Memo

Date:May 6, 2012

To:Accounting Majors (entering OU under catalogs 2007-2008 and beyond)

From:School of Accountancy

RE:General outline of School of Accountancy four to five-year program

Overview: This memo provides information about majoring in accounting at OU and other related information. To sit for the CPA exam in Ohio, a student must have (1) a business undergraduate or graduate degree, (2) at least 225 quarter hours or 150 semester hours of college credit, and (3) at least 36 quarter hours or 24 semester hours of accounting coursework past the two principles courses. Note that the Ohio Accountancy Board (OAB) will convert quarter hours to semester hours by multiplying by 2/3 and ROUNDING DOWN. The OAB will now allow you to apply for taking the CPA Exam before earning your degree. If you choose to apply for the exam early, the Director of the School of Accountancy must sign a form that you must submit with your CPA Exam application. Visit for exact requirements.

Suggested sequence of accounting major courses under semesters…

…given a freshman decision to major in accounting:

FR: Acct 1010 (preferably Spring Semester), and please try to take all prereqs for the Cluster before Spring Semester of your Sophomore year if possible (MIS 2010, MATH 2500, Econ 1030, Econ 1040, Acct 1010, and Acct 1020).

SO: Acct 1020 (Fall Semester) and Cluster in Spring Semester.

JR: Acct 3040 andAcct 3100in Fall Semester and Acct 3050 (prereq Acct 3040) and Acct 3400 (Acct 3040 recommended) in Spring Semester.

SR: Acct 4200 (prereq Acct 3040) and Acct 4400 (prereq Acct 3400) in Fall Semester and Acct 4500 (prereq Acct 3040) and Acct 4600 (prereq Acct 3050; Acct 4400 recommended)in Spring Semester. You need to take BUSL 3570 during your Senior year.

…given a sophomore decision to major in accounting for student who has NOT completed Acct 1010.If Acct 1010 is completed Freshman year, then follow schedule above .Otherwise:

SO: Acct 1010 in Fall Semester and Acct 1020 in Spring Semester, plus take all prereqs for the Cluster by the end of sophomore year. Recommend taking Cluster in Summer following sophomore year.

JR:If Cluster is completed in summer, follow JR and SR year plan above. If NOT, then take Cluster in Fall Semester and Acct 3040 and Acct 3100or 3400 in Spring Semester. May take Acct 3100 and 4500 in Summer.

SR: Acct 3050 and Acct 3400or 4400 (if 3400 was taken Spring Semester Junior year)in Fall Semester; Acct 4200, Acct 4400 (if not taken Fall Semester) and 4600 in Spring Semester. Take BLAW 3570 during your Senior year.

…given a junior decision to major in accounting:

Declaring a Major in accounting during junior year may preclude an internship unless you are willing to attend summer classes or take longer than 4 years to complete the undergrad degree. We recommend that you always do an internship if you have the opportunity and take the extra semester to graduate.

Comments/suggestions for choosing electives to fulfill university requirements

You should first consider your overall strategy in choosing electives. Alternative strategies include:

  • Choosing electives that compliment your business degree. We recommend additional coursework in:
  • FIN 4600 is highly recommended for Acct Majors and should be taken if your schedule permits
  • Economics—especially microeconomics (and public finance if you are interested in taxes)
  • A rigorous course in corporate finance is important for accounting majors
  • Psychology—take a good social psychology class
  • A course in informal logic, argumentation, or persuasion
  • Math/statistics—take an intermediate-level calculus class or mathematical statistics
  • An additional course in interpersonal communication
  • Complete the Sales Certificate in Financial Services (this requires only 4 additional upper level marketing classes, as long as you complete an internship).
  • Choosing electives that give you a geographical and/or corporate specialization. Your interests will determine specific courses. If international business interests you, then strongly consider enrolling in the College’s Global Consulting Program. The College of Business offers this program every summer, and it involves summer travel overseas to work on an international consulting project. There is financial aid available for this program.
  • Choosing electives that expose you to areas completely unrelated to your business degree. Take classes that interest you. This strategy is especially useful if you plan to pursue a non-business graduate degree.

Outline of course offerings for 2012-2013 (semester conversion).

Semester course
# / Pre-
Req / Topic / Sections offered / Important
Comments
Fall / Spring / Summer
1010 / Foundations of Accounting / 7 / 7 / 2 / 2 / See Note 1
1020 / 1010 / Decision Making with Accounting / 4 / 4 / 2
3040 / 1020 / Financial Reporting I / 4 / 3 / See Note 2
3050 / 3040 / Financial Reporting II / 2 / 3
3100 / 1020 / Managerial Accounting / 3 / 3 / 1 / See Note 3
3400 / 3040*** / Federal Income Tax Planning / 3 / 3
4200 / 3040 / Assurance Services & Internal Controls / 3 / 2
4400 / 3400 / Single-entity Accounting & Tax Planning / 3 / 2
4500 / 3040 / Accounting for Non-Business Entities & Contemporary Professional Issues / 2 / 3 / 1
4600 / 3050
4400*** / Multiple-entity Accounting & Tax Planning / 2 / 3
4910 / Internship / 1 / 1 / 1 / See Note 4
3570 / Business Law 3570 / 2 / 1 / 1 / See Note 3

***Recommended, not required

Note 1: College of Business undergraduate requirement.

Note 2: Part of the “BAM” sequence and a SOA undergraduate major requirement. Acct 3050 (formerly Acct 305) will be offered in Fall of 2012 and will be the same course as Acct 305 on the quarter system, thus allowing students to complete the BAM Intermediate Accounting series during Fall 2012 and graduate in Spring 2013 on schedule.

Note 3: SOA undergraduate major requirement.Note that accounting majors must take BLAW3570.

Note 4: An Internship is not required, but is highly recommended during the junior or senior year Spring Semester, or during summer following your junior or senior year (following senior year assumes you will attend OU the following Fall semester). We encourage interns to work through the April 15 IRS deadline, thus taking the entire spring semester off if at all possible.