More and more is demanded from today accounting professionals. Within business enterprises, accountants have always provided the information on which strategic decisions were based, and accounting always provided a strong background for high level strategists. However, the rapid pace of today's economy requires faster decision making and fewer steps in the decision process. Today's accountant must not only identify and provide information to others but must also be able to interpret and use that information to create value. Technology and automation have allowed the accountant to move past gathering, aggregating and formatting information, freeing him/her for the more strategic roles for which he/she is qualified. Reporting a firm's financial position and results of operations to outside parties has also become more demanding as business organizations and the transactions in which they engage evolve much faster than do the related accounting guidelines. Those responsible for financial reporting, and those whose job it is to add assurance to those reports, must be able to not only know and apply current standards to existing business practices but must also be able to apply their understanding of underlying accounting and business concepts to new financial situations, fully aware of the implications of alternative reporting choices.
The faculty in the Steed School of Accounting at the University of Oklahoma realized early that the growing body of accounting knowledge and the increasing demands and expectations placed on accountants would require deeper and broader academic backgrounds for those entering the profession. In 1985, the OU Masters of Accounting program became the first graduate program in the state to be accredited under the AACSB's accounting accreditation program. Beginning in 2000, the American Institute of Public Accountants, the foremost professional association for those in the practice of public accounting, required all new members to have at least 150 hours of college credit to join. Almost all states have since followed suit, requiring candidates to have 150 ours of college education to become Certified Public Accountants (CPAs). One hundred and fifty hours of college education, including 30 hours of college accounting, is required to enter the public accounting profession in the state of Oklahoma.
The Masters of Accountancy program at OU is designed to prepare students not only to pass the CPA exam1, but for positions of responsibility in the accounting profession. It combines a broad-based business curriculum with in-depth accounting training, affording students the opportunity to specialize in chosen areas of accounting practice (e.g., assurance services, financial reporting, taxation). At the same time it seeks to build the critical thinking, problem solving, research, and communication skills that are necessary to function successfully in today's environment. Graduates pursue careers in government and industry as well as public accounting, here in Oklahoma and across the nation.
There are two degree paths within the OU Macc program. Students who have already earned a bachelor's degree, regardless of their undergraduate major, may apply to the traditional, stand-alone MAcc program. Students who are currently accounting majors at OU may apply to the combined BBA/MAcc program after completing 75 hours and work on their undergraduate and graduate degrees concurrently
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1Graduates of the OU MAcc program meet the educational requirements to sit for the exam in most states, including Oklahoma and Texas. As each state sets its own educational requirements, students should consult the Accountancy Board in the state in which they intend to practice to check on their specific requirements.