Frequently Asked Questions

Master of Accountancy Program Business Measurement and Assurance & Taxation Tracks

1.  What is the Master of Accountancy - MACC program?
 
The Master of Accountancy (MACC) program is designed to prepare students for careers in public, private, or governmental accounting and for further graduate work. Two different tracks are offered: 1) Business Measurement and Assurance (BMA) and 2) Taxation (TAX).

The Business Measurement and Assurance Track provides students with the advanced knowledge and skills necessary for entry-level positions in the areas of auditing, assurance services, and financial reporting. The Taxation Track provides students with the advanced knowledge and skills necessary for entry-level positions as tax accountants in public accounting as well as industry. 

2.  What are some of the major benefits of the MACC program?

• Improved critical thinking skills
• Improved communication skills
• Enhanced placement and compensation
• Enhanced technical competency
• Enhanced probability of passing CPA exam
• Develop network of professionals

3.   Does the MACC program have a work experience requirement?
 
Students entering the MACC Program usually do so immediately upon finishing their undergraduate degrees. The MACC Program has no work experience requirement, and there is no recruiting penalty for not having full-time work experience.  

4.  Must I have an undergraduate degree in accounting to get into the MACC program?
 
No. However, a student must have a bachelor’s degree, and six prerequisite courses in accounting must be completed prior to or concurrent with the program of study for the master's degree. Additionally, general undergraduate business core courses are required if the student’s previous academic work has not satisfied the business core course requirements.

Students with degrees from an international university or college must have completed an academic program equivalent to an American bachelor’s degree. Students with three-year degrees will not be accepted into the program and will be required, at a minimum, to complete an additional year of study before entering the program. 

 5.  What are the prerequisite business core courses? 

It is highly recommended that all business core classes be taken at a four year institution.  In order to meet the prerequisite requirement, courses above the USC 200-level must be taken at a four-year institution. 

6.  What are the accounting prerequisite courses?

• ACCT 401 - Financial Accounting (Intermediate I)
• ACCT 402 - Cost/Managerial Accounting I (Intermediate Cost/Managerial)
• ACCT 403 - Tax I (U.S. Individual Income Tax)*
• ACCT 404 - Accounting Systems I
• ACCT 405 - Financial Accounting II (Intermediate II)*
• ACCT 406 - Auditing I *

Accounting course descriptions can be found on the Accounting Courses web page.  Click on the course title to view a sample course syllabus.

In order to meet the prerequisite requirement, courses equivalent to the USC 400-level accounting courses must have been delivered in the classroom. Courses taken online or by distance education will not meet the prerequisite requirement.  *ACCT 403, 405, and 406 must be taken at an educational institution in the U.S.  If an undergraduate institution has three intermediate financial accounting courses, then a student probably will have to have taken all three to meet the ACCT 401 & 405 prerequisite requirement.  

7.  If I was not a business and/or accounting major, how do I complete the prerequisite courses?
 
It is preferred that applicants who meet all of our admission requirements including undergraduate GPA, GMAT and TOEFL/IELTS (Foreign Students only) and who already have an undergraduate degree other than accounting take their prerequisite courses at the University of South Carolina after being admitted to the MACC Program.  Alternatively, applicants in this category can take the prerequisites at another four year institution prior to starting the MACC Program.

If an applicant does not meet all our admission requirements, then we recommend that they take the prerequisite courses at the University of South Carolina or some other four year institution as an undergraduate student and, upon successfully completing the courses, re-take the required entrance exams in an effort to improve the likelihood of being admitted. 

8.   What is required to complete the Business Measurement and Assurance Track?
 
The Business Measurement and Assurance Track includes 30 credit hours of graduate coursework consisting of the following courses.

Four required courses (12 hours):

• ACCT 732 - Auditing II
• ACCT 734 - Accounting Research & Communication
• ACCT 736 - Information Technology Assurance, Contral & Security
• ACCT 737 - Accounting Systems II

Six additional courses (18 hours) including each of the following 500-level courses:

• ACCT 501 - Financial Accounting III (Advanced Accounting, including business combinations & consolidated financial reporting)
• ACCT 502 - Cost/Managerial Accounting II
• ACCT 503- Tax II (Taxation of Corporations, Partnerships, and Estates & Trusts)
• ACCT 504 - Legal Issues for Accountants (Not equivalent to ACCT 324)
• ACCT 505 - Government and NonProfit Accounting

Students who have previously taken courses that cover the concepts in these 500 level courses will replace them with electives.

Approved elective cours(s) needed to complete 30 credit hours must also be taken.  At least one of the courses must be a 700 level course.

Accounting course descriptions can be found on the Accounting Courses page. Click on the course title to view a sample course syllabus.  

In addition to the coursework, students must also successfully pass a self-administered, simulated professional accounting examination similar to the Certified Public Accountant (CPA) exam. 

9.  What is required to complete the Taxation Track?
 
The Taxation Track consists of 30 credit hours of graduate coursework including the following courses:

Five required courses (15 hours):

• ACCT 750 - Tax Research & Communication
• ACCT 751 - Taxation of Corporations and Partnerships - Part I
• ACCT 752 - Taxation of Corporations and Partnerships - Part II
• ACCT 752 - Estate Planning
• ACCT 756 - Advanced Estate and Income Planning

Five additional courses (15 hours) including three of the following 500 level courses not already taken:

• ACCT 501 - Financial Accounting III (Advanced Accounting, including business combinations & consolidated financial reporting)
• ACCT 502 - Cost/Managerial II
• ACCT 504 - Legal Issues for Accountants (not equivalent to ACCT 324)
• ACCT 505 - Government and NonProfit Accounting

Students who have previously taken courses that cover the concepts in these 500 level courses will replace them with electives.

Students will also take approved elective course(s) needed to complete 30 credit hours.

Accounting course descriptions can be found on the Accounting Courses page.  Click on the course title to view a sample syllabus.   

In addition to the coursework, students must also successfully pass a self-administered, simulated professional accounting examination similar to the Certified Public Accountant (CPA) exam. 

10.   How long does it take to complete the MACC program?
           
The course of study for both tracks consists of 30 semester hours. Most full-time students who enter the program with a full-time job offer complete the program in two regular (fall and spring) semesters of 15 hours each. 

Students who start the program without a full-time job offer are only allowed to take four classes in fall semester while participating in recruiting.  These students should consider taking at least one course in the summer before starting the program or they will not complete their program of study until the following summer.

Business Measurement and Assurance Track students may begin their program of study in fall, spring, or summer semesters. Due to the sequence of courses, it is highly recommended that Taxation Track students begin their program of study in either the summer or fall semesters.  Students considering starting the Tax Track in the spring semester should consult with the program director.

If a student needs a substantial number of prerequisite courses, it may take up to two years to complete the program.

11.  What is involved in applying for the MACC program?

• A Moore School application submitted online at Moore School Admissions;
• A current resume (uploaded with the application);
• A statement of career objectives (uploaded with the application);
• Official GMAT exam scores* (GRE exam scores are not accepted);
• Official TOEFL or IELTS exam scores* (Required of international students who have not earned a degree in the U.S.);
• Official transcripts of all prior college work (If all of an applicant's undergraduate coursework was completed in the University of South Carolina system, a transcript is not required);
• Two letters of recommendation (on-line submission of recommendations is preferred); and,
• The current application fee paid.

Applications will not be reviewed until they are complete and submitted with the current application fee paid.

*Conditional admissions pending future acceptable GMAT, TOEFL, and IELTS exam scores are generally not given.

 12.  When is my application due?
 
We have rolling admissions and will admit students up until the day before orientation.  However, in order for us to process your application and for you to make the necessary plans for graduate school we highly recommend that we receive your completed application and supplementary information as follows: For Summer I (early June) entry - April 15; for Summer II (early July) entry - May 15; for Fall (mid August) entry- July 1; for Spring (early January) entry – October 15th.  International students should apply at least 30 – 45 days earlier to allow additional time for processing immigration and visa documents. 

For best consideration, applicants seeking merit based financial awards (i.e., work grants, assistantships, and/or fellowships) for summer and fall entry should apply by November 1.

13.  What should my GMAT score be?
 
Generally, your GMAT score should be around the 50th percentile (currently 550) or above. The average GMAT score for students admitted to the MACC program is generally around 590.  GMAT scores must be no more than five years old.  The GRE exam is not acceptable. 

For information about or to register for the GMAT exam, contact GMAC [Tel: 609-771-7330 or, 1-800-462-8669 (U.S. or Canada), FAX 609883-4649, Internet: http://www.mba.com.]

14.  What should my undergraduate GPA be?
 
Generally, on a 4.0 scale your overall GPA should be 3.0 or above and your upper level accounting GPA not in include lab grades should be 3.0 or above, your GMAT score should be 560 or above and your AACSB score should be 1260 or above. Your AACSB score is determined by multiplying your GPA on a 4.0 scale by 200 and then adding this number to your GMAT score [(GPA x 200) + GMAT Score]. The average undergraduate GPA for students admitted to the MACC program is generally around 3.6.

The admissions committee will consider for conditional admission a student whose upper level accounting GPA is at least 3.0 and AACSB score exceeds 1200.

It is highly unlikely that an applicant with a upper level accounting GPA of less than 3.0 will be admitted.  Upper level accounting courses include those courses equivalent to ACCT 401-406 and 501-505, as well as other accounting courses taken as a junior or senior accounting major.  Lab grades, internship grades and introductory financial and managerial accounting grades are not included. 

15.  What should my IBT TOEFL or IELTS score be? 

International students must have a minimum TOEFL score of 100 on the IBT version to include minimum scores for each section of reading - 22, listening - 22, speaking - 26 and writing - 24. If the IELTS is taken in lieu of the TOEFL exam, a minimum score of 7.0 is required on each section of the exam. Exam scores must be no more than two years old.  This requirement is applicable only to international students without a four-year undergraduate or graduate degree earned at an educational institution in the United States. 

16.  What fees are involved in the MACC program?
 
The 2011-2012 MACC Program fee is $518 per credit hour ($15,540 for a 30 credit hour program of study) for South Carolina residents and $1,011 per credit hour ($30,330 for a 30 credit hour program of study) for nonresidents. Students who need prerequisite courses will be charged the same per credit hour fees for these additional courses. Fees are generally adjusted for the summer II session of each year. 

17.  Is merit based financial aid available?
 
Yes. However, merit-based awards are quite competitive. Finalists for these awards generally have GPAs and GMAT scores that are substantially above the program averages. International applicants TOEFL/IELTS scores must meet the minimum requirements including individual section requirements in order for the applicant to be competitive for merit based aid.

Your application for admission is your application for merit based aid.  There is no additional application.  All qualifying applicants will be considered.

For best consideration, applications must be received by November 1st for the following fall semester. We plan to make first round awards no later than mid February. More information about financial assistance from the Moore School.

18.  How much do the fellowships and work grants (assistantships) pay?
 
Fellowship awards for 2012-2013 ranged from $1,000 to $9,000. Nonresidents who receive fellowship awards may also receive a reduction in the program fee.

Work grants (assistantships) pay a minimum salary of $2,500 per academic year. Students who receive work grants (assistantships) may also receive a reduction in the program fee.  

19.  How much do I have to work as a graduate student with a work grant?
 
MACC graduate assistants work 10 hours per week.  Their work involves service to the School of Accounting as a teaching assistant or recitation/introductory accounting instructor. 

20.  Are student loans available to MACC students?
 
Yes. Currently graduate students may borrow from several student loan programs. These programs are constantly changing. For specific program requirements and application materials, contact the Office of Student Financial Aid and Scholarships by phone at 803.777.8134, e-mail: uscfaid@sc.edu, or visit http://www.sc.edu/financialaid/ 

International students generally do not qualify for U.S.-based student loans. 

21.  Is the MACC program accredited?
 
Yes. The Darla Moore School of Business and the School of Accounting are accredited by AACSB International – the Association to Advance Collegiate Schools of Business. 

22.  Is an interview required for acceptance into the MACC program?
 
The general answer is no.  However, at our discretion, we may require an oral interview to ascertain the English speaking skills of an international student.

We do encourage potential students to visit the university and to talk with our advisors, students, and faculty to learn more about the program.

23.  Can I attend the program on a part-time basis or at another USC campus?
 
The MACC program was designed as a full-time program and most of the students attend on a full-time basis. All of the required graduate accounting and tax courses are only offered on the Columbia campus during the hours of 8:00 a.m. to 5:30 p.m. They meet for one hour and fifteen minutes on either Monday and Wednesday or Tuesday and Thursday.

However, we have had students complete the program on a part-time basis. If you want to take classes part-time, you need to have a very supportive employer. The program is not offered on TV, online, as distance education, or at any of the USC regional campuses. 

24.  Will I get a job when I graduate?
 
Past placement of MACC students has been excellent. Over the past several years, most of the MACC students who are permanent residents of the United States have been placed by the time they graduate.

Some of the primary factors in job placement are:

• Undergraduate and graduate grades.  (Undergraduate grades are of particular importance as recruitment takes place in the fall term, which is generally the first semester of enrollment.
• Willingness to relocate
• The job market at the time of graduation
• Service and work history
• GMAT exam scores
• The ability to communicate effectively and market yourself to potential employers.

Job placement rates for international students vary based on the student’s background and academic profile. International students who have attended and graduated from a four-year institution in the US in combination with the MACC degree at the Moore School historically have a better chance for domestic job placement. Due to immigration laws and market conditions, those students who have completed an undergraduate degree outside of the US in combination with a MACC degree at the Darla Moore School have encountered greater challenges with domestic hiring. 

25.  Are there opportunities to find out more about the MACC program?
 
Yes!  Students desiring additional information about the MACC program should attend the 2012 MACC SHOWCASE on Friday, October 12, 2012.  The MACC Showcase will include informational sessions with program details, a faculty panel, and a current student and alumni panel. Registration for the event is required. Register online.  Bring some of your classmates with you!

Group visits of accounting clubs from other colleges and universities or individual student visits are also encouraged!

If you have additional questions after reviewing the “Frequently Asked Questions”, please contact:

Jimmy Burkett, CPA
MACC Program Director
Darla Moore School of Business, Room 319
1705 College Street
Columbia. SC 29208
Phone & Fax:  803.777.6412
E-mail: macc@moore.sc.edu

To receive the most thorough answer to your MACC Program questions, please include the following in your email requests:  

•  All of your transcripts (Unofficial transcripts are acceptable). If a current or prior University of South Carolina student, send your legal name and the last four digits of your social security number. Your transcript can be pulled with this information.
• GMAT score(s) if you have taken the exam (Unofficial scores are acceptable).
• A current resume
• A brief statement of your career objectives
• International students should provide their TOEFL or IELTS score report if they have taken either of these exams (Unofficial scores are acceptable).  

26.  How do I find out more about the accounting profession?
 
For information about becoming a CPA,  visit the American Institute of CPAs - AICPA/Become a CPA.   There is a world of information including links to the various state CPA requirements.  While on the AICPA website, if you qualify, sign up for a free affiliate/student membership.

Also, check out the South Carolina Association of CPAs – SCACPA/Student and Educators page.  You are encouraged to join SCACPA as a student member if you qualify.

For more information about corporate accounting, visit the Institute of Management Accountants – IMA/Student Programs.  While on the IMA website, if you qualify, you should also join as a student member.  If you are a USC-Columbia student and are interested in joining the USC IMA student organization, please email Stan Smith at stan.smith@moore.sc.edu .