Frequently Asked Questions
Why should I apply to the MAcc program?
The program is a nationally recognized program. Placement opportunities are outstanding in the accounting profession, industry, and government (see placement statistics). Additionally, many of the students have successfully completed the CPA exam either while still in the program or very soon after.
Our academic program is revised almost every year to ensure that our students will be well prepared for their first job as well as to assume leadership roles in the future. For many years there has been is a week-long orientation program that includes a ropes course team building exercise and case presentations. This Fall the entire class went to Washington, D.C. to meet with accounting and tax regulators, policy experts, and professionals. We plan to make this an annual event, either going to Washington or New York.
The program began in 1979 and since 1993 has graduated an average of more than 70 students annually. Generally, 20% of the students have degrees from schools other than UT. Beginning January, 2009, most of the MAcc classes will be held in the new, state-of-the-art Haslem College of Business building.
How long does it take to complete the program and is it full-time only?
The program only begins in the Fall and consists of Fall and Spring semesters plus the first summer session. This schedule runs from late August through June of the next year. Every student takes 12 hours each in the Fall and Spring and 6 hours in the summer. Classes in the Fall and Spring meet either Monday and Wednesday or Tuesday and Thursday. There are no evening classes.
What is involved in applying for the MAcc program?
Go to the Master of Accountancy website and complete the application. You must submit a $35 application fee, the results of the GMAT, transcripts, and two letters of recommendation (preferably from college professors). UT undergraduate transcripts are sent automatically to the Graduate School.
When should I apply to the MAcc program?
While we accept applications at any time, the best time would be at the beginning of your last semester of undergraduate work (except for those graduating in the summer). This timing allows you more time to prepare for the GMAT (which is very important) and also to include your Fall grades. Many students graduate in December and intern the following Spring. Submitting your application in early January, before beginning the internship, works well for these students as well as those who will be graduating in May. The application deadline is March 1 (February 1 for international students). However, we will accept students on a space available basis as late as July.
What undergraduate grades and GMAT score do I need?
The average GMAT score is in the upper 500’s and the average GPA is 3.5. Remember that these are averages and therefore some are higher and some lower. If in doubt about your scores, please talk with the Director of the MAcc program. Do not assume anything and if you have special circumstances, let us know. We consider grades, GMAT, and activities in making admission decisions. The most important admission criterion is grades in accounting classes. Since a 3.0 average is required to receive a MAcc degree, an applicant should do B or better work in most of his/her undergraduate accounting work.
What are the admission requirements for the MAcc program?
The following prerequisites must be completed prior to beginning graduate coursework in the Fall:
Accounting 301 Financial Reporting
Accounting 311 Financial Reporting and Analysis
Accounting 321 Cost Management
Accounting 411 Financial, Compliance and Operational Auditing
Accounting 414 Advanced Financial Reporting
Accounting 431 Federal Income Taxation
Info. Mgmt.341 Business Process Analysis
Finance 301 Financial Management
Must I have an undergraduate degree in accounting to begin the MAcc?
No, we have had many graduates from finance, engineering, nursing, and various arts and science programs. These students should be computer literate and are expected to have completed coursework in introductory accounting and economics, plus the prerequisites listed above.
What is the cost of the program and what financial aid is available?
Tuition and fees are about $12,000 (in-state) for the entire program, pending UT Board of Trustees approval in June. Graduate Teaching Assistantships are available. GTAs earn $5,100 for working 10 hours a week in the Fall and Spring. Additionally, all but $3,000 of tuition and the fees are waived (pending Board approval) for the entire program. Scholarships also are available ranging from $1,000 to $3,000. Tennessee residents may apply for TSCPA scholarships of $1,100.