Accounting, M.S.

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The College of Business offers a graduate major in Accounting leading to the degree of Master of Science in Accounting (M.S.).

This professional, graduate degree program is part of a coordinated 150-hour program in Accounting which allows students to earn a B.S. (after 120 hours), an M.S. (after 150 hours), and satisfy the eligibility requirements for taking the C.P.A. exam.

Although a bachelor’s degree in accounting is not required for admission to the M.S. in Accounting program, students who have earned their baccalaureate degrees in other academic areas will be required to complete appropriate preparatory courses in business and accounting in addition to those required for the master’s degree.

Professional Licensure Disclosure:

Federal law requires GSU to disclose information related to the educational requirements for licensure and certification in U.S. state and jurisdictions.

The M.S. in Accounting at GSU meets the educational requirements to sit for the four sections of the CPA exam in the state of Illinois. Additional information about the educational requirements as well as the licensure requirements after passing the CPA exam are available on the Illinois Board of Examiners website: http://www.ilboe.org/.

GSU has not made determination for licensure in other states and jurisdictions. Please visit https://nasba.org/stateboards/ to find each state’s licensure requirements. Many states and jurisdictions may also require 150 total credit hours and work experience being licensed.

Special Admission Requirements

In addition to university admission requirements, applicants must submit the following documents as part of their application package:

1. a GMAT or GRE score from tests administered within five years of the date of admission*;
2. two confidential letters of recommendation from professional references (e.g. current or former college faculty member, current or former work supervisor, community leader);
3. a two-page, double-spaced statement of intent which discusses personal short and long term career goals and reasons for pursuing a MS in Accounting degree at this time and what about this particular program is going to help reach those goals. Please give specific personal examples of leadership and provide other pertinent information to help the committee select candidates who can benefit from and contribute to the program. The statement of intent offers applicants the opportunity to demonstrate writing and communication skills and supports your candidacy for the MS in Accounting; and
4. a current resume.

*The GMAT or GRE may be waived for applicants who meet one of the following:

1. a G.P.A. of 3.5 or higher for the last 60 hours, from a regionally accredited college or university, or
2. a graduate degree from a regionally accredited college or university; or
3. five years of relevant full time work or equivalent experience that includes one or more of the following: managing people, projects, and/or budgets. Waiver requests will be reviewed and approved on a case by case basis upon verification and committee approval; or
4. meet the requirement for Guaranteed Admission to the MSA (GAMSA) program for GSU undergraduate students including:
   1. having completed 12 hours (4 courses) in core accounting courses (ACCT-3111; ACCT-3151; ACCT-3152; ACCT-3252; ACCT-4251; or ACCT-4354) at GSU with a minimum of 3.25 from those accounting courses taken at GSU; and
   2. having or maintaining a 3.0 GPA or higher in last 60 hours of the undergraduate degree.

Current undergraduate students may only apply for GAMSA if they have met requirement (a) and completed at least 90 hours of their undergraduate degree program with at least an overall GPA of 3.25. Approved GAMSA students may waive the letters of recommendation special admission requirement.

Required Preparation

Applicants must complete preparatory course work for the MSA program if necessary. Required preparation coursework may be completed prior to admission to the MSA program or upon admission into the program. A bachelor’s degree in accounting from an ACBSP or AACSB accredited accounting program typically satisfies all or most of the required preparation requirement, although an undergraduate accounting degree is not required to enter the MSA program. Academic advisors will evaluate transcripts to determine prior coursework that meets required preparation for the MSA program. Students must meet a “B” grade average across the following prerequisite coursework:

• ACCT - 2110 Financial Accounting (3) 
• ACCT - 2111 Managerial Accounting (3) 
• ACCT - 3111 Cost Accounting I (3) 
• ACCT - 3151 Intermediate Accounting I (3) 
• ACCT - 3152 Intermediate Accounting II (3) 
• ACCT - 3252 Accounting Information Systems (3) 
• ACCT - 4251 Tax I (3) 
• ACCT - 4354 Auditing I (3) 
• BLAW - 2100 Business Law I (3) 
• BLAW - 3100 Business Law II (3) 
• A finite mathematics or applied calculus course
• A written communication course

With permission of the dean, students can enroll in graduate level courses for which they have completed the prerequisites before completing all of the preparatory courses.

Candidacy Requirements

After admission as a degree-seeking student, a student must also apply for candidacy. Application forms are available in the Academic Advising Office. To qualify for candidacy, a student must:

1. satisfy all conditions of admission;
2. maintain an overall G.P.A. of at least 3.0 (on a 4.0 scale) for all course work completed at Governors State University as a graduate student with no more than two grades of “C.”
3. complete all prerequisite courses with a grade of “C” or higher in each course and overall G.P.A. of 3.0 or better; and
4. apply for candidacy after earning a minimum of 9 and a maximum of 12 graduate credit-hours (beyond prerequisite coursework). Students who complete more than 15 hours of degree requirements before attaining candidacy status may be required to complete up to 18 additional hours, approved by the Dean, as a candidate before being approved for graduation by the college.

5-Year MSA Admission Requirements - Special Sequence for students enrolled in the GSU Accounting, BS

The 5-Year MSA will prepare students for professional accounting positions in public accounting firms as well as other positions in industry, government, and nonprofit organizations. Students will earn their BS degree at GSU after completing 120 credit hours and their MS degree after completing 33 additional credit hours. Undergraduate Accounting majors at Governors State University may elect to enroll in this track, once they have reached “junior” status. 

Admission requirements include:

• Minimum 3.25 GPA in all GSU undergraduate course work, including transfer credits, with no grade lower than a “C” in any course;
• Minimum of 60 hours of GSU and transfer credit course work successfully completed (meaning no grade lower than a “C”);
• Completion of 4 courses (12 hours) with a minimum GPA of 3.25 from the following: 
• ACCT - 3111 Cost Accounting I (3), ACCT - 3151 Intermediate Accounting I (3), ACCT - 3152 Intermediate Accounting II (3), ACCT - 3252 Accounting Information Systems (3), ACCT - 4251 Tax I (3), ACCT - 4354 Auditing I (3).
• Apply in the first semester after acquiring “junior” status and include a statement of intent, letters of recommendation, and a current resume.

Students interested in pursuing this track should meet with their Undergraduate Academic Advisor to assure that the program of study reflects this 5-Year MSA option.

Degree Requirements

Students must meet all university requirements for a master’s degree.

Students must meet the collegial graduation requirements listed at the beginning of this section.

Information on these alternatives can be obtained from the Academic Advising Office.

Business Courses (6 Hours)

Select two of the following courses:

• ECON - 7500 Managerial Economics and Forecasting (3)
• FIN - 7101 Financial Management (3)
• MGMT - 7400 Operations Management: Strategies and Techniques (3)
• MGMT - 7500 Organization Behavior in the Global Context (3)
• MGMT - 7600 International Business (3)
• MKTG - 7100 Strategic Marketing (3)

Accounting Core Courses (12 Hours)

• ACCT - 6201 Seminar in Financial Accounting Theory and Practice (3)
• ACCT - 6252 Advanced Taxation of Individuals (3)
• ACCT - 6331 Accounting Information Technology and Systems 3
• ACCT - 6355 Seminar in Auditing Standards and Applications (3)

Master’s Final Project (3 Hours)

• ACCT - 8965 Integrative Perspective on Accounting Issues (3)

Accounting Selective Courses (6 Hours)

Select two of the following courses:

• ACCT - 6253 Federal Income Taxation of Partnerships and Corporations (3)
• ACCT - 6461 Government and Nonprofit Accounting (3)
• ACCT - 6501 Fraud Examination (3)
• ACCT - 7111 Seminar in Managerial Accounting Theory and Applications (3)
• ACCT - 7254 Advanced Tax Research (3)
• ACCT - 7815 Financial Statement Analysis (3)
• ACCT - 8260 Estate Planning (3)
• ACCT - 8265 Employee Benefits and Retirement (3)

Career Selectives (6 Hours)

Select six hours from any approved College of Business courses numbered 7000 or above. Courses must be approved by an academic advisor. Students may not count ACCT - 7101 Strategic Management Accounting (3) toward the Master of Science in Accounting degree program.

Total - 33 Hours