department of accounting & finance academic year 2017-18 ...of accounting and finance. (support...

Department of Accounting & Finance Academic Year 2017-18 Assessment Report

All areas shaded in gray are to be completed by the department/program. This document will be posted online and must be accessible electronically (including appendices).

MISSION STATEMENT The Department of Accounting and Finance prepares ethically aware decision makers with effective analytical and

qualitative business knowledge and skills to become professionals in their respective fields. We commit to high

quality teaching and applying scholarship to professional practice and theory.

The Master of Accountancy (MAcct) program provides breadth and depth in accounting, taxation, and business to

develop a high level of understanding, skill and leadership capability for advancement in the accounting profession

and other related business careers.

DEPARTMENT ALIGNMENT WITH ACCREDITATION CORE THEMES

After listing each departmental objective, indicate which of the five core themes proposed in the Year One Self-Evaluation

Report submitted March 1, 2018 to the Northwest Commission on Colleges and Universities the objective supports.

In this section, you may also briefly describe any innovative or noteworthy programs/initiatives that support the core themes.

1. Foster student growth and equip them for success in their respective fields. (Engage students where they

are, Partner with place, Support excellence and innovation in the curriculum)

2. Demand excellence in teaching, rigor in expectations, expertise in our fields and nurture of the faculty/student

relationship. (Invest in people, Support excellence and innovation in the curriculum, Foster knowledge

creation and innovation)

3. Offer a modern curriculum, breadth in course offerings and a faculty engaged in maintaining currency.

(Engage students where they are, Support excellence and innovation in the curriculum, Foster knowledge

creation and innovation)

4. Offer a curriculum that has a strong focus on analytical and problem solving skills, which are crucial to

success in accounting and finances fields at all levels of a career. (Engage students where they are, Support

excellence and innovation in the curriculum)

5. Incorporate requirements to communicate both technical and nontechnical findings in the context of the fields

of accounting and finance. (Support excellence and innovation in the curriculum)

STUDENT LEARNING GOALS and MEASUREMENT TOOLS

Student Learning Goals Major Field Test

Financial Statement Disclosure Analysis

AICPA Code of Conduct

CPA Exam Research Paper &

Presentation to CPAs

1. Students will possess fundamental accounting or finance knowledge. (ACTG, FIN)

X

http://www.umt.edu/accessibility/getstarted/

http://www.umt.edu/planningassessmentcontinuum/University-of-Montana-Year-1_FINAL.pdf

http://www.umt.edu/planningassessmentcontinuum/University-of-Montana-Year-1_FINAL.pdf

Student Learning Goals Major Field Test

Financial Statement Disclosure Analysis

AICPA Code of Conduct

CPA Exam Research Paper &

Presentation to CPAs

2. Students will be effective business writers. (ACTG, FIN)

X

3. Students will critically analyze and solve problems, using technology where appropriate. (ACTG, FIN)

X X

4. Students will understand the importance of ethics in their professions and demonstrate ethical decision making. (ACTG, FIN)

X X

5. MAcct students will obtain a deeper mastery of technical accounting competencies.

X

6. MAcct students will understand the role of the accounting profession in business and the economy, along with the importance of professionalism and ethics in carrying out this role.

X

7. MAcct students will be effective communicators.

X

8. MAcct students will apply critical thinking skills.

X

9. MAcct students will be prepared for certification as a CPA.

X

RESULTS and MODIFICATIONS

Learning Goal results Modifications made to enhance learning

Goal 1 - All business majors are required to take the Results are satisfactory for the accounting and finance Major Field Test (MFT), administered by ETS. The MFT students. In the prior assessment report, there was one tests a variety of business areas at the fundamental semester where finance students scored below the 75th

level. We expect accounting and finance majors to percentile. We have monitored results on the MFT, and score in the 75th percentile on the accounting and this has not occurred again. We will continue to monitor finance questions on the MFT. In Spring 2017 and 2018 results on the MFT. accounting students scored in the 99th and 99th percentile on accounting questions, and finance students scored in the 99th and 99th percentile on the finance questions These percentiles are based on all business students from all schools who took the test in the respective period (414 universities).

Goal 2 – This goal was not assessed during this period. COB and the Accounting program were reaccredited by AACSB in Spring 2016. AACSB only requires that each goal to be assessed twice in a five year period. We plan to assess this goal during the next two year period.

Not applicable this round.


Goal 3 – All business majors are required to take the Major Field Test (MFT), administered by ETS. The MFT tests a variety of business areas at the fundamental level. We expect accounting and finance majors to score in the 75th percentile on the quantitative business analysis questions on the MFT. In Spring 2017 and 2018 accounting students scored in the 94th and 94th

percentile and finance students scored in the 93rd and 98th percentile on these questions. These percentiles are based on all business students from all schools who took the test in the respective period (414 universities).

Results are satisfactory for the accounting and finance students. We will continue to monitor results on the MFT.

Goal 4 – This goal was not assessed during this period. COB and the Accounting program were reaccredited by AACSB in Spring 2016. AACSB only requires that each goal to be assessed twice in a five year period. We plan to assess this goal during the next two year period.

Not applicable this round.

Goal 5 - A very broad set of technical accounting competencies is tested on the national CPA exam. Almost all MAcct students opt to take the CPA exam at the conclusion of their program. Pass rates for MAccts far exceed national pass rates for all test takers for the most recent year available, 2017. (First-time pass rates for the MAcct students on the four sections in 2017 were REG=83%, FAR=79%, AUD=58%, BEC=79%, with national first-time pass rates of 47%, 44%, 49%, and 53%, respectively.)

Results are satisfactory, no improvements necessary. Even though the results on all sections are satisfactory, we did attempt to improve the AUD scores by asking students to take that section during the Wintersession. While this led to a small improvement in scores, there were other drawbacks (including more burnout among the students during the following spring semester and the eventual shortening of the winter session) that led us to believe this wasn’t a good long-term solution

Goal 6 - The CPA exam addresses the role of the accounting profession in business and the economy. Two sections of the exam (Regulation and Auditing) both address ethics topics. Almost all MAcct students opt to take the CPA exam at the conclusion of their program. Pass rates for MAccts far exceed national pass rates for all test takers. (See learning goal #5 for MAcct pass rates compared to national pass rates.)

Results are satisfactory, no improvements to be made.

Goal 7 - In ACTG 615, MAcct students complete research papers and present their topics (on very current developments) to an audience of local CPAs, faculty, and other students. The local CPAs and faculty evaluate each student on their presentation skills (verbal and nonverbal). Students have been very highly rated for several years running, and the local CPAs are always extremely complimentary of the poise and presentation skills the students show.


Goal 8 - A very broad set of technical accounting competencies is tested on the national CPA exam. Almost all MAcct students opt to take the CPA exam at the conclusion of their program. In 2017, the exam began to include “increased assessment of higher-order cognitive skills that include, but are not limited to, critical thinking, problem solving and analytical ability.” (https://www.aicpa.org/press/pressreleases/2016/next-version-cpa-exam-testing-april-2017.html). Pass rates for MAccts far exceed national pass rates for all test takers. (See learning goal #5 for MAcct pass rates compared to national pass rates.)


https://www.aicpa.org/press/pressreleases/2016/next-version-cpa-exam-testing-april-2017.html

https://www.aicpa.org/press/pressreleases/2016/next-version-cpa-exam-testing-april-2017.html


Goal 9 - A very broad set of technical accounting competencies is tested on the national CPA exam. Almost all MAcct students opt to take the CPA exam at the conclusion of their program. In 2017, the exam began to include “increased assessment of higher-order cognitive skills that include, but are not limited to, critical thinking, problem solving and analytical ability.” (https://www.aicpa.org/press/pressreleases/2016/next-version-cpa-exam-testing-april-2017.html). Pass rates for MAccts far exceed national pass rates for all test takers. (See learning goal #5 for MAcct pass rates compared to national pass rates.)


FUTURE PLANS FOR CONTINUED ASSESSMENT We will continue to administer the MFT for all business majors. We will continue to monitor CPA Exam pass rates for

the MAcct (note -- even though the undergrad accounting program does not fully prepare students for the CPA exam,

most of our MAcct students completed their undergraduate accounting coursework at UM. Our high pass rates provide

indirect support of our undergraduate accounting students' program learning goals.) In the current term (Fall 2018),

we extended the presentations that MAcct students give to local CPAs to include a third day, and that extra day focuses

on ethical issues. The CPAs who attended the presentations scored the students on their analysis of the material and

on their presentation/communication skills—these scores may be used for future assessment activities.

APPENDICIES 1. A&F Curriculum Map for our three programs.

2. Major Field Test results for Spring 2017 and Spring 2018

A&F Curriculum Mapping

Student Learning Goals #1 Possess fundamental

accounting or finance knowledge. #2 Be effective business writers.

#3 Critically analyze and solve problems, using technology

where appropriate.

#4 Understand the importance of ethics in their professions and demonstrate ethical decision

making. Courses Undergraduate Accounting

ACTG201 Principles of Financial Accounting I I ACTG202 Principles of Managerial Accounting I I I ACTG203 Accounting Lab D M ACTG305 Corporate Reporting I D D,M I,D I ACTG306 Corporate Reporting II D D I ACTG307 Corporate Reporting III D D,M,A D ACTG321 Accounting Information Systems I I,D ACTG401 Principles of Fed Tax - Ind D,M D ACTG410 Cost/Mgmt Acct I D,M D D,M,A D ACTG411 Auditing I D,M D A,D ACTG425 State & Local Govt Accounting D D D ACTG426 Accounting for Nonprofits D D D ACTG432 Income Tax Practicum D,M D M D ACTG491 ST: Alaska Tax Practicum D,M M Major Field Test A A A

KEY: I = Introduced D = Developed/reinforced, with opportunities to practice M = Mastery A = Assessment evidence collected


Student Learning Goals #1 Possess fundamental

accounting or finance knowledge. #2 Be effective business writers.

#3 Critically analyze and solve problems, using technology

where appropriate.

#4 Understand the importance of ethics in their professions and demonstrate ethical decision

making. Courses Undergraduate Finance

BFIN301 Analysis of Fin. Statements I,D BFIN322 Business Finance I I BFIN420 Investments I D,M BFIN424 Financial Markets D M,A BFIN429 Fin. Mgmt I: Theory & Analysis D M M BFIN439 Fin. Mgmt II: Analysis & Probl D,A M,A M,A BFIN450 Banking D M,A D Major Field Test A A A



Student Learning Goals #5 Obtain a deeper mastery of technical acct. competencies.

#6 Understand the role of the accounting profession in business and the economy, along

with the importance of professionalism and ethics.

#7 Be effective communicators.

#8 Apply critical thinking skills.

#9 Be prepared for certification as a CPA.

Courses Masters of Accountancy

ACTG615 Accounting Theory D,M ACTG616 Adv. Financial Topics D,M,A D,M D,M D,M D,M ACTG631 Advanced Tax D D,M M M M ACTG632 Advanced Tax Practicum D D ACTG641 Advanced Auditing M,A M,A M,A M,A M,A ACTG661 Accounting Law & Ethics D D,M D,M D,M CPA Exam A A A A


Major Field Test ResultsSPRING 2017

Data includes seniors from domestic institutions who tested between September 2016 through June 2017

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Accounting

Mean % Correct Nat'l Percentile

32 9 0163 16361 51 69 44 52 60 48 59 49

99 95 82 94 92 95 52 95 97 97 97 Finance


29 8 0161 16150 51 66 43 65 57 47 56 46

90 95 66 93 99 83 44 83 88 95 95 Management


38 4 1157 15748 47 69 36 46 61 50 58 41

79 83 82 61 65 96 73 92 48 85 85 Mgmt. Information Sys.


41 7 049 51 68 44 48 62 51 70 42 162 16284 95 77 94 78 98 80 99 56 97 97

Marketing


33 2 0155 15545 43 66 37 41 61 51 58 43

55 61 66 66 29 96 80 92 66 75 75

Total SoBA

Mean % Correct Nat'l Percentile Nat'l Mean % Correct

173 30 1

50 49 68 40 50 60 49 61 44 17.3% 0.6%

160 160.090 92 77 83 87 95 62 98 73 93 73

43.2 40.6 61.5 34 43.3 50.2 46.8 51.5 40 149.5 151.8

Legend: Percentiles, based on students from 414 universities

* Not enough students for ETS to analyze

Major Field Test ResultsSPRING 2018

Data includes seniors from domestic institutions who tested between September 2016 through June 2017

n = Acco

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Accounting


24 0 0167 16767 55 73 44 54 59 52 61 53

99 99 93 94 97 92 86 98 99 99 99 Finance


49 0 0167 16755 56 70 48 68 58 50 62 45

98 99 87 98 99 89 73 99 83 99 99 Management


43 0 0154 15449 46 68 35 44 54 49 54 43

84 80 77 55 51 62 62 66 66 70 70 Mgmt. Information Sys.


33 3 049 44 73 39 48 59 49 68 40 159 15984 68 93 80 78 92 62 99 41 92 92

Marketing


33 0 0156 15646 46 69 36 42 60 51 57 46

65 80 82 61 36 95 80 88 88 80 80

Total SoBA

Mean % Correct Nat'l Percentile Nat'l Mean % Correct

185 3 0

52 49 70 41 52 58 50 61 45 1.6% 0.0%

161 161.096 92 87 86 92 89 73 98 83 95 73

43.2 40.6 61.5 34 43.3 50.2 46.8 51.5 40 149.5 151.8

Legend: Percentiles, based on students from 414 universities

* Not enough students for ETS to analyze

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