2 CPA Exams/Red Wings Game

Welcome back, future accounting superstars! Last week was great: I went to my First Red Wings hockey game and I took two CPA exams.

Let’s start with the fun part first: Two CPA exams! No, I’m not a genius who’s able to study for two tests simultaneously while in grad school and working. When I applied for the CPA exam in California and got my Notice To Schedule (NTS) 9 months ago (some states are 6 months), I signed up for more exams than I should have. I ended up being busier than I planned during my summer internship and with classes and recruiting during Fall semester. If you’re unfamiliar with the CPA exam application process, this article does a good job explaining it in general, as the requirements differ by state.

Red Wings hockey game at the Joe Louis Arena!

Fast forward to last weekend, when my NTS expired. I was able to study for REG this semester, but unable to properly take AUD before my NTS expired. I decided to sit for the exam because if I didn’t use it, I would lose it and have to reapply anyways. I didn’t feel completely lost since I took an audit class in undergrad and I’m in the MAcc audit class right now. If I somehow pass the exam, I will be overjoyed (and probably blog about it). Please learn from my mistakes and only apply for as many CPA exams as you can reasonably take!

I’m glad I took time to go to the Red Wings game, even in the midst of my hectic week. It’s the Red Wing’s last season at the Joe Louis Arena, so it was great to experience the venue. It was a MSA (Macc Student Association) event, so a good number of us carpooled to Detroit for the game. It ended up being a really close game, with the Red Wings losing in overtime to the Columbus Blue Jackets. It was my second hockey game ever and I had a lot of fun.

Best of luck as you prepare your applications and GO BLUE!

Winter Is Coming

Welcome back, future accounting superstars! This week’s topic will be chill--I’m going to talk about winter in Ann Arbor.  

I am from the San Francisco Bay Area where winter means we wear jeans instead of shorts. I have never lived through a real winter or even lived somewhere it snows. Surprisingly, I have had a very easy time adjusting to the weather in AA and I want to dispel any fears you might have about living through a real winter.

AA is in Southeast Michigan, which helps it not be quite so cold. The northern part of Michigan, or Upper Penninsula, is much worse. The average temperatures in January, the coldest month of the year in AA, are a high of 31 degrees Fahrenheit (-.4 degrees Celsius) and a low of 18 degrees Fahrenheit (-7.8 degrees celsius). I’ve attached a chart showing what the weather is like all year in AA.

We had great weather for our football games! It only snowed for the last part of the last home game, which was fun. The cheerleaders and football players ended up making snow angels on the field and “Let It Snow” rang through the loudspeakers after the game.

I live in the Munger Graduate Residences, which are about a 7 minute walk to Ross. All the sidewalks around campus are plowed so you have a clear path through the snow. They’re also heavily salted so you don’t slip on ice.  

The thing I miss the most about warmer days is the ability to exercise outdoors. While I try to run outside when the temperatures are above 30 degrees, I do end up working out at a gym most days. Luckily, there are several on campus like the new Intramural Sports building and Munger actually has its own mini gym on the top floor, complete with a rooftop track!

Don’t let weather stop you from attending the Ross MAcc program! It really isn’t that bad and the wonderful people, family atmosphere, and classes inside and outside of Ross more than make up for it.

Best of luck as you prepare your applications and GO BLUE!

Military Veteran Students

Welcome back, future accounting superstars! This week, we have a guest star. Jon (not me) is a current MAcc student and veteran who served in the US military before starting grad school.

Can you tell us a little about yourself?

Law enforcement patrol of the Delaware River

I am from a little town called Pinconning, MI. Before my military service, I went to Delta College, and while it was a great experience, I wasn’t 100% confident on what type of career I wanted. This lead me to to join the US Coast Guard. I served in the Coast Guard for a total of six years, four of which were spent on active duty and the other two were in the active reserves. During my active duty time I spent a little under two years in Port Angeles, WA on a 110’ patrol boat, and the next two years I was stationed on a 65’ icebreaking tug in Philadelphia, PA.

After my active duty time I moved back to Pinconning and finished my undergrad studies at Northwood University. While studying at Northwood, I worked at The Dow Chemical Company and as a peer tutor at the Timberwolf Learning Center. I also took a semester off to work a winter internship with Plante Moran.

What resources does Ross/UM have for veterans?

Vets.umich.edu is a great resource for veterans that are interested in attending the University of Michigan. I used it extensively to better understand the process of how to use the Post 9/11 GI bill benefits that I received from my time in the Coast Guard. Philip Larson, who is the Program Director for Veteran and Military Services, is great at sending out interesting job opportunities as well as fun events for veterans to attend.

Maintenance in Dry Dock in Ketchikan, AK

How has the transition from the military to grad school been?

I would say the transition was very smooth. I didn’t have any issues getting my GI bill benefits switched from my undergrad institution to U of M, and any questions I had were immediately answered. The biggest challenge for me was the amount of group work that Ross incorporates into the classroom. It wasn’t something that I was accustomed to, but I have really learned that working in groups is a great way to get new perspectives and to grow as an individual.

Lowering a small boat into the water for training

What are your post-MAcc career goals?

I can’t say that I have a specific career goal or path right now. I am currently working towards finishing the CPA exam, and I hope to have that completed before graduation. After graduation I will be working at Plante Moran, which I am really excited about! From there we will see where my work experience, a CPA license, and the MAcc can take me!

Thanks to Jon for sharing his story with us and for his service to our country. Best of luck as you prepare your applications and GO BLUE!

You Auto Come To Michigan

Welcome back, future accounting superstars! The University of Michigan Ross School of Business is in Ann Arbor (AA or A2), but Detroit is only a 45 minute drive away (and the Detroit International Airport is 30 minutes from AA by car). I’ve had the pleasure of going to Detroit a few times this year and I’d like to share with you my trip there last weekend.

Kia decided to "go blue" with the new Stinger

Detroit is known for its role in the industrial Revolution and for being the birthplace of the American automobile, with Henry Ford creating Ford Motor Company in 1903. One of the largest car shows in the world, the North American International Auto Show, takes place annually in Detroit.

Learning about cars has always been a hobby of mine. I went with a couple friends from the MAcc program who were a lot less into cars than I was, and they still enjoyed it! It was super interesting to see what was new from all the automakers. Many companies brought concept vehicles that showcased their latest and greatest technologies, but might not ever reach the market.

Detroit river, Canada behind us

A lot of advancements are currently underway in the self driving or autonomous vehicle arena. Automotive and tech companies are racing to develop hardware and software to enable cars to drive without human input. If this effort is successful, then the amount of fatalities from car crashes should significantly decrease as a result of removing human error from the equation.

I walked along the Detroit river for the first time, where I witnessed large chunks of ice being carried by the current. You can see Windsor, Ontario across the water. It’s amazing to think that Canada is just across a bridge or through a tunnel! Toronto is about a four and a half hour drive from Ann Arbor.

Detroit is in the midst of making a comeback as a great American city, and one of the ways this is evident is in the restaurant scene. I am a foodie and love trying new and interesting restaurants. We ate at Townhouse, which combines “American comfort food with fine dining”.

Veggie burger with bacon

Appetizers included brussel sprouts (balsamic brown butter, parmesan, pistachio) and cauliflower (Moroccan olives, golden raisin caper compote, feta, arugula) and my entree was a veggie burger (Black Beans, Brown Rice, Mirepoix, Topped With Sriracha Aioli, Bibb Lettuce, Tomato, Avocado Purée) with bacon and fries. Considering my addition of bacon, I’m not a vegetarian, but I do love a good veggie burger and Townhouse did not disappoint.  Dessert was a key lime pie, which I highly recommend trying.

It was a great day trip, chance to bond with MAcc classmates, and opportunity to explore a great American city. Detroit, Chicago, and Canada are all a short drive away if you live in AA! I had a lot of fun and look forward to future visits to Detroit.

Best of luck as you prepare your applications and GO BLUE!

A New Hope

Welcome back, future accounting superstars! I hope you all had a wonderfully restful and enjoyable holiday break and that the new year is off to a great start. I enjoyed running lots in California’s “winter” and spending time with friends and family.

Since I my last post, I have received good news--I passed my first CPA exam! It was Business Environment and Concepts, or BEC. I took it while in the MAcc program and studied for about a month and a half. Many students take parts of the CPA exam while in the MAcc program and a couple of my classmates have already finished the exam, which I applaud them for (they started before the MAcc program; some states will let you do that).

There are a few things I wanted to emphasize for those who have yet to submit their applications. Most importantly, there is still hope. There are plenty of spots left for the next generation of great business leaders and CPAs (same thing!) to be accepted into the Ross MAcc program and there are even scholarships still available.

The Ross MAcc program does rolling admissions, with a decision time of 1-8 weeks depending on how many applications are being reviewed. If you receive expiring admissions offers from other schools before you have received a decision from Ross, let our program know and we’ll do what we can to accommodate.

The 2017 application deadlines are March 1 for international students and April 1 for domestic students. One on one online video advising sessions are available for those who can’t visit. For those who can, we are happy to host you on campus anytime! Simply contact Cheryl Bullister, our admissions advisor, to schedule a tour.

Best of luck as you prepare your applications and GO BLUE!

Say PCA BO To Changes Next Administration

Welcome back, future accounting superstars! Regardless of your political views, it is important to consider how the new United States President and Congress will impact the wonderful world of accounting.

While I’m sure many of you have spent your free time reading about the potential changes in tax laws under the new administration, I bet a few of you haven’t heard about how the PCAOB could be affected.

The PCAOB is the Public Company Accounting Oversight Board and is “a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection.”

The PCAOB is not technically part of the government, but it plays an integral regulatory role in our financial system. The head of the Securities and Exchange Commission (SEC) appoints the head of the PCAOB. It seems likely that President-elect Trump will appoint a new head of the SEC, who would then appoint a new head of the PCAOB.

The PCAOB currently has a reputation for protecting investors and keeping a tight leash on the auditing profession. Due to the PCAOB’s enforcement actions, the US Chamber of Commerce has labeled it to be an opponent of business. This likely will not resonate well with the President-elect’s pro-business and deregulation stances.

Paul Gillis, a professor at Peking University in Beijing, a former PwC partner, and a former member of the PCAOB’s Standing Advisory Group, suggested that the PCAOB become part of the SEC under a new Office of the Chief Auditor and that the PCAOB’s standard-setting function is transferred back to the AICPA. This could save taxpayers a lot of money, since the PCAOB isn’t subject to government salary caps and its employees are paid significantly more than their counterparts in other agencies.

I’m excited to visit the PCAOB, SEC, and other organizations during the EY Public Policy Symposium in Washington DC in a few months! Our whole MAcc class goes to DC for a week with our professors to learn about the role of accounting in the policy-making process. It’s one of the unique highlights of our MAcc program and an event that former students have spoken very fondly about.

Best of luck as you prepare your applications and GO BLUE!

Accounting Degree Not Required

Welcome back, future accounting superstars! By now, you’re convinced that you want to be a CPA and that Ross is a great place to get that accounting foundation. But what if you didn’t major in accounting, or if you didn’t even major in a business field?

Fear not, because Ross will be MAccing you into a business leader and CPA before you can say “American Institute of Certified Public Accountants”. You can have an undergraduate degree in any field and pursue your MAcc degree at Ross so long as you’ve taken the following classes:

• Principles of Financial Accounting
• Principles of Managerial Accounting
• Intermediate Financial Accounting
• Principles of Microeconomics
• Statistics

You also need a class in Intermediate Cost Accounting, but this can be taken in the MAcc program. It is preferred that prerequisite courses are completed at a four-year university. However, if you took introductory-level courses at a community college before transferring to your current university, you do not need to repeat the coursework. As long as your intermediate-level courses are completed at a four-year degree granting institution, your courses will satisfy our requirements. If you want help figuring out if you’ve met the admission requirements, submit the Prerequisite Assessment Form to rossmacc@umich.edu.

Ross does not have an undergraduate accounting degree and 56% of the MAcc students completed their bachelor’s degree in something other than accounting. I majored in economics and I have classmates who were premed and studied biology. One person even earned her bachelor’s in fashion design!

Even with this diversity in educational backgrounds, Ross MAccs still do really well on the CPA exam! Our pass rates are about twice the national average and rank among the highest in the country. We also had 6 Elijah Watt Sells Award winners last year, out of 75 total winners. These people scored an average of 95.5 on all four parts of the CPA exam on the first try. The Big Four accounting firms give about a $20,000 bonus to Watt Sells award-winners, so there’s some added incentive!

Best of luck as you prepare your applications and GO BLUE!