Accounting PHD

creamgethamoney · 10-15-2009, 03:14 PM

Hey,

I have recently been heavily considering becoming a professor in accounting, so I was wondering if a PHD in accounting might be able to help me, or if that's a waste of a time. In addition, I was wondering how good job demand/salary prospects are for professors, and whether a PHD could help me in terms of doing consulting work? Although I'm leaning more and more towards teaching, I think I'd also like to do research or some consulting work on the side as well, so is that possible while being a professor, or would the work mostly be limited towards teaching?

taxguy · 10-15-2009, 03:22 PM

a Phd in accounting is in BIG demand. Generally Accounting PHds earn 100K Plus to start. In addition, if my memory serves me, there are about 100 Phds in accounting awarded each year, which is greatly below what is needed today. However, it is very hard to get into a good Phd program. Generally, you need at least a 3.6 overall GPA and about 680 on the GMATS. Also, a Phd in accounting is a research oriented degree unlike that of a bachelors or even a masters in accounting,which are practical programs and are integrated with accounting theory.

Generally Phds are usually focused on two areas: mathematical research and psychological or behavioral research. This was the case when I looked into getting a Phd in accounting a number of years ago.

Also, many accounting programs want folks with some experience. Although you don't need a CPA to teach at universities, most universities will note that a CPA is preferred. Thus, getting some practical experience will help you in both admission and in getting jobs

I would personally recommend that you get your masters in accounting and get a CPA before you apply for a Phd progam. Just remember, the Phd is a tough program and tough to get admitted to as well.

tbradford · 10-15-2009, 05:45 PM

I looked into accounting PhD programs a few months ago and most of what Taxguy said still holds true. However, I was told by admissions folks at these programs to not bother with the MS or MAcc program first because they have a very different focus and it won't save you any time on the PhD. Only something like 75 people graduate with a PhD in accounting yearly so it is in high demand and the pay is quite good for a teaching position. However, keep in mind that you will have to take an average of 5 years off of a regular paying job to live on a PhD student's wage, which can vary from 15-30k per year depending on your program.

Here's a great article pursuing a PhD in accounting: Pursuing a PhD in Accounting

I was also given some great advice from another member of this forum to make sure to get into the best program that will take you, regardless of location. Academia is still something of an "old school" elistist system; it's difficult to move up from where you start from so it's best to start as close to the top as you can.

AnyColour · 10-15-2009, 06:14 PM

MBA vs PhD

PhD only if you want to teach? Otherwise MBA?

maxellis · 10-15-2009, 08:40 PM

Although I am a student, all of my professors talk about their consulting businesses they run over the summer, so I would assume a PhD would help you.

openedskittles · 10-15-2009, 09:26 PM

Consulting really does not require a PhD, it requires know-how, which is something you get on the job and not in class, but you'll be giving up years of work experience by getting a PhD. A lot of businessmen will question why you bothered to get a PhD and are in the corporate world. AnyColour pretty much nailed it: PhDs are for teaching.

creamgethamoney · 10-15-2009, 09:29 PM

Well I was looking at Stanford or Duke for the PHD program, so I'm assuming that those will be quite competitive to get into. What kind of numbers are typically necessary, because none of the schools I looked at posted average numbers for some reason.

taxguy · 10-16-2009, 06:08 AM

creamgetthamoney, as I noted in post number 2, if you read through this thread, was that the average GMAT for Phd's in accounting were 680. For Stanford and Duke, it has to be higher. I would guess over 700 and probably averages around 720.

tbradford · 10-16-2009, 02:29 PM

This website has the most detailed information I have been able to find on accounting PhD programs. It's really a fantastic rersouce that answer specific questions by school such as minimum GMATs, etc.

Accounting PhD Program Information

creamgethamoney · 10-16-2009, 04:03 PM

Sorry taxguy, I missed that detail, but yikes! I'm not sure if I'm smart enough to get a 720+ on the GMATs. I might need to look into something else I guess

tbradford · 10-16-2009, 05:52 PM

If you check out the link I posted you'll see that most list a minimum of 650+, which is doable with some studying. The GMAT isn't really that difficult if you brush up on some things.

They like to see high GMAT scores because many of the classes that you have to take are very quantitative in nature and require solid math skills.

Best of luck whatever you decide!

sdmatt · 10-16-2009, 09:42 PM

Here is my schools PHD program. It is no joke. I became friends with my managerial accounting teacher (a PHD student), we were around the same age since i was in the marines before college. He was a math major at purdue, worked for espn as a programmer, then went to UNC MACC. He is one of the smartest dudes Ive ever met. I think its a 3 year program and its insanely hard, he told me it was mostly econ, finance, and some accounting. he said there werent too many more accounting classes that he could take, just a ton of research.

I finished my undergrad at VT and now im in the graduate program. VTs undergrad acc program has a 100% placement rate. Grads of the PHD program usually start at 140k as you can see below.

Ph.D. Program
The program leading to the Ph.D. in Business with a major in Accounting and Information Systems permits the student to pursue advanced graduate studies in preparation for a career in college and university teaching and research. Though the entrance requirements are stringent, anyone interested in an academic career should seriously consider our program. Future employment prospects for Ph.D Graduates in Accounting and Information Systems is bright with strong continuing demand forecast by the AACSB and other leading proferssional organizations. Average yearly compensation for recent graduates has been in excess of $140,000.

Curriculum
The overall program comprises 90 semester hours, including 45 hours of course work and 45 hours of dissertation research. Course work is tailored to meet the demands of the student's area of interest.

The first 2 1/2 years are devoted to course work - core course work in accounting and information systems and research methods, as well as course work in the supporting area. The remainder of the time is devoted to research and dissertation work.

The following courses are required:

ACIS 5974: Independent Study
ACIS 6004: Accounting and Information Systems Research Methods
ACIS 6014: Behavioral Research in Accounting Seminar
ACIS 6024: Financial Capital Markets in Accounting Seminar
ACIS 6504: Seminar in Information Systems Research
The supporting area can be chosen from among the field options within the Pamplin College of Business or in an area outside the college, subject to approval by the student's advisory committee.

creamgethamoney · 10-17-2009, 12:33 PM

Well I wouldn't mind putting in the work if I get into a PHD program, it's just that I'm not traditionally the greatest test taker, so I'm not sure how realistic it is for me to score 700+ on the GMATs, because if I were to pursue a PHD, I'd really want to go to Stanford, and even for UCLA, they said it's a serious concern if your score is sub-700. I can only imagine how difficult it would be to get into Stanford's program.

sdmatt · 10-17-2009, 04:33 PM

if you get a PHD in accounting you are set. whats the obsession with standford/ucla.. who cares. if you got into sdsu's/ASU/UofA/FL St's phd program (if they have one), and get through it, you will be straight for life. you could teach at most universities or get a job doing whatever phd holders do.

creamgethamoney · 10-17-2009, 08:37 PM

Because in academia, as far as I know, the pedigree matters a lot. For example, a phd in physics from MIT or Stanford would have much greater opportunities in terms of where they can work as opposed to a phd from podunk state.

Ideally, I'd like to work at a big name college in California or somewhere in the south, so going to Stanford would allow me to go work at the best universities in the world thereafter, while I'd probably be severely limited in my exit opps if I attended the programs you suggested.

However, at the same time, it's probably not a good idea to give up on my goals just because of a test. Does anyone know how big ECs factor into these programs, or is it just GPA and GMATs?