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Concentration in Accounting

The objective of the accounting curriculum sequence is to prepare students for a career, either in accounting or a related field. This curriculum is broad in scope and coverage, so it is relevant and useful for careers in public accounting, industry, financial institutions, government, information systems, law, and not-for-profit organizations. ³ÉÈËÿÈÕ´óÈüs intending to acquire a Certified Public Accountant (CPA) designation should choose this concentration to best satisfy its requirements.

Objectives

The objectives of the Accounting Concentration are as follows:

(1) Prepare the student to successfully pass the CPA exam. The exam includes three core parts - covering financial reporting, auditing, and tax – and a fourth part chosen by the candidate (business analysis, information systems, or tax compliance). The course requirements for the concentration provide a sound basis for preparing students to successfully pass each section of the exam. Passing the CPA exam and becoming a licensed accountant opens the door to many careers in addition to professional accounting. The CPA designation not only signals a specific set of skills but is also indicative of the dedication and rigorous analytical skills useful in numerous nonaccounting pursuits. 

(2) Provide a broad-based understanding of the use of accounting data and information by managers and others for decision-making. Although most graduates with an Accounting Concentration begin their careers in public accounting, the mid- and long-term career options are diverse, and our graduates now hold key positions in corporate finance, human resources, marketing, economics, entrepreneurship, government, education, and many other fields.

REQUIRED 12 credits hours in:

• ACCT3301 Financial Accounting Standards and Theory I
• ACCT3302 Financial Accounting Standards and Theory II
• ACCT3307 Managerial Cost and Strategic Analysis
• ACCT4405 Federal Taxation

·ÌýÌýÌýÌýÌýÌý AND at least 3 credits from one of the following three courses only:

• ACCT6601 Financial Accounting Standards and Theory III (Spring)
• ACCT6615 Advanced Federal Taxation
• ACCT6618 Accounting Information Systems

Most states require eight to eleven accounting classes (24 to 33 accounting credit hours) to be qualified as a Certified Public Accountant (CPA). Because the accounting concentration requires only six accounting classes (18 credits), in addition to ACCT1021 Financial Accounting (3 credit hours) included in the CSOM core, a student must take additional accounting classes. The department offers a number of accounting electives that students can take to satisfy their CPA requirements.

After taking ACCT3301, students desiring to switch to the Accounting for Finance and Consulting concentration may do so by supplementing ACCT3301 with a 1 credit independent study that together will satisfy the ACCT3321 requirement for that concentration. For students wanting to switch to the Accounting concentration after taking ACCT3321, FAST I (3301) is fulfilled by taking 3321. The request should be processed through the undergraduate Dean’s office by completing the course substitution form Degree Audit Course Substitution form

Accounting Department Electives:

• ACCT3309 Audit and Other Assurance Services*
• ACCT3330 ESG Reporting and Analysis: Accounting for a Changing World (Fall)
• ACCT3340  AI Applications in Business: Insights from Corporate Data (Spring)
• ACCT3351 Financial Statement Analysis
  
• ACCT3399 Directed Readings and Research
• ACCT6601 Financial Accounting Standards and Theory III (Spring)
  
• ACCT6615 Advanced Federal Taxation
• ACCT6618 Accounting Information Systems
• ACCT6626 Taxes and Management Decisions (Spring)
• ACCT6635 Forensic Accounting

*Auditing is a requirement to sit for the CPA exam in all states.

** Please note: Massachusetts is no longer accepting this course as one of the required 10 accounting classes.

Note: Please check the CPA requirements in the specific state you plan to be licensed in.

Concentration in Accounting for Finance and Consulting

The Accounting for Finance and Consulting Concentration builds on the CSOM core curriculum and is a great complement to many other concentrations, including Finance, Marketing, and Business Analytics. ³ÉÈËÿÈÕ´óÈüs with this concentration can pursue a wide variety of careers in business, including financial analysis, investment banking, consulting, marketing, and management training programs. Skills learned in this concentration position students for greater upward mobility in their career paths, because the need for managers with an understanding of financial statements and financial reporting is evergreen. This concentration is designed to inform users of financial statements (rather than preparers of financial statements) how accounting information, shaped by regulation, has advantages and limitations in assessing the economics of an underlying business.

Objectives

The objectives of the Accounting for Finance and Consulting Concentrations are as follows:

(1) Expand and deepen your knowledge of external financial reporting and choices that managers make in preparing information for SEC filings. This knowledge is critical for both those who plan to use financial statements to analyze or value companies and those whose jobs require an understanding of how business decisions affect financial statements.

(2) Provide an understanding of the accounting data and information managers use for internal decision-making. For students interested in marketing or consulting, this knowledge enables you to accurately assess the true costs of producing a product or service and to identify the relevant information for make-versus-buy decisions. You will develop the skills needed to accurately forecast revenues, expenses, and product demand. You will also understand how to set important organizational controls.

(3) Provide students with the financial tools and accounting savvy needed to converse with upper-level management about the operations of the firm.

Guidelines and Courses

This concentration requires four courses (12 credit hours): one intermediate accounting course, one required elective in either managerial cost analysis or financial statement analysis, and two other electives from a set of approved electives in accounting, finance, business analytics, or economics. Please check the prerequisites for each course.

REQUIRED 3 credit hours in:

• ACCT3321 Intermediate Accounting for Finance and Consulting*

AND at least 3 credit hours from one of the following**:

• ACCT3307 Managerial Cost Analysis
• ACCT3351 Financial Statement Analysis

AND at least 6 credit hours from two of the following***:

• ACCT3307 Managerial Cost Analysis or ACCT3351 Financial Statement Analysis
• ACCT3309 Audit and Other Assurance Services
• ACCT3330 ESG Reporting and Analysis: Accounting for a Changing World (Fall)
• ACCT 3340 AI Applications in Business: Insights from Corporate Data (Spring)
• ACCT4405 Federal Taxation
• ACCT6601 Financial Accounting Standards and Theory III (Spring)
• ACCT6615 Advanced Federal Taxation
• ACCT6618 Accounting Information Systems
• ACCT6626 Taxes and Management Decisions (Spring)
• ACCT6635 Forensic Accounting
• BZAN3307 Machine Learning
• BZAN3375 Operations Strategy and Consulting
• BZAN6606 Forecasting Techniques
• ECON2228 Econometric Methods
• MFIN2235 Investment Banking 
• MFIN6616 Intro to the Investment Banking Industry 

* ³ÉÈËÿÈÕ´óÈüs desiring to switch from the Accounting concentration after taking ACCT3301 (FAST I) have two options.  You may take a one credit independent study which, together with ACCT3301, will satisfy the ACCT3321 requirement. Alternatively, you may take ACCT3302 as one of your electives. Both courses together will satisfy the ACCT3321 requirement. For students wanting to switch to the Accounting concentration after taking ACCT3321, FAST 1 (3301) is fulfilled by taking 3321. The request should be processed through the undergraduate dean’s office by completing the course substitution form Degree Audit Course Substitution form.

**Both classes may be taken, and the second one will count as an elective.

***A maximum of one elective can count towards the requirements of two different concentrations.

Accounting for CPAs Minor

This minor is for students who are interested in working in public accounting. Please note: To meet the CPA requirements, students will need several courses beyond the minor.

The objective of the accounting curriculum sequence is to prepare the student for a professional career in public accounting, industry, financial institutions, government, information systems, law, or not-for-profit organizations. The curriculum is broadly based on its scope and coverage so as to be relevant and useful for a variety of careers. ³ÉÈËÿÈÕ´óÈüs intending to acquire a Certified Public Accountant (CPA) designation should choose this minor to best satisfy its requirements. For more information, see the discussion of the Accounting Concentration. 

Please note: This MCAS minor does not ensure that a student meets all requirements for sitting for the CPA exam. For instance, most states require a significant number of general business classes to sit for the CPA exam. This minor is only meant to give an MCAS student a start on meeting the many requirements. Interested students can work with faculty to construct a sequence of courses that will satisfy the requirements to sit for the CPA exam.

REQUIRED 18 credit hours in: 

• ACCT1021 Intro to Financial Accounting
• ACCT3301 Financial Accounting Standards and Theory I
• ACCT3302 Financial Accounting Standards and Theory II
• ACCT3307 Managerial Cost Analysis
• ACCT3309 Auditing and Other Assurance Services*
• ACCT4405 Federal Taxation
  

*Auditing is a requirement to sit for the CPA exam in all states.

Most states require eight to eleven accounting classes (24 to 33 accounting credit hours) in order to be qualified as a Certified Public Accountant (CPA). Because the accounting minor requires only six accounting classes (18 credit hours), a student must take additional accounting classes. The department offers a number of accounting electives that students can take to satisfy their CPA requirements.

After taking ACCT3301, students desiring to switch to the Accounting for Finance and Consulting minor may do so by supplementing ACCT3301 with a one credit independent student that together will satisfy the ACCT3321 requirement for that minor. Alternatively, you may take ACCT3302 as one of your electives. Both courses together will satisfy the ACCT3321 requirement. For students wanting to switch to the Accounting for CPA minor after taking ACCT3321, FAST I (3301) is fulfilled by taking ACCT3321. The request should be processed through the undergraduate dean’s office by completing the course substitution form Degree Audit Course Substitution form.  

Accounting Department Electives

• ACCT3330 ESG Reporting and Analysis: Accounting for a Changing World (Fall)
• ACCT3340  AI Applications in Business: Insights from Corporate Data (Spring)
• ACCT3351 Financial Statement Analysis
• ACCT3399 Directed Readings and Research
• ACCT6601 Financial Accounting Standards and Theory III (Spring)
  
• ACCT6615 Advanced Federal Taxation
• ACCT6618 Accounting Information Systems
• ACCT6626 Taxes and Management Decisions (Spring)
• ACCT6635 Forensic Accounting

Accounting for Finance and Consulting Minor

The Accounting for Finance and Consulting minor leverages the critical thinking and communication skills developed in the MCAS curriculum, providing students with key skills that distinguish them from other new hires in financial services or consulting. It also provides students with an advantage in graduate business programs.

Objectives:

The objectives of the Accounting for Finance and Consulting minor are:

(1) Develop your knowledge of external financial reporting and choices that managers make in preparing information for SEC filings. This knowledge is critical for both those who plan to use financial statements to analyze or value companies and those whose jobs require an understanding of how business decisions affect financial statements.

(2) Provide an understanding of the accounting data and information managers use for internal decision-making. For students interested in consulting, this knowledge enables you to accurately assess the true costs of producing a product or service and to identify the relevant information for make-versus-buy decisions. You will develop the skills needed to accurately forecast revenues, expenses, and product demand. You will also understand how to set important organizational controls.

(3) Provide students with the financial tools and accounting savvy needed to converse with upper-level management about the operations of the firm.

Requires 18 credit hours:

Required Courses:

• ACCT1021 Financial Accounting
• ACCT3321 Intermediate Accounting for Finance and Consulting*

Choose a Track:

Consulting Track

• ACCT3307 Managerial Cost Analysis

Finance Track

• ACCT3351 Financial Statement Analysis

AND 6 credit hours from the following list of electives (check the prerequisites for each course).**

• ACCT3307 Managerial Cost and Strategic Analysis
• ACCT3309 Audit and Other Assurance Services
• ACCT3330 ESG Reporting and Analysis: Accounting for a Changing World (Fall)
  
• ACCT 3340 AI Applications in Business: Insights from Corporate Data (Spring)
• ACCT3351 Financial Statement Analysis
• ACCT4405 Federal Taxation
• ACCT6601 Financial Accounting Standards and Theory III (Spring)
• ACCT6615 Advanced Federal Taxation
• ACCT6618 Accounting Information Systems
• ACCT6626 Taxes and Management Decisions (Spring)
• ACCT6635 Forensic Accounting
• BZAN3307 Machine Learning
• BZAN3375 Operations Strategy & Consulting
• BZAN6606 Forecasting Techniques
• ECON2228 Econometric Methods
• MFIN1021 Fundamentals of Finance (prerequisite for ACCT3351 and will count as an elective)
• MFIN2235 Investment Banking
• MFIN6616 Intro to the Investment Banking Industry

* ³ÉÈËÿÈÕ´óÈüs wanting to switch from the Accounting for CPA minor after taking ACCT3301 (FAST I) have two options.  You may take a one credit independent study which, together with ACCT3301, will satisfy the ACCT3321 requirement. Alternatively, you may take ACCT3302 as one of your electives. Both courses together will satisfy the ACCT3321 requirement. For students wanting to switch to the Accounting for CPA minor after taking ACCT3321, FAST 1 (3301) is fulfilled by taking 3321. The request should be processed through the undergraduate dean’s office by completing the course substitution form Degree Audit Course Substitution form.

**Electives may also include both courses from the other track. A maximum of one elective can count towards the requirements of two different minors/concentrations.

CPA Recommendations 

The Department recommends that students who intend to practice as Certified Public Accountants (CPAs) check the board of accountancy of the state in which they plan to practice for its specific educational requirements (). In almost all states, students are now required to complete 150 semester hours of course work to qualify for CPA licensure. In addition, a minimum number of accounting courses with specific topical coverage may be necessary. For more information please refer to the BC Guide to Meeting CPA Requirements available online or in the department office.

Because Boston College students typically graduate with only 120 credit hours (ignoring AP credits and overloads), students may require an extra year of course work in order to meet the 150 credit hours. Most undergraduates are able to meet the additional hours through AP credit transfers, overloads, and/or online/summer courses. However, Boston College offers a Master of Science in Accounting (M.S.) program to meet these additional requirements. For more details on the program, refer to the Boston College M.S. website: bc.edu/msa. ³ÉÈËÿÈÕ´óÈüs who enter BC with Advanced Placement credits may be able to satisfy the 150-hour requirement in less time. Please contact the Accounting Department in Fulton 520 if you have any additional questions.