Vanderbi lt MAcc VALUATION 20 15
Start your career
at the intersection of Accounting and Finance.
Master of Accountancy—Valuation
vanderbilt MAcc Valuation
The Big
4
The public accounting firms, also known as the “Big 4,� that Vanderbilt partners with.
Only one business school in America offers you this type of program. The Vanderbilt MAcc Valuation program meets the growing need for young professionals who have the intellectual and academic skills, the credentials and the interpersonal savvy to grow and succeed in this specialized business segment—one in which you will be tasked with analyzing financial statements, performing due diligence for specialized markets and client needs, as well as preparing financial models and reports. During the program you will also have access to: n Structured
recruiting process and unparalleled access to executives at partner firms
n Small
class sizes that offer close and enduring relationships with classmates and professors
n Special
100
%
The percentage of students who received internship offers.
12 The number of months it will take you to complete the Macc Valuation program as well as study and sit for the CPA exam and Level 1 of the CFA.
programming in professional development
n Opportunities n Built-in
for a paid internship in the spring
preparation for both the CFA and CPA exams
94
%
Program length
Twelve months, full-time
Designed for
Recent college graduates who demonstrate the ability to develop strong client-facing skills as well as a mastery of finance and accounting.
Class profile* Class size—12 Age—23 Undergraduate GPA—3.67 GMAT—700 Women—47% Firms that hire
The first time CPA pass rate for the Class of 2014.
10,000
$
Deloitte, EY, KPMG, PwC
* Multi-year average
The average amount paid for a MAcc internship.
01
owen.vanderbilt.edu/macc-valuation
Build a career at the
accounting anD How do you determine the value of intellectual property? What is a brand name worth? How much should a company pay to purchase a competitor? Or a supplier? As a valuation professional, you will be part of a team that provides specialized information for clients that impacts business decisions on everything from strategy and acquisitions to asset management, restructuring and divestitures and management planning. To make you an even more valuable asset to the firms, Vanderbilt equips you with the accounting knowledge necessary to understand the fundamentals of business, not just the finance side. This cutting edge career demands both. Together that’s what makes the MAcc Valuation program truly one of a kind.
02
intersection of
finance. “During my first month at KMPG, I was on fifteen different clients and I worked on different types of projects for each one; so I was exposed to a mix of industries.”
Margaret Ross
KPMG—Atlanta, GA After graduating from Vanderbilt, Margaret moved to Atlanta where she is busy studying for the final level of the CFA exam, practicing yoga and exploring the numerous running trails throughout the city with fellow MAcc alums.
MAcc Valuation
2014
Class
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Put yourself track
Today, demand is growing by double digits for young professionals with the skill and savvy to succeed in the valuation field.
Classes like Financial Economics, Corporate Valuation and Financial Reporting will help prepare you for the field along with certifications such as Bloomberg and CAPIQ. The built-in review courses for both the CPA and CFA will help you study and sit for both exams. Our rigorous program will help you develop the technical expertise in accounting and finance, as well as the communications and leadership skills that are essential in this clientfacing business.
Professor Karl Hackenbrack Associate Dean & Faculty Director, MAcc Programs
Professor Nick Bollen
04
on a to the top. You won’t just learn technical skills.
At Vanderbilt, like nowhere else, your professional development is a major part of the MAcc Valuation program. It begins with coaching and a leadership assessment through which you gain insights into your strengths, challenges and personal motivators and how they all affect your working relationships with others. Then you’ll work with one of our professional development coaches with prior public accounting experience to turn all this feedback into strategies you can take into your internship. After your internship, you and other MAcc Valuation students work with a licensed executive coach to maximize and apply what you learned from your internship experience. At all times, our professional development coaches are available for one-on-one coaching. The bottom line? You’re even more valuable to potential employers. You’re not just ready to handle a job. You’re prepared for your career.
MAcc Valuation Curriculum at a Glance
Financial Economics 2 (2) Financial Modeling (2) Financial Reporting I (2)
SUMMER
Module 2
Module 3
Module 4
CPA Prep
Financial Reporting II (2)
Accounting Valuation Internship or electives (6)
Advanced Cost Accounting (2)
Becker CPA Review Course and CPA Exam
Taxation of Business and Investment Transactions (2)
Strategic Management (2)
Research in Financial Reporting (2)
Advanced Financial Reporting (2)
Corporate Value Management (2)
Strategic Management (2)
Schweser CFA Exam Review and Level I Exam
Introduction to Law and Business (2)
Commencement
Engagement Documentation (1)
SPRING
Winter Break
Module 1
Immersion Week Audit Institutions (contd)
Pre-Mod 1 Communication, Leadership and Ethics in Accounting (1) Financial Economics 1 (2)
FALL
(x) = credit hours Curriculum and course information is updated annually and is subject to change.
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Intern with one of And get paid 06
As part of the program, you’ll have unparalleled access to our partner firms (that happen to be among the world’s top public accounting firms) to pursue a 10-week, paid internship. The internship allows you to round out your education with the real-world experience you’ve been preparing for. Not only does it give you a chance to see what life is like as a valuation professional within the firm, it enables partner firms to give you a “trial run”— since successful internships typically lead to job offers upon graduation.
the world’s top firms. while you learn. 07
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Where can the MAcc Valuation Where do you want “ We’re becoming part of a community, not just attending a school.”
MAx dutcher
Vanderbilt MAcc Valuation | 2013 Undergrad: Furman University Undergrad Major: Business Administration Deloitte, New York
“Personal and professional relationships do not have to be exclusively one or the other. Your closest friends can be your best professional resources, and a wonderful professional resource can become a true, caring friend. I saw that time and time again at Owen.”
Corinne Merriman
Vanderbilt MAcc Valuation | 2014 Undergrad: Duke University Undergrad Major: History PwC, Chicago
08
“For me Valuation is one of the best marriages between accounting and finance that you can find, and this program was the best way for me to learn how to be proficient at both and be able to take my career from there.”
K. Karlos Mackey
Vanderbilt MAcc Valuation | 2014 Undergrad: Fisk University Undergrad Major: Physics PwC, Atlanta
program take you? to go?
Our Big Four partner firms are among the top of the professional services field—and often quoted as one of the best places to work or launch a career. Soon after admission, you’ll have opportunities to network with them, visit them in their offices and evaluate which might be best for you.
JR./SR. Associate (Valuation)
MANAGER
(Valuation / Consulting)
partner Public Accounting and Services
MAcc Valuation
CEO vice president
Entrepreneur
CEO/CFO Corporate Sector
CeO Finance Sector
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One Day in the Life: Kaylen James 8:00 AM
9:00 AM
Arrive at the office. Most of the other staff arrive at 9. I have a chance to settle in and catch up on emails. One great thing about valuation is that, even though each day is unpredictable, my location is not. We don’t travel much, and we’re not at the clients’ offices. I get to be in the same office every day.
Each Tuesday, all of the valuation team meet (there are 13 of us) to see what the workload is like and plan our day accordingly.
9:30 AM
I’m busy working on audit support papers for the audit team. I’m doing a range of tasks on any given day, valuing everything from goodwill to subsidiaries.
11:00 AM
I’ve already worked on projects for three different clients. I might work on as many as 12 before the day is over. 10
First off, says Kaylen James, there’s no such thing as a typical day in valuation. During “audit busy season”—January through March—at the Dallas office of PricewaterhouseCoopers, where Kaylen interned, valuation teams supported the firm’s audit teams. In August after graduation, she will likely perform work for clients wanting to assess the value of newly acquired assets. Even during busy season, it’s never the same from one day to the next. “You have to enjoy adjusting on the fly—which I do.”
You have to forecast the extra income an individual would get by competing against your client and how much of the client’s business they’d take away. It’s very complicated. And very interesting.
Noon
Lunch with team members. Dallas has an amazing number of dining places to discover.
6:00 PM
1:15 PM
Interns are encouraged to experience what their city has to offer during their internships. After work, I head out to dinner with friends to explore and meet new people.
I have phone conversations throughout the afternoon with the audit team and even previous valuation teams.
9:00 PM
3:30 PM
Relax before bed with some light reading or television. It really helps you unwind after a day of numbers.
I’m working on the value of a non-compete agreement. 11
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CLASS PROFILE All Vanderbilt Business students have one thing in common: They’re different. But while there’s no risk that we’ll ever reduce students to statistics and averages, here are a few figures that may give you a picture of who your classmates might be. Class of 2014 Profile Class Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Average Age . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Undergraduate GPA Average . . . . . . . . . . . 3.65 GMAT Range . . . . . . . . . . . . . . . . . . . . . . . . . 660-750 Women . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55%
Partial List of Undergraduate Majors n n
n
Accounting Business Administration Economics
n n n
Finance Financial Markets History
Partial List of Undergraduate Institutions n n n n n n
Brigham Young University Davidson College Duke University Furman University Lipscomb University Southern Methodist University
n n n n n n
University of NC Chapel Hill University of Florida University of Tennessee University of Texas University of Washington Vanderbilt University
Where Students Went to Work Atlanta Boston Chicago Dallas New York City San Jose Washington, DC
15 12
admissions requirementS
Open house ADMISSIONs EVENTS
Successful candidates have strong academic performance in prior university studies, with proven problem-solving skills and analytical aptitude. They demonstrate integrity and exhibit exceptional communication skills and carry themselves with a mature, professional presence. To be considered, all applicants will provide the following: n n n n n n n
Online application Transcripts from all universities attended GMAT or GRE score (you may submit your application prior to taking the exam) Essays Two letters of recommendation Resume 1st round interview and attendance at an Open House admissions event (by invitation only)
Prerequisites Students must have completed the following courses from an accredited school, with a grade of B or better. Additional prerequisites may be required on a case-bycase basis. Students may be admitted to the program before these requirements are met. n Introductory Financial Accounting n Introductory Managerial/Cost Accounting n Introductory & Intermediate Statistics n Introductory & Intermediate Microeconomics n Introductory Macroeconomics n Corporate Finance n Calculus I and II
2014-2015 MAcc application deadlines & event dates We encourage you to apply as early in the admission cycle as possible.
Round
Deadline to Apply
Campus Decision Interview Event Deadline
1
Oct 6, 2014
Oct 23-24, 2014
Nov 7, 2014
2
Nov 10, 2014
Dec 4-5 ,2014
Dec 19, 2014
3
Feb 2, 2015
Mar 12-13, 2015
Mar 27, 2015
4
Mar 16, 2015*
Apr 9-10, 2015
Apr 17, 2015
* U.S. citizens & permanent residents only
n n n
Open House admissions events are by invitation only, for selected candidates who pass a 1st round interview 1st round interviews are by invitation only and are conducted via video call, phone or in person Application fee of $50 is non-refundable and due at the time of submission
Open House Admissions Events
Open Houses are second round interview events scheduled from Thursday afternoon through Friday afternoon. Participants will learn more about the program and hear from representatives of our partner firms as well as interact with other applicants, current students, faculty and staff from the MAcc and MAcc Valuation programs.
Welcome Weekend Event
Welcome Weekend is open only to those who receive an offer of admission and is an opportunity for admitted students to get to know their classmates and immerse themselves into the Nashville and Vanderbilt communities. Students will also have the opportunity to meet members of our partner firms. n
Welcome Weekend for the Class of 2016 – April 17-18, 2015
TUITION AND FINANCIAL AID Vanderbilt is pleased to offer ready access to financial aid. Additionally, merit-based scholarships may be awarded based on achievement and potential. With exceptional job placement made possible through our unparalleled network with the top professional services firms, the typical “payback” for the program is less than two years. Estimated Expenses Tuition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 47,950 Books/Supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,842 Rent/Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,918 Meals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,986 Personal* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,770 Transportation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,994 Loan Fees**. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,296 * Includes allowance for the University Health Insurance Fee and for the Activity/Recreation Center Fee (projected). ** Average loan fees incurred by similarly classified borrowers during the previous academic year.
We’re a different type of business school. We’re competitive, not cutthroat. We lead with ideas, not egos. We assess value and bring plenty of our own.
Master of Accountancy—Valuation
Vanderbilt University Owen Graduate School of Management 401 21st Avenue South Nashville, TN 37203-2422
Telephone: 615.322.6509 Fax: 615.343.1175 Email: maccvaluation@owen.vanderbilt.edu Web: owen.vanderbilt.edu/macc-valuation Hours: 8:00 AM – 5:00 PM, US Central Time
©2014 Vanderbilt and the Vanderbilt logo are registered trademarks and service marks of Vanderbilt University. REV. 12/14 Vanderbilt University is committed to principles of equal opportunity and affirmative action. Visit owen.vanderbilt.edu for Vanderbilt University’s complete EEO and affirmative action statement.