UCI Accounting Bulletin Spring 2022, 7th Edition
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Spring 2022, 7th Edition
Table of Contents
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Welcome
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UCI Audit Committee Summit 2021
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Faculty Research
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PhD Program
10 MPAc Program 16 Undergraduate Program 18 Student Organizations 20 Alumni
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UCI Accounting Bulletin
Welcome from the Accounting Area Coordinator Greetings from the accounting area at The Paul Merage School of Business at UC Irvine! The accounting area has continued to thrive during the 2020-2021 academic year. MPAc: In June 2021, our MPAc program celebrated its eighth graduating class. Our graduates continue to grow our international presence, with students from 13 countries, including China, India, Mexico, and Pakistan. With a focus on diversity, equity, and inclusion, we are proud to have 20% of our domestic students from under-represented groups. We offer several student-oriented programs to ensure student success: • The MPAc Mentorship Program provides our current MPAc students with support and guidance to nurture academic development and professional advancement. Student mentees receive advice and guidance about classes, professors, coursework, and study habits. Alumni mentors have the opportunity to give back to current MPAc students and build their network and ties to the UCI community. • The UCI MPAc Pathway Program is a new partnership with Santiago Canyon College to help students interested in pursuing accounting careers by offering a pathway to our MPAc program for community college transfer students. • Last year also marked the second time one of our MPAc students has been awarded the PCAOB Professional Scholarship. Congratulations Jose Ocampo BA ’21, MPAc ’23! • In recognition of demand for ESG-related content and skillset development, the program is launching its first ever sustainability accounting course in Spring 2022 and hopes to launch a full ESG track in Fall 2023. Our MPAc program continues to launch students into successful accounting careers, with over 95% job placement within six months after graduation. Last year’s graduates have landed jobs at all of the Big 4 accounting firms, major regional accounting firms, smaller local accounting firms, as well as major corporations.
Elizabeth Chuk
Associate Professor Accounting Area Chair
Undergraduate Program: In the fall of 2021, the Merage School welcomed its 15th class to the BA in Business Administration. Business Administration is the third most requested major at the freshman level, and is the first most requested major at the transfer level. Our school continues to draw some of the brightest and most diverse students in the UC system. • Incoming freshmen have a mean GPA of 4.15. • 39% of domestic freshmen come from under-represented minority groups. • 40% of incoming students are first-generation college students. PhD Program: Our world-class faculty train our PhD students for successful and productive careers as faculty at leading research-oriented schools around the world. During 2020-2021, our PhD graduates joined the faculty ranks at UT Austin, Singapore Management University, and the Chinese University of Hong Kong in Shenzen. One notable student, Il Sun Yoo, was named recipient of the 2022 Deloitte Foundation Doctoral Fellowship. The Deloitte Foundation awards 10 such fellowships each year from over 60 to 70 applications per year. With a full array of academic programs, the accounting area is continuously expanding and innovating our course offerings. We are pleased that our programs are well respected by students, our peer schools, and accounting industry professionals. We look forward to another great year ahead, and hope to keep in touch with our alumni and friends.
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If You Haven’t Yet Considered Engaging in Thought Leadership As A CPA….Now Is The Time! By Patricia Wellmeyer CPA, CGMA, PhD Thought leadership is often thought of as being the business of universities and academics. Indeed, academic research plays a significant and integral role in the advancement and attainment of new knowledge. What is not as widely recognized, however, is that CPAs and professional accounting firms can play an important role in the business of thought leadership as well. Companies in today’s accounting and reporting environment face an unprecedented number of new accounting and reporting challenges related to environmental, social, and governance issues, cryptocurrencies and digital assets, special purpose acquisition companies (SPACs), the Covid pandemic, inflation…to name only a few. In addressing these challenges, company managers, audit committees and stakeholders alike are increasingly turning to the professional accounting community for publications that disseminate timely information, perspective, and guidance helpful in understanding and dealing with today’s issues. If done with diligence, these thought leadership pieces can provide expert, quality data rich content that is both informative and practical, and most importantly, quickly and easily accessible by interested users. They can also serve as vehicles for CPAs and accounting firms to showcase their strengths in expertise and professional capital to target audiences, providing additional support resources to existing clients and potential new ones. If you’re interested in making thought leadership part of your accounting practice, what should your next step be? Consider whether you have the time and resources to dedicate to this initiative – at its core, thought leadership in accounting is about producing and disseminating timely information that will be valuable to financial statement users and stakeholders in understanding and navigating through current reporting
issues…and those to come. And providing value-added quality publishable content necessitates that you have both the time and expertise to add value on a particular topic. Ask the hard question of yourself and those in firm leadership – is your firm willing and able to support and allocate resources to making thought leadership an important part of the firm’s mission? If the answer to the question posed above is yes (congratulations!), how do you go about incorporating thought leadership into your accounting practice? • Build thought leadership into firm strategy as its own KPI – identify how thought leadership activities may help support/ achieve the core elements of the firm’s strategic mission and positioning. Be sure to consider both tangible (e.g. client revenue) and intangible (e.g. reputation) benefits. • Make thought leadership part of firm culture – create and foster an environment that gives value to and supports thought leadership. • Identify areas of expertise within firm and associated leading experts – build on the firm’s current areas of strength and use planning for thought leadership activities as a means for identifying areas where expertise can/should be further developed. • Allocate time to and reward experts for thought leadership activities – a successful thought leadership initiative takes commitment and a firm’s reward system for professional staff should align with and incentivize that commitment. • Identify platforms best suited for distributing your brand of thought leadership – give thought to which medium would be most impactful as a means of sharing your expertise and reaching your target audience.
UCI Audit Committee Summit 2021 The Accounting Area, in partnership with firm sponsors*, held its 8th annual UCI Audit Committee Summit on October 8, 2021. This one-of-a kind summit is designed specifically to address the important work of audit committees. Participants receive important regulatory updates from the U.S. Securities and Exchange Commission (SEC) and glean foremost strategic and practical insights from leading experts in the professional practice and board communities on current and emerging topics at the forefront of audit committee agendas. This year’s Summit featured a keynote discussion with SEC Deputy Chief Accountant Diana Stoltzfus followed by an engaging and informative panel discussion on “Audit Committee Hot Topics”. This interactive panel featured Wesley Bricker, PwC vice chair and US Trust Solutions co-leader (and former SEC chief accountant), Carolyn Beaver, audit committee chair at MaxLinear and MediciNova, Inc., John Gimigliano, principal-in-charge at KPMG US, and Michael C. Ray, executive vice president and chief legal officer at Western Digital Corporation. *For a list of our sponsors, panelists, and more information on the 2021 UCI Audit Committee Summit, please visit merage.uci.edu/audit-summit
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Faculty Congratulations Terry Shevlin, Recipient of the ATA Outstanding Service Award Terry Shevlin, Professor and Paul Merage Chair, has recently been named the recipient of the 2022 American Tax Association’s (ATA) Outstanding Service Award in recognition of his outstanding service to the ATA. As a member of the Association, he has served in over 40 official capacities, including President and Editor of JATA. He has also served in official capacities for the American Accounting Association (AAA) as AAA President, Editor of the Accounting Review and VP for Research and Publications. Terry has mentored many people in the profession and visited many campuses and conferences on innumerable occasions to share his wisdom and insight. His contributions to the Association and its members have been immense. Congratulations Terry on this wonderful and welldeserved recognition!
2021 UCI Celebration of Teaching Award Recipients The annual UCI Celebration of Teaching recognizes excellence in undergraduate teaching at UCI. These awards draw nominations from all over the UCI campus as students, faculty, and staff are invited to nominate the instructors and teaching assistants who have demonstrated exceptional leadership, innovation, and commitment to undergraduate education. We are excited to recognize our very own accounting instructors and recipients of the 2021 Celebration of Teaching award! Lecturer of the Year: Max Chao, Continuing Lecturer Dean’s Honeree: Devin Shanthikumar, Associate Professor
Accounting Area Faculty
Machiavelli (Max) W. Chao, JD Full-Time Lecturer
Elizabeth Chuk, PhD Associate Professor of Accounting
Stephen Cooke Lecturer
Julie Flaiz-Windham, CPA, CISA, MBA Lecturer
Nate Franke, CPA, MBA Full-Time Lecturer
Joanna L. Ho, CPA, CMA, PhD Professor of Accounting
Chuchu Liang, PhD Assistant Professor of Accounting
Ben Lourie, PhD Associate Professor of Accounting
Radhika Lunawat, CA, PhD Assistant Professor of Accounting
Mort Pincus, CPA, PhD Professor Emeritus of Accounting
Devin Shanthikumar, PhD Associate Professor of Accounting
Terry Shevlin, PhD Professor of Accounting, Paul Merage Chair in Business Growth
Patricia Wellmeyer, CPA, CGMA, MS, PhD Clinical Assistant Professor of Accounting, Director of MPAc Program
Chenqi Zhu, PhD Assistant Professor of Accounting
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From Left: Ben Lourie, Chuchu Liang, Devin Shanthikumar, Terry Shevlin, Mort Pincus, Joanna Ho, Siew Hong Teoh, Radhika Lunawat, and Patricia Wellmeyer
Faculty Research The value of public information when private information acquisition is sequentially rational Radhika Lunawat Co-author: Jeroen Suijs, Department of Business Economics, Erasmus University This paper presumes that an individual investor acquires private information in a sequentially rational way, i.e., an investor can acquire as many costly private signals as he wants and after each signal is acquired, he decides whether to acquire another one. When the investor stops acquiring private information, he makes a binary decision (e.g., whether to buy stock) which yields a benefit when the decision is optimal. We analyze the effect of public information on the decision of the investor. We find that public information improves the decision of the investor when his prior beliefs are unbiased or optimistic. When prior beliefs are pessimistic, the public information may result in worse decisions. We further find that public information is more likely to improve the decision of a more sophisticated investor than a less sophisticated investor, i.e., public information does not level the playing field when private information acquisition is sequentially rational.
The unintended consequences of the FASB’s Simplification Initiative: Does ASU 2016-09 reduce earnings informativeness? Elizabeth Chuk Co-authors: Qiao Annie Wang and Tonni Shijun Xia ASU 2016-09 Improvement to Employee Share-Based Payment Accounting significantly alters the financial reporting for stock-based compensation by requiring the recognition of excess tax benefits and tax deficiencies in net income, whereas the prior accounting regime required only balance sheet recognition (in most instances). Our paper examines whether earnings become less informative after ASU 2016-09. Using a difference-in-differences design, we find a reduction in earnings informativeness after ASU 2016-09. In cross-sectional tests, we find that the reduction in earnings informativeness is greater for firms that are more impacted by the ASU: in particular, (i) firms that more extensively use stock-based compensation and (ii) firms with more volatile stock prices. The documented effects are economically meaningful, with an average post-ASU reduction of 21.7% in the earnings response coefficient for firms impacted by ASU 2016-09. Our results are important to understanding the unintended consequences of the FASB’s Simplification Initiative.
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Voluntary Disclosure of Workforce Gender Diversity Chuchu Liang Co-authors: Ben Lourie, Alex Nekrasov and Il Sun Yoo We examine the managerial incentives to voluntarily disclose the gender diversity of a firm’s workforce. When examining voluntary disclosures, one key challenge is the difficulty of observing the underlying performance for nondisclosers. We overcome this challenge by using novel data extracted from employees’ online profiles to gauge the underlying gender diversity. After controlling for industry gender diversity, we find that firms are more likely to disclose when they are more gender diverse. This finding is consistent with managerial incentives to disclose favorable information. However, disclosure is more prevalent in industries with low gender diversity, which suggests that investor demand for disclosure is higher when firms operate in a poor gender diversity environment. Firms disclose their gender diversity when (a) their gender diversity is expected to improve, (b) the firm has more female managers, (c) institutional ownership is high, and (d) proprietary costs are low. Regarding the potential benefits firms may receive from disclosure, we find that the disclosure of gender diversity is associated with (a) increases in diversity CSR ratings, (b) improvements in the tone in media coverage of the firm’s diversity, and (c) increases in the number of CSR-oriented funds investing in the firm’s stock. Overall, our study broadens our understanding of the evolving corporate disclosure landscape by providing evidence on firms’ incentives to disclose the gender diversity of their workforce.
Effects of the 2021 Expanded Child Tax Credit Ben Lourie Co-authors: Devin Shanthikumar, Chenqui Zhu and Terry Shevlin We examine the effects of the 2021 expansion of the Child Tax Credit (CTC). Analyzing detailed transactions data for 2019 through September 2021, utilizing a difference in difference design, and controlling for state-time specific conditions, we examine the effects of CTC on employment, consumption, financial position, and financial distress. We find that lowerincome recipients of expanded CTC monthly payments do not significantly leave the workforce. They increase their total consumption, including increasing spending on groceries, education, and healthcare. Families put more money towards reducing debt and incur fewer overdraft fees. However, we find weak or insignificant results regarding savings and extreme financial distress, as measured by payments towards debt collection agencies. The consumption effects of the expanded CTC are strongest for families with more children, and for the lowest-income families. We also examine the impacts on
higher-income recipients of monthly payments, and find some differences between the two groups. Our results provide largescale empirical evidence on the realized effects of the 2021 changes to the CTC, and suggest that families significantly benefited from the expanded CTC payments, without significant costs to employment.
The persistence and pricing of changes in multinational firms’ foreign cash holdings Terry Shevlin Co-authors: Novia X. Chen, University of Houston and Peng-Chia Chiu, The Chinese University of Hong Kong, Shenzhen Using a hand-collected sample of U.S. multinational firms’ foreign and domestic cash holdings, we evaluate the earnings persistence implications of changes in foreign and domestic cash and whether stock prices reflect such implications. Building on the earnings decomposition approach in Dechow, Richardson, and Sloan (2008), we find that, in the overall sample, changes in foreign cash are as persistent for future earnings as changes in domestic cash. In the cross-section, we find that foreign cash changes have higher persistence when foreign operations offer better growth opportunities and when repatriation taxes are lower. We then examine whether investors correctly price the persistence implications of foreign and domestic cash changes. We find a positive association between current foreign cash changes and one-year-ahead stock returns, suggesting that investors underreact to foreign cash changes, or equivalently, underestimate the earnings persistence of foreign cash changes. We further document that investors are more likely to misprice foreign cash changes when information processing costs are higher and when firms have poorer information environments. Our study sheds light on a recent paper, Harford, Wang, and Zhang (2017), who find that investors discount foreign cash changes, which they attribute to agency costs and investment inefficiencies. Our findings suggest that the discount is more likely due to investor mispricing of foreign cash changes.
MiFID II and the Unbundling of Analyst Research from Trading Execution Devin Shanthikumar Co-authors: Ben Lourie and Il Sun Yoo The revised Markets in Financial Instruments Directive, known as MiFID II, requires the unbundling of research payments from trading execution. Using a difference-in-differences research
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design, we examine whether this regulation impacted the research–trading relation. We find that MiFID II weakened the link between the brokerage share of trading and analyst research. Forecast frequency, optimism, and accuracy are less likely to be associated with the brokerage trading share after MiFID II. These results do not subside in the years following the passage of the regulation. Analysts appear to respond to these changes. Analysts who earned the highest brokerage trading share due to forecast frequency, optimism and accuracy prior to MiFID II change their forecasting behavior the most after MiFID II goes into effect. We find similar results throughout for recommendations. Overall, our evidence suggests that MiFID II is at least partially successful in unbundling research from execution.
The Effects of In-Group Identity and Clarity of the Bonus Determination Criteria on Supervisors’ Discretionary Bonus Adjustments: Evidence from a Multinational Company in China Joanna L. Ho Co-authors: Cody Lu, University of Massachusetts Amherst, and Anne Wu, National Chengchi University This study examines the influence of in-group identity between supervisors and subordinates and the clarity of the bonus determination criteria on supervisors’ discretionary adjustments of subordinates’ bonus compensation through the lenses of social network theory. Using field data from a multinational manufacturing company’s subsidiary in China, we find that in-group sales agents receive higher bonus awards and that this effect is more pronounced when there is high clarity of the bonus determination criteria. Additional analysis shows that these effects hold for higher-tenured sales agents and in more economically prosperous regions. Finally, we find that higher bonus awards are positively (negatively) associated with in-group sales agents’ future performance when there is low (high) clarity of the bonus determination criteria. Our findings hold potential implications for management practices in multinational corporations.
All Losses Are Not Alike: Real versus Accounting-Driven Reported Losses Chenqi Zhu Co-authors: Feng Gu, University at Buffalo and Baruch Lev, New York University
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We examine the value relevance of accounting-driven losses that result from the immediate expensing of firms’ internallygenerated intangible investments vs. losses occurring irrespective of intangible investments. Contrary to the longheld view that losses are irrelevant for valuation, we find that once the accounting bias of intangibles-expensing is undone, earnings of firms reporting intangibles-related losses are as informative as earnings of profitable firms. Contrary to the view that persistent losses decrease earnings relevance, our evidence shows no decrease in the relevance of earnings for firms reporting persistent intangibles-related losses. We also find that firms reporting intangibles-related losses outperform other loss firms and even profitable firms in value creation from investments in technological innovation and human capital. Our evidence further shows that firms reporting intangibles-related losses have stronger future performance than other firms. Taken together, the results of this study demonstrate the fundamental differences between losses driven by the immediate expensing of internally-generated intangible investments and losses reflecting genuine business performance shortfalls.
Are Key Audit Matter Disclosures Useful in Assessing the Financial Distress Level of a Firm? Patricia Wellmeyer Co-authors: María-del-Mar Camacho-Miñano, Complutense University of Madrid, Madrid, Nora Muñoz-Izquierdo, CUNEF University, Madrid and Morton Pincus, UCI This study examines the usefulness of new expanded audit report key audit matters (KAM) disclosures in assessing the level of financial distress present at a firm. Using KAM disclosures from a hand-collected sample of UK Premiumlisted firms for 2013 to 2018, we explore the association between firm financial distress and the number, risk level, financial statement impact, and nature of disclosed KAMs. Our study expands on recent literature examining the use of audit report disclosures on financial distress prediction models as well as literature examining the utility of expanded auditor reporting. We find the greater the number of KAMs disclosed, the higher the financial distress level of a firm. Results also show the usefulness of KAMs in assessing financial distress levels increases when considering the level and nature of KAM(s) disclosed. Specifically, certain types of entity-level and individual account-level KAMs, as well as KAMs with a primary impact on a firm’s profitability and solvency, are more likely to be disclosed when firms face higher levels of financial distress. Our findings also suggest KAMs have predictive ability in assessing subsequent period financial distress levels. In all, evidence from this study suggests expanded auditor reports can help financial statement users assess and predict one of the main risks associated with a firm - the risk of failure.
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PhD Program The Accounting PhD program at The Paul Merage School of Business at the University of California Irvine is an intensive program of study about modern accounting research. Students are exposed to the principal theories and methodologies used to investigate the effects of accounting practices and corporate taxation on capital markets, managerial behavior, performance evaluation systems, corporate governance, regulation, and the economy in general. Because the field of accounting is broad, the program is highly individualized to allow students to pursue their specific areas of interest. The goal of the Accounting PhD program is to help prepare graduates for successful and productive careers as faculty members at leading researchoriented universities. A unique hallmark of our program is the high level of individual attention that our outstanding faculty give students. This special characteristic permits students to develop their talents fully to become excellent researchers and teachers. We have a diverse set of faculty who are leading researchers in accounting and related fields. They are widely published in many areas of accounting including auditing, behavioral accounting, financial accounting, managerial accounting, and taxation. The rigorous training graduates receive from the faculty makes the PhD program a leading one in the nation. Students admitted to the Accounting PhD program receive a five-year financial support package covering tuition, fees, and a stipend. This support is provided through a combination of fellowship, teaching assistantships, and research assistantships.
Our Current PhD Students by Year 5
Qiao (Annie) Wang
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Shijun Xia
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Il Sun Yoo
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Dennis Ahn
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Haomiao (Holly) He
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Charles Lee
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Hau Xiang (Daniel) Leong
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Yifei Liao
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Manduo Liu
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Jialin (Jacqueline) Tang
In addition to a world-class faculty and a thriving learning and living environment, The Paul Merage School of Business distinguishes itself for its highly personalized attention and service. From faculty to staff to fellow students, we want to nurture and challenge you, and we want you to succeed.
Notable Student Accomplishment Il Sun Yoo named recipient of prestigious 2022 Deloitte Foundation Doctoral Fellowship. The Deloitte Foundation awards 10 such fellowships each year with a financial fellowship of $25,000 across two years. The Foundation receives over 60 to 70 applications per year from the leading PhD granting schools in the U.S. and the naming of Sun as UCI’s first-ever recipient is a testament to his performance in our Accounting PhD Program. Sun’s research interests include disclosure, law and regulations, and customer-supplier relationships. His dissertation is titled “When Friends Become Foes: Proprietary Information Disclosure After Failed M&A Deals.” In addition, Sun has a paper with a revise and resubmit decision at Contemporary Accounting Research.
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Recent PhD Accounting Graduates
Aruhn Venkat (Graduated 2020)
Aruhn Venkat earned his PhD in Spring of 2020 and serves as an Assistant Professor at the McCombs School of Business at the University of Texas at Austin. His research broadly focuses on the consequences of business taxation. Several of his studies focus on the “real” effects of taxation. For instance, his dissertation focuses on the corporate investment effects of state-level bank taxation. Other research focuses on the interaction between taxes and labor. For instance, a paper published in The Accounting Review finds evidence that employees respond negatively to news media coverage of their employers’ tax avoidance. His research has been presented at numerous conferences, including, most recently, the 2022 American Taxation Association’s Annual Meeting, the 2022 Hawai’i Accounting Research Conference, the 2021 National Tax Association Annual Meeting. Venkat received the Ray Watson Fellowship to fund, in part, his PhD. He obtained his bachelor’s degree from the University of Southern California, his JD from the University of Nevada, Las Vegas and his Master’s degree in economics from the American University.
AAA Western Region Meeting, 2020 AAA Annual Meeting, and 2021 Hawaii Accounting Research Conference. She obtained her MS degree in accounting from Pace University and a BA degree in Financial Engineering from Shanghai Normal University.
Shaphan Ng (Graduated 2021)
Shaphan completed his PhD in Management from the University of California, Irvine in 2021. He currently serves as an Assistant Professor of Accounting at the School of Accountancy, Singapore Management University. Shaphan’s research largely examines the effect of tax policies on corporate decision making. He has published his work in The Accounting Review and has presented his research at the American Taxation Association Midyear Meeting and the SMU Accounting Symposium. Before joining academia, he was an equity research analyst at an investment bank.
Student Testimony Shijia Wu (Graduated 2021)
Qiao (Annie) Wang, PhD anticipated graduation year ’23 Why did you choose UCI?
Shijia Wu earned her PhD in June 2021 and serves as an assistant professor of accounting at the Chinese University of Hong Kong, Shenzhen. Wu’s primary research interest is in the area of understanding the fundamental changes in information acquisition and dissemination in the digital age. She studies how manager and investor behavior are affected by accounting information, specifically the visual presentation of the information. Her studies uncover how managers behave strategically in disclosing accounting information to take advantages of investors’ behavioral biases in information processing. She also conducts research on social media as the information intermediary, and earnings management. Her research has been published in Review of Accounting Studies and Journal of Financial Reporting. Wu received the Merage School Graduate Fellowship to fund her doctoral research. Her research was presented at several conferences, including the 2019 AAA Annual Meeting, 2019 CAPANA Research Conference, 2020 AFA PhD Student Poster Session, 2020
I chose UCI because the research faculty have very diverse research interests and are experts in their research areas. These advantages allow me to get exposed to a variety of research topics and receive high-quality training. Moreover, the interactions between faculty and students are intensive, which is super important to a young researcher like me. What is your most memorable moment/experience at UCI to date? There are a lot of memorable moments at UCI. I remember my meetings with my advisors and all the valuable insights and advice I received. I remember my presentations and how my advisors help me overcome stress and improve my presentation skills. I remember the times when all students get together, and we share both our life and research experiences. All these moments will last forever.
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MPAc Program MPAc Recruitment and Admissions The MPAc program recently celebrated its eighth graduating class this past June. The graduating class represented 106 institutions across the world in an incredibly diverse and dynamic group of students. Students entered the program from a host of unique majors including Criminology, Law and Society, Information Technology, Mechanical Engineering, Feminist Studies, Creative Writing, Mathematics, Psychological Sciences, Law, and Human Development. Faculty and staff are excited to see another fantastic group of graduates as they now embark on their professional careers. We also welcomed our newest class this Fall. Our international presence continues to grow within the global landscape. This year’s class comprises students from 13 countries, including China, India, Mexico, Pakistan, and Vietnam to name a few. Demand for our two-year program option, including many working professionals, has grown to the largest since its inception in 2017. With a focus on Diversity, Equity and Inclusion, we are proud to have 20% of our domestic students from underrepresented groups, the largest since MPAc’s inception. The Merage School partners with Santiago Canyon College (SCC) to offer MPAc Pathway program for community college transfer students.
A new partnership between SCC and the Merage School helps students interested in pursuing accounting careers. The UCI MPAc Pathway program comprises a 2+2+1 course of study: two years at SCC followed by two years at any undergraduate university and a final year studying within the Merage School’s Master of Professional Accountancy program. This new program maps a clear route to a master’s that looks beyond the traditional four-year degree path. While many transfer students may have graduate school in mind, it is important to formalize a pathway with clear objectives and steps given many are juggling non-traditional schedules. Benefits of the UCI MPAc Pathway Program include: • Early mentoring with the SCC accounting professors and counseling staff • Connection with the UCI student ambassador • Career support and guidance through accounting recruitment • Access to networking and professional development opportunities through the UCI Paul Merage School of Business
MPAc Career Services CLASS OF 2021 EMPLOYMENT RESULTS AS OF 1.13.22 General employment information:
Employment by position type:
Domestic Student Employment:
94.6%
International Student Employment:
91.6%
Public Accounting: Big 4: Mid-size: Regional/Local:
86.1% 24.4% 25.6% 36.1%
Overall Student Employment:
94.5%
Industry:
12.8%
Government:
1.1%
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Brittney Nolivaiko MPAc ’18 worked her way through community college and transferred to UCI for her undergraduate degrees. Two years later, she returned to the Merage School’s Master in Professional Accountancy program and then joined Deloitte, where her career has rapidly expanded. The Merage School offers the new MPAc Pathway program for community college transfer students like Nolivaiko.
A Transfer Student’s Journey to Deloitte Sitting where she is now at a Big Four accounting firm in Costa Mesa, it comes as a surprise to hear Brittney Nolivaiko MPAc ’18 admit she was uncertain about admittance to UCI. “At the time, I thought if I could get into a UC, that would be really big for me,” she says. “It was my goal, and UCI, with its prestige and reputation, was my top choice.” As a Santiago Canyon College (SCC) transfer student, Nolivaiko was accepted and graduated in 2013 with two bachelor’s degrees: one in psychology and social behavior and the other in criminology, law and society. Two years later, she returned to UCI and earned a Master in Professional Accountancy (MPAc) from the Merage School in 2018. Today, Nolivaiko is an external audit and assurance senior at Deloitte, and her career has expanded quickly in the three years since she joined the firm. “I landed a job at Deloitte through the MPAc program,” she says. “The School hosts all kinds of social events, seminars and on-campus interviews with the firms in the area, and Deloitte recruits directly from the Merage School.” “So, honestly, I would not have had this opportunity if I hadn’t been in Merage’s MPAc program.” The UCI MPAc Pathway Program Is Designed for Transfer Students A new partnership between SCC and the Merage School helps students like Nolivaiko interested in pursuing accounting careers. The UCI MPAc Pathway program comprises a 2+2+1 course of study: two years at SCC followed by two years at any undergraduate university and a final year studying within the Merage School’s Master of Professional Accountancy program. “One thing that stood out the most during our admissions
interview with Brittney was her genuine determination to complete a graduate degree,” says Burt Slusher, director of recruitment and admissions for the specialty master’s programs, who sees a similar resolve in students throughout the community college system. “This new program maps a clear route to a master’s that looks beyond the traditional fouryear degree path.” MPAc Balances a Career MPAc’s one-year program, her deep affection for UCI and the support she received during her undergrad years took Nolivaiko back to her alma mater. “Everyone I knew who went to the Merage School had a great experience, and the School has a good success rate with their students obtaining jobs.” Her current role at Deloitte is the “heart of the engagement” within her department’s high-level audit of private and public companies. “I manage the whole project, which means I train staff, delegate work up to managers and partners, and make sure the entire audit is moving forward. It requires good communication with team members and the clients,” she says. “This whole industry moves so quickly. It never gets boring or stagnant. Just when you think you’ve mastered it, they bring you something you’ve never seen before, and that keeps it exciting.” Her ascension within the company is due in large part to her “unconventional” path to accounting. Through remarkable selfinitiative, she brought an understanding of psychology and the law to her MPAc studies, which in turn taught her the language of business that launched her accounting career. While her journey was indirect, she says, it was the right path: “Over the years, I’ve learned that your life and interests take you where they are supposed to take you.”
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MPAc Application Process The application for the next MPAc class is available online. The application deadlines are as follows: • August 15 Early round for students entering their undergraduate senior year or early applicants. • October 15 • November 15 • January 15 • March 1 Final deadline for international applicants; all application materials, including recommendations must be submitted by this date to ensure sufficient time for visa processing.
MPAc Program Services Awards Academic Year 2020-2021 Awards: Excellence in Teaching Awards: Ben Lourie (core), Mark Krueger (elective), Daniel Leong (TA) Most Inspirational: Shannon Benson, Poly Chuong, Kirsten Smith, Zitong Song Most Entrepreneurial: Nazim Hakimi, Zhiru Wan, Trevor Wise, Chelsea Xiao First MPAc Student to Make Partner: Ziwen He, David Levinson, Maya Prager, Jacob Troge MPAc Mentor of the Year: Yutaka Fujimoto MPAc Mentee of the Year: Shannon Benson Top GPA Award: Anthony Aguiar, Jessica Chang, Hyo Jin Jang, Kirsten Smith Dean’s Scholar and Beta Gamma Sigma: Anthony Aguiar, Jessica Chang, Weiling (Wallis) Chang, Guiqing (Clover) Chen, Carina Chou, Shuran Cui, Hyo Jin Jang, Zhenxin Li, Kirsten Smith, Emily Su, Lanxi (Viola) Sun, Grace Wu, Chenlong (Leo) Zhang Beta Gamma Sigma: Arina Ivanieva, Siqi Li, Renee Navarro, Ryan Njotowidjojo, Xiaoxuan (Jeremy) Qu, Qiying (Angel) Tang, Siqi (Ella) Wu, Jing Ye
• May 1 • June 1 If you would like more detailed information regarding our MPAc class profile, upcoming information sessions, or to access our MPAc application, please visit merage.uci.edu/mpac. We also welcome students for one-on-one consultations. Appointments can be scheduled online.
Jose Ocampo BA ’21, MPAc ’23 Receives Prestigious PCAOB Scholarship Growing up, Jose Ocampo (BA ’21, MPAc ’23) saw his parents take great care with their money and work hard to support their family.
Recruiters from public accounting firms share fall recruiting best practices on a virtual panel to MPAc students.
recipients. Since the fund’s inception in 2011, he is only the second UCI MPAc student to receive the support. “These funds amount to almost a year’s worth of my pay,” he says. “I see my short-term goals like a ladder on my way to achieving bigger goals, and most of the early rungs have been related to savings. Not only does this money alleviate my need to work overtime, but it also frees me to fully concentrate on my studies and my family.”
“From a young age, I had experience in budgeting,” he shares. “Studying economics as an undergraduate student and now getting a higher degree in accounting has been a natural transition, and something I thought I could use to help my family.” Ambitious and eager for a challenge from the start, Ocampo earned a major in economics with double minors in accounting and digital information systems during his undergraduate years at UCI. Ocampo was selected as one of this year’s PCAOB scholarship
Ocampo is one of this year’s PCAOB scholarship recipients. Since the fund’s inception in 2011, he is only the second Merage School MPAc student to receive this honor.
Spring 2022, 7th Edition
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Alex Banos, MPAc ’18 has found success in the accounting world and wants to use their voice to elevate others (pronouns: they/them/theirs).
Women’s History Month: Community Leader Alex Banos MPAc ’18 Just a few short years ago, Alex Banos MPAc ’18, was packing up their dorm at UC Santa Cruz. They were moving in with their mom and grandma to a one-bedroom apartment so Banos could attend the UCI Paul Merage School of Business in pursuit of their Master of Professional Accountancy degree. Now Banos, who was offered a position at EY upon graduation, was able to upgrade their family to a spacious 3-bedroom home in the city Banos grew up in—Compton— and is currently thriving in a new role at Agile Fund Solutions, LLC in Beverly Hills. Battling Imposter Syndrome
Paying it Forward Helping other minority groups succeed in business is always at the top of Banos’ mind. One of Banos’ ultimate goals is to give back to the LA community by starting a LGBTQ+ center in Compton and kicking off a mentoring program there. In the meantime, Banos is on the board of the nonprofit Kids Can Cosplay, where Banos is helping them seek 501c3 status as a tax-exempt nonprofit. Cosplaying is a fun, artistic hobby for Banos that they started doing in their undergrad years.
At first, as a Latinx and queer-identifying young professional entering the workforce, Banos battled imposter syndrome. “I remember my first few months at the firm were the most challenging as it was my first time in a full-time professional role in the business industry,” Banos said. “I was navigating this experience on my own because I’m the first person in my family to work in this type of industry. Sometimes I had self-doubt and my confidence wasn’t the best but eventually I reconnected with the confidence in me before I had joined the firm. I realized I’ve worked smart and hard to get here and I deserve the opportunity just as much as anyone else.” “As a member of the Latinx community, I eventually Iearned to embrace my own differences to bring more value and perspective to the teams I was placed in,” Banos said. Now Banos is an assistant controller at Agile Funds Solutions, LLC, where Banos can apply their knowledge of private equity and hedge funds and expands their knowledge of the financial services industry.
Banos volunteers at Kids Can Cosplay
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UCI Accounting Bulletin
MPAc Emerging Topics in Accounting: Focus on Career and Professional Development The MPAc Emerging Topics in Accounting course provides students with information and practical skills for success in the program and for professional accounting and business career planning. • MPAc 2-unit course taken in Fall and Spring focuses on developing practical skills for career success • Discussions of current issues in the accounting profession • The course also includes 6 panel discussions with guest speakers from public and private sector, along with case study workshops highlighting current accounting issues. • For example, one of the case study workshops focused on improving client interview skills which is of the most important skills in public accounting. Students were given a mock interview case as independent auditors and had to formulate questions to ask invited professionals roleplaying as CEO/CFO of a client company.
Thank you to the following companies for participating in the Fall Panels: • Tax Consulting and Compliance Panel: HCVT, KPMG, RSM, Deloitte • Audit and Attestation Area Panel: PwC, BDO, EY, Grant Thornton • Fraud and Forensics Panel: Deloitte, FBI, CliftonLarsonAllen • Specialty Track Panel: KPMG, PwC, Blythe Global Advisors, Deloitte • Financial Management and Analysis Panel: El Pollo Loco, Pacific Life, TTM Technologies • Emerging Technologies in Accounting: RSM, EY, KPMG Thank you to the following companies for participating in the Spring Case Studies: • Mock Role Play – The Fraud at High Flying Corporation: Developing Audit Interview Skills: Advantex Professional Services, BDO, Golden State Foods, Moss Adams, KPMG, Paul Hastings, Singer Lewak, RSM, • Alumni Transition & CPA Tips: Deloitte, KPMG, EY
MPAc Interns Available in Winter or Spring • Students eligible to work winter quarter can intern part-time or full-time to get a “busy season” under their belt • Alternatively, students may intern part-time during spring quarter (up to 20 hours per week) • MPAc 241, Accounting Internship Course, can be taken for 2 elective units Thank you to the following companies who have hired MPAc students for a winter or spring 2021 internship: Arete Advisors
Grant Thornton
MGO
AcuteMax LLC
Jenny S. Park, CPA & Co.
PwC
Best Cheer Stone
KPMG
Wright Ford Young & Co.
Dada Tech
MaloneBailey
Tina T. Chiang Accountancy Corp.
Employers of MPAc Graduates: ACG Tax
China Post Group Co. LTD
Guangzhou Zhongzhixin CPAs
PwC
Alliance Funding Group
CITIC Securities
HCVT
RSM
Apercen Partners
Considine & Considine
Jenny S. Park CPAs
SES Risk Solutions
Armanino
Crowe
KBF
Baker Tilly
Dada Tech
Kim & Lee CPAs
Shenzhen Oriental Fortune Capital
BDO
Deloitte
KMJ Corbin & Co.
BPM
Duffy Kruspodin
KPMG
CAPATA CPAs
Eric Zhang & Associates
MaloneBailey
Cathay Bank
EY
Mazars
Chan & Lo CPAs
Frazier & Deeter
Maze & Associates
Chen & Fan Accountancy Group
GoGoSonic
Moss Adams
Grant Thornton
Pham Yaeger
SingerLewak Student Medicover TE Connectivity (LI) The Pun Group Tina T. Chiang Weworski & Associates
Spring 2022, 7th Edition
MPAc Professional Development Workshops Professional skill development workshops and events are offered to help our students acquire and hone skills needed to be successful, not only in today’s competitive marketplace, but also throughout their career. MPAc workshops and events include: • CliftonStrengths - Building Your Personal Brand • The Art of Networking • Interview Success Essentials • LinkedIn Best Practices • MPAc Recruiter Panel • MPAc Alumni Mock Interview • Job Search Strategies for International Students • International Student Alumni Panel • MerageFirst Virtual Industry Night – Accounting • Best Practices for Starting a Career in Accounting
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MPAc Ambassador Message After walking off the stage and graduating from CSU Long Beach with a Bachelor’s with an emphasis in Accounting in 2018, I knew I wasn’t done. I had more to learn and wanted to grow as a business professional. In order to build a strong academic foundation in accounting, I started applying for the two-year program at UC Irvine’s Master of Professional Accountancy (MPAc) program.
Alondra Olea
Once I received my acceptance letter from the MPAc program I immediately began mentally planning on ways I was going to balance school, work, and my social life. I focused on mundane tasks such as needing new tires for my car, making sure I packed enough food for school and work, and finding time to fit in studying for my courses. However, the COVID-19 outbreak changed everything and I began the MPAc program in a fully virtual setting. I wouldn’t have the opportunity to formally meet my cohort until my second year in the program and recruitment would be conducted online. While it took some time to adapt, the staff and faculty at Paul Merage worked magic during the pandemic because everything ended working just as efficiently as if it were in person. The MPAc program offered many resources and opportunities to enhance my interview skills, strengthen the probability of securing second-round interviews, and develop genuine relationships with firm recruiters. Through these resources, I was able to successfully secure a full time offer as Audit Staff at Baker Tilly LLC in their Irvine office after participating in fall recruitment during the second year of the MPAc program. UCI’s location is incredibly advantageous because it is surrounded by multiple public accounting firms that are aware of the MPAc program and specifically recruit students from the program. With that being said, what has made my experience valuable these past two years is pushing myself out of my comfort zone and taking advantage of all the recruiting events, workshops, and career service counseling. I am grateful for the opportunities offered to me in the MPAc program to create genuine and impactful connections as I start my career in public accounting. Whether one is switching careers into accounting or aiming to augment your business acumen, I am certain that they will surrounded by people who genuinely care and will help them reach their goals.
Hiring from UC Irvine By attracting the brightest talent from around the globe and offering an integrated curriculum that develops students both technically and professionally, our program graduates professionals who are ready to add immediate value to an organization. At least 91% of employment-seeking domestic students from the last three graduating classes obtained full-time positions within six months of graduation. Also note that our graduates are: • CPA eligible upon graduation • Available for full-time or part-time internships in Winter or Spring • Receive intensive one-on-one career coaching and professional development If your company would like to learn more about UC Irvine’s MPAc program or how to get involved in on-campus recruiting events, please contact Kelly Swanholm, Associate Director of Employer Relations at kelly.swanholm@uci.edu.
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UCI Accounting Bulletin
Undergraduate Program The Paul Merage School of Business welcomed its fifteenth class to the B.A. in Business Administration program in Fall 2021. Demand for the major continues to be extraordinary, with over 14,000 applications for students entering last fall. Incoming freshmen have a mean GPA of 4.15 and was the most diverse in history, with over 39% of domestic freshmen students coming from under-represented minority groups. Total enrollment is now over 1,100 students. Business Administration is the third-most requested major at the freshman level and is the first at the transfer level. Our business majors are broadly trained, with nearly half of their coursework from areas outside of the business school. Students select a minimum of one of six emphases in accounting, finance, operations and decision technologies, information systems, marketing, or organization and management. Nearly 35 percent of majors specify accounting as one of their areas of emphasis. The program ranks 30th Undergraduate Business program nationally by US News & World Report.
The Merage School offers a distinctive B.S. in Business Information Management (a joint degree with the Donald Bren School of Information and Computer Sciences) as well as three minor programs in accounting, innovation and entrepreneurship, and management, designed to complement any of the university’s 80+ majors. Fall 2021 numbers:
40%
of incoming freshmen are firstgeneration college students
39%
of incoming freshmen are underrepresented minorities
BA Business Administration Major Class of 2021 Employment Statistics BA Class Profile Total Degrees Awarded Women Underrepresented Groups* First-generation**: International Average First-Year Incoming GPA Admit Rate***
379 53% 15 40% 9% 4.08 22%
*Percentage based on U.S. domestic student population **Percentage based on incoming admissions student data ***Percentage based on admitted freshman only (not transfers)
Employment Results: Accepted Offer by Graduation Accepted Offer by 6 Months after Graduation:
56.0% 95.4%
*83.4% knowledge rate of class career outcomes. ** Both full-time employment and part-time employment are included. 4% of seeking students accepted part time positions.
Spring 2022, 7th Edition
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Selection of Full-Time Placements: Andersen, Tax Associate Deloitte, Tax Consultant BDO USA LLP. Core Tax EY, Diversified Tax Staff Associate EY, Core Tax Associate Deloitte, Audit & Assurance Grant Thornton, Incoming Associate Audit Associate Deloitte, Assurance & HCVT LLP, State and Local Internal Audit Tax Staff
KPMG, Core Tax Associate KPMG, Audit Associate Moss Adams, Assurance Associate PwC, Associate Auditor RSM US LLP, International Tax Associate
RSM US LLP, Audit Associate Withum Smith + Brown, Tax Accountant JPMorgan Chase, Internal Audit Analyst
Selection of Internships: PwC, Core Assurance Inten Grant Thornton, Audit Intern
KPMG, Audit Intern RSM US LLP, Tax Intern
Moss Adams, Accounting Intern
Bank of America, Credit and Wholesale Banking Analyst
Class of 2021 Spotlight Vy Vu, Tax Associate at Anderson
Johnny Wang, Tax Staff at Moss Adams
How did the Merage School prepare you for postgraduation life?
How did the Merage School prepare you for postgraduation life?
I was provided knowledge and multiple networking opportunities. First, The Paul Merage School has a variety of business classes that helped me build a strong business foundation. Second, I had an opportunity to get an internship at Andersen Tax through the Meet the Firms event. The knowledge and opportunities that I gained at the Paul Merage School made me feel confident. Thus, I got accepted a fulltime offer before I graduated from the school. I truly appreciate the professors, mentors, career advisors, and collages at the Paul Merage School who always supported me to achieve my goals and be successful in life.
The Merage School of Business helped me to build my career path by providing me numerous resources and opportunities in the business field. The variety of classes including accounting, finance, marketing, and management helped me to diversify and expand my knowledge in business. Paired with a multitude of social networking events and career fairs, I was able to discover my passion for accounting and initiate my career as a future CPA professional. During my experiences, I also came to be connected to a caring community of alumni, educators, and peers who continue to challenge me and support me in my endeavors and goals.
What were your key involvements during your time at UCI?
What were your key involvements during your time at UCI?
During my junior year, I joined LEADS Program and learned about leadership. I had an opportunity to create a Face Mask Campaign and form the Face Mask OC Team. Our team raised funds and distributed more than 10,000 face masks to healthcare workers and communities in the pandemic. It was a meaningful thing that I have done in my life. In addition, UCI ANTrepreneur provided me a lot of resources that helped me build a real business and participated in the New Venture Competition at the Paul Merage School. It was a great experience as a student.
During my time at UCI, I was able to grow in my leadership as a member and mentor in the Accounting Association Leadership Development Program. I also served as a core leader in Overflow Campus Fellowship, where I met most of my friends in college, whom I now treasure as my family.
What internships did you have during your time at UCI? I would like to thank Sarah Yoo, a career advisor at the Paul Merage School. She gave me great feedback for my resume and assisted me with a mock interview session. Consequently, I got accepted as an intern at Andersen Tax in my first quarter at UCI where I trained to be a Tax Associate. Two key takeaways that I gained from my internship are communication and teamwork skills.
What internships did you have during your time at UCI? I was introduced to my current firm Moss Adams through the Accounting Association’s speaking engagements and recruiting events. I was able to join their Summer Leadership Program in my sophomore year, which transitioned into a summer internship the following year. Both opportunities gave me a glimpse into the accounting world and helped me to solidify my decision to pursue a CPA and grow in the accounting profession. Without the Merage School, I never would have found my passion and gained the knowledge and skills to thrive in the job that I have today.
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UCI Accounting Bulletin
Student Organizations %
Beta Alpha Psi
Accounting Association
Our chapter of Beta Alpha Psi strives to recognize outstanding academic achievements in the fields of accounting, finance, and information systems and to provide opportunities for selfdevelopment and association among members and practicing professionals. Established in 2016, the Nu Pi Chapter of Beta Alpha Psi is a part of an international honor organization with more than 300 chapters nationwide. Our chapter is currently eight years strong with a bright outlook for the next academic year as our membership and alumni base continue to grow year-on-year.
The Accounting Association provides opportunities for students to learn more about the accounting profession by facilitating the recruitment process. We invite Big Four, Midtier, local and industry firms to attend, present and network at club-sponsored events. By providing speaker presentations, firm tours, socials and other interactive events, the Accounting Association adds to the development of our members’ interests and knowledge.
Our ongoing goal for this school year is to provide more professional development opportunities for students and have our officer board provide one-on-one assistance. With the prestige associated with Beta Alpha Psi on their resumes, students may have many doors opened for them in the accounting profession. Additionally, as our eighth year as an official chapter, our goal for the upcoming year is to ensure our members continue to have an abundance of opportunities to network with firms and professionals. Furthermore, we are working on connecting our current active members and candidates with our alumni members to provide mentorship and networking opportunities. We are also looking to implement a new program which would foster a more social aspect to our chapter.
Gloria Huang, BA 2023, President Hayden Haller, Economics Class of 2022, External Vice President Ashley Tang, Business Economics 2022, Internal Vice President Michelle Fung, Business Economics 2022, Director of Professional Development Jasmine Tu, Business Economics 2023, Secretary
Officer Board 2021-2022: Melanie Chen, BA 2022, President Cathy Yun, Business Economics 2022, Vice President Laura Edrich, BA 2023, Executive Director of External Affairs Grencewincel Garing, BA 2023, Secretary Derrick Huynh, Business Economics 2022, Treasurer Celine Ross, BA 2023, Director of Marketing
Officer Board 2021-2022:
%
Association of Latino Professionals for America (ALPFA)
Association of Latino Professionals for America (ALPFA) is the longest standing and largest national minority-based organization with over 95,000 active members. ALPFA is a nationally recognized organization that aims to empower and develop Latinx men and women as business leaders, in every sector of the global economy. ALPFA is an all-inclusive organization that focuses on the growth of underrepresented minorities to expand leadership in the global workforce. Officer Board 2021-2022: MariaTeresa Carmier, MIE 2022, President Francisco Ortiz-Castaneda, BA 2023, Vice President Alexandra Cadena, JD/MBA Class of 2023, Secretary Jose Fernandez, MPAc 2022, Treasurer Jennifer Fuentes Cedillo, BA 2023, Marketing Director
Spring 2022, 7th Edition
Our Events Speaking Engagements Throughout the school year, Beta Alpha Psi and the Accounting Association invite representatives from a variety of firms to speak with students about their experiences in different practices, including advisory, audit and tax. Students network and expand their knowledge about the accounting profession, CPA requirements, interview tips, attire advice and more.
Leadership Development Program The Accounting Association Leadership Development Program focuses on peer mentorship for students interested in pursuing a career in accounting. In the past year, the program organized a team of 20 mentors providing guidance and advice to 34 mentees. The mentees work closely with experienced mentors to develop leadership skills and prepare for summer leadership program recruiting.
Meet the Firms Co-hosted with the Master of Professional Accountancy (MPAc) program, Meet the Firms is the biggest event of the Fall quarter. Each year, numerous firms come out to network and provide information about full-time/ internship opportunities to students interested in the accounting field. In 2021, 28 firms and approximately 150 students attended the event.
Recruitment for Summer Experiences (RISE) RISE is a small-scale Meet the Firms event during winter quarter that is designed specifically for students who are interested in summer leadership programs (SLPs). It also gives students, who are interested in applying for internship or full-time positions, another opportunity to network with sponsoring companies. In 2021, we hosted RISE virtually on the platform Remo, which mimics an in-person venue. 16 firms and over 60 students were in attendance at this event.
Spring Banquet The Spring Banquet is the last event of the school year to thank our sponsors for their constant support and to celebrate our students’ hard work and achievements. Festivities include themed networking activities, raffles, and more. Due to the pandemic, our last Spring Banquet was held in 2019 with 17 firms and more than 100 students in attendance. We are looking to resume hosting Spring Banquet in the spring of 2022. To schedule a speaking engagement or if you are interested in becoming a sponsor, please contact: Beta Alpha Psi ucibap@gmail.com; accountinguci.com/ aboutbap.html Accounting Association aaucirvine@gmail.com (firms) or aaucifaq@ gmail.com (students); accountinguci.com
Our Sponsors: Deloitte EY PwC KPMG Moss Adams RSM BakerTilly Armanino Marcum BDO HCVT Andersen Tax Grant Thornton KBF Frazer LLP Withum MGO SingerLewak MPAc Haskell & White CliftonLarsonAllen CBIZ Frank Rimmerman Becker CPA UWorld Roger CPA
2020-2021 Events • UCI Anteater Involvement Fair • Fall Kick-Off • Accounting Fest • Meet the Firms • Rise • Spring Banquet • Andersen Speaking Engagement • Andersen Office Hours • Armanino Speaking Engagement • Baker Tilly Speaking Engagement • Baker Tilly Office Hours • BDO Speaking Engagement • BDO Office Hours
• CBIZ Speaking Engagement • CLA Speaking Engagement • Deloitte Speaking Engagement • Deloitte Office Hours • EY Speaking Engagement • EY Office Hours • HCVT Speaking Engagement • HCVT Office Hours • KBF Office Hours • KPMG Speaking Engagement • Marcum Speaking Engagement • MGO Speaking Engagement • Moss Adams Speaking Engagement
• Moss Adams Office Hours • PwC Speaking Engagement • RSM Speaking Engagement • RSM Office Hours • Withum Speaking Engagement • Withum Office Hours • MPAc Speaking Engagement • BAP & AA Mock Interviews • Resume Workshop • Alumni Panel • Community Service Events • Social Events • Multi-Chapter Events
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UCI Accounting Bulletin
Alumni Your Alumni Network Your engagement with the Merage School extends far beyond graduation. Whether you are a recent graduate looking to build your network, or a longtime professional seeking to utilize the many benefits that the Merage School has to offer, Your Alumni Network is here to support you.
Heting Ren, MPAC ’21 – promoted to Tax Associate II at Armanino LLP and received the CPA license at the end of 2021.
David Levinson, MPAC ’21 – sold his tax firm of 5 years in August 2021 and joined Baker Tilly as a Tax Senior in their high net worth division.
Keep the Merage School alumni network strong by doing the following. 1. Engage and Connect Attend events and visit us on campus during Homecoming. Follow us or join our social media pages and groups. Read Your Alumni Network newsletter for the latest news and events. 2. Share your Merage pride and experiences. Become a mentor. Become a reunion class representative. Become a regional alumni ambassador. Become a guest speaker. 3. Think Merage First. Help students and fellow alumni by hiring Merage School talent and sharing jobs. Refer students to our world-class programs. Support or champion our missiondriven initiatives. 4. Further Your Education Come back to earn another degree or certificate. Learn what is offered at the Centers of Excellence. 5. Keep us updated. Have a new job/promotion? Got married? A new baby? A new email address? Keep your profile updated so we can share your news and proud life moments within the Merage School and Alumni Network: alumni.merage.uci.edu.
Daniel Kubov, MPAC ’17 – married to a fellow Anteater at the UCI University Club in June 2021.
Ting-Che Cheng, MPAC ’17 – transferred to the EY San Jose office from the Los Angeles office in 2020.
We are here for you. Reach out to us anytime at meragealumni@uci.edu.
UCI’s Accounting Programs Need Your Support Thank you for your continued support of the UCI Merage School Accounting programs. The UCI Accounting Programs fund provides our students and faculty members with top-notch programs and resources. Please consider giving to our programs to help us further enrich students’ learning experiences, embrace new opportunities and promote groundbreaking research. Your generous contribution directly supports our students as they prepare to enter the accounting profession by equipping us to offer a comprehensive and innovative curriculum. Contributions to the UCI Accounting Programs Fund may be made online at egiving.uci.edu or via check payable to “UCI Accounting Programs Fund” and sent to: UCI Paul Merage School of Business, External Relations Office 4293 Pereira Drive, Suite 5600, Irvine, CA 92697
Omar Ramil, MPAC ’20 – welcomed a baby boy named Noah in July 2020.
Spring 2022, 7th Edition
Thavit Phorn, MPAC ’19 – bought his primary house in Baldwin Park in April 2021, promoted to Senior Tax Accountant at HCVT in July 2021, and is in the process of closing escrow on an investment property in Upland.
Sean Cho, MPAC ’17 – received the CPA license at the end of 2021 and got engaged to his fiancée in February 2022.
Emily Su, MPAC ’21 – passed all four parts of the uniform CPA exam in August 2021.
Mike Mowrey, MPAC ’17 – purchased a home in April 2021 and welcomed a baby girl in July 2021.
Travis Purtell, MPAC ’18 – moved to Zürich, Switzerland in April 2022 as part of a two-year audit rotation (secondment) with KPMG.
Henry Xu MPAC ’15 – promoted to Accounting Manager at EVGA in July 2021.
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Jamey Etherton, MPAC ’19 – since graduating from the MPAc program, Jamey has increased her salary over 60% and gave herself the best birthday gift, an MB GLE350, in 2021. Professional confidence as an accounting professional is worth celebrating!
Konstantin Shilkov, MPAC ’19 – married in February 2021 to Huong (Sarah) Ngo who is currently a student in the MPAc program, and welcomed a baby boy named Justin in December 2021.
MPAc Alumni Updates and Accomplishments Qi Li, MPAc ’18 – started his own e-commerce business on Shopify and filed his company called TPARTS, LLC in 2021, selling Tesla accessories. In the past year, the company sponsored the largest SoCal Tesla Owners club and attended many local Tesla car meet events. In August 2022, TPARTS will be attending the largest official Tesla Owners event as a recognized vendor.
Jared Nassaney, MPAC ’19 – welcomed a baby boy and bought an amazing new house.
Kimberly Hedges, MPAC ’19 – received the CPA license in June 2021, promoted to Senior at EY in October 2021, and will be getting married to Jonathan Braddock in October 2022 in Pala, CA.
Kirsten Smith, MPAC ’21 – promoted to audit senior at Wright Ford Young in July 2021, and officially received the CPA license in December 2021.
William Amsbary, MPAC ’19 – married in January 2022 and also passed all four parts of the uniform CPA exam.
Kristin Nguyen, MPAC ’18 – married in July 2021 and bought first house with her husband in October 2021. She continues to thrive in her role as a Senior at EY in the Irvine assurance practice.
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UCI Accounting Bulletin
UC Irvine, The Paul Merage School of Business Irvine, CA 92697-3125
In Memoriam Jasper Suh, MPAC ’17 Jasper was born on March 5, 1985 in Seoul, South Korea to Seok Jong and Shin Jung Suh. He often told stories about his grandma making kimbap for his field trips, and she told him a Korean saying, “If you take out a knife, you better stab a pumpkin.” This means that if you are going to do something, do it all the way. This saying really sums up how Jasper lived his life; he gave himself fully in all his pursuits. Whether it was pursuing the Lord, pursuing his wife Krystal, or fighting cancer, Jasper was all in. Jasper and his family moved to the United States when he was 13 years old. Even though he knew very little English when he arrived, he quickly picked up the language and was successful in high school. U pon his graduation from UCLA, he attended a post graduate Bible school (FTTA) for two years. After graduating from the FTTA, he served on the Christian campus ministry team at CSULB in Long Beach for seven years. It was during this time at CSULB, that he met his wife Krystal. They quickly fell in love and were married on January 13, 2013.
In 2016, Jasper started graduate school at UCI and received his Masters in Accountancy in 2017. As he neared graduation, Jasper applied for a position at Price Waterhouse Cooper, a top firm that had only one position open. This did not deter him, rather he worked even harder and stood out among his peers and was offered the position. In 2017, Jasper and Krystal moved to Fullerton to be closer to family and welcomed their daughter, Luna, in March of that year. In May of 2021, Jasper and Krystal welcomed their son, Jacinth, into the world. For three months, they enjoyed being a loving family of four, nestled together in their home in Fullerton. Jasper was suffering from some odd symptoms over the summer and on September 11, 2021, he went to the emergency room and was quickly diagnosed with Acute Leukemia. Jasper stayed at the hospital for 5 months and he fought hard with every procedure and treatment, determined to fight the cancer. With Krystal, his loving parents, and his brother Sam by his side, Jasper passed away on February 12, 2022. Though his time on earth was too brief–the days he lived were full of meaning.
Program Contact Information PhD 949.824.8318 phd@merage.uci.edu merage.uci.edu/PhD
Undergraduate 949.824.9426 ugprograms@merage.uci.edu merage.uci.edu/undergrad
Accounting Association Students: aafaq01@gmail.com Firms: aaucirvine@gmail.com accountinguci.com
MPAc 949.824.9240 mpac@merage.uci.edu merage.uci.edu/mpac
Beta Alpha Psi ucibap@gmail.com accountinguci.com/aboutbap.html
Alumni Relations 949.824.7167 meragealum@merage.uci.edu merage.uci.edu/alumni
