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Full-Time MBA | Accounting Specialization

The Krannert full time MBA acccounting specialization or option area is probably different from most other areas because someone wishing to specialize in accounting chooses to enter a Masters in Accounting program not an MBA program. Understanding this, our offerings are designed to provide the MBA candidate with the skills needed to pursue a career in business (in corporate finance, investments, operations, consulting or to simply be an entrepreneur). Our financial accounting offerings are designed from a user perspective and provide you with the skills to read, to understand and to make decisions based on the information provided in financial reports. Our managerial accounting offerings are also designed from a user perspective and provide you with the skills to develop cost accounting systems and to use the information these systems generate to make operational business decisions.

Educational Goals

Our overriding objective is to offer a user’s perspective on financial and managerial accounting. Toward that end, our core accounting for managers class (MGMT 60000) focuses primarily on the financial (external) reporting process with an introduction to managerial (internal) reporting. This course explains what the financial statements are, how they fit together, how to extract information from them and focuses on some of the key issues in how the numbers are developed. An introduction to managerial accounting concepts and internal accounting methods is also provided, focusing on the cost information provided by cost accounting systems and how this information is used in the decision-making process. Our electives split by the reporting process, financial, or managerial. Our managerial accounting class (MGMT 60100) provides additional evaluation of cost accounting methods, how this information is used to evaluate past performance and how to develop performance metrics to direct the operational side of the organization. We have offerings that specifically relate to the financial side, financial statement analysis (MGMT 60200), an applied valuation class, for example. After completing the core class, our electives are designed to stand alone but to complement one another. As such, they can generally be taken in any order.

Electives Offered

Common Accounting area electives offered during include:

  • MGMT 59000 Strategic Cost Management

    This course investigates organizational control systems for managing strategy within and between organizations. The class is divided into modules focusing on market, hierarchy, and network types of organization for strategy development and implementation. The role of assumptions and measurement are investigated. Interdisciplinary theories about accounting, organizational behavior, economics, and emerging technologies are examined for managing strategy.
  • MGMT 60200 Financial Statement Analysis: Applied Valuation

    Financial Statement Analysis is a course in how to use accounting information to make business and investment decisions. Internally, the information is used to assess performance of units, to evaluate performance of upper level management, to monitor the firm’s investment and financing decisions, and for comparison purposes with the firm’s rivals. Externally, accounting information is used by financial analysts, investors, and (potential) acquirers to assess the value of the firm, by creditors to assess its credit-worthiness, and by regulators. The primary objective of this class is to help you develop and sharpen your analytic abilities in financial statement analysis paying particular attention to the incentives of producers and users of this information. In addition to explaining techniques, cases will be used to help you develop the tools and skills required. In preparing cases for class, you should work in a group and focus not on number crunching but on identification of problems and potential solutions. Only once these have been identified is number crunching valuable. Let me emphasize, this is a course in using accounting information (predominantly financial statements) for decision-making. As such, we will not spend time on the details of financial statement preparation and reporting except as they are relevant to our focus on analysis and decision-making.
    Topics covered include:

    • Business Strategy analysis: assessing the qualitative position of a firm’s business activities.
    • Accounting analysis: assessing the quality of a firm’s earnings.
    • Financial analysis: assessing the firm’s past performance. Prospective analysis: assessing the firm’s future prospects.
    • Valuation using comparables and discounted cash flow analysis.
    • Valuation using EBO (abnormal earnings) analysis.
    • Credit analysis: assessing the firm’s ability to satisfy debt obligations.
  • MGMT 69100 Financial Reporting II

    This course builds upon the material developed in MGMT 60000 by covering several financial reporting topics which we are unable to address in MGMT 60000 including: accounting for errors and changes, marketable securities, asset securitizations, derivatives and hedge accounting, pensions, and foreign currency translation. Many of these topics present valuation challenges and we will spend considerable time discussing the measurement issues involved. Students will gain an understanding of the managerial judgments associated with each of the topics covered, which will allow them to better analyze financial reports that contain such topics. This course will provide you with some experience delving into complex accounting topics to give you more skills to cope with complex accounting questions that might arise throughout your careers.

The following are semester long courses that are available to interested MBA students. Students interested in these should consult with the area coordinator.

  • MGMT 50300 Advanced Accounting

    Advanced course in financial accounting. A range of contemporary issues in financial reporting, such as business combinations, investments, consolidations, inflation, multinationals, and tax allocation are covered. Both technical proficiency and user applications are emphasized.
  • MGMT 50600 Auditing

    A study of the concepts and procedures of auditing, which is the systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events. Primary emphasis is on audits conducted by independent certified public accountants, but topics covered apply to internal auditing as well.
  • MGMT 50900 International Accounting

    The perspective of decision-making, managerial control as well as reporting risk and return for international business remain primary objectives in reporting. The course aims to provide ‘hands on’ computer competence and comfort in the first module on foreign currency translation, for which spreadsheets are ideal. The accounting and finance of risk management is developed within the context of spreadsheet algebra and the computer is employed for modeling and what if variations. The course provides experience with accounting for derivatives.
  • MGMT 53200 Forensic Accounting

    This course is designed to help students apply their accounting, auditing, information systems and communication skills to detect financial fraud and unauthorized reporting acts and to prepare and present a fraud case for criminal proceedings or civil litigation. These skills are highly valued in the rapidly growing field of forensic accounting. Upon completing this course, students will understand the role of forensic accountants in examining financial records for fraud and detecting insurance fraud; in providing litigation support; and in capturing digital evidence. The course will also review material related to the Certified Fraud Examiner (CFE) exam. Throughout the course, students will have opportunities to improve their written and oral communication skills, particularly as they relate to communication in the legal settings associated with investigative accounting.
  • MGT 53100 Government/Not-for-Profit Accounting

    This course is designed to familiarize students with financial reporting and accounting principles used in the preparation of Governmental and Not-for-Profit financial statements. Students will be provided with a sound fund accounting background and how these concepts are applied. Course projects will cover a wide range of topics and expose students to  the accounting practices of a local not-for-profit organization.
  • MGMT 63500 Accounting Information Systems

    This course provides a fundamental understanding of corporate governance systems and how such systems are designed, maintained, and used. The course includes an overview of critical control objectives relating to the Sarbanes-Oxley Act, and develops a fundamental understanding of seemingly disparate management control concepts embedded in "balanced scorecard", "economic value added", "management by objective", "management by exception", and similar methods. Particular emphasis is placed on the role of accounting information systems in management control, how the adequacy of management control systems can be evaluated, and how modern auditing techniques are used in maintaining the integrity of such systems. As a result, this is an important course for students interested in careers in public accounting and auditing, as well as for those interested in careers in corporate accounting and internal auditing.

MGMT 50400 Introduction to Tax Accounting

Electives by Career Interest Table 1: Connection between Accounting Electives and Career Paths

Career Interests

Mgmt 60200

Fin Stmt Anal

Mgmt 69100A

Adv Fin Rptg

Commercial banking

Fin analy/corp fin


General consulting

HR Mgmt
Inv. Banking/M&A



Public acctg

Real Estate

Table 2: Connection between Accounting Electives and Other Option Areas

Option Area

Mgmt 60200

Fin. Stmt Anal

Mgmt 69100

Adv Fin Rptg

Mgmt 69100B

Adv Fin Rptg

Corporate Finance
Cap Bdgt/Proj selection



Fin Plan/Perf assessmt



Stgc Mgmt/Int’l Mgmt/e-Bus