The Master of Science in Accountancy (MSA) and Master of (MST) programs are similar in that they offer an opportunity to concentrate in accounting, but they differ in degree of specialization and career path orientation. The MSA offers two separate tracks in assurance and corporate accounting while the MST is designed for students interested in careers in taxation. In addition to the traditional one year of full-time study beyond the Bachelor’s level, the MSA and the MST programs are offered as accelerated programs for University of Miami undergraduates.
University of Miami Herbert Business School - Alumni Association Endowed Accounting Scholarships are available for students pursuing Graduate Studies in Accounting. Various other scholarships and assistantships may be available.
Accounting Summer Intensive Program
The Accounting Summer Intensive Program is designed for students who hold at least an undergraduate business degree in a field other than accounting from an accredited college or university and for foreign students.
Students that have a non-accounting degree, preferably in business, can apply for admission to our Master of Science in Accountancy (MSA) or Master of Science in Taxation (MST) and Summer Intensive Program. Applicants to the MSA or MST program will automatically be considered applicants to the Accounting Summer Intensive Program if their undergraduate degree is not in accounting. Summer Intensive students entering the MSA or MST program must also take an advanced taxation course (ACC 639) which is offered following the Summer Intensive Program in an intersession format in August before the start of the fall semester. Although MST students must complete advanced taxation in the summer, MSA students may complete the course in the summer or in term one of the spring semester.
The Accounting Summer Intensive Program is also designed to meet the needs of foreign students. Foreign students must have successfully completed two semesters of intermediate accounting, one semester of cost accounting, one semester of auditing, one semester of accounting information systems and one semester of tax at a U.S. university accredited by the AACSB or alternatively, must attend the Summer Intensive Program before enrolling in graduate accounting courses. Foreign students entering the MSA or MST program must also take an advanced taxation course (ACC 639) which is offered following the Summer Intensive Program in an intersession format and in term one of the spring semester. Foreign applicants to the MSA program will automatically also be considered applicants to the Accounting Summer Intensive Program.
The Accounting Summer Intensive Program is fast-paced and requires full-time attention. As its name implies, the program is intensive and not designed for students that are working even part-time. The 7-week program begins each year about July 1 and continues through mid-August and consists of two 3½ -week modules. Three 2-credit courses are included in each module. Students who want to take any additional graduate tax classes should also plan to take the advanced taxation course (ACC 639) which is offered following the Summer Intensive Program in a 9-day intersession format in August before the start of the fall semester.
Program Prerequisite Accounting Courses
Students entering the program are required to have previously completed introduction to financial accounting and management accounting at a US or foreign university.
Summer Intensive Program Course Offerings
The Summer Intensive Program includes the following six 2-credit upper division accounting courses that are prerequisites for graduate study.
|ACC 632||Intermediate Accounting I||2|
|ACC 633||Intermediate Accounting II||2|
|ACC 634||Cost Accounting||2|
|ACC 636||Accounting Systems||2|
|ACC 673||Taxation for Business and Investment Decisions||2|
Note that the Summer Intensive Program does not include an advanced taxation course (the equivalent of ACC 404) which is a required prerequisite for most tax courses in the MST program. Accordingly, in addition to the six summer intensive courses, students entering the MST program must complete ACC 639 which is offered following the Summer Intensive Program in an intersession format in August before the start of the fall semester.
Entering the MSA or MST Program
Upon successful completion of the intensive program, students immediately enter the MSA or MST program in the fall semester. To graduate with their MSA or MST degree, students must complete 30 credits beyond the 12-credit intensive program and may graduate in as little as two semesters, assuming they are full-time students.
CPA Licensure Requirements
Most of our students intend to become qualified as Certified Public Accountants (CPA). While the CPA exam is a national exam administered by the American Institute of Certified Public Accountants, its execution and CPA licensing practices are governed by state law. For example, some states require a certain number of credit hours in particular subjects and have overall accounting and business credit hour requirements. As such, you should check with the state in which you intend to practice to determine what the specific course requirements are for that state. Our department is unable to make a determination of your eligibility to sit for the CPA exam. This can only be done by the appropriate state board. The licensure requirements for the State of Florida can be viewed here.
For your convenience, the Florida rules that apply to most individuals are summarized here. Please check the State of Florida Web site noted above for updates and rules which may apply in particular circumstances.
As of July 1, 2008 the Florida State Board of Accountancy (BOA) separated the requirements to become a Certified Public Accountant (CPA) into two parts: (1) the requirements to be eligible to take the CPA exam and (2) the requirements for licensure to practice as a CPA in Florida.
Requirements to Sit for the CPA Exam
To be eligible to take the CPA exam, applicants must have completed 120 semester hours including 24 semester hours of upper division (300-level or above) accounting to include auditing, cost and managerial accounting, financial accounting, accounting information systems, and taxation. Applicants must also complete 24 semester hours of upper division general business courses with some exceptions in that one microeconomics, one macroeconomics, one statistics, one business law, and one introduction to computers course may be lower division (freshman or sophomore level). As part of the general business hours, applicants are required to have a total of six semester hours of business law courses, which must cover contracts, torts, and the Uniform Commercial Code. Note that excess upper division accounting courses may be used to meet the general business requirement; however, elementary accounting classes are never acceptable for credit nor are courses for non-accounting majors and any MBA courses that are equivalent to elementary accounting.
The exam is offered in the following time periods; January – February, April – May, July – August and October – November. Note that applicants are not required to have a bachelor’s degree in order to sit for the CPA exam.
Requirements for Licensure
In addition to passing all four parts of the CPA exam with at least a 75% within 18 month rolling period, the Florida State Board of Accountancy requires that applicants have completed a bachelor’s degree plus an additional 30 hours for a total of 150 semester hours before you can become licensed as a CPA. One year of work experience under the supervision of a licensed CPA is now also required to become licensed. In addition to experience obtained in public accounting and government, Florida’s 2008 legislative change also allows experience obtained in industry and academia. This experience may be obtained before or after sitting for the exam, however, all requirements to sit for the exam must be met before the work experience commences. If you fail to apply for licensure within three years of receiving the licensure package, (sent after you pass all four parts) the CPA grades expire and you have to retake the examination.
The 150 semester hours must include a minimum of 36 semester hours of upper division accounting courses and at least 39 semester hours of upper division (with some exception) general business courses. Excess upper division accounting courses may be used to meet the general business requirement. Courses for non-accounting majors and any MBA courses that are equivalent to elementary accounting are not accepted for this requirement.
Licensed in Another State
If you are licensed in a state other than Florida you can obtain a license in Florida by a process called endorsement. You must provide evidence of meeting all of the requirements in effect at the time of your application. In addition if you passed the exam more than two years before applying you must provide evidence of meeting continuing professional education requirements.
CPA Accreditation Requirements
The Florida State Board of Accountancy accepts degrees from schools accredited by the following associations : Middle States Association, New England Association, North Central Association, Northwest Association, Southern Association of Colleges and Schools, Western Association of Schools and Colleges, Association of Independent Schools and Colleges who have been approved by the Florida State Board of Independent Colleges and Universities, and Canadian Schools who have been approved by their provincial educational bodies. If you have graduated from a school or college which is not accredited by the above mentioned means, then you must use the provisions of F.A.C. 61H1-27.001 (5) (see below).
Applicants Who Have Graduated from Non-Accredited Schools (61H1-27.001) (5)
Applicants who have graduated from a non-accredited school may still qualify to sit for the CPA examination. The candidate must take 15 semester hours of graduate classes. Those must consist of at least nine hours of graduate level accounting courses including a minimum of three semester hours of graduate tax. THESE HOURS MUST BE TAKEN AFTER ADMISSION TO GRADUATE SCHOOL. If the courses are taken before admission to a graduate program, the classes will not be accepted, even if the school includes them as part of the graduate program. These courses cannot duplicate other courses which the applicant has taken and they cannot be used to accredit the non-accredited degree and satisfy the educational requirements. The applicant must complete the graduate school courses to validate the non-accredited degree. The applicant must also meet all other requirements for endorsement or transfer of credit. An evaluation of foreign transcripts must be completed by an evaluation service which has been approved by the Board (see Board Approval Evaluation Services).
No credit will be given for courses which duplicate another course for which the applicant has received credit. CPA review courses are considered as duplicates.
For the CPA requirements in other states, you should consult the State Board of Accountancy for your state.
For admission to either the MSA or MST, based on an undergraduate degree from an accredited U.S. institution, we consider the applicant’s:
- Undergraduate grade point average
- GMAT score
- Grades in specific accounting courses,
- Rigor of the undergraduate program
- Other factors such as work experience
Admission decisions are made on a competitive basis from the applicant pool. Undergraduate students from the University of Miami that have a grade point average of 3.4 or higher do not have to take the GMAT exam. In addition individuals who have demonstrated their ability to do graduate work in accounting by becoming a CPA or who have earned a graduate degree from a business school accredited by the AACSB are also waved from the requirement to take the GMAT exam.
Students without an undergraduate degree in accounting will be required to take certain prerequisite courses to secure admission. These prerequisites will depend upon the undergraduate major and previous accounting courses taken. Necessary prerequisite accounting courses can be taken in the University of Miami’s Accounting Summer Intensive Program, which is a seven-week program beginning in early July.
Foreign students must provide evidence of proficiency in English by supplying a TOEFL score. Additionally, foreign students must have successfully completed two semesters of intermediate accounting, one semester of cost accounting, one semester of auditing, one semester of accounting systems and one semester of tax at a U.S. university accredited by the AACSB before enrolling in graduate accounting courses. Alternatively, foreign students may attend the University of Miami’s Accounting Summer Intensive Program to fulfill this requirement.
Connect with Miami Herbert Business School’s graduate enrollment advisors at (305) 284-2510 or by email at email@example.com.
Master of Science in Taxation (MST)
This program affords the accounting major or equivalent the opportunity to specialize in the area of taxation. Through electives, students are able to expand their areas of expertise, so that they may adequately prepare themselves for careers requiring a high degree of specialized tax knowledge in public accounting, private industry, and government. The program requires 30 semester hours consisting of six required courses and the balance of approved elective courses provided the student has an undergraduate degree in Accounting, or its equivalent, from an accredited institution and has completed ACC 403 Fundamentals of Taxation and ACC 404 Advanced Taxation , or their equivalents. Students who have taken only one tax course should plan to take an advanced taxation course (such as ACC 639 Income Taxation and Business Entitles which is offered following the Summer Intensive Program in an intersession format in August before the start of the fall semester). In addition to the nine required courses, students must select four courses from the designated course list. Other courses can be selected from the list of approved electives or in consultation with the program director. Courses with a 600-level designation are designed for graduate students. Courses with a 500-level designation are open to upper-level undergraduate students and do not count toward the MST degree. Unless otherwise noted, courses in the program are two semester hours (two credits).
|Financial Reporting Research|
|Introduction to Accounting Analytics|
|International Financial Reporting Standards|
|Corporate Taxation I|
|Financial Reporting Implications of Income Taxes.|
|Communicating for Career Success|
|Additional Courses 1||15|
|The remaining courses will be selected from the following or other courses approved by the program director and a pre-approved list will be provided:|
|Studies in Financial Reporting Issues|
|Seminar in Cost Accounting|
|Accounting Controls in Information Technology|
|Advanced Issues in Auditing (3 credits)|
|International Accounting and Taxation|
|Accounting for Governmental and Not-for-Profit Entities|
|Litigation and Advisory Services|
|Accounting Regulations and Complliance|
|Corporate Taxation II|
|Seminar in Taxation|
|Taxation of Multinational Corporations|
|Global Mergers and Acquisitions: Accounting and Related Issues|
|Advanced Financial Analysis|
|Directed Readings (Internal Auditing Internship )|
|Advanced Business Law|
|The Public Corporation: Legal Perspectives|
|Applied Regression Analysis I|
|Data Acquisition, Preparation, and Visualization|
|Machine Learning for Data Analytics I|
|Total Credit Hours||30|
Any other electives must be selected in consultation with the Program Director.
Accelerated Masters Programs
In addition to offering the Master of Accounting (MAcc) and Master of Science in Taxation (MST) on the usual time frame involving one year of full-time study beyond the Bachelor’s level, the MAcc-Assurance Track, MAcc-Corporate Track, and MST are offered as accelerated programs. These programs permit high achieving accounting students who have accelerated their education by taking advanced courses in high school, testing out of classes, taking increased class loads, or going to summer school, to start their graduate work while seniors.
The accelerated programs are available only to students who are undergraduate students at the University of Miami. The programs are designed in such a way that students can expect to complete both their Bachelor’s and Master’s degrees and make significant progress on the CPA exam (if not complete it entirely) within 4½ years. In addition, these programs are extremely price competitive.
Accelerated Program Timeline
|A minimum of 102 credit hours|
|Accounting Major Requirements|
or ACC 404
|Intermediate Accounting I|
|Intermediate Accounting II|
|Fundamentals of Taxation|
|The Law of Financial Transactions|
|All UG degree requirements except those taken in the senior year.|
|Students that select the MAcc-Corporate Track must take FIN 303 before or during their senior year.|
|Summer after Junior Year|
|Senior Year Curriculum 1|
|ACC 506||Internal Auditing||2|
|or ACC 572||Advanced Financial Analysis|
|ACC 522||Advanced Issues in Auditing||3|
|ACC 530||International Financial Reporting Standards||1|
|ACC 648||Financial Reporting Implications of Income Taxes.||2|
|BSL 691||The Public Corporation: Legal Perspectives||2|
|BUS 602||Critical Thinking and Effective Writing||1|
|BUS 603||Critical Thinking and Effective Speaking||1|
|Summer after Senior Year 2|
|1 ACC graduate course|
|Approved CPA Review Course 3|
|Pass CPA exam|
|Final Fall Semester|
|Remaining 16 graduate credits 4|
Twelve credits of work in senior year will count towards the MAcc or MST degree (only students in the accelerated program are eligible to take these classes during their senior year).
Students must take one accounting graduate course in the summer following their senior year. Accounting courses are offered based on demand and could include ACC 620 Accounting Controls in Information Technology(offered every summer) or ACC 649 Issues in Tax Policy.
Students are also REQUIRED to take an approved CPA review course during the summer following their senior year. Students who do not take a CPA review course must complete an additional six graduate credits which will likely delay graduation to May instead of graduating in December.
Students are also expected to pass part, if not all, of the CPA exam during this summer.
In the final fall semester students will complete the remaining 16 graduate credits including the requirements for their track and electives selected in consultation with the Program Director.
Admission to the Accelerated Programs
- Prospective students apply to the accelerated program when they apply for admission to the University of Miami.
- SAT scores should meet or exceed 1400; high school unweighted GPA should meet or exceed 3.75.
- Students are required to have an overall and accounting GPA of 3.3 or higher by their junior year in college. Students must then maintain an overall GPA of 3.3 or higher and an accounting GPA of 3.3 or higher to remain in the program. Students who do not maintain the expected GPA may be placed on probation or transferred out of the program
- Students will need to have completed 102 credit hours by the start of their senior year.
Current University of Miami Undergraduate Accounting Majors
- Students should apply to the accelerated program by September 15 of their junior year.
- Admission to the program will be based on GPA, letters of recommendation, and performance in upper division (300-level or above) accounting courses in progress or completed. It is expected that the students admitted to the program will have GPAs exceeding 3.3, but students with these scores are not guaranteed admission. The decision will depend on the quality and size of the applicant pool and will be made by senior school administrators and faculty.
- After admission, to remain in the program, students must maintain an overall GPA of 3.3 or higher and an accounting GPA of 3.3 or higher. Students who do not maintain the expected GPA may be placed on probation or transferred out of the program.
- Students will need to have completed 102 credit hours by the start of their senior year including ACC 311, ACC 312, ACC 402, ACC 403, BSL 401 and ACC 404.
Five-Year Accounting Program with Senior-Year Internship
The Five-Year Accounting Program with Senior-Year Internship is intended to allow exceptional students to acquire both undergraduate and graduate accounting degrees in five years while gaining valuable experience working at a full-time internship in the spring semester of their senior year. Students will also take a CPA review course and sit for the CPA exam so they can pass some (if not all) parts of the exam before they graduate with their Master of Accounting or Master of Science in Taxation degree.
1. Fall semester of Junior Year: Complete an application to the program by September 15 and apply for an internship position to take place in the spring of senior year.
2. Fall semester of Senior Year: Submit the internship agreement and apply to graduate school.
3. Spring semester of Senior Year: Complete Internship followed by 9 credit hours of coursework to complete the undergraduate accounting degree in specially-designed short-duration courses that include ACC 301, ACC 406 and MGT 401.
4. Summer following Senior Year: Take CPA review and exam.
5. Fall semester following Senior Year: Begin the Master of Accounting (MAcc) or Master of Science in Taxation (MST) Program.
The program is designed for University of Miami Herbert Business School undergraduate students who are pursuing the accounting major and who have a cumulative GPA of at least 3.2 at the time of application. Admission to the program is based on several criteria, so a 3.2 GPA does not guarantee admission. Students should discuss the program and their academic plan for entering the program with an academic advisor in the Office of Undergraduate Business Education or with the Program Director in the Department of Accounting. Prior to the spring semester of their senior year, students will need to have completed all undergraduate degree requirements, except for two accounting major courses (ACC 301 and ACC 406) and MGT 401.
In the first half of the spring semester of the senior year, students will work full-time in an accounting internship for which they can receive 3 credit hours toward their undergraduate degree (ACC 550). Additionally, in the spring semester of their senior year, students will take 9 credit hours in three specially-designed short-duration courses that include ACC 301, ACC 406 and MGT 401.
In the summer after their senior year, students will have the opportunity to take a CPA review course and sit for the CPA exam. Students will complete their Master of Accounting or Master of Science in Taxation in the fall and spring semesters after senior year and begin working that following summer or fall.
· Students must apply to the program in their junior year and obtain an “approved” internship through the Toppel Career Center.
· The internship must be scheduled to take place during the spring semester of their senior year.
· In the fall semester of their senior year, before registering for their senior-year spring classes, students must submit a copy of their internship agreement to the Program Director or Program Manager in the Department of Accounting.
· By the fall semester of their senior year, students must have applied for admission to the graduate program and submitted their verification deposit to pursue a Master of Accounting or Master of Science in Taxation degree in the fall semester immediately following their senior year.
· The GMAT will be waived for students admitted into the program.
The mission of the Accounting Department is to provide an environment recognized for educational excellence through our academic programs, intellectual contributions, and service to the academic and professional communities.
Student Learning Outcomes
- Students will demonstrate the ability to analyze complex tax problems and to use technology to locate solutions.
- Students will demonstrate an understanding of the tax professional’s obligations when dealing with clients.
- Students will understand the financial reporting related to the income tax provision in accordance with the requirements under ASC 740 (accounting for income taxes).