The Elaine and Kenneth Leventhal School of Accounting offers two graduate degrees: the Master of Accounting (M.Acc.) and the Master of Business Taxation (M.B.T.). The M.Acc. Program provides an integrated curriculum designed to prepare graduates for careers in professional accounting, public accounting, industry and government. Students have the opportunity to study in greater depth than is typically provided in an undergraduate accounting program or an M.B.A. program with a concentration in accounting. In-depth specialization in taxation is the hallmark of the M.B.T. graduate.

The Leventhal School of Accounting also offers the dual degree Juris Doctor/Master of Business Taxation (J.D./M.B.T.) in conjunction with the Law School. The combination of broad legal education with detailed tax specialization prepares graduates for fast-track careers in law and accounting tax practices.

The Master of Business Administration (M.B.A.) degree, with an optional accounting concentration, offered by the Marshall School of Business, is also serviced by the Leventhal School of Accounting. Audit, tax and consulting careers are open to these M.B.A. graduates, who build a strong accounting education on a broad business foundation. For additional information, consult the Marshall School of Business section in this catalogue.

The Marshall School of Business offers the Doctor of Philosophy (Ph.D.) degree in conjunction with the Graduate School. A student electing to major in accounting may design a research program that emphasizes auditing, financial accounting, information systems, management accounting or taxation. More information on the doctoral program is available in the Marshall School of Business section of this catalogue, from the doctoral office at (213) 740-0670 or by contacting the director of Doctoral Studies in Accounting at (213) 740-4838.

Admission to Master's Programs

The Leventhal School of Accounting seeks individuals who have the potential for outstanding achievement in accounting or taxation. The Admissions Committee takes into consideration the candidate’s academic record, the Graduate Management Admission Test (GMAT) score or the Law School Admission Test (LSAT) score (for J.D./M.B.T. applicants or attorneys), recommendations and written essays. For some programs, work experience may also be a criterion. Candidates are reviewed on the merits of their application and the merits of the applicant pool for the semester. Generally, admitted students have an average grade point average of 3.3, GMAT scores in the upper-500s, and for the M.B.T. program, two to three years of professional experience are required for the part-time program. M.B.T. applicants to the full-time program are not required to have any previous work experience.

Application to the Programs

To ensure a place in a program and adequate time to receive an admission decision, it is important to send completed application materials well in advance of the term in which the applicant wishes to register. If work is still in progress, the applicant should state specifically what courses are in progress and an estimated completion date.

For all programs, an admission decision cannot be made without the following: (1) a USC Graduate School Application; (2) a $55 application fee; (3) one official transcript from the registrar of each college or university attended (undergraduate and/or postgraduate) whether work was completed or not. If all college or postgraduate work has not been completed, transcripts must be requested when work in progress is completed and degree is earned; (4) two letters of recommendation from faculty members or employers; (5) a written essay as outlined on the Graduate Applicant’s Information form; (6) an official Graduate Management Admission Test (GMAT) score report or, for J.D./M.B.T. applicants or attorneys, an official Law School Admission Test (LSAT) score report; and (7) an interview. Applicants to the full-time M.Acc. or M.B.T. programs who live in the United States are required to have an admissions interview. For applicants who live outside the United States, the interview is highly recommended but currently not required. Students who plan to visit USC may arrange an interview through the Admissions Office. Admission consideration will not be adversely affected for applicants living outside the United States who are unable to schedule an admissions interview.

To arrange an interview on campus or with an alumnus closer to where the applicant lives, call (213) 740-4866. The applicant can discuss scheduling or the interview process. For fall applicants, the interview must occur before March 15 for applicants who do not have a degree in accounting, and before June 15 for applicants who do have a degree in accounting. Calling well in advance to schedule the interview is recommended.

Following the requirements noted above, applicants for the J.D./M.B.T. dual degree program should apply to the Leventhal School of Accounting for admission to the M.B.T. program in the second semester of their first year in the Law School. In addition, current Law School transcripts and a “letter in good standing” from the registrar of the Law School must be submitted as part of the application. The same Leventhal School of Accounting admission criteria apply to the M.B.T. portion of the J.D./M.B.T. program as to the M.B.T. program.

Application Deadlines

M.Acc.	Summer	Fall	Spring
Non-accounting undergraduates	April 1
Accounting undergraduates		June 1
M.B.T.
Full-time*	April 1	June 1
Part-time	April 1	June 1	October 1

*It is strongly suggested that applicants who did not major in accounting as undergraduates take the Intensive Principles and Practices course to provide technical accounting skills.

Application decisions will be made on a rolling admission basis until the programs are closed. Applicants are urged to file a completed application as early as possible. Full-time applicants interested in an early admissions decision must have all credentials, including test scores, on file in the Admissions Office by December 1. International applicants are advised to have completed application materials on file by January 1. Early decision applicants will be notified eight to 10 weeks after the deadline. Applications which arrive after the regular deadline will be considered on a space available basis.

Fellowship candidates must apply before February 3 for the following fall semester.

Change of Degree Program

Students currently enrolled in a USC degree program who wish to change their degree status to the Master of Accounting or the Master of Business Taxation programs must submit a formal application to the Leventhal School of Accounting.

Limited Status

The Leventhal School of Accounting does not permit students to take classes prior to receipt of completed application materials and a positive recommendation by the Admissions Committee. Students completing a program at another accredited university outside of Los Angeles may take courses in the Leventhal School of Accounting. They must provide a letter from their dean stating that the requested classes will be accepted for transfer to their degree program.

Applicants Denied Admission

Applicants who are denied admission may review the reasons for nonadmission in person or by telephone with the director of the master’s program. These meetings are conducted for the express purpose of counseling the applicant on appropriate measures to improve the possibility of admission for a future semester.

Retention of Files

Files for applicants who (1) were not admitted, (2) did not complete their files or (3) declined admission will be purged 12 months after the semester for which they applied. Files for enrolled students will be purged after five years.

Residence Requirements

Subject to approval of the Leventhal School of Accounting, the maximum number of transfer credits which may be applied toward the master’s degree is three units. To be applied to the degree, transfer work must have been completed within five years of admission to the master’s program. Graduate transfer credit will not be granted for course work taken elsewhere after a student has been admitted and enrolled at USC. Credit will only be allowed for courses (1) from an AACSB-accredited graduate school, (2) of a quality of at least 3.0 on a 4.0 grading scale, (3) constituting a fair and reasonable equivalent to current USC course work at the graduate level, and (4) fitting into the logical program for the degree. Transfer course work is applied as credit (CR) toward the degree and is not included in the calculation of a minimum grade point average for graduation.

Duplication of Courses

Ordinarily, courses may not be repeated for credit. For courses that may be repeated for credit, the maximum amount of credit is indicated after the unit value.

Waivers

Subject waiver of required courses may be granted to students based upon prior academic work. All waived courses must be replaced with approved electives.

Students should carefully read their program evaluation form to know what electives must be taken if they are granted subject waivers. To be granted a subject waiver in a particular field, the student must have (1) completed at least two relevant courses in the field at the upper division or graduate level, (2) earned a grade of B or better, and (3) completed the courses no more than five years before entering the master’s program at USC from an AACSB accredited business school (or equivalent economics department).

Further information regarding the waiver policy in the Marshall School of Business may be obtained from the Graduate Registration and Advisement Office which is located in Bridge Hall 101A, (213) 740-5424.

Master of Accounting

The Master of Accounting program (M.Acc.) prepares graduates for careers in public accounting, industry and government. USC’s M.Acc. program is one of the first professional accounting curricula integrating undergraduate and graduate education in the nation. The objectives of the program include developing the sound conceptual, technical, analytical and communication skills that are required to succeed in the accounting profession. The program employs a rigorous case analysis approach which requires students to exercise their analytical abilities and develop effective verbal and written communication skills. The program also seeks to instill a deep appreciation and respect for the crucial role of the independent accountant in our free enterprise economy. This perspective provides the bedrock of the professional attitudes and responsibilities of CPAs today.

Students have the opportunity to study accounting in greater depth than is typically provided in an undergraduate accounting program or an M.B.A. program with a concentration in accounting.

Students may apply to the M.Acc. program after completing a baccalaureate degree from an accredited college or university or during their senior year. An undergraduate accounting or business major is not necessary, nor is work experience a requirement. In this world of “re-engineering,” the term “public accounting firm” is becoming obsolete. CPA firms now view themselves as “professional service firms.” This dramatically changes the role of the CPA. The profession requires highly visible, articulate business professionals with the ability to interact on many levels within a client’s organization. This requires individuals with diverse backgrounds. The profession is ideally suited for those with accounting, business, liberal arts and sciences undergraduate degrees.

Program Requirements - The M.Acc. Program

Accounting Graduates

Accounting graduates and graduates in other disciplines who have demonstrated high academic performance in the completion of the required business and accounting courses should expect to complete their degree in two semesters with a total of 33 units.

Required Courses (24 units)		Units
ACCT 535	Management Accounting and Control Systems	3
ACCT 546	Advanced Auditing	3
ACCT 549	Accounting Information Systems and Technologies	3
ACCT 574	Global Perspectives on Accounting	3
ACCT 581	Financial Statement Analysis	3
ACCT 585	Professional Accounting: Theory, Research and Policy	3
GSBA 523T	Communication for Accounting Professionals	3
GSBA 575*	The Great Books, or
EASC 593x*	Understanding East Asia: An Introduction for Professional School Students	3
		____
		24

*Required course to be determined by the director of the master's program, Leventhal School of Accounting, based upon prior academic work.

Elective Courses (9 units)
ACCT 536	Advanced Cost Analysis and Management Accounting
ACCT 5XX	Other Accounting electives
BAEP 5XX	Entrepreneur electives
FBE 5XX	Finance electives
IOM 5XX	Information and Operations Management electives
MKT 5XX	Marketing electives
MOR 5XX	Management electives

Business Graduates

Business graduates should expect to complete their degree with a total of 48 units.

Required Courses (39 units)		Units
ACCT 525x	Intensive Accounting Principles and Practices	12
ACCT 535	Management Accounting and Control Systems	3
ACCT 543	Introduction to Tax	3
ACCT 546	Advanced Auditing Problems and Cases	3
ACCT 549	Accounting Information Systems and Technologies	3
ACCT 574	Global Perspectives on Accounting	3
ACCT 581	Financial Statement Analysis	3
ACCT 585	Professional Accounting: Theory, Research and Policy	3
GSBA 523T	Communication for Accounting Professionals	3
GSBA 575*	The Great Books, or
EASC 593x*	Understanding East Asia: An Introduction for Professional School Students	3
		____
		39

*Required course to be determined by the director of the master's program, Leventhal School of Accounting, based upon prior academic work.

Elective Courses (9 units)
ACCT 5XX	Other Accounting electives
BAEP 5XX	Entrepreneur electives
FBE 5XX	Finance electives
IOM 5XX	Information and Operations Management electives
MKT 5XX	Marketing electives
MOR 5XX	Management electives

Non-Accounting/Non-Business Graduates

Non-accounting/non-business graduates should expect to complete their degree with a total of 54 units.

Required Courses (48 units)		Units
ACCT 525x	Intensive Accounting Principles and Practices	12
ACCT 535	Management Accounting and Control Systems	3
ACCT 543	Introduction to Tax	3
ACCT 546	Advanced Auditing Problems and Cases	3
ACCT 549	Accounting Information Systems and Technologies	3
ACCT 574	Global Perspectives on Accounting	3
ACCT 581	Financial Statement Analysis	3
ACCT 585	Professional Accounting: Theory, Research and Policy	3
GSBA 511*	Managerial Economics	3
GSBA 514	Foundations of Business I and II	6
GSBA 523T	Communication for Accounting Professionals	3
GSBA 526*	The National and International Economy	3
		____
		48

*Students can waive GSBA 511 Managerial Economics and GSBA 526 the National and International Economy based upon prior academic work of high quality.

Elective Courses (6 units)
ACCT 5XX	Other Accounting electives
BAEP 5XX	Entrepreneur electives
FBE 5XX	Finance electives
IOM 5XX	Information and Operations Management electives
MKT 5XX	Marketing electives
MOR 5XX	Management electives

Intensive Accounting Principles and Practices Course

Each summer the Leventhal School of Accounting offers an eight-week course, ACCT 525x Intensive Accounting Principles and Practices, that provides college graduates, other than accounting majors, with the prerequisite technical accounting knowledge necessary for graduate work. Twelve semester hours of credit will be received upon successful completion of the course. Second-year M.B.A. students seeking accounting positions will find this program useful. The technical accounting skills taught in this course may also enhance employability and career advancement for law students and graduate students in non-business areas of study. This course is not designed to be a preparation course or a review course for the CPA Exam. For further information regarding the intensive course, contact the Leventhal School of Accounting at (213) 740-4838.

Master of Business Taxation

Understanding taxation is critical to understanding every business decision and many personal decisions as well. Whether starting a business or starting a family, tax planning must be done. Because of the complexity of the tax law and its pervasive influence, people facing tax decisions routinely call on tax professionals for advice in planning and structuring their affairs in order to comply with the law and to ensure economic good sense.

The Master of Business Taxation (M.B.T.) program is designed to develop the skills and expertise professionals need to assist individuals and firms trying to cope with the myriad of tax legislation and regulation at both the federal and local levels. While gaining technical expertise is a central aim of those enrolled in the program, this expertise is not enough. Taxation encompasses law, economics, accounting and politics, and the astute tax advisor must understand all of the factors that influence the making of tax law and its administration. As important as learning the law and mastering research skills is the ability to communicate professional insights to others. The program provides a broad understanding of taxation, an appreciation for the complexities of decision-making and practice in explaining the tax implications of various courses of action.

The M.B.T. program provides an opportunity to examine tax topics thoroughly in an organized, rigorous fashion. Both full- and part-time students examine in depth an area of taxation, such as estate planning or taxation of foreign operations. Tax practice does not provide sufficient opportunities to study all of the areas influenced by taxation, nor does it allow the time to take an in-depth look at one area. In the M.B.T. program, a student develops an overview of the important areas of tax practice and builds expertise in specific topics.

The career opportunities today in the area of taxation are as great as the need for professional tax advice. The M.B.T. program prepares men and women for major roles in planning and decision-making with firms and with families.

Program Requirements

The program requirements include courses in taxation, accounting and business selected from the four groups of courses listed below. A minimum of 24 units must be in taxation (“T” designated) courses. Waiver of courses in Group I may be granted to students based on prior academic work of high quality from an International Association for Management Education, formerly the American Assembly of Collegiate Schools of Business (AACSB), accredited school. Waiver of such courses may reduce the minimum number of units to be taken within the M.B.T. program to 30 units. The courses in Group II are required of all students with the exception of GSBA 523T, which can be waived with the approval of the director. The student must choose a total of 15 units from Groups III and IV, with a minimum of 12 units from the courses listed in Group III. The student may choose up to six units from the courses in Group IV or other courses approved in advance by the director of the M.B.T. program.

Group I Courses (15 units)		Units
ACCT 544	Federal Taxes	3
GSBA 510	Accounting Concepts and Financial Reporting	3
GSBA 511	Business Economics	3
GSBA 518	Accounting Control Systems, or
ACCT 572	Corporate Accounting and Reporting	3
GSBA 521ab	Corporate Finance(1.5 - 1.5), or
GSBA 548	Corporate Finance (3 units)	3
		____
		15

Full-time Program

Group II Courses (15 units)		Units
GSBA 523T	Communication for Accounting Professionals	3
ACCT 550T	Tax Research and Practice	3
ACCT 551T	Taxation of Flow-Through Entities	3
ACCT 560T	Tax Theory and Its Business Applications	3
ACCT 561T	Income Tax of Corporations and Their Shareholders	3
		____
		15

Group III Courses (a minimum of 12 units)		Units
ACCT 563T	Federal Estate and Gift Taxes	3
ACCT 565T	Estate Planning	3
ACCT 566T	Income Taxation of Estates and Trusts	3
ACCT 567T	Taxation of Transactions in Property	3
ACCT 568T	Taxation of Foreign Business Operations	3
ACCT 569abT	Taxation of Special Enterprises	3, 3
ACCT 570T	State and Local Tax Concepts	3
ACCT 571T	Advanced Individual Tax Planning	3
ACCT 573T	Federal Tax Procedure	3
ACCT 576T	Consolidations	3
ACCT 577T	Compensation	3
ACCT 578T	Advanced Corporate Taxation	3
ACCT 579T	Advanced International Taxation	3
ACCT 580T	Accounting Methods	3
		____
		minimum 12

Group IV Courses (0-6 units)		Units
ACCT 572x	Corporate Accounting and Reporting	3
ACCT 574	Global Perspectives on Accounting	3
ACCT 581	Financial Statement Analysis	3
ACCT 582x	Advanced Financial Measurement and Reporting	3
ACCT 585	Professional Accounting: Theory, Research and Policy	3
BUCO 533	Managing Communication in Organizations	3
FBE 527	Financial Management for Developing Firms	3
FBE 555	Investment Analysis and Portfolio Management	3
FBE 588	Advanced Real Estate Law	3
FBE 589	Real Estate Analysis	3
FBE 591	Advanced Real Estate Analysis	3
MOR 542	Managing a Lobal Business	3
		____
		0-6

Juris Doctor/Master of Business Taxation

Dual Degree Program

The Leventhal School of Accounting, in conjunction with the Law School, offers a program leading to the dual degree of Juris Doctor/Master of Business Taxation (J.D./M.B.T.). This program permits a student to pursue a specialized program in taxation through courses in the Marshall School of Business, the Leventhal School of Accounting and the Law School. The M.B.T. portion of the program leading to the J.D./M.B.T. is 45 units, including 10 units of Law School courses which are recognized by the Leventhal School of Accounting toward the J.D./M.B.T.; a maximum of 33-36 units of Marshall School of Business and Leventhal School of Accounting courses are recognized by the Law School toward the J.D./M.B.T.

Unit Requirements

The total number of units required for the M.B.T. portion of the J.D./M.B.T. program will vary, depending on the educational background of the individual student. A total of 15 units of taxation, accounting and business courses listed below in Group I may be waived by the Leventhal School of Accounting if the student has completed substantial academic work of high quality from an AACSB accredited school.

The courses in Group II are required of all J.D./M.B.T. students. The students must choose a minimum of six units from Group III courses and a minimum of 12 units from Group IV courses. In addition, a student may choose three elective units from Group V courses or another course approved in advance by the director of the M.B.T. program.

First Year

Required Law School courses (30 units)

Second, Third and Fourth Years

Forty-three units of law courses, including the law courses listed below, and 33-36 units of Marshall School of Business and Leventhal School of Accounting courses as follows:

Group I Courses (15 units)		Units
ACCT 544	Federal Taxes	3
GSBA 510	Accounting Concepts and Financial Reporting	3
GSBA 511	Managerial Economics	3
GSBA 518	Accounting Control Systems	3
GSBA 521ab	Corporate Finance	1.5-1.5
		____
		15

Group II Courses* (10 units)		Units
ACCT 550T	Tax Research and Practice	3
ACCT 561T	Income Taxation of Corporations and Their Shareholders, or
LAW 600	Taxation	3 or 4
LAW 644	Corporate Tax	2 or 3
		____
		10

Group III Courses* (a minimum of 6 units)		Units
LAW 601	Taxation of Foreign Persons and Foreign Income	2 or 3
LAW 644	Corporate Tax	2 or 3
LAW 717	Estate Planning	3
LAW 842	Partnership Taxation	2 or 3
		____
		minimum 6

*Students should seek counseling at the Law School regarding all LAW courses.

Group IV Courses (a minimum of 12 units)		Units
ACCT 551T	Taxation of Flow-Through Entities	3
ACCT 563T	Federal Estate and Gift Taxes	3
ACCT 565T	Estate Planning	3
ACCT 566T	Income Taxation of Estates and Trusts	3
ACCT 567T	Taxation of Transactions in Property	3
ACCT 568T	Taxation of Foreign Business Operations	3
ACCT 569abT	Taxation of Special Enterprises	3-3
ACCT 570T	State and Local Tax Concepts	3
ACCT 571T	Advanced Individual Tax Planning	3
ACCT 573T	Federal Tax Procedure	3
ACCT 576T	Consolidations	3
ACCT 577T	Compensation	3
ACCT 578T	Advanced Corporate Taxation	3
ACCT 579T	Advanced International Taxation	3
ACCT 580T	Accounting Methods	3
		____
		12-15

Group V Courses (0-3 units)		Units
ACCT 572x	Corporate Accounting and Reporting	3
ACCT 574	Global Perspectives on Accounting	3
ACCT 581	Financial Statement Analysis	3
ACCT 582x	Advanced Financial Measurement and Reporting	3
ACCT 585	Professional Accounting: Theory, Research and Policy	3
BUCO 533	Managing Communication in Organizations	3
FBE 527	Financial Management for Developing Firms	3
FBE 555	Investment Analysis and Portfolio Management	3
FBE 588	Advanced Real Estate Law	3
FBE 589	Real Estate Analysis	3
FBE 591	Advanced Real Estate Analysis	3
MOR 542	Managing a Global Business	3
		____
		0-3

Course Duplication and Prerequisites

Credit in a law course precludes credit in the corresponding business course, and credit in a business course precludes credit in the corresponding law course.

In addition, where credit in one program’s course precludes credit in the other program’s corresponding course, the course in which credit is received will be deemed to have met the prerequisite for all subsequent courses in either school.

Corresponding Courses

ACCT 561T and LAW 644
ACCT 568T and LAW 601
ACCT 551T and LAW 842

Note: LAW 600 Taxation must be taken in place of ACCT 560T to meet the J.D./M.B.T. requirement. LAW 644 Corporate Tax may be taken in place of ACCT 561T to meet the M.B.T. course requirements.