New Master of Accountancy helps relieve shortage of CPAs
Janel Shoun |
Lipscomb’s MAcc is expected to help the local business community meet an increasing need for accounting graduates. Masters accounting graduates are in high demand by many professional firms and corporations now having trouble hiring enough Certified Public Accountants (CPAs). The strong demand for CPAs has led many individuals to go back to school to retool for the accounting profession.
"There is an increasing demand for qualified accountants, not only in the U.S. but also in global markets,” said David Costello, president and CEO of the National Association of State Boards of Accountancy based in Nashville. “Companies serving global markets; accounting firms including the Big Four; financial and investment firms; and mainstream U.S. entities all yearn for highly competent, qualified accountants.”
So Lipscomb’s business faculty have designed a program suitable for both Lipscomb’s current undergraduate students and working professionals who would like to come back to school to earn their masters or sit for the CPA exam.
Lipscomb’s 30-hour master’s program will help prepare students to become a CPA, but more importantly it will provide the skills and knowledge much in demand in today’s changing business world, said Greg Carnes, dean of Lipscomb’s College of Business.
“This is a business degree for professional accountants,” said Carnes. “The typical client today sees their accountant as a business adviser, so having a broad base of business knowledge has become very important in the Middle Tennessee market.”
“The current business environment demands accounting professionals who are well-versed in both regulatory and complex business issues,” said Russell Bates, partner in charge of Deloitte & Touche LLP's Tennessee Assurance and Advisory practice. “Lipscomb's new Master of Accountancy degree is designed to give students the confidence and skills they need to enter that business environment.”
Over the past decade, more regulations, new technology and increasingly complex laws have put greater demands on accountants’ time, skills and knowledge, which encourages business owners to hire more manpower, said Charles Frasier, chair of the accounting program at Lipscomb. At the same time, however, the number of students entering the field is not keeping up with the growing demand for CPA-ready employees, he said.
“This situation has increased the demand for quality accounting graduates who already meet the criteria to immediately sit for the CPA exam, as evidenced by our 100 percent placement rate this past year,” Frasier said.
The State of Tennessee requires a total of 150 hours of education in order to take the CPA exam. Most accounting bachelor’s programs are less than 150 hours, so students desiring to take the CPA exam must take extra hours before making the next step in their career.
Lipscomb’s MAcc has been designed to incorporate the existing Bachelor of Business Administration (BBA) program, allowing undergraduates to earn both a bachelor’s and master’s degree in one 150-hour program. In addition, students or professionals who want to sit for the CPA exam, but do not wish to pursue a graduate degree, can earn a Graduate Certificate in Professional Accountancy that will help them meet the requirements for the CPA Exam.
The shortage of accountants has also translated into higher pay and benefits for accountants, a definite advantage for those who earn their master’s, said Costello.
“The lack of qualified accountants to meet the demands of the marketplace has improved the compensation, benefits and other perquisites for these accountants,” he said. “For those accountants with an advanced degree, the picture is even rosier. The MAcc at Lipscomb University will serve graduates well as they look expectantly at many options in their career choice."
The MAcc requires six accounting courses and four business electives which can be completed in as little as a year. For those who need to complete an undergraduate degree in accounting before moving to the master’s level, Lipscomb’s Adult Learning program offers courses in the evenings.
"Lipscomb University’s College of Business has developed a strong reputation for graduating well-prepared, accountants of integrity who are able to work well with their clients and co-workers,” said Bruce Beck, partner with Lattimore, Black, Morgan & Cain in Brentwood. “Lipscomb graduates have proven the quality of their program, and I’m sure that quality will continue with the master’s program as well.”
Since the summer of 2006, Lipscomb has implemented or approved four additional graduate programs: a Master in Conflict Management, a Professional Master of Business Administration, a Master in Counseling and a pharmacy doctorate program. Other business programs available at Lipscomb include the BBA, the Specialized MBA and the Professional MBA.