MPAc News

Scholarships and Victory at CalCPA Inland Empire

ilseu — Thu, 30 May 2024 01:03:55 +0000

Scholarships and Victory at CalCPA Inland Empire ilseu Wed, 05/29/2024 - 18:03 More Blog Posts Laurie Mclaughlin May 29, 2024

Five UCR School of Business students received scholarships from CalCPA, the largest state CPA society in the nation, on May 17 at the society’s Installation & Scholarship ceremony. The day’s events also included a spirited game tournament at Topgolf in Ontario, California, where the UCR Business team proudly won the CalCPA Inland Empire Chapter Battle of the Firms trophy. The combination of academic recognition and a fun, team-based competition made the day especially memorable for students, faculty, and staff who represented the university.

“We led a fantastic delegation of faculty, admissions staff, and students to the CalCPA Inland Empire Chapter event,” says Steve Chen, UCR’s A. Gary Anderson Graduate School of Management (AGSM) director of Graduate Admissions. His leadership and enthusiasm set the tone for UCR’s participation and highlighted the importance of the school’s presence at such high-profile professional gatherings.

Of the 19 scholarships totaling $30,000, five UCR students were selected as recipients, a significant achievement that reflected both academic excellence and the strong reputation of the school’s programs. The honored students were Christopher Buchanan ’25, Noel Lofton ’25, Nicholas Palencia ’24, Vignesh Vasudevan ’24 MPAc, and Hai Yang ’25. Each of these students was recognized for their commitment to their studies, their contributions to the university community, and their future potential as leaders in the accounting profession. “Their hard work and achievements are commendable,” says Chen. “We are immensely proud of each student, congratulations!”

This recognition was especially meaningful because it came during the first official partnership between the UCR School of Business and CalCPA. As Irene Song, associate director of the school’s Graduate Admissions, explained, “Our office met previously with CalCPA about ways to collaborate with them on events, firm visits, and educational programs where we can promote our Master of Professional Accountancy [MPAc] program and send our MPAc students to career events.” This new collaboration not only supported the current scholarship recipients but also laid the groundwork for ongoing opportunities that will benefit future cohorts of students in the School of Business.

The UCR delegation to the event was composed of both faculty and staff who are deeply engaged in advancing accounting education and student success. In addition to the scholarship recipients, Chen, and Song, the group included Assistant Professor of Accounting Eric Allen, Yang An ’23 MPAc, AGSM Associate Director of Graduate Admissions Patrick Latimer, and Haoshen Wang ’24 MPAc. Their participation signaled UCR’s commitment to making connections with the professional community and ensuring that students are able to learn, network, and be visible in important professional spaces.

The event also provided an opportunity for gratitude and recognition of the individuals who made the partnership and celebration possible. Adds Chen: “A heartfelt thank you to Erica Farr and Marjorie McPike with CalCPA Inland Empire Chapter for allowing us to be a silver sponsor and for hosting this wonderful event.” His words reflected the school’s appreciation for CalCPA’s generosity and for the chance to showcase UCR’s students and programs on a regional stage.

Altogether, the day represented more than just the awarding of scholarships. It demonstrated the value of partnership between higher education and professional organizations, highlighted the achievements of UCR students, and strengthened the connection between the School of Business and the broader accounting community. Through this experience, UCR reinforced its role as a place where academic excellence, professional development, and community engagement come together in meaningful ways.

A Firm of His Own

ilseu — Fri, 15 Mar 2024 00:22:19 +0000

A Firm of His Own ilseu Thu, 03/14/2024 - 17:22 More Blog Posts Laurie McLaughlin March 14, 2024

Zaid Assi had already set the foundation for his own accounting firm when he finished his Master of Professional Accountancy degree at the A. Gary Anderson Graduate School of Management in December 2023.

“I officially launched Artistic Ledger on Jan. 1, 2024, because I recognized a significant opportunity for accounting services in the entertainment industry,” says Assi. The firm specializes in serving the financial needs particular to musicians, filmmakers, actors, models, and other creatives.

“I have had the pleasure of working with Saint Levant, who is set to perform this year at Coachella,” says Assi of the U.S.-based Palestinian artist, activist, and singer. “I also had the honor of working with Oscar-nominated Ossama Bawardi, producer and CEO of Philistine Films.”

Assi initially launched the company solo, but he has “friends in finance and accounting who assist when needed,” he says. He now also has one full-time employee based in East Jerusalem, Palestine; two part-time colleagues in Los Angeles, where the company is based; and Zaid and another part-time colleague work in New York City. The firm has eight contracts with the hope of generating more than $100,000 in its first year.

“I enjoy the flexibility of remote work, but the inconsistency of project-based work and the long writer’s strike posed challenges,” says Assi, of the startup journey.

Those challenges have not kept him from growing a firm serving an industry he knows personally: “I started in the entertainment industry as a production coordinator and production accountant for the short film “Headcount” directed by Akram Al-Waara in 2019,” says Assi, whose home city is Nablus in the West Bank. “I then worked as senior financial analyst for Palestine Productions, and I was a production accountant for a Hollywood feature film, ‘The Teacher,’ filmed in Nablus by BAFTA award-winner and Oscar-nominated director Farah Nabulsi.”

A Master’s Education on the Way to a Startup

“I came to the United States as an immigrant and asylum seeker,” says Assi. “I chose to get my master’s at UCR specifically because it is a top public university in the nation for social mobility.

Zaid Assi ’23 MPA speaking at an AGSM student event

“I chose a career in accounting because I believe it is the language of business and offers space for creativity, especially in the entertainment industry.”

At UCR, Assi immersed himself in the social, service, and support programs that fuel an active and engaged community at the A. Gary Anderson Graduate School of Management (AGSM). “Most useful were the events held by the Career Development Center, which helped me land and create opportunities,” he says. “And the fun activities were the those organized by the School of Business Graduate Student Association. In the classroom, Lecturer Daniel Almendarez was particularly influential because of his teaching style and real-world experience in accounting and taxes.”

Assi also served as a teaching assistant and was a member of the AGSM Student Ambassadors Program, a select group of graduate students who serve as representatives of the school as they host official events, participate in public service, network with business leaders, help with recruitment of prospective students, and aid new students with a smooth transition into grad school.

“During my time as an ambassador, I was able to organize and moderate a speaking engagement with Richard Tatunay, the accounting manager at Warner Bros. Discovery,” says Assi; Tatunay is also a UCR alumnus and earned a bachelor’s degree with an accounting emphasis in 2011. “All of these experiences were immensely instructive and shaped my leadership and public speaking skills.”

The Next Act

Currently, Assi is also a producing a short drama set for production in late 2024, and he is writing, directing, and producing another short film that is in the development phase. “I am passionate about storytelling, which drives my involvement in filmmaking and writing projects outside of my accounting business,” he says.

Within the accounting business, he is confidently shooting for the stars: “I foresee continued growth in the entertainment industry, with opportunities for accountants to play a crucial role,” says Assi. “Artistic Ledger will become a leader in providing accounting and finance consultation for creative professionals in the entertainment industry.”

Three Reasons Traditional Masters Are Valuable

ilseu — Fri, 21 Apr 2023 18:46:27 +0000

Three Reasons Traditional Masters Are Valuable ilseu Fri, 04/21/2023 - 11:46 More Blog Posts BusinessBecause April 20, 2023

This story was originally published on BusinessBecause.

The business world has undergone sizable changes in the past decade due to the ever-growing reliance on data and technology. While finance and accounting are more traditional, established career paths, career development opportunities across sectors, cutting-edge tech, and ROI make them as valuable as ever.

If you're looking for these benefits, a Master's in Accounting or Finance is a time-tested way to land a job and succeed in these fields.

Here are three reasons why a Master in Finance or Master in Accounting are still valuable:

1. You’ll gain a long lasting, sought-after skill set

A master's in accounting gives students a comprehensive, enduring skill set both in the technical specialist skills required to be an accountant and the strategic skills you'll need to succeed in the industry.

The curriculum in the University of California, Riverside's (UCR) Master of Professional Accountancy (MPAc) covers accounting theory and practice while emphasizing essential management and leadership skills. It prepares students with technical knowledge, judgment, evidential reasoning, ethical and interpersonal skills, and executive presence—skills key to any accounting career.

"This degree covers all areas of professional accountancy and requires students to work together on challenging projects, participate during class discussions, and often teaches students to ponder the question, “why”." Says Jack Adams, MPAC alum and audit associate at KPMG. "At first, I was nervous to start my career at a big four accounting firm. However, I quickly discovered that I was in the perfect shape to integrate as a new audit associate at KPMG thanks to the communication skills I acquired during my Masters in Professional Accountancy."

The MPAc is a STEM-designated program, which offers the flexibility of two tracks depending on experience. For those with accounting experience, you can complete track one in nine months; if you don't have an accounting background, track two will take 15 months.

Core courses include accounting ethics and professional responsibilities, advanced taxation, and information technology auditing and assurance, in which students gain both theoretical and practical skills.

"The core courses of the MPAC program cover not just theoretical concepts but also several real-life cases which provide insights into how theory is applied in practice. The experiential and practical insights gained through these cases provide the students with the necessary tools to better navigate the professional world," says Naman Desai Assistant Professor of Teaching in Accounting.

The diverse class includes 50% women and 42% underrepresented ethnic groups, which means you can complement your technically robust knowledge with cultural sensitivity, collaborative teamwork, and leadership acumen.

The MPAc is also closely aligned with the Certified Public Accountancy (CPA) exam. This exam takes 16 hours to complete, but when you pass, you will have a globally recognized certificate allowing you to practice accounting.

2. You’ll experience a curriculum that blends theory and real-world experience

The UCR Master of Finance, another STEM-designated program, emphasizes practical experience alongside theoretical knowledge. It helps students to build financial analysis skills that can be applied to national and international corporate finance, investment banking, and risk management careers.

The curriculum has a firm grounding in the essential skills that still underpin the finance sector, such as asset pricing, stock valuation, and capital budgeting, and includes modern elements such as Python.

"The required courses prepare students for the two main specialties, investments and corporate finance,” says Greg Richey, assistant professor of finance, “students need a good foundation in these skills to make themselves more hirable."

The Master of Finance emphasizes practical experience. In Greg's classes, he teaches a stock trading game, where students play at managing stocks of different companies.

Students can also deal with real money outside of the classroom.

At UCR, a team of students manage The Hylander Student Investment Fund (HSIF). The goal is to learn about managing a financial portfolio, emphasizing obtaining a good return without taking on unreasonable risk.

"Master in Finance students manage a portfolio of real money, and this is something they can put on their resume or their LinkedIn," Greg explains.

3. You can gain top career outcomes

The career outcomes are arguably at the top of the benefits of a Master in Finance or Master in Accounting. These business master’s degrees help to show employers the capability and expertise they can expect from any new hires.

The Career Development Center at UCR prepares graduate-level students for their intended careers, arranging career fairs, an executive mentor program, workshops, career panels, and peer-to-peer support.

"The Accounting Society, at least a couple of times a month will invite well known practitioners from surrounding areas to come and visit campus. Then there will be a small reception or an interaction session where the students can go up and talk to them," Naman says.

Typical career paths for those enrolling in the Master of Finance program include investment banking, corporate finance, asset management, and consulting.

Investment banks such as Goldman Sachs are top recruiters of Master in Finance grads, and graduates can get a weighty starting salary. In California, the average base salary for an investment banker is $150k. At the same time, Master’s level consultants earn base salaries of up to $105,000 at Deloitte Consulting and around $26,000 in performance bonuses.

Potential career paths for Master of Accounting graduates include senior accountants, auditors, financial managers, or even a chief financial officer (CFO).

"This degree demonstrates a professional’s commitment to understanding more about accounting than what is required to become a CPA certificate holder," Jack says.

As a senior accountant, the average US salary is around $80k, and a financial controller’s average salary is around $100k. At the Big Four accountancy firm PwC, senior accountants can expect to earn around $80k per year, while Google offers a salary of about $124k.

"Our Master of Finance and Master of Accountancy are professional degrees. These master’s degrees are preparing students for a mid-level management career, not an entry-level position," Greg explains.

For those looking at lucrative top companies, a Master in Finance or Master in Accounting can prove your commitment and capabilities to jobs within these areas, but be prepared to put in the effort to reap the rewards.