Why Major in Accounting at Monmouth College?

A frequent statement in the business world is that accounting is the language of business. A successful business manager uses accounting information to make decisions affecting the future health of the firm. An accountant serves many roles within a business to ensure that information is useful and valid. Accountants also serve to ensure that investors, creditors, and government regulators receive information that is a fair depiction of an entity’s business activity.

The most widely recognized credential in the accounting profession is the CPA (certified public accountant). A CPA is the only person allowed to sign an audit opinion attesting to the fairness of financial information. People who receive a set of audited financial statements put more faith in the information because a third party has investigated and determined that no material information has been overlooked or presented in a misleading manner. The public accounting profession is experiencing a rebirth after recent scandals and is working to rebuild itself after a few individuals breached ethical standards.

Two other credentials which have gained wide acceptance, but are lesser known, are the CMA (certified management accountant) and the CIA (certified internal auditor).  Both of these professional designations assess a candidate’s skills and abilities in areas which are valuable to an organization. The CMA designation places greater focus on management areas and internal decision making skills than the CPA designation.  The CIA designation focuses on the knowledge and abilities needed to evaluate the internal management processes of an organization and on how those processes can be improved.

A credential which is rapidly increasing in stature and demand is the CFE (certified fraud examiner). The CFE focuses on the knowledge and skills necessary for an individual to successfully investigate a potential fraud situation. A related area is forensic accounting. The forensic accountant is the individual who provides assistance in circumstances requiring reconstruction of business and financial information. Examples are providing help to legal counsel in litigation or to a creditors’ committee in a bankruptcy proceeding. Both of these fields require extensive experience to build the investigative skills required for success.

Studying accounting in a liberal arts environment is an excellent means of preparing for your future. Combined with our general education program, we will help you develop the learning-to-learn skills, communication skills, and foundational accounting knowledge necessary for success in the changing accounting landscape. This accounting landscape is continually changing as managers invent new ways of doing business and researchers identify areas where accounting policies/procedures can be improved. Organizations value an individual’s ability to seek new information and to integrate that information into that individual’s existing knowledge base. Our accounting courses are structured to require an understanding of accounting and business issues and the rationale for the related accounting pronouncements.

The Accounting Education Change Commission in its first pronouncement, identified learning-to-learn as the most important skill for success in the accounting profession. A liberal arts environment is a perfect complement to our accounting courses in developing student skills. The original intent of the 150-semester hour proposal by the American Institute of Certified Public Accountants (for those desiring to sit for the CPA exam) was to require students to take more non-business courses as a means of developing “well-rounded” professionals. In the non-accounting courses, students develop thinking skills in a non-business context. Also further developed are oral and written communication skills. Our students then utilize these skills in successfully completing the accounting courses we offer.

Individuals earning an accounting major do not limit themselves to accounting positions in the future. Accounting provides a background which is useful in a wide variety of business fields. A national survey has reported that approximately 40% of  CEOs for U.S. companies started their careers in accounting positions. Monmouth College accounting graduates have obtained positions in Big 4 CPA firms; regional and local CPA firms; large international businesses; national, regional, and local businesses; banks; and government agencies. These positions have been in auditing, tax preparation and planning, business consulting, finance, management, and internal auditing.

Over the past seven years, seniors in the accounting capstone course have taken the Master Field Test prepared by Educational Testing Services (the same company that prepares the SAT). Over that time frame, our students’ average score has placed us in the top 20% nationally of the business and accounting programs which administer the exam. In Spring 2004 and 2006, the average score placed the program in the top 5% in the country.

In summary, the study of accounting opens many opportunities in the business world.  The Monmouth College Accounting program provides a challenging, yet rewarding curriculum which opens the door for future success.

Equipment/Facilities
The third floor of McMichael Academic Hall houses the faculty offices and classrooms which serve accounting majors. Two classrooms (Poling Room and MH 312) are equipped with video/computer projections systems. Most classrooms have tables to facilitate the learning process. A computer lab with 11 workstations is available for student use and facilities providing individual instructional help for computer projects.

Off-Campus Programs
The department encourages and facilitates the participation of its students in a range of off-campus programs. In the past, students have spent a semester in Paris at ESCGI which has permitted them to gain exposure to international accounting and business practices. Students who are interested in off-campus programs need to consult with their advisor early in their academic career to ensure completion of graduation requirements in eight semesters.