Frequently Asked Questions
We expect you might have some questions about the Rutgers Master of Accountancy in Financial Accounting program, so we've compiled this list. But if you have a question that's not here, or you need further clarification, please contact us.
What is the deadline for submitting an application for admission into the Master of Accountancy in Financial Accounting program?
Admission to the Master of Accountancy in Financial Accounting program is rolling. We adhere to the following admission deadlines for each starting semester: summer admission, May 1; fall admission, June 1; spring admission December 1.
Is there a minimum number of credit hours I need to be admitted to the program?
No. You are only required to have an undergraduate degree in accounting.
Is a GMAT required?
Students who complete their undergraduate degree in accounting from schools other than Rutgers and The College of New Jersey (TCNJ) are required to submit a GMAT score with their application.
If you complete and/or are completing your undergraduate degree in accounting from Rutgers or The College of New Jersey (TCNJ), you are not required to submit a GMAT score as long as your cumulative GPA at the time of submitting your application is at least a 3.0. If you are a Rutgers student and your GPA falls below a 3.0, you must submit a GMAT score as part of the application process.
The GMAT is waived for applicants who have successfully completed all four parts of the CPA exam and can provide a letter from the licensing jurisdiction indicating completion of all four parts of the exam.
If you have successfully completed other professional licensing requirements (e.g., The Law Bar exam, Chartered Financial Analysts, Certified Management Accountant, etc.) you may petition the program director for a waiver of the GMAT requirement.
What is the minimum GMAT score considered appropriate for admission into the MACCY-FA program?
The average GMAT score is 550.
Are letters of recommendation required for RBS or The College of New Jersey (TCNJ) accounting graduates?
No. RBS and The College of New Jersey (TCNJ) accounting students with GPAs in excess of 3.0 are not required to submit two letters of recommendation with their application.
Can an applicant who did not receive an undergraduate degree in accounting be admitted into the Master of Accountancy in Financial Accounting program?
Yes, but an applicant with an undergraduate degree in something other than accounting must have completed the 24 credit hours of accounting courses required to be considered an accounting major.
The prerequisite accounting courses are as follows:
- Introduction to Financial Accounting
- Introduction to Managerial Accounting
- Intermediate Accounting I
- Intermediate Accounting II
- Advanced Accounting
- Income Tax Accounting
- Cost Accounting
- Accounting Information Systems
All prerequisite courses have to be completed prior to admission into the financial accounting program.
Are international students eligible to be admitted into the MACCY-FA program?
Yes. We now have two options for taking the program:
- F-1 holders of undergraduate accounting degree from US institution can take summer core courses plus fall completion of three in-class electives and two online electives.
- F-1 holders of undergraduate accounting degree from US institution can take summer core courses plus fall completion of three in-class electives and one online elective AND spring internship depending on availability.
Is an applicant required to have a B in calculus and statistics at the undergraduate level for admission into the Master of Accountancy in Financial Accounting program?
No. Calculus and statistics are not required to be admitted into the financial accounting program.
What documents are required to be submitted to the Graduate Admissions Office by Rutgers Business School and The College of New Jersey (TCNJ) accounting undergraduates who have a cumulative GPA of 3.0 applying to the financial accounting program?
The following documents must be submitted to the Graduate Admissions Office by Rutgers Business School and The College of New Jersey (TCNJ) for accounting undergraduates:
- The RBS Graduate Application
- Essay (on an ethical dilemma)
- Official Transcripts from all institutions attended
- Application Fee
Does the financial accounting program accommodate applicants who work full time, given that the summer core courses are full time?
Yes. However, the five core courses are only offered during the summer semester on campus. The accommodation is to allow students to split the courses over two summers. We would, however, expect the employer to confirm their support for the student's participation in the program.
Are there other required courses in addition to the five core courses taught in the summer?
Yes. If admitted into the financial accounting program, you are required to take both the Governmental Accounting & Auditing and Ethics in Business courses unless you took an equivalent course in your undergraduate studies.
How are the elective courses outside of the five core courses taken by students?
Elective courses are typically taken online, but also may be taken in a formal classroom setting. Formal classroom courses must be approved by the program director and can be taken either on the Newark or New Brunswick campuses.
What other online courses can be used as an elective for students in the financial accounting program?
Online courses offered in the Master of Accountancy in Governmental Accounting program may also be taken. Examples of such courses are:
- Design and Development of Information Systems
- Government Budgeting Systems
- Public Sector Auditing
- Public Financial Management
I was admitted into the financial accounting program but earned my undergraduate degree in accounting from a university other than RBS and The College of New Jersey (TCNJ). May I still petition for advanced standing credits?
Yes, provided the university from which you received your undergraduate accounting degree is an AACSB accredited university.
What is the tuition for the Master of Accountancy in Financial Accounting program?
The Board of Governors reviews the tuition and fees on an annual basis and sets new tuition and fee rates at its July Board meeting. To learn more, click here.
How many hours does a student have to take in the Rutgers Business School to be considered a full-time student?
A full-time student in the Rutgers Business School is defined as a student who takes a minimum of 12 credit hours.
Are there scholarships or financial aid available to students admitted into the MACCY-FA program?
There are no scholarships available to students admitted into the financial accounting program. There is, however, a financial aid program set up by the Financial Aid Office. For more information, please contact:
Ms. Maria C. Correia, Assistant Manager Financial Aid
Blumenthal Hall Room 302
249 University Avenue
Newark, NJ 07102-1896
(973) 353-5057 (Fax)
Are there TA (teacher's assistant) positions available for students enrolled into the financial accounting program?
Due to the nature of the program, there are no TA positions available in the program.
If my employer provides full tuition, do I have to pay the term bill upon receipt or can I pay when I receive the voucher from my employer?
There are two ways that employers fund the education of their employee's education—direct billing or tuition reimbursement.
Direct Billing – The student is issued a voucher from the employer with the indicated tuition benefit the employer is providing for the semester. The student submits the voucher to the Rutgers Billing Office. The Billing Office will then prepare an invoice and submit it to the employer for payment. The employer does not have any stipulations for payment (e.g., grades).
Tuition Reimbursement – The student pays the term bill by the due date for the semester. At the end of the semester, after grades are submitted, the student submits a tuition reimbursement request to his/her employer. The employer reimburses the student for the indicated tuition benefit, provided the student meets the stipulation in the employer's tuition reimbursement program (e.g., attainment of a certain grade level).
In the event that the employer provides the student with a tuition reimbursement option, the student must pay tuition upfront (by the billing due date for the semester) and manage the reimbursement process separately with his/her employer.
I obtained my undergraduate degree in accounting from an online institution (e.g., University of Phoenix). Can I apply for admission into the financial accounting program?
Yes. Admission to the Rutgers Masters of Accountancy in Financial Accounting program requires that the applicant receive his/her undergraduate degree in accounting from a nationally accredited university.
Can an RBS undergraduate student take the graduate elective online courses prior to completing his/her undergraduate degree in accounting?
Yes. An undergraduate student interested in applying for the financial accounting program may request special permission to take a graduate elective.
If I am admitted to the financial accounting program, am I required to complete the degree requirements within one year after beginning the program?
No. While most students complete the requirements of the financial accounting degree within a year after beginning the program, the program is flexible and permits students who may have work conflicts to arrange their classes around those conflicts. A student who fails to register for any courses for three consecutive semesters must formally notify the Senior Program Administrator and Registrar of their plans for program completion.
Can I take online courses on a non-matriculating basis?
No. You can not take online courses on a non-matriculating basis. These courses are limited in size and to students who have been formally admitted to program.
Is there summer housing available to students admitted into the program?
Yes, summer housing is available for students admitted into the financial accounting program. Information on summer housing may be obtained by sending a request for information to firstname.lastname@example.org.
How do I register for summer classes?
New students are registered for the summer core classes by the Program Administrator during orientation.
Where are the summer core classes taught?
The summer core classes are taught on both the Newark (1 Washington Park) and New Brunswick (100 Rock) campus.