic work in
accounting. The MAC differs from many other programs in that coursework in financial
economics is required and economic theory and policy is incorporated in much of the
accounting coursework. Additionally, this MAC includes a requirement for an
accounting research project, a rare requirement in MAC curricula.
Consistency of Proposal with Institution-Wide Objectives for Programs
Some students may state their intent to pursue this program at the beginning of their
college experience. However, assuming an undergraduate student has met the
prerequisite requirements, he or she could begin the MAC program immediately after
earning a baccalaureate degree. A cohort system for incoming students is not
appropriate for the MAC, as it would limit the potential to attract part-time students.
At this point, the MAC includes no electives. The program can be completed with one
year of full-time study if prerequisites are met. In terms of institutional efficiency, a net
of four new courses will be added to current catalog and instructional workload.
The capstone course of the MAC is Accounting Research in which students are
required to research an accounting topic and prepare both a paper and presentation.
The output of two semesters of work is essentially a master’s paper. The course,
Federal Taxation for Individuals, requires students to perform a service learning project
and the course in Government and Nonprofit Accounting may be an option for the
proposed master’s degree in nonprofit leadership. All courses will be offered in a
traditional classroom context but online instruction is possible for all MAC courses.
Online course offerings will be considered in the future given changes in both student
demand and technological infrastructure.
Again, the MAC will necessitate changes in the undergraduate accounting POE. Please
see revised POE attached.
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Catalog Description and Model Degree Plan
Fall Semester
Course Number
AC 535*
AC 537*
AC 532*
AC 534
AC 539
Title
Auditing
Cost Accounting
Corporate Taxation
Advanced Accounting
Accounting Research
Total Credits
Spring Semester:
AC 533*
AC 536
AC 538
AC 539
EB 563* or 565*
Governmental & Nonprofit Acct
Federal Taxation of Individuals
Forensic Accounting
Accounting Research
Financial Markets & Institutions or Financial Theory &
Analysis
Total Credits
Credits
4
4
4
3
1
16
4
3
3
2
4
16
Entry to the MAC program requires students complete the following courses or comparable equivalents:
EB 131
Financial Accounting
3
EB 232
Intermediate Accounting I
4
EB 233
Intermediate Accounting II
4
Introduction to Business Law or Legal Regulations of
EB 203 or EB 204
Business
3
EB 223
Principles of Microeconomics
3
PL 230
Business Ethics (or PL 106 Introduction to Ethics)
3
EB 211
Business Statistics or approved substitute stats course
3
MA 130
Calculus
4
Total Credits
27
* These four-credit courses may meet with undergraduate students. Graduate students are required to
complete “additional requirements” during the fourth hour. This is neither a unique nor unacceptable
practice. For instance, The University of Pittsburgh offers a 30-credit MS in Accounting in which half of
the 30 credits come from undergraduate courses with “additional requirements.”
Please see the accompanying syllabi for individual course descriptions and objectives.
Resource Implications
The MAC program repurposes and adjusts existing courses while adding a net of only
four courses to instructional workloads.
Instructional compensation for new courses, “additional requirements” courses, and
stipends for supervision of AC 539 Accounting Research is approximately $23,000 per
year. Annual marketing, administrative, and course development costs are
approximately $15,000. Total estimated costs equal $38,000. With projected net tuition
per student at $12,800 (a minimum of $400 per credit), three enrolled students surpass
the break-even point. Tuition at comparable master’s programs ranges from roughly
$400 to $700 per credit.
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MAC Courses
AC 535
AC 537
AC 532
AC 534
AC 539
AC 533
AC 536
AC 538
EB 563 or 565
Auditing
Cost Accounting
Corporate Taxation
Advanced Accounting
Accounting Research
Governmental & Nonprofit Acct
Federal Taxation of Individuals
Forensic Accounting
Financial Markets & Institutions or Financial
Theory & Analysis
Total MAC courses
9
Existing courses (to be cross listed)
AC 535
Auditing
AC 537
Cost Accounting
EB 563 or 565
Financial Markets & Institutions or Financial
Theory & Analysis
Less existing cross listed courses
3
Existing courses (to be moved into the MAC)
AC 534
Advanced Accounting
AC 536
Federal Taxation of Individuals
Less existing courses moved into MAC
2
New courses offered by ABE
AC 532
AC 539
AC 533
AC 538
Corporate Taxation
Accounting Research
Governmental & Nonprofit Acct
Forensic Accounting
New courses
Proposed revision to Accounting POE
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Course Number
EB 131
EB 201
EB 203
EB 204
Title
Financial Accounting
The Management Process
Introduction to Business Law
Legal Regulations of Business
EB 211
EB 223
EB 232
EB 233
EB 236
EB 337 (AC 537)
EB 333 (AC 533)
EB 335 (AC 535)
EB 332 (AC 532)
Business Statistics or approved substitute stats course
Principles of Microeconomics
Intermediate Accounting I
Intermediate Accounting II
Managerial Accounting
Cost Accounting
Governmental & Nonprofit Acct
Auditing
Corporate Taxation
3
3
4
4
4
3
3
3
3
EB 342
EB 351
EB 361
Management Information Systems
Marketing Management
Financial Management I
Calculus or EB 210 Quantitative Business Analysis (3
credits)*
3
3
3
Business Ethics (or PL 106 Introduction to Ethics)
Total credits
* EB 210 does not satisfy the requirements for the Masters
of Accounting degree.
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58
MA 130
PL 230
This POE is designed to support accounting careers in private industry, governmental
and nonprofit sectors. To pursue a career in public accounting, students will need to
complete 150 hours of higher education with requirements for additional accounting
coursework. Please check with your state board of accountancy for state-specific
requirements.
Credits
3
3
3
3
4