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The GMAT

2017-06-16T21:24:31Z

Matthew Critchley: /* Test Format */

The GMAT, or Graduate Management Admission Test, is the standardized test designed to measure a candidate's aptitude for graduate management studies. More than 4,800 programs use the GMAT in their admission process. The test costs $250 each time you take it.

Here's some information to get you started on the test.

==Test Format==
[[Image:Studying2.jpg|right|400px|link=]]
Currently, the GMAT consists of four sections:
# Analytical Writing Assessment (AWA)
# Integrated Reasoning
# Quantitative
# Verbal

The test is administered via computers in approved testing centers. The AWA section consists of one written analyses: the analysis of an argument. The integrated reasoning section consists of interpreting information from a variety of sources. The quantitative and verbal sections are multiple-choice and computer-adaptive, meaning that questions are dynamically selected based on your responses. The AWA and integrated reasoning sections do not affect your composite score (the total score out of 800), but are scored separately.

Also, in the quantitative and verbal sections some questions are trial-questions that are being pretested for future exam use. These questions are unidentified and dispersed throughout the two sections. ''Answers to trial-questions are '''not''' factored into your final score''.

===AWA Section===

The purpose of the AWA section is to measure your ability to think critically about an issue or argument and assess how well you communicate your ideas.

Highest scores are received by writers who are concise and have well-structured essays. Essays are graded by a computer software '''and''' a human GMAT-essay grader. Scoring differences are resolved by a second human GMAT-essay grader. Human graders generally try to follow the computer's grading; for this reason, it is best to avoid humor or witty remarks in your essays since the computer will likely not understand.

[http://www.800score.com/gmat-essay.html 800score.com] has a great guide to doing well on this section of the GMAT.

===Integrated Reasoning===

The integrated reasoning section consists of four question types: (1) Multi-source reasoning, (2) Graphics Interpretation, (3) Two-Part Analysis, and (4) Table Analysis. Find out more [http://www.mba.com/us/the-gmat-exam/gmat-exam-format-timing/integrated-reasoning.aspx here].

===Quantitative Section===

The quantitative section has two kinds of questions: (1) Problem-Solving and (2) Data-Sufficiency.

''Problem-Solving'' questions are designed to test math skills and understanding of math concepts. There are lots of good guides out there to review the basic math knowledge you need for the test.

''Data-Sufficiency'' questions are the more difficult type and ask you to analyze a quantitative problem and decide which information is relevant. You are given a problem and two statements; your task is to decide which (if any) of the statements gives you enough information to solve the problem. A sample question from MBA.com can be found [http://www.mba.com/us/the-gmat-exam/gmat-exam-format-timing/quantitative/sample-problem-solving-question.aspx here].

===Verbal Section===

The verbal section has three types of questions: (1) Reading Comprehension, (2) Critical Reasoning, and (3) Sentence Correction.

''Reading Comprehension'' questions measure your understanding of words or statements from reading passages. This section is similar to the Reading Comprehension sections of other standardized tests.

''Critical Reasoning'' questions measure your ability to construct and evaluate arguments.

''Sentence Correction'' questions are of two types: (1) correct expression, which tests grammar skills and knowledge of grammatical rules, and (2) effective expression, which deals more with word choice and concise writing. BYU's M COM 320 book is a great source to use in your preparation for this section.

'''Tip:''' Spending extra time studying for the verbal section will do more to set you apart from other test-takers since scores are generally lower for verbal than for quantitative. For example a 49/51 in both verbal and quantitative means you performed comparatively better on the verbal section than most students. See the [http://www.mba.com/us/the-gmat-exam/gmat-exam-scoring/your-score-report/what-percentile-rankings-mean.aspx GMAT Percentiles] page to compare scores across exam sections.

===Format===
To get the most up to date breakdown of timing and number of questions for each section, go to the [http://www.mba.com/us/the-gmat-exam/gmat-exam-format-timing.aspx official GMAT site].

==Test Scores==

GMAT scores are valid for five years, and range between 200 and 800. Two-thirds of all test-takers score in between 400 and 600. The GMAT is not the only criteria that decides [[Applying to a Ph.D. Program|admission into a PhD program]], but it does carry weight. Thus, while a high GMAT score will not guarantee that you are accepted into a given program, a low score can eliminate you from consideration. For most research-intensive universities, a 700 is often considered the "magic number," although the actual benchmark will vary between schools. Schools often state what the minimum or average GMAT score is for their students. Some schools will focus mostly on the score from the quantitative section, while others will also put significant weight on the verbal section. This is because the program will likely require good quantitative skills, but writing skill may determine how likely you are to publish your papers.

==Testing Locations==

Approved testing centers can be found on MBA.com’s [https://registration.mba.com/testtaker/registration/SelectTestCenterProximity/GMAC/1242653 scheduling page]. The closest center to Brigham Young University is in Draper, UT.

==Suggestions for Preparation==

[[Image:Scorebystudyhours.jpg|right|500px|link=]]
#''Familiarize Yourself With the Test'' - Become familiar with the test. You could start by taking a practice test on MBA.com so that you have a starting point from which to benchmark performance. Also, most GMAT preparation books, Kaplan for example, include examples of each section with practice problems. This will help you to understand the kinds of questions that are asked and the correct answers to those questions.
#''Learn Test-Taking Strategies'' - After familiarizing yourself with the exam, focus on test-taking strategies. The Princeton Review book is a good resource for learning what kinds of strategies are useful. This will help you know how to attack the test and understand some of the tricks the test writers use. One of the best strategies is to focus a little more on the verbal section. It is very difficult to set yourself apart in the math section (most likely due to the quantitative skills that GMAT takers may have). However, a higher score in the verbal section will really skyrocket your overall score. With a little bit of extra time here, you can really learn how to attack the verbal questions.
#''Take Practice Tests'' - This is where you should devote a significant portion of your time. One source suggests taking between 8 to 10 practice tests. Practice tests help you learn time management, which is critical for performing well on the GMAT. Several independent companies offer GMAT Prep Courses and practice materials, many of which are free. Reviews of these services can be found at [http://beatthegmat.com beatthegmat.com] and [http://gmatclub.com gmatclub.com]. Practice GMAT exams offered by independent sources are generally more difficult than the actual GMAT exam; don’t stress out too much if your scores are low. MBA.com has official practice exams that you can download for free from their website. These practice exams use the same format and technology as the real exam and are the most reliable measure of preparation. '''''A [[Brigham Young University|BYU]] professor with previous experience as a GMAT prep-course instructor advises that taking practice tests is the best preparation strategy. According to him, there is no "trick" like many of the GMAT prep courses claim. He specifically recommends taking official GMAT practice tests, created by the GMAC, as opposed to practice tests offered by other sources.'''''
#''Sit for the Whole Test'' - One former test taker commented, "When I was taking the test, I chose an answer and then realized I had forgotten to take the square root to calculate the final answer. I spent the entire test trying to win a mental battle with myself. When I took a break between the math and verbal sections, I told myself to let it go and focus on making up for any deficiencies on the back-end. Before deciding to report my scores, I was tempted not to because I knew I had missed an easy question. I'm glad I decided to report my score, because I did well. " Remember,not all questions are counted. That means, if you miss a question, don't worry about it. Just focus on doing well on the remainder of the test. You can definitely make up for one missed question. If you're lucky, that question won't even be counted!
#''Report Your Scores'' - After the test is over, make sure to report your scores. Even if you are worried about one question that you missed, report your scores because it is hard to gauge personal performance on the actual test.

===From Past Test-Takers===

*[[How I increased my GMAT score 180 points in 8 days]]
*[[If I had to take the GMAT again]]
*[[Free GMAT Prep resources]]

==Retaking the GMAT==

You can take the GMAT no more than once in a 31-day period and no more than five times in a 12-month period. Schools to which you report your new scores will also receive your old scores. More information on the [http://www.mba.com/mba/thegmat/scheduleagmatappointment/retakethetest.htm retesting policy] is found at MBA.com. According to [http://www.mba.com/us/the-gmat-exam/register.aspx#tab5 Manhattangmat.com], scores increase 31 points (on average) when someone re-takes the exam.

If you do poorly your first time taking the GMAT, don't despair. Many students have scored below a 600 their first time, and then scored above 700 their second time. Study diligently the first time you take the exam, but if it doesn't go well, try again (and invest another $250). Most business programs will not discount your new score if your old score is lower (although some schools ''do'' take it into consideration).

==External Links==

*[http://www.mba.com MBA.com] - The Official GMAT Web Site, which includes registration and other information about the exam.
*[http://www.gmac.com/ Graduate Management Admission Council] - The Graduate Management Admission Council manages the exam.
*[http://ce.byu.edu/cw/testprep/gmat.cfm BYU GMAT Prep] - This is the link to the BYU GMAT prep course.
*[http://beatthegmat.com beatthegmat.com] & [http://gmatclub.com gmatclub.com] - Online forums with lots of free resources to help in GMAT preparation.
*[http://www.businessweek.com/bschools/content/aug2010/bs20100819_028546.htm BusinessWeek] - A great BusinessWeek article that reviews the main GMAT Prep courses, as well as discussing the upcoming changes to the GMAT.
*[http://www.businessweek.com/articles/2012-11-21/gmat-tip-the-90-day-gmat-study-plan Article] - about preparing for the GMAT
* [http://www.businessweek.com/articles/2013-08-14/gmat-tip-the-right-way-to-study Article] - discussing keys to preparing for the GMAT.

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Applying to a Ph.D. Program

2017-06-16T21:00:24Z

Matthew Critchley: /* Statement of Purpose */

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So you have decided you want to get a Ph.D....Now what? The next steps in the process are 1) to decide which programs you should apply for, 2) fill out your applications, 3) hopefully visit several schools, and then 4) make your final decision. On this page, we provide an overview of the process and specific suggestions for being successful in choosing and being accepted into an accounting Ph.D. program.

==Selecting the Right Program==
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==Question to consider when applying to programs==
Here is a list of some questions that you might want to think about when applying to programs:
* How many faculty are working with students? Do students regularly coauthor articles with faculty?
* How many faculty members are doing research in areas related to my own interests?
* What opportunities are there to work with a variety of faculty and to be exposed to different research methodologies?
* Am I sufficiently qualified to enter this program?
* Many Ph.D. students change their vision of research and many change their intended concentration area after joining the program and being exposed to a variety of research styles. Does my program of choice offer flexibility needed to do so?
* Is there financial support for students to attend academic conferences to present their own research?
* What opportunities are there for students to participate in colloquia, both as an attendee and as a presenter?
* What are the TA, RA, and teaching requirements of the program?
* What is the department's placement record? What types of jobs do graduates take and where?
* Finally, how well do graduates of the program perform in the long term (contributing to the field through publication, practice of management and earning tenure)?
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The most important criterion for success in an accounting Ph.D. program is to find a program that "fits" you. In deciding which programs do or do not fit, it helps to know what you want. Specifically, what type of career do you want when you graduate with your Ph.D.? Are you hoping to spend most of your time teaching or researching (or some combination of both)? How many hours do you want to work a week? How much money do you want to make? What subject of accounting (e.g., AIS, auditing, financial, managerial, tax, etc.) do you hope to teach and hope to research? While the answers to these questions are not required to apply for a Ph.D. program, it does help in selecting a program where you will "fit" well.

[[Image:Man_Columns.png|left]]

As a very general "rule-of-thumb," academic prestige is usually based on research productivity, that is, the more successful an individual or school is at publishing research in respected journals, the more "revered" the individual/institution. Connected to research productivity is pay. Generally speaking, the more research intensive the university, the higher the pay. Finally, professors often change schools over the course of their career. In general, it is easier to move from a research-intensive school to a more teaching-intensive school. Going in the opposite direction is more difficult because it is hard to sustain high levels of productivity as a researcher if you have a heavier teaching load and research-intensive universities will want to see evidence of research productivity/potential before hiring you.

As you think through the research/teaching balance, do not make the mistake of assuming one is a better or worse option. Both options have costs and benefits and whether the costs and benefits are better/worse depends on your individual goals. Thus, knowing what your goals are is important for deciding where to apply. If you have a strong desire to focus more on teaching/research, you will be more successful going to a Ph.D. program that emphasizes the area of your interest. At the same time, do not rule out the possibility of changing your mind as you study in a Ph.D. program. Most academics decide to become a professor because they were originally attracted to teaching. Many, however, find that researching is as rewarding (or even more rewarding for some) than teaching. Further, research can often complement your teaching such that you become more effective in the classroom. Keep an open mind as you learn more about the life as a professor and allow yourself to give full consideration to all aspects of the life as a professor.

Once you have decided what you want to do with your career, then the following suggestions will help you decide where to go.

* Gather as much information about different schools as you can. A good starting point is visiting each school's official web page as well as the different [[University Information|university pages]] on this website.

* Talk to people who have either been at a school or are currently at the school of interest. Please be respectful of the time of the people you are contacting. Ph.D. students and faculty are busy so asking them questions that are already answered on the school's web page is wasting their time. Also, don't send out the same email to multiple people at the same school. Students and faculty talk and it looks bad for you to send out a form e-mail requesting information.

* Determine what type of research you are interested in conducting. Certain schools do not support some research topical areas and/or methodologies (see these [http://www.byuaccounting.net/rankings/ accounting rankings] to see what research particular schools do and do not support). Make sure the schools you are considering do what you want to do. Do not expect to go to a school and convince professors to change the area of research they are focusing on to work on projects that interest you. You can expect them to continue working on what they find interesting and letting you work with them if they think you will be helpful to them.

After you have gathered information about schools that interest you, you will need to apply to these schools. Hopefully, you will get to visit several schools and find which one fits. An important warning: while you may be tempted to go to the school other people consider "best," it is far more important that you feel comfortable and like where you will work. Numerous Ph.D. students have dropped out because they didn't fit with the school. Making sure you fit with the school is far more important than making sure you are at the school others consider the "best." On the other hand, it is important to get information from a wide variety of sources. If a program has developed a reputation, there is probably a reason.

==The Application Process==

'''What Are Committees Looking For?''' In a doctoral program, the faculty is trying to decide if you have the brilliance and dedication necessary to become an important researcher in your specialized field. Both the department and the individual faculty members want to avoid students who need a lot of guidance or who have difficult personalities. ''Therefore'', the committee favors students who appear well adjusted and whose research goals are well focused. Advisers regularly say that their favorite type of student in one who comes in knowing just what thesis topic he wants to work on. As one professor said, "You need a student who's quick to learn, self-motivated, technically good, and a real self-starter--and most students are not." [From ''Getting What You Came For'' (Peters 1997)]

Thegradcafe.com is a place where students can post when they heard back from schools. As such, you can see when different schools traditionally get back to their students and how. Find the results for accounting [http://thegradcafe.com/survey/index.php?q=accounting here]. Feel free to post your results there so that future students can benefit.

Most schools consider several different factors when deciding which candidate to admit into their program, including GMAT/GPA, Letters of recommendation, and your statement of purpose. The factors considered important vary depending on the institution. However, in general, schools use GMAT and GPA to perform an "initial screen" of the many applicants. Those who surpass the thresholds set by the school move into the "second round" and their applications are more carefully considered. Thus, GMAT and GPA alone will not get you into a program, but the absence of strong scores in these areas may keep you out of a program.

As a quick note, if at all possible get your applications in before the school deadline. Some programs will start admitting students and fill their entire class before the application deadlines. If you can have your applications submitted before Thanksgiving or at least before January, it will help your application chances.

===GMAT and GPA===
[[Image:Student_Computer.jpg|left]]Your [[The GMAT|GMAT]] score is an important component of your application. While a high [[The GMAT|GMAT]] score will not guarantee that you are accepted into a given program, a low score can eliminate you from consideration. For most research-intensive universities, a 700 is often considered the "magic number," although the actual benchmark will vary between schools. Schools often state what the minimum or average [[The GMAT|GMAT]] score is for their students. Some schools will focus mostly on the score from the quantitative section, while others will also put significant weight on the verbal section. This is because the program will likely require good quantitative skills, but writing skill may determine how likely you are to publish your papers.

As a word of advice, don't despair if you don't do well on the [[The GMAT|GMAT]] on the first time. The format of the exam and the types of questions may be unlike anything you've ever done before. Study very hard before you take it the first time, because it will save you time and money if you don't have to retake it. However, if you have a bad day, realize that many people have done poorly on their first attempt, before retaking it and doing significantly better. Many people have gotten below a 600 on their first attempt, and over a 700 the second time around.

Your GPA is often considered jointly with your [[The GMAT|GMAT]] score in evaluating whether your application should be considered more carefully. Schools may also consider your major and minor GPA, or grades in specific classes they think are important. You may be able to improve your chances of getting into a top research school if you have done well in courses in economics, statistics, and math.

===Letters of Recommendation===
[[Image:Studying.jpg|right]]
You will generally want to obtain letters of recommendations from academics. Typically, if you have gotten to know a particular professor well (e.g., you have served as their TA or RA), you will want to obtain a letter from them. Also, you might consider what they are known for. If a professor has won many teaching awards but is not research active, they may be an excellent source for a letter if you are applying to teaching schools, but maybe not as strong if applying for research schools. Much of this type of information can be found on each professor's vita.

Most professors will be happy to provide you with a good letter of recommendation. Note however, that this can be a significant time commitment for them, if they are planning to write you a strong letter. You should be very courteous and respectful in asking for a letter. If they decline, it may be because they don't believe they can write you a strong letter or because they do not have time. You should be respectful of their decision. Remember to ask well ahead of the deadline and give them plenty of time to write the letter. It's usually ok to give a kind reminder a week or two before the deadline if they haven't yet written the letter.

===Statement of Purpose===
The statement of purpose is an essay that summarizes who you are and who you want to be as a professional. When writing the essay, you may want to consider the following suggestions:
* Consider the audience you are writing for. If you are planning to go to a research school, emphasize your research abilities and interests in your essay. If you are planning to go to a teaching school, emphasize teaching in your essay.
* The essay is evaluated both on content and presentation. Make sure your writing is clear, easy to understand, and grammatically correct. Professors will infer a great deal about your future ability based on your writing.
* The essay is a chance to present new and interesting information about yourself. You do not need to repeat your GMAT, GPA, or other things contained in other areas of the application.
* Dr. Robert Bloomfield, from [[Cornell University]], has written a [http://fasri.net/index.php/2011/11/how-to-write-a-statement-of-purpose-for-a-phd-program-in-accounting-or-perhaps-any-other-field/ post] containing some helpful tips for writing a Statement of Purpose.

==Fly-outs==
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==How to act during Fly Outs==
===Do===
* Be cordial in all respects.
* Call schools and let them know before you visit if you have ''accepted'' another offer. Schools will view it as a slap in the face if you have formally accepted with another school and still fly out. If you are highly interested in another school but have not formally accepted, you still may consider flying out to another school if you have already arranged a campus visit.
* Research on the school. Read about the professors and their work and have intelligent questions to ask them. Read about the area. This is one of the most important job interviews of your career.
* Send a thank you note/letter/email after visit is over. Make sure the email is not a form email. You should send individual responses if you send a response to each person you met.
* Remember the schools where you don't go are likely to consider hiring you. Leave a good impression and it will increase your chance of getting a job once you graduate.
===Do NOT===
* Undertake your application or campus visits lightly. How you act during the campus visit will not only affect your Ph.D. placement but also your potential future job placement. The academic accounting community is very small, memories very long, and bridges are easily burned.
* Act arrogant. More so than any other personality trait, arrogance has cost many excellent candidates the opportunity to attend the program of their choice. There are plenty of other candidates who are as qualified (or more qualified) than you are to enter a Ph.D. program. Make sure you come across as humble, willing to work hard, and a nice person.
* Schedule visits if you "know" you won't go to that school. If you might go to the school, then go, but if you know there is no way you will go to the school, don't waste their time and money.
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As part of the interview process, doctoral programs often bring students in for a campus visit. Only those students that the program is seriously considering for admittance are brought in for a visit. Some universities will first do phone interviews with the candidates they are interested in before they fly applicants in for a visit. It is important to remember that just because you are being flown out does not mean you will be given an offer by the university. In general, the purpose of the fly-out is to evaluate the candidate on softer skills (e.g., interpersonal skills, likability, etc.) rather than quantitative skills (e.g., GMAT, GPA, etc.) and to serve as a chance for the institution to recruit the individual and sell the program.

The typical campus visit usually includes meal times, one-on-one time with professors, and attending a workshop/class. During your stay, one or more professors will take you out for dinner and/or breakfast. This is an informal meeting. You should be prepared to talk about why you want to enter a Ph.D. program, what are your research interests (if you have any), what are your future goals, why you are interested in that school, and most importantly be able to ask relevant questions about the school and/or individual professor. You should not be asking questions about the school that you can find out for yourself (i.e., make sure you read the school's doctoral program web page and the individual professor's web pages as well).

Your one-on-one meetings with professors usually last 30 minutes. These meetings can range from the professors conducting a mini job interview, to a friendly open dialog. You need to make sure you have enough things to talk about to fill up an entire 30 minutes. One of the best things you can talk about is the professor's own research. Reviewing a faculty member's vita before an interview is a good way to get an idea of the type of research they do. Alternatively, you could ask the professor to describe one of their more recent projects. It is not a bad idea to bring a notepad to take notes. On the notepad, you might consider jotting a list of the questions you want answered during your visit. You can ask the same question to multiple professors as each professor will likely have a slightly different take on the question.

[[Image:Conference.jpg|left]]Often times, you will attend a doctoral seminar or a workshop presentation. If you can read the papers for the workshop or seminar before you get there that would be fantastic as it would improve the chance of you understanding what is happening. You are not required to make any comments, and you shouldn't just to show off your speaking ability. If you have [[How to ask good questions in workshop|good questions/comments to make]], you can do that, but make sure you aren't speaking to try and show how smart you are. These workshops give you a good idea of what the tone of the school is like.

On a practical note, the school will usually cover airfare, transportation, and meals. The school may give you a budget and allow you to make plans (they usually reimburse you after you provide receipts) or they may book everything for you. If you are unsure, ask whoever is recruiting you how the school handles the finances of the fly out.

Again, remember that during the campus visit you are being recruited and evaluated. You need to make sure you do your best to sell them on yourself and also take some time to evaluate the school to see if you would fit if given an offer. Be forthcoming about yourself and your interests. You don't want to end up at a school whose faculty are uninterested in or hostile to your research interests or that has a culture that doesn't suit you. See the sidebar for specific dos and don'ts during your fly-out.

==The Decision - Which Program to Attend==
You have done all the research, you have visited schools, and you have talked with lots of people, now you are ready to make the decision of where to go to school. How in the world do you make this critical decision?

Steve Kachelmeier's (University of Texas - Austin) story is one of the best illustrations of making the decision the right way. He created a table with the most important criteria that he should consider across the top and each program listed down the side. He carefully mapped how each school fit his criteria, taking care to list the positives and negatives. After he was finished with this exercise, he folded it in half, thought for a minute about which program he would like best, and then throwing his carefully constructed chart away chose to go to the University of Florida. At the end of the day, he went to the program he liked and where he thought he would fit well.

There is no magic formula for deciding where to go. A few pointers will help as you make the decision. First, although this may sound like a broken record, go to the school where you fit best. Fit is far more important than any other criteria. Second, it is hard to make a bad decision. If you are willing to do your best, most programs will help you learn and be successful. Third, if you have a spouse or significant other, include them in the decision. Having support from your spouse during the program is extremely helpful in being successful. Listen to their needs and desires as you make the decision. Finally, quit stressing and celebrate you have been admitted into a Ph.D. program! You are well on your way to a great career.

A word of advice on what to do once you have made your decision. It is important that you notify schools as soon as possible of your choice, especially if you have offers from other schools. These other schools will likely want to invite someone else to their program and while you are deciding, they often hold offers to other candidates. As soon as you have eliminated a school from consideration, kindly and courteously let that school know so they can move on (e.g., you have 3 offers and have decided you will not go to University X. Let University X know as soon as possible even if you are still deciding between University Y and Z). In a similar vein, try and make the decision of where you are going as soon as possible rather than drag the decision out. Schools appreciate being told earlier rather than later so they can recruit other candidates.

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Life as a Professor

2017-06-16T20:03:45Z

Matthew Critchley: /* What do Accounting Professors get Paid? */

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Almost everyone has been exposed to what professors do in the classroom--they teach. However, teaching is only one aspect of a professor's career. One of the attractive parts of being a professor is that, in addition to teaching, you get to do a lot of other enjoyable activities. The purpose of this page is to discuss the many different things professors do.

==Life as a Professor - an Overview==

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==Nitty-Gritty Details==
===What do Accounting Professors get Paid?===
Accounting professors are highly compensated. The AACSB conducts an [http://www.aacsb.edu/-/media/aacsb/publications/data-reports/global-salary-survey/2016-17-exec-summary.ashx?la=en annual faculty salary survey] and reports the results. Numbers below are based on the 2016/2017 survey. The average starting salary of an accounting professor straight out of a doctoral program in 2016/2017 was $156,900. The average assistant professor earned $149,400, the average associate professor earned $144,600, and the average full professor earned $172,100. These salary numbers consider accounting professors at all types of universities and colleges. Salaries vary widely from these averages based on a number of different factors.

Salaries for accounting professors are usually higher if the employing school has a greater research reputation. Typical base salaries for accounting professors at a top 50 accounting research school start above $150,000 a year (and may start as high as $225,000). In addition to the base salary, many schools offer summer research support. The summer research support is quoted in ninths of the salary and the typical new professor at a research intensive university receives 2/9 of their salary as additional summer research support money. The combination of summer research support and base salary puts the total compensation arrangement above $225,000 a year for many of the new professors at these schools. In addition to salary, most schools offer excellent benefits including retirement plans, health insurance packages, and fringe benefits. Salary information for individual professors at public universities is often released due to governmental disclosure regulations.

Associate and Full professors can also be given "fellowships" or "chairs". These usually provide the professor with additional compensation and/or additional research funding. Fellowships or chairs are usually awarded based on merit, where merit is defined based on research productivity. The value of a fellowship or chair varies widely depending on the size of the donation that an individual or group gave to establish the fellowship/chair.

===Work Load===
Professors work a similar number of hours as those in industry. Some people believe that once you have tenure, you can just show up for class and only work 20 hours a week. While there are a few people who may do this, most professors have greater integrity than this and continue to work to serve others.

The big difference between the hours that accounting professors and those in industry work is that a professor has greater ability to decide when they want to work. A professor must be in the classroom to teach and at scheduled meetings, but with these exceptions there is great flexibility in when and where you work. Professors are evaluated on their output (i.e., articles published, teaching scores, service activities, etc.), therefore the importance rests on the fact that work gets done. That means a professor could leave at 1:00 in the afternoon to participate in an activity and either catch up by working earlier in the morning or later that evening. The flexibility that a professor has with time management is a very appealing part of the job.

A recent report indicates that full-time accounting faculty at four year institutions work on average 52 hours a week (as of 2004).
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An attractive aspect of being a college professor is that they get to do many different activities on a regular basis. During the year, a professor will teach classes, conduct research, attend accounting conferences, review others' research, mentor students, serve on university/college/department committees, and interact with professionals/regulators/standard setters. The diversity of the activities makes the job exciting and stimulating. It is easy to avoid getting stuck in a rut because you get to do many diverse things.

[[Image:Prof_1.jpg|left]] The exact mix of what you do depends on the institution where you work, the stage of your career, and your personal interests. An additional benefit of being a professor is flexibility. This occupation affords you flexibility not only in the types of activities you engage, but also within how the activity is performed. Being a professor is unique, in that you get to learn and investigate issues and topics that you find interesting. There is relatively no structure put on the topics that you can research and learn about. For example, as a professor you get to decide what types of questions you will research, what you teach (to some degree), and what service activities you perform (again, to some degree). If you are a person that likes learning, then being a professor can be very rewarding.

In addition to having diversity and flexibility, professors are constantly challenged. Each research project and each class taught is a different experience that will continue to test the professor's abilities. One can always improve their teaching and find new things to research, especially as the economy changes and evolves. How a person absorbs this new information depends on the unique characteristics of each individual learner.

==What do you do as a Professor? - In Detail==
The activities of a professor fall into three main categories: research, teaching, and service. Each is discussed in turn, followed by a summary of other activities in which a professor may participate.

===Research===
What in the world do accounting professors research? If you are wondering this, don't worry, you are not alone. It is a common question asked by many accounting professors. [[Oler, Derek|Oler]], [[Oler, Mitch|Oler]], and [[Skousen, Chris|Skousen]] ([http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1121956 2009]) provide an academic definition of accounting research as "research into the effect of economic events on the process of summarizing, analyzing, verifying, and reporting standardized financial information, and...the effects of reported information on economic events." A less technical and more encompassing definition is that accounting researchers examine how accounting impacts/informs (and is impacted/informed by) business, economics, psychology, sociology, history, politics, technology, and just about all other academic disciplines.

[[image:Research_1.jpg|left]] While there are various branches of accounting research, the more popular in North America can generally be divided into several topical areas that are examined by four basic methodologies. The most common topical areas of accounting research in North America are accounting information systems, audit, financial accounting, managerial accounting, and tax. The four most common methodologies for examining these topical areas are [[analytical]], [[archival]], [[experimental]], and other (e.g., survey, interviews, case studies, etc.) Generally speaking, the greatest number of accounting researchers examine financial accounting issues, and the majority of researchers use archival methodologies.

After people understand what accounting academics research, the question most commonly asked is whether or not it is boring (usually said in a more polite manner). The answer: Of course not! While the technical definition may sound boring, the process of scientific discovery is interesting and exhilarating, especially applied to accounting. Most "lay" people erroneously believe accounting is cut, dry and mechanical like introductory mathematics (i.e., bookkeeping) when in fact accounting is dynamic, full of uncertainty, and very meaningful in the lives of individuals, businesses, and countries. With this perspective, accounting research becomes an awesome adventure into how accounting can impact the welfare of our lifestyles. Like medicine, where each individual research study may not prove to cure cancer, each individual accounting study does not "cure cancer". However, the collection of research from many scholars works to inform decision makers to "see the big picture" and hopefully make better decisions. Engaging in this process can be very rewarding to the individual scholar.

In addition to "making a difference" to others, learning to research changes the researcher. Conducting high-quality, scientifically-based research is a demanding practice that instills discipline in the thinking process of the scientist. So in addition to having an impact on the world, engaging in research transforms the researcher to become a more careful, wiser thinker. Once schooled in this way, the researcher becomes a powerful decision maker capable of wielding tremendous influence.

===Teaching===
[[Image:Prof_Grading.jpg|left]] Many people investigate the career path of a professor because of their desire to be a teacher. Teaching provides a wonderful way to impact lives and "make a difference in the world". There is tremendous satisfaction in helping another person understand a difficult concept or problem.

As a teacher of accounting, professors cover several diverse subject areas. Similar to research, these topical areas are usually accounting information systems, audit, financial, managerial, and tax. They also range in difficulty from introductory to advanced level courses. The amount a professor teaches depends on the type of university at which they are employed. At most research intensive universities, a professor will likely teach a single class three times in a year. At a university or college focused on teaching, a professor can teach as many as 12 classes a year--with many different "preps" (a prep is a different class that a professor teaches). Obviously, at the schools where professors teach less they are expected to produce more research. Between rigorous research and extreme teaching workloads, there are a wide variety of schools that balance research and teaching in varying amounts.

===Professional Service===
In addition to teaching and research, professors are expected to give professional service. Service takes on many different forms including, but not limited to, reviewing peer's research papers for publication, attending conferences and discussing peer papers (or moderating sessions), editing journals, serving on department/college/university committees (this encompasses a broad range of activities from deciding promotion and tenure decisions to such things as managing how the university will invest their money), serving on national committees, and serving administrative roles (e.g., department chair, dean, etc.). Professional service can bring recognition to the individual and their institution. It can also be away of making important contributions to improving the state of the profession or academy.

===Other Activities===
Professors often participate in other activities that don't fit into the three previously mentioned categories. Other activities that professors participate in include consulting (i.e., professional training, CPE teaching, or project implementation), textbook writing (most institutions don't consider this research as it doesn't produce new knowledge), special projects while on sabbatical, and expert witnessing. Many of these activities can be lucrative for the professor and therefore may be governed by institutional rules as to the extent a professor may participate. Participating in these types of activities can be viewed very differently depending on the institution in which you are employed, so care should be taken when deciding whether to participate in these activities or not.

==Phases of a Professor's Career Life==
A professor's life can differ significantly depending on where they are in their career. Professors have three different phases that lead to different performance expectations. In this section the phases are categorized as such: Life as an assistant professor, associate professor, and full professor. What each phase encompasses depends on the the type of school you attend. For purposes of this section, we will discuss life from a mid to top-tier research university.

===Assistant Professor, aka Pre-Tenure===
[[Image:Prof_Stairs.jpg|right]]
Upon graduating and taking the first job, a professor is usually assigned the rank of "assistant professor". This position usually lasts for 5-7 years. After this time, the professor submits a packet of information about their research, teaching, and service to the university. If viewed favorably, the professor is granted tenure and made an associate professor. Being granted tenure means a professor cannot be dismissed without due cause--which is something usually very difficult for a university to demonstrate.

Assistant professors are expected to focus primarily on research and teaching as they begin their career. To publish accounting research, it can take anywhere from 1-2 years (very fast) to 5+ years to publish any single paper (from idea to print). Given the long delay it takes to publish research, new assistant professors have significant pressure to begin lots of high quality work early in their career. Often times, new assistant professors are given easier teaching loads, extra research support, or other benefits to help them start producing research. Knowing how important it is to produce research, some begin to fill their research pipeline while as a doctoral student. So when rookie professors are hired, they will hit the ground running. To earn tenure, the common expectation is that an assistant professor will gain national recognition as a research scholar (for an idea of how many articles one must produce to achieve tenure see [http://byuaccounting.net/tenure/ here]).

While trying to produce lots of high quality research, new assistant professors are also expected to demonstrate competency in teaching (or even excellence depending on the university). New assistant professors are usually assigned to teach a course that does not demand lots of preparation or remodeling. They will usually teach "less demanding" students such as undergrads rather than MBA's. Although research productivity is usually considered more important, poor teaching evaluations can result in an unsuccessful tenure decision. If a professor starts off with poor teaching evaluations, they may find it hard to overcome the reputation of being a poor teacher--thus adding importance on becoming an effective teacher from day one.

Assistant professors are usually expected to provide a nominal amount of service. Typical service activities of assistant professors include reviewing papers for journals, conferences and light department service requirements (e.g., scheduling other academics to present papers at the school). At research intensive schools, assistant professors are "protected" from heavier service burdens while they develop their research and teaching portfolios.

===Associate Professor, aka Post-Tenure===
Once promoted to associate professor, the work begins to expand. Associate professors are still expected to produce significant amounts of research (especially if they ever want to achieve full professor status) with the goal of becoming a recognized national/international expert in their research area. At this stage, the quality of research becomes more important (at least slightly) than the quantity of research produced. Associate professors will typically try and focus on developing more significant contributions in each research study.

With respect to teaching, associate professors are expected to contribute more than assistant professors. Associate professors may be asked to restructure courses, teach more demanding students, or teach new classes. Service requirements also increase for tenured associates, and this can present a dilemma. Solid service contributions can help with tenure at the associate's present school, but can reduce the professor's research productivity. This can have two related effects: (1) at the professor's current school, will the increase in service fully offset the decrease in publications? This depends on the current attitude of the school’s promotion and tenure committee, and it's a good idea to ask professors that have recently made full professor whether this is the case. (2) Professors who want to switch schools will likely find that their research output is valued far more than their service contributions, so devoting a lot of time to service can mean a decrease in potential mobility. At an extreme, a professor who is promoted to associate with tenure whose research output falls to near zero will likely have a difficult time finding a position at another school of the same caliber. If the political situation changes or some other critical event occurs at the school or with the professor such that s/he wants to leave, s/he may find himself trapped in her/his current school, with the options for moving a significant pay cut and/or a significant increase in teaching load.

Each professor must determine their desired mix of service/research/teaching, with the above considerations in mind. Another factor to consider: once stalled, a research program can be difficult to re-start. Thus, a wise associate will carefully consider before taking on all service opportunities available; they can be fulfilling (sometimes even fun), but should be taken in moderation if one wants to continue producing research.

Being a tenured associate changes the pressures the professor faces; the professor no longer has the “publish or perish” monkey on his shoulder day and night. However, the associate also likely has more contacts and opportunities to co-author. Having a good set of research projects can be useful, especially if they are at various stages of development. It can be refreshing to go from one project at the theoretical development stage to another project at the number crunching stage, and finally to another project at the submission or resubmission stage. Further, when an individual project is not critical to a professor’s career, it is easier to deal with a co-author that may not pull his weight: the professor can merely do his agreed work, send off what he has to the co-author, and move on to the next project. Similarly, a poor review and editorial decision becomes merely a bump the road (or even a humorous event to be shared with colleagues), rather than a catastrophe. Gradually, an associate could find himself switching from seeking publications for his own sake to seeking to help Ph.D. students get started and helping untenured assistants get their traction on their own research programs.

===Full Professor===
Usually after 4 or 5 years as an associate professor, a professor will again submit a packet of information about their performance in research, teaching, and service to the university for possible advancement to full professor. To be advanced to full professor, an associate professor must demonstrate that they are excellent researchers, teachers, and have provided service to the accounting community. If successful, an associate professor is promoted to be a full professor.

Full professors are the "guardians" of their universities reputation. They set the tone for the rest of the faculty as to the values of the institution. They play heavy roles in hiring new faculty, promotion decisions of faculty, and other internal decisions. In terms of research, full professors often engage in more "risky" research, that is, research that has high payoff in terms of moving the discipline forward but may fail and not result in a publication. Full professors seek to do meaningful projects that push thinking forward. In terms of teaching, full professors set the example for excellence and often develop new courses and teach the most challenging students/courses. In service, they are expected to be active and will regularly serve on committees at all levels of the university.

==Drawbacks to being a Professor==
While being a professor is a near perfect profession, there are a few drawbacks to the trade. Most all professors dislike the difficulty and tedium of grading. A far more challenging problem is that professors are evaluated almost entirely on production; meaning, if a professor does not get high teaching evaluations or does not produce research, the professor will lose their job. Academia is not a profession that rewards "just putting your time in" if that time does not produce results (at least for rookie professors). Thus, there is some risk in becoming a professor if one is not sure about their ability to produce (this risk is mitigated by the fact that there are many different institutions that each reward and look for something different, such that virtually all professors can find a place where they will be happy and successful).

Academia can also be filled with political pressures. For the most part, academics are very smart and, as often is the case for smart people, some have large egos and very strong opinions. Add to this potent mixture the near impossibility of firing a tenured professor, and the academy can be a prickly place of politics. While one does not have to participate in the politicking, it is wise to be aware of political pressures and realize that they exist and often must be dealt with.

Finally, while professors are compensated quite nicely (see sidebar), there is a ceiling on compensation. Multimillionaire professors, if they exist, are few and far between. Also, professors can get locked into salaries and have a hard time receiving pay raises unless they are willing to switch schools (see [[How do I avoid salary inversion?|Salary Inversion]] article). Moving may also be the only solution to resolving tricky political problems. Thus, professors should recognize that they may not be at the same institution their entire careers.

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