As a student, it's very common to be thrilled about graduation day. No more lectures, textbooks or exams; full-time employment and financial independence (hopefully); and freedom to do what you want, right? Before getting too excited, let's first consider the similarities between school and employment: Lectures are replaced by meetings, textbooks are replaced by rules and regulations, mid-terms and finals are replaced by certification exams, and professors are replaced by managers and/or clients. Do you still want to graduate?
This article is not meant to scare you, but rather inform you about a career that you've most likely given little or no thought to. Pursuing a career in academia as an accounting professor entails, on average, an additional five more years of being a student. Though, this time, the school is willing to pay and invest in you! Here’s what it takes to become a professor as we dive into more detail about what they actually do – yes, they do more than just teach students! Before we continue, let’s keep in mind that business school professors generally come from either industry or academia; and while there are different types of schools (e.g., teaching versus research-oriented) here we will address being an accounting professor at a research-focused university.
Doctoral Studies
The first step to becoming a professor is entering a doctoral program, which is considerably different from undergraduate or graduate studies. Doctoral students are trained to be academic researchers who examine issues in the business world. An application to a doctoral program generally requires, at a minimum:
- Bachelor's degree
- Resume
- Transcripts
- GMAT or GRE
- Letters of recommendation
- Personal essay (Statement of Purpose)
- Application fee
Many candidates applying to top schools will have nearly flawless academic performance and test scores. In fact, many schools accept less than 5 percent of the applicants. This is why it's so important to find a school that is a good fit for you. This means thinking about what you're interested in working on and finding professors who have similar interests. Remember that, like you, the admission committee is also trying to answer: Is this someone we want to train for the next five years, not to mention work with for the next 30 years? This is why fit becomes so crucial.
Doctoral students come from all backgrounds. Some have work experience, others do not. Some have degrees in mathematics, engineering and physics, while others have mostly accounting and business backgrounds. Having a degree and/or experience in accounting/business, though often helpful to form research topics, is not required. In fact, a strong background in mathematics and statistics, with a little knowledge of accounting and business, may be beneficial to learn more about research methodology. On the other hand, schools with a strong focus on auditing or tax research may value accounting experience over knowledge in mathematics.
Generally, the first two years in the doctoral program are spent completing coursework. One aspect of the doctoral program that most people are unaware of is the high level of quantitative competence needed to succeed. Depending on a students' background, additional quantitative coursework may be recommended, such as advanced calculus, linear algebra, probability and statistical inference. In addition to coursework, students typically attend weekly workshops and write research papers in the first two years before taking the field examination. Students are required to pass this exam before moving onto the next step to complete the program: the dissertation. The last two to three years of the doctoral program are spent working on the dissertation, attending and presenting at workshops and conferences, and searching for job opportunities at universities.
The most important and unique aspect of the doctoral program is flexibility. Unlike the rigid undergraduate program requirements to complete a set of coursework to earn the degree, the doctoral program is driven primarily by a student, his or her needs and research interests. This flexibility and freedom to explore your own interests is one of the great parts about pursuing a career in academia.
Costs and Financial Aid
Most doctoral students receive a full-tuition waiver, health insurance and stipend. This compensation, though certainly below typical salaries you could earn in an accounting job, is typically for a student’s employment as both a research assistant and teaching assistant. Funding is generally provided for the first four to five years of study. In addition to financial aid provided by a school, many students also seek outside funding. For example, up until this year, the American Institute of CPAs was administering the Accounting Doctoral Scholar Program which was funded by some of the largest accounting firms and many of the state CPA societies to help public accounting professionals obtain and pursue their doctoral degrees. There is also other funding that students both apply and compete for. Some funding is only given during the dissertation stage of the doctoral program. Generally, all funding is contingent upon satisfactory progress.
Life as a Professor: Teaching, Research and Other Activities
Generally, professors begin as assistant professors (non-tenured), then move to professor (tenure track). Although the first thing most people think about with respect to what a professor is doing is teaching, there is much more to the career than that. Yes, we are all familiar with classroom instruction, homework and exams. At a school that focuses on teaching, a professor may teach many classes per year. However, at a research school, where the environment is more or less "publish or perish," a professor will usually focus on his or her research, with some teaching thrown in. When considered for tenure, professors are evaluated based on both teaching performance and research productivity.
So, what exactly are they researching, where are they getting their research published and who's reading it? Accounting professors broadly research the interaction of accounting theory and practice. Some of the more common areas of research include audit, tax, financial accounting, managerial accounting and accounting information systems. The most commonly used research methodologies for examining those issues are analytical, archival/empirical, experimental and behavioral.
Research is submitted to accounting journals, such as The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics and Review of Accounting Studies. Research is read by other professors and researchers; is used by businesses, investors and other users to make decisions; and influences regulators and standard-setters.
In addition to teaching and researching, professors also get involved in numerous other activities, including peer reviewing research, serving on department or university committees, or serving as department chair or dean. Other more lucrative activities may include consulting, writing textbooks or testifying as an expert at trials.
The dynamic and flexible role as a professor is a very attractive benefit to pursuing a career in academia. Professors are teachers, researchers, mentors and scholarly leaders in their field.
Though you may have never thought about a career in academia, hopefully, this article shed some light on what it is all about, what it takes to succeed and some insight on various opportunities within the accounting profession.
Ryan McDonough, CPA, earned his B.S. in accounting, minor in economics and MAccy at Rutgers University. At Rutgers, he was the president of Beta Alpha Psi and a 2008 recipient of the New Jersey Society of CPAs College Scholarship. McDonough currently works at PricewaterhouseCoopers as a senior associate in transaction services.