Recent orders
Employment issues are the current legal issues affecting people
Introduction
Employment issues are the current legal issues affecting people. It is a matter that many people do not understand. Companies are suing one another on matters based on employees moving one organization to another. The matter concerns privacy of information that companies are trying to cope up with. The market competition has gone to the extent where employees have become an element of communication. Companies are concerned about information that comes out of the company into a competitor. When people work in their companies, they get experience. When they move to other companies, they use the experience gained from the former company to develop the current company. There is the risk of disclosing private information belonging to the former company to the new one. Organizations are against practices that put their private information and secrets at risk.
Buser is a 19-year old college student. She experienced the employment case based on her employment history. She used to work at Linx which is found in Massachusetts. She worked as a counselor for quite a long time, about three summers. She then decided to apply for a job position in a new organization. The organization was reluctant to employ Buser because it feared that Linx might sue it based on Buser’s 2013 employment in the company. I am expecting to get employment in the investment bank industry after studying for 8 years in the United States. It is a necessity that I undertake my career development by getting experiences from different companies. Unfortunately, the non-compete agreement is limitation to my career development plans. The law discourages getting experience from different organizations. Experience is a requirement for my career development.
Fact
Business organizations are conscious of competition at all costs. Employees are not allowed to move from one employment contract to another. The law affects college students. For students to be competent in their various careers, they have to get experience from several companies. It is a fact that companies are willing to employ people with adequate skills. The skill cannot only be acquired at school. Practical fieldwork has to be done after going through the theoretical part of the profession. The Non-compete agreement discourages students from getting experience from organizations fearing that they will not get employment in organizations of their dreams in future. The law affects students who join the job market. The law has made many people hate working the United States. States like California are not very strict on the law.
I was planning to start working in the investment bank industry after 8 years of my studies in the United States. I am discouraged by the law. It is impossible to join the job market before I gain adequate skills in the job market. Before I join the investment bank industry, I wanted to work in a few organizations to enable me to acquire practical skills on my profession. The government should consider revising the legislation in order to protect the rights of everybody. The law protects the competitive advantage of business organizations. When employees move from one organization to another, it is possible that they can disclose information from the former company. Disclosure of information may reveal important information of a company regarding its operation. Organizations tend to be vigilant on information by controlling the mobility of employees.
Law
The modern economy bases companies on knowledge. Long ago, people could join companies and stay for the rest of their. Today, they is high mobility of employees. Employees can easily move from one company to another. The mobility of employees promotes flow of knowledge between companies. There has been a conflict between importance of knowledge to a company and employee mobility. The non-competition agreement between employees and their employers plays a major role in protecting a company from unfair competition. Companies lose valuable trade secrets to competitors due to movement of employees. Employers have made it a requirement for their employees to sign a non-compete agreement. The agreement is a covenant of not initiating competition between an employer and another company. The agreement binds an employee not to work for a competitor for a particular period of time as specified in the contract.
The agreement enables business organizations not to lose employees. Employees have access to the trade secrets as well as other private information of the organizations. The law is useful as it protects a company from losing important information to an employee. A trade secret gives competitive advantage to a company since other companies cannot readily acquire it. Losing it to a competitor is a loss of strength of a company. The information that stand the risk of acquiring by other companies include device, compilation, program, pattern, formula, technique, and method among others. When an employee leaves a company either when fired or voluntarily, there is likelihood that the employee will disclose the trade secret of the former company. Organizations are very watchful on this law and cannot easily employ an employee from a competitor.
Analysis
The law is varied across the United States. It has been difficult to enforce it across all states. States like California are against the non-compete agreement. We can attribute the difference of enforcement o the law across states to be due to political economies of states. Groups that influence political economies in different economies also have a stake in the variation. Some states limit the law by excluding some careers. The law benefits companies because they are sure to retain employees and protect their private information. It protects the competitive advantage. The challenge of the modern economy of the high mobility of employees is dangerous to business organizations as far as competition is concerned. The restriction forces employees to stick to the companies in which they are employed for a specific period of time.
However, the law has implications. Students still in college or fresh from college cannot receive the law in appreciation. Fresh professionals are supposed to get experience from different companies; this improves their competence on the professions. The law gives employers the authority to retain employees and not allow fresh professionals to diversify experience. The limitations of the law have resulted to its rejection by several political economic groups. Competition can benefit an employer. An employee who gains skills in one company and moves to new company is an advantage to the new company. The new company will be able to utilize the skills of the employee to improve performance. Therefore, non-compete agreements prohibits good competition. An employee can gain skills and move to form a new company hence create employment. The competition is positive as it solves economic problems.
Works citedTop of Form
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Bouchoux, Deborah E. Intellectual Property for Paralegals: The Law of Trademarks, Copyrights, Patents, and Trade Secrets. Clifton Park, NY: Delmar Cenage Learning, 2009. Print.
Harris, H S. Competition Laws Outside the United States. Chicago, Ill: Section of Antitrust Law, American Bar Association, 2001. Print.
Pittard, Marilyn, Ann Monotti, and John Duns. Business Innovation and the Law: Perspectives from Intellectual Property, Labour, Competition and Corporate Law. Cheltenham: Edward Elgar Publishing, 2013. Print.
HIPAA risk analysis of security incident procedures
Topic: HIPAA risk analysis of security incident procedures
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The Health Insurance Portability and Accountability Act
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) that was passed by the United States congress and consequently signed by the then President Bill Clinton in 1996 has two titles that deal with issues in the health insurance sector. The first title aims at protecting health insurance for employees and their families if they change from one job to another or if they lose their jobs altogether.
The second title is also referred to as the Administrative Simplification provisions prescribes the formation of national standards for the health care transactions that are electronic and also some identifiers for the health insurance plans and the employers. This act also maintains a right to privacy to the people that are between the age of twelve and eighteen and they health insurance provider must get a consent from the person that is affected before disclosing any information about the healthcare that they sought even to the parents.
Security incident procedures (SIP)
The HIPAA has administrative safeguards that state that the entities that are covered are supposed to implement policies and measures that will be used to address any issues that are related to security. The security further describes a security incident as an effort that is made or a successful access to use or disclosure and modification or destroy the information in a manner that is not authorized and also the interference with the operations of the system in information systems.
The regulations go further to state what an information system is by stating that it is an interconnected set of resources that deal with information that are all under the direct administration control and share the same nature of functionality. The system will in the normal circumstances be comprised of hardware, software, information and raw data to be processed, applications that will process this data, communications and the people that will utilize these systems.
The standard is defined by a single implementation directive or specification that is the “response and reporting” which includes three steps. To start with there is the process of identifying the responding to the suspected or known incident of security, then there is mitigating the destructive outcomes of these security incidents that are known or are being suspected to the extents that are attainable. Lastly the incidents and the outcomes that came as a result of these incidences are documented.
Intent of the SIP
The overall purpose of the SIP is to provide a documented report and procedures that are formal which will be used in the response to security violations so that they can be reported and taken care of as fast as possible. The documentation process and the responses that are to be taken will be dependent on the nature of the security violation and will be specific to particular situations based on the entity of the environment and the information that is involved. DHHS (Final Rule, p.101,102). Here it only addresses the cases that involve internal reporting and response to these situations and does not address the external reporting since they will be regulated by business or legal rules like the requirements of the state law although the security incident documentation for this must remain available.
Regulation and the implementation of SIP
February 20, 2003 was the day the Final Rule on Security Standard was issued and consequently it started being applied on the 12st of April the same year with the prescribed date of compliance being the 21st of April 2005 for most of the entities that were covered and a year later for those that had plans that were smaller. This rule was developed to work with the privacy rule where the privacy rule deals with all the Health Information that is protected including those that are either recorded on paper or employ electronic recording, while the security rule deals particularly with the health information that is electronically protected.
It recommends three types of security measures that are needed for compliance the administrative, the physical and technical areas. For each of these categories, the rule recognizes certain standards where it clearly defines the implementation specifications that are required and those that can be addressed. The specifications that are required must be accepted and administered in the manner that the rule states while the addressable specifications have a more flexible characteristic.
The entities that are covered individually are given the power to assess their particular position and consequently make a decision on which is their preferred way of implementing this specifications that are addressable though some people have raised concern that this flexible nature may provide too much latitude to the entities that are covered.
Administrative procedures
The standards and the specifications entail having administrative procedures that are meant to come up with policies and procedures that are made to define clearly how the entity will be able to fulfill the act. These entities that are covered are required to comply with the HIPAA regulations through adopting a written set of rules that state the privacy procedures to be followed and entitle a privacy officer to take care of the process of coming up with the needed policies and resources and subsequently applying them.
The policies and procedures are supposed to unmistakably categorize employees or the classes of employees that will be granted the access to the electronic protected health information and this access is supposed to be regulated and restricted to those employees that must look at them so that they can be able to do their work. These procedures must look at the authorization, establishment, modification and the termination of the information that is concerned and the entities must demonstrate that an elaborate program for training on how PHI is handled is being given to the employees that are responsible for performing health plan administrative functions.
The covered entities that get some of the business processes by out-sourcing to a third party are required to certify that the party that they are dealing with has structure in existence that will act within the regulations of the HIPAA. The clauses that are in the contract that state that the vendor will comply with the data protection regulations that are being practiced by the covered entity should be present in the contract that will bind the two companies. The covered entity should very vigilant to find out if the vendor that is giving services also out-sources any data handling functions to other vendors so that it can be known if these vendors follow the same regulations that the covered entity follows that are required by the HIPAA.
An emergency plan that will be used to respond to any eventualities should always be present so that it can be used to respond to any emergencies that arise. It is the responsibility of the covered entity to make sure that their data has a backup and that there are disaster recovery procedures that exist. This emergency plan should be able to define the priority of data and analyze the any failures that may occur while at same time stating the testing activities that can be undertaken and the change control procedures.
There should also be internal audits which are vital in HIPAA compliance as they are used to review operations with the aim of pointing out the possible sources of security violations. The policies and procedures that are present should particularly define the depth, the number of times and the processes that will be used when taking audits as they should take place regularly and also when the circumstances dictate. The procedures should clearly state the guidelines that will be needed to address and respond to any security breach that will be pointed out as the audit goes on or when the normal day to day operations are being carried out.
Physical safeguards
These are put in place so that physical access can be regulated so as to avoid cases of unwarranted access to the data that is protected. This controls are supposed to guide any addition or removal of hardware from the network and when any part of the equipment in the network needs to be replaced for one reason or another, the method that will be used disposed should guarantee that PHI will not be compromised.
Any access to the equipment that contains any health information is supposed to be cautiously regulated and supervised and right to use hardware and software that is connected to the network should be a preserve of the people that are authorized to use them to avoid any breaches from the people that are unauthorized. The required access controls are supposed to incorporate the facility’s plans for security, records that are kept when maintenance takes place, the records of the visitors that went in and the people that went in with then if any.
The correct use of the workstations should also be addressed by the policy and they should be kept in places that will not experience a high traffic of people at the same time making sure that the screens cannot be seen directly by the people that are not supposed to have access to them. Training of any contractors or agents that the covered utility decides to employ is supposed to take place so that these contractors or agents can learn the physical access responsibilities that are part of the policy.
Technical safeguards
These are put in place so that they can be able to regulate the right to use of the computer systems and to allow the covered entities to safeguard the communications that carry PHI that are transmitted electronically using open networks from being captured and received by any other party that is not the intended recipient. The systems that hold the PHI should be safeguarded from any interference and disturbance by making sure that if the information is sent over networks that are open they are subjected to encryption but if there is a closed network then the access controls that are in place can be trusted to prevent any intrusion as the work sufficiently.
All covered entities have the responsibility of guaranteeing that the data that they have in their systems is not modified or deleted in a way that is not permitted and data integrity must be taken seriously using things like check sum and digital signatures to achieve this.
It is the obligation of the covered entity to make sure that the entities that they have communications with are the genuine and intended entities and this authentication will entail confirming the identity of the other entity by the use of passwords telephone or token systems that will be available for the genuine entities only. They are also required to avail certification of their HIPAA practices to the government so that it can be able to verify if they are complying.
The information technology documentation is supposed to cover the policies and procedures and the access record while including a record that is written which has all the arrangement setting of the constituents that are in the network since these components are dynamic and intricate. Risk analysis and risk management should be documented and availed by the covered entity and they should cautiously contemplate the risks that their systems face as they put up systems that will conform with the act while taking all precautions necessary (U.S. Department of Health & Human Services, n.d.).
Conclusion
This rule will not favor small providers since they will be forced to employ HIT consultants so thet they can be able to conform to the regulations that HITAA prescribes since all the standards have a specific way that they are supposed to be dealt with. This makes it unfair for thes small providers as the will have to incur the extra cost so that they can be able to comply.
References
U.S. Department of Health & Human Services. (n.d. )Summary of the HIPAA Privacy Rule. Retrieved from http://www.hhs.gov/ocr/privacy/hipaa/understanding/summary/index.html
Employment Experience
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Employment Experience
I am now a senior student and I will graduate within one year. I would like to carry out some research pertaining to what I should do once I am through with my bachelor’s degree in accountancy. The choices here have been circled to two. I could choose to gout in the job market and get a job as an accountant. This would offer me an opportunity to grow in my career and gain some experience that would come in handy in my future growth. Alternatively, I could decide to go back to school and further my knowledge in accountancy through a Masters degree in accountancy.
Limitations and Delimitations
Most companies, when offering job opportunities praise the prospects that come with the opportunity especially as far as promotion is concerned. This, however, would only be determined through experience in the company, where one gets the finer details about the opportunity. In essence, it becomes impossible to determine whether a certain opportunity would be appropriate until one goes through the process.
Data Collection and Analysis
Information pertaining to the application process will be derived from my advisor. In addition, the internet is bound to offer incredible information pertaining to the requirements for every accounting job.
Resources Needed
The internet is a requirement as far as carrying out research is concerned. In addition, I need to get the opinions pertaining to the benefits of working experience verses qualifications in the education.
Executive Summary- – – – – 3
This paper examines information pertaining to requirement pertaining to the job market as concerning accounting opportunities. It aims at giving an overview of the requirements in the job market, the requirements in colleges offering Masters’ in Accountancy, as well as the opportunities that come with both. It gives an overview of the features that I should look for when choosing an educational institution in which to pursue my Masters in Accountancy. The paper also examines the question on what is more appropriate for the career growth of an individual. This is done with the sole aim of determining whether it is more preferable to go back to school for a higher education al qualification in Masters of Accountancy than to to go into the job market and gain experience.
Introduction
The importance of academics has never been doubted in the contemporary times. It has always been a highly held thought that the future of an individual is pegged on his or her education or academic qualifications. Indeed, it goes without saying that academic knowledge is extremely crucial as far as the success of an individual is concerned or even the quality of life that that individual is concerned. Indeed, many institutions will demand that an individual produces certificates that attest to his academic qualifications. This underlines the fact that educational requirements are crucial as far as securing a job is concerned. It also comes as an explanation as to why, many individuals have taken it upon themselves to pursue academic excellence and even rise to higher echelons of academic excellence. However, questions have been raised as to the relationship and correlation between the level of education and excellence in life. At what stage does the education of an individual become a liability rather than an asset? When does it become imperative that an individual gains some experience in his or her professional field or field of practice? Would it be more logical at some point to gain some experience rather than run after higher academic excellence? The key question applies to my academic journey especially considering that I will be clearing my bachelors in accountancy within no time. It has become imperative that I determine whether I should pursue a Masters in Accountancy in a certain education institution or chase work experience. The appropriate decision would only be reached by having an overview of the working conditions of an accountant in my level including features such as salary, working environment and other features. I will also examine the various features pertaining to a Masters’ degree in accountancy. These include the environment, qualifications required as far as the education of an individual is concerned, as well as the tuition fees that would be required so as to pursue the degree. In addition, I will examine the things that one should consider when determining the educational institution. The advice of different experts will also be detailed in the paper so as to lend weight to the research and assist in making the decision. It is understandable that the fundamental aim of academics is securing a quality life. This would be attained in instances where an individual moves to higher echelons of employment. It is understood, however, that an individual will most likely start at lower levels of the accountancy profession and move up the ladder. In essence, the question that comes to mind is what would be more helpful in the application for a job. Would it be more helpful to have working experience of higher qualifications in education, as far as securing a high-paying employment opportunity as an accountant is concerned?
Purpose of Study
Clarification of purpose
As a senior student, it is imperative that I make a decision pertaining to the future career goals. In essence, it would be imperative that I get an overview of the experiences that accounting students undergo, so that I can make the appropriate decision. I aim at doing some research so as to determine the experience that comes in handy in the application of a job.
Scope of Analysis – – – – 4
Scope
This paper examines the various aspects pertaining to work experience and education, with considerable focus on the accounting field. It examines the salary scales of accountants, the work environment, as well as benefits. In addition, it examines the effort that would be required to attain a Masters’ degree, with the hypothetical example of the University of Illinois. The choice of this university has been triggered by the fact that it has been ranked as one of the best in the entire United States. In essence, it would come as appropriate as far as pursuing a Masters course in the University is concerned. On the same note, the paper examines the fees and tuition expenses that would be required for the completion of the course. Expert opinion on the different aspects of work experience and education has been incorporated.
Overview Accounting Jobs
Auditors and accountants are responsible for the preparation, as well as the examination of financial records. They are also responsible for ensuring or safeguarding the accuracy of financial records, as well as ensure that proper amounts are paid within the appropriate time. In addition, accountants and auditors are responsible for assessing the financial work and operations to ensure the efficient running of the organizations. The key role is not to enhance the profitability of an organization, rather it is to ensure the accuracy of the financial records of an organization.
Overview Accounting Master Programs
Masters of Professional Accountancy, also known as Masters of Accountancy or Master of Science in Accounting refers to a graduate professional degree that is designed to prepare candidates for public accounting. It also offers them 150 credit hours necessary to completion of CPA examination.
These programs, more often than not, run for a year and incorporate between ten and twelve, three semester credit courses. The program may be composed of a blend of graduate tax course, graduate accounting course, as well as graduate business electives, or all graduate accounting courses. The design of the program allows for the preparation of students for CPA examinations and offers strong knowledge of business applications and accounting principles.
Section 2
Overview of the various aspects of Accounting Profession
Entry Level Accounting Jobs
Entry level accounting jobs provide the challenge, insight and opportunity into varied industries and fields. They offer a stepping stone for the acquisition of knowledge, technical skills, as well as industry insight. Every government entity, agency or enterprise incorporates entry level positions for accountants, all of which involve offering assistance for the preparation of month end closing, reconciliation of the general ledger accounts to the financial statement accounts, preparation of financial statements, preparation of a company’s journal entry accounts, as well as carrying out account analysis. They also maintain account’s charts, account analysis, customer relations, vendor relations, as well as cash management.
General Company Requirements
There are differences as to the requirements that a certain company places for entry level accountants. These are mainly dictated by variations in jobs for entry level accountants, which may include Full Charge Bookkeepers, Tax preparers, Accounts Receivable and Payable Clerks (also known as bookkeepers), Accounting Consultants, Foundation Consultants, and Payroll Accountants among others. Most companies require that an individual is detail oriented, incorporate an aptitude with figures, as well as impressive computer knowledge and skills. In addition, they must have the capacity to communicate appropriately, as well as work with minimum supervision. It is worth noting that as much as there are variations in the academic requirements for employment as an accountant, most companies only require a bachelor’s degree in accounting or even a related field. However, an individual may improve his job prospects by becoming a Certified Public Accountant. It is worth noting that some companies reserve junior accounting positions for individuals who have bachelors in accounting, as well as some experience. These accountants then advance to higher positions of accountancy by exhibiting their accounting prowess on the job. Work experience comes as extremely crucial in securing a job, with most states requiring that an individual has some work experience before applying for a license as a Certified Public Accountant.
Working Environment
It is worth noting that there are variations as to the working environments of accountants in different fields. However, auditors and accountants in general work full time and for over 40 hours in a week. According to the Bureau of Labor Statistics, auditors and accountants occupied approximately 1.2 million jobs in the United States in 2010. Most auditors and accountants work in offices while others work from home. However, there are instances where they have to travel to the business place of the clients.
Salary Scales
According to the United States Bureau of Labor and Statistics, accountants earn a median salary of $61,690 as at May 2010. The median wage refers to the wage where half the workers in a certain occupation earned less than or more than that amount. The 201o data showed that the lowest paid accountants in the 10 % percentile earned less than $38,940, while those in the top 10 percentile earned over $106,880 in a year. It is worth noting that most auditors and accountants work on a full time basis. The 2010 research showed that about 25 percent of the accountants were working for more than 40 hours in a single week, making it about 8 hours per day. It is typical to have longer working hours at certain periods of the year, for example during the tax returns season or end of the budget year. However, it is worth noting that there are variations as to the amounts of wages attributable to an individual. The salary scale is determined by various factors such as position or title, category of employer, experience and level of education
Salary by title or position in an institution
There are variations in the salary scales with the title or position that an individual occupies in an organization. According to data dating back to July 2010, an entry level accounting clerk earned about $31,000, while an accounting supervisor earned around $67,000 every year. A payroll manager earned $75,000 while a controller earned $166,000 per year.
Salary by the type of employer
There are variations in the salary scales depending on the type or nature of employer. As of July 2010, the average salary scales for individuals in nonprofit organizations ranged between $34,000 to $48,000, while those in private firms earned between $38,000 and $51,000. Individuals working in the federal government agencies had their salaries ranging from $41,000 to $61,000. According to the Bureau of Labor Statistics, the accountants’ average salaries by industry were $61,000for tax preparation, accounting, payroll services and bookkeeping firms, while accountants working in insurance companies earned around $60,000. Those in the state governments earned around $51,000.
Salary scales by years of experience
There are variations in the salary of accountants depending on the number of years that an individual has been working. Research shows that the average salary scale for Certified Public Accountants with less than year’s experience ranges between $39,000 and $51,000. Those with work experience between five and nine years have salaries ranging between $51,000 and $72,000, while accountants with more than 20 years had salaries ranging between $61,000 and $109,000.
Salary scale by educational levels
According to the United States Bureau of Labor Statistics, a 2009 study done by the National Association of Colleges and Employers showed that there was minimal difference in the starting salary offers for candidates with a bachelor’s degree and those with master’s degrees. The starting offers for individuals with a bachelor’s degree averaged at $49,000 while that of individuals with master’s degree averaged at $50000.
Benefits
There are various benefits that come with an occupation as an accountant beyond the salary. First, accountants to have predictable working hours, which usually revolve around regular business hours from Monday to Friday. However, these may be increased during the tax season so as to meet the needs of the clients. In most cases, accountants in government offices have rigid time schedules for their work. Large corporation accountants and self-employed accountants, however, may have an element of flexibility in the time schedules.
Second, they have extensive career options, which may include budget analysis, auditing, administration careers and tax specialist. Accountants may also work independently, for government agencies, private corporations or even for other accounting firms. Nevertheless, independent accountants set their working schedules as they deal with private clients.
Moreover, the Bureau of Labor Statistics underline the fact that auditors and accountants have high prospects for employment growth than average as from 2008 to around 2018. This career would also benefit from the changes pertaining to financial regulations. In addition, reforms in international finance are expected to establish a niche market for accountants who specialize in the fields. Accounting careers are expected to expand thanks to fluctuations and adjustments of the market to the varied changes from global recession.
Lastly, according to the Bureau of Labor Statistics, accounting positions usually come with standard benefits including life insurance, vacation pay, sick pay, retirement plans and health insurance. Individuals in higher echelons of accountancy may also be entitled to extra benefits including company car and expense account.
Section 3
Overview of Master Programs for Accountancy
Accounting Master Programs: An overview of the Three Best Institutions
Most accountants and auditors are licensed as Certified Public Accountants. Recent times have seen a change in the requirements that an individual must meet so as to be a Certified Public Accountant. Most states require that an individual goes through five years of schooling, a deviation from the four that were initially in place. Scholars opine that it is best that an individual gets the fifth year by obtaining a Masters degree in Accounting.
The yearly Public Accounting Report and United States News & World Report rank the University of Illinois at Urbana-Champaign as among the top institutions. Others include the University of Michigan at Ann Arbor and The University of Texas at Austin.
University of Illinois
Masters of Science in Accountancy
Overview
Public Accounting Report, Business Week and The United States News & World Report have rated the graduate and undergraduate accounting programs of the University of Illinois as among the best all over the United States. The Masters of Science in Accountancy (MSA) program refers to a one-year program that is designed to accountants’ career development needs. This program comes as appropriate for individuals who have undergraduate degrees, whether in accounting or other fields. The coursework is tailor-made to reflect the career and educational backgrounds, not to mention the career and educational objectives of individuals. This program offers the academic prerequisites for accountants who would like to undertake CPA examination.
Admission Requirements
The institution requires that candidates for the MSA program have a Bachelors degree in a business-related field from accredited institutions. It is necessary or imperative that the potential candidate incorporates at least a “B” or its equivalent acquired within the last 2 years of study as undergraduates. Moreover, they must have cleared a minimum of two Principles of Accounting courses, as well as one course in various areas such as macroeconomics, microeconomics, management, statistics, finance and marketing. Moreover, they are required to complete the Graduate Management Admissions Test (GMAT) early enough so as to ensure that the test results are available before admission. On the same note, international students must take an Internet Based Test of English (TOEFL) or International English Language Testing System test (IELTS).
Tuition & Fees
The program’s fees and tuition are set every year and may be changed by the University Board of Trustees. Currently, the university tuition fees are 6,600 for summer, $13,200 for Fall and another $13,200 for Spring making it a total of $33,000.
There is also the accountancy fees which include $1000 for summer, $2000 for Fall and an equal amount for Spring, making a total of $5000.
Choosing a College
The choice of a college has a bearing on the overall success of an individual in accounting. In essence, it is imperative that an individual evaluates the various aspects of an institution.
First, it is imperative that the college incorporates a strong network of alumni. Enrolling into an institution means that an individual has linked himself to every person who has ever attended the institution. This network comes as appropriate in the provision of mentorship, professional guidance, as well as employment opportunities. It is, therefore, imperative that an individual determines the alumni’s level of involvement in the institution. This may be in the form of internship opportunities, jobs and expertise guidance to students pursuing a similar profession.
Second, a candidate has to consider the academic support services offered by the institution. The features encompassed by this aspect include the presence of a writing center, tutors, review and study sessions offered before exams among others.
Moreover, it is imperative that the institution incorporates activities and clubs that match the course or interests. It is noteworthy that it is not the number of activities or clubs that matter, rather it is their nature.
The curriculum of the institution has to be engaging. The institution must present or offer a clear and distinctive rationale for the education program, and leave some room to choosing elective courses. In essence, the individual must consider the requirements for the course in which he or she is interested.
Other factors that an individual must consider may include internships and research activities that the college offers. This is especially considering that nothing comes as more helpful in the application for a job than practical and hands-on experience listed on the resume. In essence, the college must offer students with opportunities to assist in research or even internships. The college should have sufficient financial muscle to prop an independent undergraduate research, as well as foster relationships with organizations and companies to assist students to get meaningful internships. This would also be determined by the alumni network. On the same note, consideration of the ratio of student verses the faculty. Most of the prestigious universities and colleges have low ratios of students and faculty. This means that the faculty members spend a significant amount of time supervising the students, thereby enhancing their academic growth.
Benefits of a Masters of Science in Accounting
A Masters of Science in Accounting has been known to offer a clear advantage in the job market. It is worth noting that applicants of entry-level positions face an extremely high competition. In essence, individual who have the capacity to upgrade their academic qualifications are better placed for career opportunities.
Masters degree assists an individual to have a better position in the accounting field right from the beginning. This means that the candidate has an impressive launching pad for his or her future. Higher positions in accounting mean that, the individual gets valuable experience in which case the individual can be sure of rising to senior positions in the field within a short time.
It is noteworthy that as much as accounting is real-life based, it is an incredibly knowledge-intensive field. A Masters of Science in Accounting ensures that an individual is up-to-date or updated as far as the latest principles and practices of accounting are concerned. In addition, it would give an in-depth understanding and knowledge pertaining to accounting procedures and concepts.
A Masters of Science in Accounting would also come as a stepping stone for the acquisition of higher professional qualifications including Certified Management Accountant (CMA) and Certified Public Accountant, among other professional degrees in financial management and internal audit. The United States Bureau of Labor Statistics has stated or shown that professional accounting degrees offer a clear advantage to accountants in the job market. In essence, anyone who wishes to make a serious accounting career should consider acquiring a Masters degree in accountancy.
Impressive job openings, increased opportunities for wider exposure, enhanced growth and earning potential in accounting, as well as the capacity and option of pursuing other professional degrees or even a career as a private consultant are some of the key reasons why it would be imperative that an individual considers a Masters of Science in Accounting.
Section 4
Experts View on the choice between work experience and academic qualifications
There are differences as to the view of the importance of work experience vis-à-vis high academic qualification. Employers considerations of education qualifications are pegged on the fact that education is associated with a set of or varied characteristics that make an individual suitable. They show that an individual has a proven capacity for analysis of problems, productions of solutions, as well as carrying out research. In addition, it shows that an individual has the capacity to learn complicated and difficult subject matter. Moreover, it offers sufficient proof than an individual has enough drive and motivation, as well as intelligence.
On the other hand, work experience comes as exclusive proof that an individual has the capacity to keep up with the changing trends, as well as keep learning, educating oneself and studying adequately to carry out the required duties. It is not in all instances that an individual can transfer knowledge from academics to real-life challenges, in which case work experience comes as conclusive proof for this fact. Work experience comes as an assurance that the accountant will be successful and not simply giving the appropriate answers in an interview.
Contention on work experience and education qualification as a yardstick
There are variations in preference for a certain type or nature of degree and experience. Companies will always try to align the experience obtained with the position that they have to fill, thereby determining the most suitable candidate. In addition, a candidate may have experience in accountancy but may not be successful, in which case it would not be clear whether he or she learnt from the mistakes she made. On the other hand, a degree obtained long time ago may not come in handy especially accountancy where the trends are always changing. This situation would, therefore, be salvaged in instances where an individual has been accumulating relevant work experience. In addition, it is imperative that an individual defines success in both the short term, as well as the long term. It is worth noting that as much as there is a relationship between the level of academic qualification and earning capacity, the trend changes in higher levels of education. An individual with a Masters degree will earn slightly more than another with a Bachelor’s degree. An accountant with professional qualifications earns more than another one with a diploma in accountancy. However, the trend is reversed when an individual reaches the highest level of qualification, a doctorate, where the earning capacity becomes considerably less than those with masters. Experts also opine that it would be more preferable to have an individual who has a Masters Degree and some work experience. In any case, obtaining the work experience while working would still be an option. Nevertheless, a Masters of Science in Accounting comes as a better option than work experience both in the long term and the short term. Not only does an individual earn a higher salary, but the prospects for growth are considerably enhanced.
Conclusion
The debate pertaining to the most appropriate between education qualification and work experience has always been contentious. It is worth noting that both of them come in handy as far as securing a job is concerned. Both of them have pros or strengths that make them applicable or preferable in certain situations. While choosing between academic qualification and work experience may be a herculean task, it is imperative that an individual determines the benefits in the long term and the short term. Most firms hire accountants who have a Bachelor’s degree in accountancy. However, a Masters degree increases the competitiveness of the individual and enhances his or her growth in the long term. As much as the difference between the earnings of accountants with Bachelors degrees may not be significantly higher at the entry level, it is worth noting that the upward mobility of an individual is incredibly enhanced by a Masters Degree in Accountancy. In essence, a Masters degree would be more preferable than work experience in the long term.