Making a Difference: Careers in Academia

1. Making a Difference: Careers in Academia Presented by: Nancy Bagranoff Dean, Old Dominion University Stephanie Bryant, BAΨ President 2007 BAΨ Annual Meeting

2. Welcome—We’re Glad You’re here!! • Nancy Bagranoff, Dean, Old Dominion University, BAΨ Forum • Stephanie Bryant, Johnson Distinguished Professor, University of South Florida, International President of BAΨ

3. Objectives of This Session • To let you know what being a professor is like • To tell you how you can plan for a career in academia

4. Sources for Information Contained in this Presentation • “Assessing the Shortage of Accounting Faculty,” Plumlee, et al. (2006) Issues in Accounting Education 21 (2): 113-125. • Report of the AAA/APLG Ad Hoc Committee to Assess the Supply and Demand of Accounting Ph.D.’s (2005)Available at:(http://aaahq.org/about/reports/FINAL_PhD_Report.pdf) • “Teaching for the Love of It,” Myers (June 2006), Journal of Accountancy. • “Accounting in College Lures More Students,” Wall Street Journal, July 29, 2004. • 2007 AAA-Deloitte-J. Michael Cook Doctoral Consortium survey results

5. The Shortage of Business Faculty • A recent report predicts a major shortage of all business faculty with Ph.D.’s over the next ten years. • The number of business doctorates is at a 17-year low • We will focus in this presentation on a career in accounting, though much of the presentation translates to other areas of specialty as well

6. Supply of New Ph.D.’s as a Percent of Demand over 2005-2008 (Source: AAA/APLG 2005, 11)

7. Two Ways to Join Academia • As a professionally qualified faculty member • Minimum requirements are: • Master’s degree (MBA ok) • 18 hours of graduate accounting (or IS/finance) • As an academically qualified faculty member • Minimum requirement is: • Ph.D. in accounting (IS/finance) from an AACSB-accredited institution

8. Getting a Doctorate • The doctorate largely prepares you for a career in research • The doctoral program consists of courses in: • Accounting research • Economics • Statistics • Econometrics • Finance

9. Getting a Doctorate (Cont’d) • A doctorate involves • Coursework • Written and oral general examination • Dissertation

10. Some Things to Consider in Getting a Doctorate • How long does it take? • How much does it cost? • How do I figure out where to go to school? • How hard is it to get in? • When is the right time to apply? • How much can I expect to earn with a doctorate?

11. How Long Does it Take to Get a Ph.D.? • Average is 4 years, though some do it a little faster or a little slower • 2-3 years coursework • 1-4 years on doctoral dissertation • To some extent you set the pace • The more focused you are, the faster you will finish the program • Most students teach while in the program

12. How Much Does it Cost? • Tuition is generally waived for doctoral students • Doctoral student stipend is generally $10-$20k for 9 months • Health insurance sometimes provided (varies from school to school) • Opportunity cost

13. How Do I Figure Out Where to Go to School? • This is a very important decision • Target a school that supports your area of interest • Methodologically • Functionally (most choose financial, followed by auditing, managerial, tax, information systems.) • According to the Doctoral Consortium Survey, most choose a school based on faculty, stipends, and location • AACSB website has list of AACSB-accredited institutions with Ph.D. programs • www.aacsb.edu/publications/dfc/phd-schools.asp

14. How Hard is it to Get In? • Most Ph.D.-granting schools admit 1-4 doctoral students each year or every other year • Check with the school(s) you are interested in to determine their schedule • Ask to meet with the Ph.D. program director and possibly some Ph.D. students • GMAT score is the primary determinant • Secondarily is GPA and work experience

15. Getting In (Cont’d) • GMAT scores • Minimum is usually 600, but can be higher for very selective schools • You can retake the GMAT if you don’t score high enough the first time • Consider a GMAT review course to help raise your score

16. When Should I Apply? • Most schools take applications in early spring • Check with the schools you are interested in to determine deadlines • Websites are usually very good • Very important to have a complete and professional application

17. Financial Rewards • Accounting, IS, and Finance are all high-paying professions, including academic positions for Ph.D.’s • Salary depends on the type of institution you are hired by

18. Financial Rewards (Cont’d)

19. Financial Rewards (Cont’d) • Salaries for Professionally Qualified faculty are considerably less • Adjuncts (Master’s degrees with 18 hours of graduate accounting) usually earn $3,000-$5,000 per course • Permanent instructors with Master’s degrees in accounting usually earn from $50,000-$60,000 on average for teaching 3-4 courses per semester. • PQ people do not have research requirements

20. How Many Hours a Week Can I Expect to Work? • This depends on the type of school you are hired at, and the promotion and tenure standards • The higher the promotion and tenure standards, the more hours a week you can generally expect to work • The BIG DIFFERENCE here is autonomy • You largely get to set your schedule

21. Bottom Line • If you expect to go into academia because you don’t want the hours of public accounting, you will likely be disappointed • The financial rewards can be very significant • More importantly, you have a chance to give back to the profession and your community by choosing a career in academia

22. Bottom Line (Cont’d) • Though you may still work lots of hours, YOU CHOOSE when and where to work • Other advantages include travel and getting to know people from all over • Intellectually stimulating

23. Q&A Questions?