The Department of Accounting and Finance offers undergraduate majors in accounting, finance, and MIS. In addition, we offer MBA courses in each of these three areas, and a PhD program in Finance.
Our mission is to provide high-quality research, teaching and service to further knowledge and understanding of accounting, finance and MIS in a business setting. To achieve this mission, we deliver high-quality courses that challenge students to understand them deeply and develop the critical thinking skills they need to be effective accounting and finance professionals or scholars. We conduct research in these areas so we understand both how and why they work the way they do.
Several external organizations related to the areas in our Department grant the following formal designations:
Many of our Department members perform significant service for these organizations. In addition, our undergraduate accounting program is accredited by the CMAs.
Accounting knowledge is central to understanding the way a business works. Accounting involves the measurement of financial performance. Without understanding what goes into performance measurement, a manager risks making flawed decisions. How can you set prices for a product or service if you don’t know what they cost? How can you give a bonus to an employee if you don’t know how he or she is performing? How can you invest in a company if you don’t know if the company is earning anything? Without accounting information, it would be impossible to make informed business decisions.
Finance is closely related to accounting, but while accounting reports on what has happened or is happening, finance concentrates on what will happen and how expectations of future events affect value today. When a manager decides whether to proceed with a project, a financial analysis considers the expected future cash flows from the project and compares these to the project’s cost. Only if the value of the expected future cash flows compensates for today’s cost should the project proceed. The same goes for an investor deciding whether to make an investment. An investment should be undertaken only when a financial analysis shows that expected future flows from the investment compensate for today's cost.
MIS is closely related to accounting, finance and other business disciplines. While accounting reporting generates financial information, MIS manages the information, organizes it, and makes it accessible for managers making decisions. MIS also supports and promotes corporate information technology such as computer systems, networks, etc. to maximize decision making efficiency.