Making a Difference: Careers in Academia
Presented by: Nancy Bagranoff
Dean, Old Dominion University
Stephanie Bryant, BAΨ President
2007 BAΨ Annual Meeting
Welcome—We’re Glad You’re here!!
• Nancy Bagranoff, Dean, Old Dominion University, BAΨ Forum
• Stephanie Bryant, Johnson Distinguished Professor, University of South Florida, International President of BAΨ
Objectives of This Session
• To let you know what being a professor is like
• To tell you how you can plan for a career in academia
Sources for Information Contained in this Presentation
• “Assessing the Shortage of Accounting Faculty,” Plumlee, et al. (2006) Issues in Accounting Education 21 (2): 113-125.
• Report of the AAA/APLG Ad Hoc Committee to Assess the Supply and Demand of Accounting Ph.D.’s (2005) Available at: (http://aaahq.org/about/reports/FINAL_PhD_Report.pdf)
• “Teaching for the Love of It,” Myers (June 2006), Journal of Accountancy.
• “Accounting in College Lures More Students,” Wall Street Journal, July 29, 2004.
• 2007 AAA-Deloitte-J. Michael Cook Doctoral Consortium survey results
The Shortage of Business Faculty
• A recent report predicts a major shortage of all business faculty with Ph.D.’s over the next ten years.
• The number of business doctorates is at a 17-year low
• We will focus in this presentation on a career in accounting, though much of the presentation translates to other areas of specialty as well
Supply of New Ph.D.’s as a Percent of Demand over 2005-2008
(Source: AAA/APLG 2005, 11)
0
10
20
30
40
50
60
70
80
90
100
Audit Cost Fin Tax Sys Other
Percent
Two Ways to Join Academia
• As a professionally qualified faculty member– Minimum requirements are:
• Master’s degree (MBA ok)• 18 hours of graduate accounting (or IS/finance)
• As an academically qualified faculty member– Minimum requirement is:
• Ph.D. in accounting (IS/finance) from an AACSB-accredited institution
Getting a Doctorate
• The doctorate largely prepares you for a career in research
• The doctoral program consists of courses in:– Accounting research– Economics– Statistics– Econometrics– Finance
Getting a Doctorate (Cont’d)
• A doctorate involves– Coursework– Written and oral general examination– Dissertation
Some Things to Consider in Getting a Doctorate
• How long does it take?
• How much does it cost?
• How do I figure out where to go to school?
• How hard is it to get in?
• When is the right time to apply?
• How much can I expect to earn with a doctorate?
How Long Does it Take to Get a Ph.D.?
• Average is 4 years, though some do it a little faster or a little slower– 2-3 years coursework– 1-4 years on doctoral dissertation
• To some extent you set the pace
• The more focused you are, the faster you will finish the program
• Most students teach while in the program
How Much Does it Cost?
• Tuition is generally waived for doctoral students
• Doctoral student stipend is generally $10-$20k for 9 months
• Health insurance sometimes provided (varies from school to school)
• Opportunity cost
How Do I Figure Out Where to Go to School?
• This is a very important decision• Target a school that supports your area of
interest– Methodologically– Functionally (most choose financial, followed by
auditing, managerial, tax, information systems.)– According to the Doctoral Consortium Survey, most
choose a school based on faculty, stipends, and location
• AACSB website has list of AACSB-accredited institutions with Ph.D. programs– www.aacsb.edu/publications/dfc/phd-schools.asp
How Hard is it to Get In?
• Most Ph.D.-granting schools admit 1-4 doctoral students each year or every other year– Check with the school(s) you are interested in
to determine their schedule
• Ask to meet with the Ph.D. program director and possibly some Ph.D. students
• GMAT score is the primary determinant• Secondarily is GPA and work experience
Getting In (Cont’d)
• GMAT scores– Minimum is usually 600, but can be higher for
very selective schools– You can retake the GMAT if you don’t score
high enough the first time– Consider a GMAT review course to help raise
your score
When Should I Apply?
• Most schools take applications in early spring
• Check with the schools you are interested in to determine deadlines– Websites are usually very good
• Very important to have a complete and professional application
Financial Rewards
• Accounting, IS, and Finance are all high-paying professions, including academic positions for Ph.D.’s
• Salary depends on the type of institution you are hired by
Financial Rewards (Cont’d)
Type of School Starting Salary for New Ph.D.’s
Undergraduate $45,000-$105,000
Master’s $50,000-$135,000
Ph.D. $90,000-$160,000
Financial Rewards (Cont’d)
• Salaries for Professionally Qualified faculty are considerably less– Adjuncts (Master’s degrees with 18 hours of graduate
accounting) usually earn $3,000-$5,000 per course– Permanent instructors with Master’s degrees in
accounting usually earn from $50,000-$60,000 on average for teaching 3-4 courses per semester.
– PQ people do not have research requirements
How Many Hours a Week Can I Expect to Work?
• This depends on the type of school you are hired at, and the promotion and tenure standards
• The higher the promotion and tenure standards, the more hours a week you can generally expect to work
• The BIG DIFFERENCE here is autonomy– You largely get to set your schedule
Bottom Line
• If you expect to go into academia because you don’t want the hours of public accounting, you will likely be disappointed
• The financial rewards can be very significant
• More importantly, you have a chance to give back to the profession and your community by choosing a career in academia
Bottom Line (Cont’d)
• Though you may still work lots of hours, YOU CHOOSE when and where to work
• Other advantages include travel and getting to know people from all over
• Intellectually stimulating
Q&A
Questions?