Posts filed under 'MAcc'

MAcc Gives Back!

This past Friday many of the MAcc students joined together to donate their time to various local charitable organizations. The day started, as most days should, with coffee and bagels with the class. After breakfast had finished, each of the groups dispatched to their respective service locations. Some of the locations that were available to volunteer at were: The Boys and Girls Club, The Capital Area Humane Society, Franklin Park Conservatory, the Columbus Rabbit House, and several other locations.

My group, which consisted of students, working professionals from Columbus, and two Ohio State faculty members, were assigned to COSI, which is a science museum and research center located in downtown Columbus. Unfortunately, we were not there to explore the museum and see what research is being done (which is must-do if you end up coming to Ohio State.). Our group’s task was to help the landscaping team finish mulching different flower and tree beds that surround the property. For the two hours we were at COSI, we were able to mulch several beds, which was able to save the landscaping team at least a full day of work!

After we finished at COSI, all of the groups met back at the Varsity Club, which is a staple restaurant across the street from the Fisher College of Business. Everyone had lunch together, discussed their volunteer project, and caught up.

Overall, through MAcc gives back, our class was able to donate over 100 service hours to the community of Columbus. Aside from donating time, it was also a terrific opportunity to interact with your fellow classmates, Fisher Faculty, and working professionals.


Wrap Up of the Year!

Wow, it’s hard to believe the MAcc Program is coming to an end! It feels like we just started, but then again, we did only start about 8 months ago. Even though the year is almost over, there are still more events to look forward to. One event is Fisher Formal. This is a formal end of the year celebration at a Cathedral in which all graduate students at Fisher are invited. We are allowed to bring guests to this event as well. Another event is an end of the year celebration for the VITA program at Dave and Busters with all of the VITA volunteers.

Final exams are coming up in the last week of April and then graduation takes place on May 8th. There is a Pre-Commencement ceremony taking place 2 days before graduation to recognize MAcc students and professors specifically. There is certainly a lot to look forward to the rest of the school year and the weekend of graduation!

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This summer I will be staying in Columbus and studying for, taking, and hopefully passing the 4 sections of the CPA exam. I will be starting my full time position in federal tax at KPMG in Columbus this upcoming October.

Overall, this has been a fantastic year. I have met so many new friends, some of which are staying in Columbus, and some that are moving to other places. I hope to stay in contact with the people I have met in the program. I have also really enjoyed all of the cool classes I have gotten to take this year, both accounting and non-accounting courses. Finally, I enjoyed all of the events I was able to attend as a student here such as football games, basketball games, volleyball games, and volunteering. This is definitely a year I will never forget, and I am so grateful that I had the wonderful opportunity to attend such a great program and university!


Wrap Up!

As the fourth session begins to wrap up, I look back on the past year in the MAcc program and think “wow, where did all of the time go?” It truly does not feel like 9 months ago I was sitting in orientation, eager to begin working towards a master’s degree. However, as I write this last blog post, I am reminding myself of all the memories that I have had in the MAcc program, all of the incredible people I have met, and all of the information and skills I have learned over the past 9 months.

Commencement at The Shoe!

The most obvious part of my MAcc experience that I can reflect on is the classes. Like any program, there were some classes that I absolutely loved, and some that were a little more challenging to get excited for. However, all classes had extraordinary professors who provided valuable learning experiences. After my first three years in Undergraduate classes at Fisher, and this past year in the Graduate classes, it is clear, the professors are the best assets that Fisher has. Regardless of class title or professor, you are going to be challenged in the way that you think, which is the best way to learn.

Another place where I spent a large portion of my time this year was working as a Graduate Assistant. As a graduate student ambassador, I was the first point of contact for many people who were interested in or being recruited by Fisher. Seeing this other side of the business school has taught me many hard skills that will make me a better business person, but has also instilled a strong sense of Fisher pride in me. Having to pitch the program and the College to people I hardly know has made me realize that I truly love the Fisher College of Business, and more importantly The Ohio State University.

It will be a very bittersweet moment when I walk across the stage for graduation in a few Sundays. Bitter because I am leaving campus, friends, and memories, yet sweet because I have so many memories to look back on as an Alumnus (wow, that sounds weird)! After graduation, I will begin studying for the CPA exam. If all goes well, I will hopefully be majorly done with the exams prior to starting at EY in Chicago come September!


MAcc Gives Back

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Every year, the students in the MAcc program participate in something called “MAcc Gives Back.” This event takes place on a Friday in the spring when MAcc students don’t have class. This year, students were split into 8 groups, and each group was assigned a specific volunteer site to perform volunteer work at for the afternoon. In addition to students from the MAcc program, various faculty and staff in Fisher performed volunteer work with us. Each group also had one or two professional members from accounting firms in Columbus assist with volunteering. All the volunteers met at Fisher prior to volunteering to eat breakfast and socialize and then everyone went their separate ways to their specific volunteer sites.

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My group went to COSI, the science museum in downtown Columbus. Our group helped the grounds crew at the museum by mulching several locations in front of the building. Although it was only about 40 degrees and windy, I still had a blast spending time with the other people at my volunteer site. I thought it was really great that Professor Arya, the director of the MAcc program, and Rebecca Zurek, one of the admission directors for the MAcc program, volunteered at COSI with us. We also had two accounting professionals in our group so it was nice getting to chat with them about their careers. I think MAcc Gives Back is a great example of the rewarding and fun opportunities in which students in the MAcc Program are able to participate.


MAcc Talk-Greg Zunkiewicz

For our most recent lunch talk, our MAcc council had a speaker come in and talk to the class about financial planning and health. Greg Zunkiewicz is a financial adviser for Edward Jones. He is also a 2012 graduate of the Masters of Business Administration (MBA) program here at Fisher!

The first topic that Greg discussed was budgeting. He said that whether you make $25,000 a year, or $250,000 a year, it is important to keep track of your money. By setting a detailed budget, you will know where your money is being spent month-to-month, and how much money you can save, all while maintaining your lifestyle goals. By determining how much you can save, you can then begin to look into various advantageous investment vehicles, such as a Roth IRA. Greg also discussed, at length, the benefit of compounding interest and having “interest work for you.” By investing early, young investors can assume more risk and substantially increase the wealth in their portfolio, all without having to pay taxes later.

Another topic that Greg discussed was regarding investment strategy. Since he provides investment guidance and manages his client’s portfolios, he is very knowledgeable in matching individuals’ risk preferences with a particular portfolio type or strategy. In his opinion, younger investors should be more willing to take on riskier investments, as they have a longer investment horizon. However, there is no one strategy for every individual, it must be tailored to the specific financial plan of the investor.

This was yet another enjoyable and valuable speaker to come and speak to the class. Greg was incredibly knowledgeable, personable, and open with the class!


Ohio State Golf Club

Now that the weather is (kind of) starting to get warmer, I think it is appropriate to start talking about golf. One fantastic bonus of being a student at Ohio State that I really love is having access to the two golf courses, Scarlet and Gray, at the Ohio State University Golf Club. As someone who has golfed their whole life and was a former collegiate golfer, the chance to play at one of the best golf courses in the area is a pretty amazing perk. Normally to play at these courses, a person has to be a member of the OSU Golf Club. Ohio State students, though, are also allowed to play these courses up to 6 times per season (March 1-October 31). Students are allowed to bring up to 1 guest for a tee time at the Scarlet Course and up to 3 guests for a tee time at the Gray Course.

 

View from the fairway on the front 9 of The Scarlet Course

View from the fairway on the 4th hole Par 5 on The Scarlet Course

Personally, I played the Scarlet Course twice in the fall and plan to play a couple more times while I’m still a student here. The course is very challenging, but it is beautiful. I would definitely recommend that any student who enjoys golf take advantage of this great opportunity Ohio State students have to play at either of these great courses!

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Misappropriation of Assets

 

This session I am enrolled in ACCMIS 7520 Misappropriation of Assets, which is an accounting elective course. The course is taught by Douglas Huffner, who is the Chief Risk Officer for The Ohio State University.

Topics covered in the class so far have covered everything from identifying fraud to common fraud schemes. We have also discussed various misappropriations of cash, such as larceny, fraudulent disbursements, and skimming. The course also covers how companies can prevent fraud. Inherently, if you can understand how fraudulent schemes are developed, you can design a company’s internal controls in such a way to deter or completely eliminate fraudulent behavior by employees.

The class topics are all incredibly interesting, but by far, my favorite portion of the class is hearing real-life examples of fraud that Professor Huffner can cite in his past experiences. Since he is the Chief Risk Officer, he works on problem-solving the most sensitive situation on campus and in the Ohio State community (such as campus emergencies and internal fraud investigations). His experiences help to break up the materials and leads to great class discussion!


VITA

Something I really enjoyed this year was volunteering for the Volunteer Income Tax Assistance (VITA) program. This program exists in cities throughout the country, and this was my first time ever volunteering with this program. We had the opportunity to file federal and state tax returns for local residents in the Columbus area so they were able to receive the maximum amount of their refunds at no cost. About 60 students volunteered, many of which were fellow MAcc students. The rest were undergraduate students at the Fisher College of Business. Therefore, this was a great opportunity to meet more students at Ohio State as well as get to know other students in my MAcc class better.

Some of the VITA volunteers

Some of the VITA volunteers

Since I will be starting a career in tax after graduation, I was given the opportunity to be a VITA site manager. This was a great leadership opportunity and was very educational for me because I was able to help others work through issues they came across while preparing tax returns. It was rewarding getting to actually interact with the people we were helping and know that we were saving local Columbus residents a great deal of money by preparing their tax returns for free. It was also satisfying to see that we obtained thousands of dollars in refunds for residents each volunteer session. I would highly recommend that future MAcc students (or undergraduate students), whether they plan to work in tax or not, volunteer for the VITA program!

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Accounting Policy and Research

During spring semester, all MAcc students take Accounting Policy and Research with Professor Zach. In addition to learning about accounting research methods, the efficient-market hypothesis, and Chipotle Mexican Grill (you’ll see when you take it), we worked in small groups on topics of our choice for session-long research projects that we presented during the final week of classes.

The words “accounting research” might not get your blood pumping right off the bat, but the projects were really interesting and much more entertaining to put together than I initially expected. My group worked on Petróleo Brasileiro (“PBR”), a Brazilian state-owned oil company that is currently embroiled in a massive corruption scandal. Using techniques that we learned from articles we covered in Professor Zach’s class, we ran regressions on the changes in PBR’s stock price during particularly important timeframes of the corruption probe, demonstrating that much of the loss in stock value could be attributed to the fall in the price of oil rather than the corruption investigation.

Not only did this give us the chance to show off our newly developed Excel skills (side note: make sure to take the Financial Modeling elective with Oglevee if at all possible), it gave us experience using accounting research as we would in a real-world scenario. We set up our project as though we were working with the PBR legal defense team against a shareholder class-action lawsuit, and used our research to argue that shareholder damages should be significantly reduced due to the impact of oil price changes.

This was interesting not just because of the dramatic background reading on the situation in which Petrobras currently finds itself, but because the techniques we were using could (and likely will) be used in actual litigation between PBR and shareholders. Instead of simply plugging in numbers, we had to strategically pick our event windows and market indexes, anticipate questions and counter arguments, and frame our data in the most persuasive manner possible.

I don’t want to get into technical details, as I certainly wouldn’t have understood them prior to joining the MAcc program, but I will include a few pictures of the more interesting charts we created as part of the project. We used our regressions to determine the abnormal returns during several specific event windows (the difference between the actual returns and the returns that would have been expected absent the relevant corruption event): 

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As you can see, the returns during these windows were actually better than would be expected given the drop in oil prices. We also created charts to show stock returns of PBR and several other oil companies during the period as compared with the price of oil:

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We concluded that while the corruption probe had increased stock volatility, the declines were much more correlated to oil prices than to developments in the corruption probe. And although we had a few classmates who seemed skeptical of our results during the presentation, it was a lot of fun to apply what we learned in a way that could actually be used in our future careers.


Fisher MAcc Intramurals

This session a group of MAcc students (myself included) decided to form an Intramural Co-Ed Basketball Team. Since The Ohio State University is a large university there is a huge number of intramural sports offered for several different groups of people. We were able to enter a co-ed graduate, professional, and faculty league for basketball that plays on Tuesday evenings.

Through three games, The Embezzlers are sporting a powerful 3-0 record entering the second half of the season. With two more games before the beginning of the playoffs, we are hopeful for a high playoff seed and maybe even a championship.

All joking aside, playing intramural basketball has been a terrific addition to my MAcc experience. It has provided an opportunity for me to interact with my friends in the MAcc program in a way that has absolutely nothing to do with accounting or schoolwork. More importantly, the exercise serves as a healthy outlet of stress from classes or looming finals!

Stay tuned for more updates on the progress of The Embezzlers!


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