All students in the MS in Accounting program are expected to select a track of courses they wish to follow, and have a choice of Financial Accounting Track, Internal Audit Track, Public Accounting Track, or Tax Track. Students may want to review the track descriptions below, as well as the Curriculum for each track.
Financial Accounting Track
This track is designed for those with an undergraduate degree in accounting and who wish to start their careers in public accounting--typically in an audit or advisory practice. Many students who start their careers with public accounting firms move on to work as controllers and CFOs. The program will prepare students for a successful career in financial accounting, be it as a preparer, auditor, or user of financial information.
View a recorded presentation by Stephen Brown, PhD, Academic Director of the MS in Accounting program: https://go.umd.edu/financialaccounting
Internal Audit Track
As defined by the Institute of Internal Auditors (IIA), “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.” The Internal Audit Track prepares students to help organizations make their business processes well controlled, and more efficient and effective. Students will learn how to improve internal controls, risk management, organizational governance and compliance practices.
Internal auditors conduct business process audits, including operational audits to determine if resources are being used effectively and efficiently, financial audits to review the accuracy of financial transactions, compliance audits to determine if organizations are complying with laws and regulations, and internal control reviews to determine the adequacy of controls.
The internal audit profession has one set of global standards, The International Standards for the Professional Practice of Internal Auditing, and one professional certification examination, Certified Internal Auditor, which is globally accepted and promoted. Students in this track will learn the Standards via practical case study examples, and become prepared for an internal auditing career in just about any country in the world.
View a recorded presentation by Alan Siegfried, MBA, CPA, CIA, Assistant Director of the Internal Audit Track: https://go.umd.edu/InternalAudit
Public Accounting Track
A public accountant usually either works for an accounting firm, or establishes his/her own private practice. The Public Accounting Track provides a foundation for a career in public accounting which may serve individuals, public firms, private companies, government agencies, or nonprofit organizations. This track was created for students that do not have a background in accounting, academically or professionally. Students who have an undergraduate accounting degree or strong accounting experience should NOT select this track, as the electives will likely be repetitive. Most students who study public accounting take the licensing exam and become a Certified Public Accountant (CPA).
Students in this track learn standards in public accounting, including Generally Accepted Accounting Principles (GAAP) and methodology used in financial accounting and reporting, the Financial Accounting Standard Board (FASB) Accounting Standards Codification (ASC), International Financial Accounting Reporting (IFRS) and the American Institute of Certified Public Accountants (AICPA) Ethics Codification.
View a recorded presentation by Leslie Mostow, CPA, CGMA, Assistant Director, MS in Accounting Placement and Professionals Issues: https://go.umd.edu/publicaccounting
Tax Track
The Tax Track prepares students to become professional tax advisors/consultants, and tax executives in any size private and public corporations. Specific job opportunities may include accountant, tax accountant, auditor, tax examiner, and IRS auditor. Tax accountants are accountable for the collection of tax-related information, reporting to governmental taxation authorities, and advising on the tax impact of corporate strategies. Students will be prepared to handle the day-to-day responsibilities of a tax accountant, but also as a well-rounded accountant. Areas of study include corporate tax, partnership, individual income planning and estate tax, real estate, and tax-exempt organizations.
View a recorded presentation by Samuel Handwerger, CPA, Lecturer at the Smith School: https://youtu.be/xFddo_XdEn0