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Master of Accountancy

Frequently Asked Questions


Frequently Asked Questions about the Master of Accountancy Program, Business Measurement & Assurance and Taxation Tracks

1. Are both the MACC & MTAX Programs still offered?
In order to enhance our graduate accounting programs, we have merged the MACC and MTAX programs into one program with two tracks. Students in the new MACC program must select one of two tracks (Business Measurement and Assurance, or Taxation) and complete the degree requirements for that track.

The Taxation Track is now 30 semester hours as compared to 36 hours that was required in the MTAX Program. In addition we have changed some of the course requirements in order to better prepare students for the CPA exam and have added the requirement that students in both tracks must successfully pass a self-administered, simulated professional accounting examination similar to the Certified Public Accountant (CPA) exam.

2. 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.

3. How long does it take to complete the MACC program?
The course of study for both tracks consists of 30 semester hours. These courses may be completed in either two full semesters of 15 hours each (Fall and Spring) or three semesters of 3, 12, and 15 hours each (Summer, Fall, and Spring). Business Measurement and Assurance Track students may begin their program of studies in the fall, spring, or summer semesters. Due to the sequence of courses, it is highly recommended that Taxation Track students begin their program of studies in the summer or fall semesters.

4. What courses are required for the MACC Business Measurement and Assurance Track?
A. Four required courses (12 hours):

B. Six additional Courses (18 hours):

1. Each of the following 500-level courses not already taken:

Note: A curriculum change has removed ACCT 733 Accounting Theory as a required course.

2. Approved electives, the number of which depends on the number of 500-level courses that must be taken. 

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

Use this link to review Course Descriptions .

5. What courses are required for the MACC Taxation Track?
A. Six required courses (18 hours):

B. Four additional courses (12 hours)

1. Three of the following 500-level Accounting courses that have not already been taken (9 hours maximum).

2. Approved electives (3 hours minimum)

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

Use this link to review Course Descriptions .

6. 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 courses are required if the student's previous academic work has not satisfied the business core course requirements. See FAQs 7 & 8 for a list of the required prerequisite business core and accounting courses. 300- and above level courses must be taken at a four-year institution.

Students with degrees from a foreign 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 minimum, to complete an additional year of study before entering the program.

Foreign students who have not completed the required prerequisite courses, business core courses, or a degree equivalent to an American Bachelor's Degree should consider completing these at the University of South Carolina or another accredited university in the USA.

7. What are the prerequisite business core classes?*

MATH 122 Business Calculus
ACCT 225 Introduction to Financial Accounting
ACCT 226 Introduction to Managerial Accounting
ECON 221  Principles of Microeconomics
ECON 222  Principles of Macroeconomics
MGSC 291 Statistics for Business & Economics
FINA 363 Introduction to Finance
MGMT 371 Principles of Management
MKTG 350 Principles of Marketing


  
   
  
  
  
 
  


 

*All prerequisites above the 200-level must be taken at a four-year institution.

8. What are the accounting prerequisite courses?

All prerequisite courses above the 200-level must be taken at a four-year institution.  400-level accounting courses cannot be taken on-line or by distance education.
*ACCT 403, 405 & 406 must be taken at an educational institution in the U.S.

9. What is involved in applying for the MACC program?
An applicant must submit the following items:

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

We no longer mail applications.  You can find the complete Moore School of Business Graduate Application with instructions in PDF format at http://mooreschool.sc.edu.  Click on Prospective Students/ Graduate Admissions/Admissions Process.  [Phone: 803-777-4643; E-mail: gradadmit@moore.sc.edu]

We request that you complete an official Graduate School application online at http://www.gradschool.sc.edu and mail all supplementary materials directly to the Graduate School in one package.  Applications will not be reviewed until they are complete and the application fee has been paid.

10. When is my application due?
Application due dates are as follows: Summer I - April 15, Summer II - May 15, Fall - July 1, Spring - November 15. Applications from foreign students are due 30 days prior to the due dates previously mentioned.

If you are interested in applying for Merit Based Financial Awards (graduate assistantships and/or fellowships), your applications must be received by December 1.

11. What should my GMAT score be?
Generally, your GMAT score should be at the 50th percentile (currently 540) or above. The average GMAT score for students admitted to the MACC program is generally around 585. The GRE exam is not acceptable. GMAT Scores must be no more than five years old. (See GPA & AACSB score in FAQ #12)

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: 609-883-4649, Internet: http://www.mba.com.

12. What should my undergraduate GPA be?
Generally, for admission your overall and accounting GPAs should be 3.2 or above on a 4.0 scale, your GMAT score should be 540 or above, and your AACSB score should be 1250 or above.  Your AACSB score is determined by multiplying your GPA ona 4.0 scale times 200 and then adding this number to your GMAT score [(GPA x 200) + GAMT Score].  The average undergraduate GPA for students admitted to the MACC program is generally around 3.5.

The admission committee may grant a conditional admission for a student who does not meet all three of the above requirements.  Conditional admissions generally require that the student earn no grade less than a B in their first twelve graduate hours.

13. What should my computer-based TOEFL or IELTS score be? (Applicable only to foreign students without a four-year undergraduate or graduate degree earned at an educational institution in the United States)
Foreign students must have a minimum TOEFL score of 100 on the new, internet-based version (250 on the CAT version & 600 on the paper exam) or a minimum IELTS score of 7.0. Exam scores must be no more than two years old.

14. What fees are involved for the MACC program?
The proposed MACC Program fee for 2007-2008 is $371 per credit hour ($11,130 for a 30 credit hour program of study) for South Carolina residents and $622 per credit hour ($18,660 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 I session of each year.

15. Are fellowships and work grants (assistantships) available?
Yes. However, these merit-based awards are quite competitive. Finalists for these awards generally have GPAs and GMAT scores that are above the program averages. Applications must be received before the application deadline (December 1) to be considered for financial awards for the following fall semester. These awards are generally made in early March. You can find more information about financial assistance from the Moore School of Business by clicking here.

Foreign students’ eligibility for fellowships and assistantships is limited. Full support or support to cover most of the costs that foreign students will incur is not available.

16. How much do the fellowships and work grants (assistantships) pay?
Fellowships available to MACC students normally range from $500 to $3,500. Non-residents who receive fellowship awards may also receive a substantial reduction in the program fee.
Work grants (assistantships) pay a minimum salary of $2,000 per academic year.  Students who receive work grants (assistantships) also receive a reduction in the program fee.

17. How much do I have to work as a graduate student with a work grant?
MACC graduate assistants normally work 10 hours per week. Their work involves services to a department, office, or faculty member.

18. 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
Phone (803) 777-8134, E-mail: uscfaid@sc.edu
Internet: http://www.sc.edu/financialaid

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

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

20. Is an interview required for acceptance into the MACC program?
No. However, we encourage potential students to visit the university and to talk with our advisors, students, and faculty to learn more about the program.

21. 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 am to 5:30 pm. 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.

22. 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 of job placement are:

Due to current economic conditions, students who are not permanent residents of the United States are having a difficult time finding employment, internship, or optional practical training opportunities in the United States.

23. Are there opportunities to find out more about the MACC Program?
The MACC program will have a showcase on October 16-17, 2008.  This is an excellent opportunity to find out more about the MACC program from faculty, staff, current students and alumni.  Click here for additional Showcase Information, as well as registration forms.  We are also very receptive to group visits from accounting clubs from other colleges and universities or to individual student visits.

Click here to download this information in PDF format .

For additional information, please contact:

Jimmy Burkett, CPA
Managing Director, MACC Program
Moore School of Business, Room 319
Phone: 803-777-6412
E-Mail: burkett@moore.sc.edu
Fax: 803-777-0712

Moore School of Business web address:
http://mooreschool.sc.edu

Mailing Address:
University of South Carolina
Moore School of Business
MACC Program
1705 College Street
Columbia, SC 29208