full-details on exemptions and further details about the programme

T H E S C H O O L O F B U S I N E S S

“Opening Your Mind to the World of Business”

GMITACC8PageNEW_Layout 1 04/04/2012 12:16 Page 1

Bachelor of Business (Honours)

in Accounting Level 8

OverviewThe School of Business in GMIT offers a three year, level 8, honours degree in accounting.This highly practical and recognised programme offers a direct pathway to a full-time careerin accounting. It provides the learner with a thorough grounding in the fundamental theories,concepts, principles and practices essential to the pursuit of a fulfilling career in the area ofprofessional accountancy.

On completion of this programme, it is envisaged the graduate will:

• be competent and skilled in a variety of core accountancy disciplines;• hold a significant number of exemptions from the professional accountancy bodies;

• have a critical understanding of and a developed thought process towards currentdevelopments in the accounting world;

• have practical IT skills to enable them to take up immediate employment;

• hold sufficient professional and personal skills, allowing them to contribute effectivelyto the work environment.

Why Study Accounting in GMIT?• Long tradition of educating accounting students – since 1973.

• Dedicated teaching staff focussed on student development and progression.

• Your lecturers are highly qualified professional accountants with considerable lecturingexperience, some of whom act as examiners and lecturers for the professionalaccounting bodies.

• Opportunity to obtain a level 8 qualification in just three years.

• You will receive information and advice on the professional accounting bodies and theexemptions you may obtain.

• Focus on practical skills for accountantse.g. computerised accounting, IT, projectmanagement.

• Employability skills built into theprogramme e.g. teamwork, written andverbal communication, problem-solving.

• Dedicated module in year one to help youmake the transition to third level.

• Programme is frequently updated in linewith professional body and employerrequirements.

• Porfessional Development module in finalyear preparing you for the workplace.


What Will I Study?This programme will focus on financial accounting, management accounting, taxation and financialmanagement. The specific modules you will study each year are outlined here:

Year 1: Financial Accounting, Management Accounting, Micro- and Macro-Economics, Computing &Information Systems, Business Communications, Business Mathematics, ComputerisedAccounting Packages, Management Principles & Business Environment

Year 2: Financial Reporting, Financial Management (Managerial Finance and Investment Decisions)Business Law, Marketing, Management Accounting (Performance Management and DecisionMaking), Introduction to Irish Tax, Corporate Law, Tax 2, MIS & Project Management

Year 3: Corporate Reporting, Financial Management (Corporate Finance), Ethics & CorporateGovernance, Professional Development, Strategic Management, Tax, Auditing

Exemptions InformationOne of the biggest attractions of studying accountancy in GMIT, is the extensive exemptions from theprofessional accountancy bodies that the programme has been granted. The programme board has veryclose links with all of the professional accountancy bodies, as well as with industry. We invite prospectivestudents to compare our exemptions with other colleges and universities to see how favourably GMIT isplaced in the area of accountancy.

The following sections outline the current exemptions obtainable from the Bachelor of Business (Hons) inAccounting offered in GMIT. Please note that exemptions are subject to change and are dependent onindividual students obtaining the grades required by the professional bodies.

Tara Lavin, Graduate 2010II graduated with a Bachelor of Business Degree in Accounting fromGMIT in 2010. I really loved that course and found the study environmentin GMIT conducive to exam success. The introduction of the ACCAProfessional Exams as a post graduate course at GMIT gave me theopportunity to continue my education in familiar surroundings.

I found the jump from degree to professional level a big challenge, but thelecturers were very helpful and supportive. Having passed my first twoexams in December, I was invited to interview for Deloitte in Dublin. The fact that I was sitting my professional exams at the time was a majoradvantage and led to me being offered a training contract with Deloitte. In June I was successful in passing the remaining three exams and became an ACCA affiliate.

Completing my ACCA Professional Exams in one year is my biggest achievement to date. I can nowconcentrate fully on my new role as a trainee accountant in the Small and Medium Enterprisedepartment with Deloitte & Touche. I have the added advantage of being able to adapt to a new city anda new job without the pressure of studying in the evenings and at weekends.


Chartered Accountants Ireland

To become a chartered accountant you must:• Gain work-experience under a training contract with a Recognised Training Organisation

• Pass professional examinations (CA Proficiency 1, CA Proficiency 2 and the Final Admitting Exam)

• Demonstrate competence in Information Technology

In the Bachelor of Business (Hons) in Accounting you can set out on the path to becoming achartered accountant by gaining valuable exemptions while gaining your degree. The table belowoutlines the exemptions you can gain and what you will need to do after you get your degree.

(✔ denotes where an exemption may be obtained)

CA Proficiency 1: CA Proficiency 2:1. Finance ✔ 1. Auditing and Assurance To be attempted2. Management Accounting ✔ 2. Strategic Finance and Management Acc. To be attempted3. Financial Accounting ✔ 3. Financial Reporting To be attempted4. Taxation I ✔ 4. Taxation II To be attempted5. Law for Accountants ✔

Final Admitting Examination: To be attemptedFurther details on CAI available at: www.charteredaccountants.ie

Association of Chartered Certified Accountants

In order to qualify as an ACCA member, you will need to complete:• 14 exams (nine of which are eligible for exemption)

• a minimum of three years relevant practical experience

• a Professional Ethics module.

By successfully completing the Bachelor of Business (Hons) in Accounting in GMIT you gain allnine of the modules which ACCA allow for exemption.(✔ denotes where an exemption may be obtained)

Fundamental Level: Professional Level:F1 Accountant in Business ✔ P1 Governance, Risk & Ethics To be attemptedF2 Management Accounting ✔ P2 Corporate Reporting To be attemptedF3 Financial Accounting ✔ P3 Business Analysis To be attemptedF4 Corporate and Business Law ✔ Plus select any two:

F5 Performance Management ✔ P4 Advanced Financial Management To be attemptedF6 Taxation ✔ P5 Advanced Performance Management To be attemptedF7 Financial Reporting ✔ P6 Advanced Taxation To be attemptedF8 Audit and Assurance ✔ P7 Advanced Audit and Assurance To be attemptedF9 Financial Management ✔

Further details on ACCA available at: www.accaglobal.com




The Institute of Certified Public Accountants

To become a member of CPA you must complete 4 levels of examinations:• Formation 1 • Professional 1

• Formation 2 • Professional 2

You must also complete a minimum of three years relevant supervised trainingand prove your competency at IT.


Formation 1: Professional 1:Business Mathematics Corporate Reporting ✔

& Quantitative Methods ✔ Auditing ✔

Economics & The Business Environment ✔ Managerial Finance ✔

Business Laws ✔ Corporate Laws & Governance ✔

Formation 2: Professional 2:Financial Accounting ✔ Advanced Corporate Reporting To be attemptedTaxation ✔ Strategy & Leadership To be attemptedInformation Systems ✔ Plus 2 subjects from:

Management Accounting ✔ Advanced Taxation To be attemptedAudit Practice & Assurance Services To be attemptedStrategic Performance Management To be attemptedStrategic Corporate Finance To be attempted

Further details on CPA available at: www.cpaireland.ie

Lisa Keane, Graduate 2008

‘In 2008 I graduated with a Bachelor of Business Honours Degree inAccounting. This course has offered me an excellent base for pursuing aprofessional accounting qualification.

In September 2008, I commenced a three and a half year trainingcontract with Mazars Tierney Chartered Accountants in Galway as atrainee accountant. Mazars are one of the leading professional servicefirms. They employ 10,500 professionals across 50 countries and havebeen providing professional services for the past 25 years.

Mazars support my further study with the Chartered Accountants Ireland(CAI). Having completed accounting in GMIT I gained exemptions from subjects with the CAI and gaineda lot of practical experience. When I started in GMIT I did not know anyone in my course and now I havelifelong friends. GMIT is an excellent practical college and the Business and Accounting department willchallenge and prepare its students for the world of work.’


Chartered Institute of Management Accounting

The professional qualification consists of ten exams including a final case study:• 3 exams at Operational Level

• 3 exams at Management Level

• 3 exams at Strategic Level

• Test of professional competence in management accounting (T4)

You also need to gain three years of practical work experience.


Certificate in Business AccountingExempt from all five exams.

Operational LevelE1 Enterprise Operations To be attemptedP1 Performance Operations ✔

F1 Financial Operations ✔

Managerial Level:E2 Enterprise Management To be attemptedP2 Performance Management ✔

F2 Financial Management To be attempted

Strategic Level:E3 Enterprise Strategy To be attemptedP3 Performance Strategy To be attemptedF3 Financial Strategy To be attempted

Test of professional competencein management accounting (T4): To be attempted

Further details on CIMA available at: www.cima.ie and www.cimaglobal.com




Frequently Asked Questions1. What does an accountant do?An accountant basically looks after people’s money. Among other things they prepare, and analyse financialrecords and forecasts, project future finances and provide financial advice. The main type of accountant areprofessional accountants (who work in private practices) or management accountants (who work in companies),but there are also many specialist roles such as auditors (who ensure the integrity of financial data) and taxconsultants (who provide tax advice).

2. How do I become an accountant?To become an accountant you will need to become a member of a professional body. To do so you will need totake exams with the professional body and obtain professional experience. For further information see the sectionon ‘Exemptions’.

3. Do I have to have studied accounting or business before?No, as we presume no prior knowledge when you commence the programme. However, this is a specialistaccounting programme so it helps if you know you have an aptitude for accounting.

4. If I’m not sure I want to be an accountant should I choose this programme?The Bachelor of Business (Hons) in Accounting is designed for people who wish to pursue a career inAccounting. You could choose the Bachelor of Business programme (GA170) and if you successfully pass thefirst two years and take specified accounting modules, you can apply to transfer to year 2 of the Bachelor ofBusiness (Hons) in Accounting. This route will allow you to have a broader exposure to business and decidewhether accounting is the discipline which interests you most. However, following this path will take you one yearlonger to obtain your accounting degree.

5. If I complete the accounting degree, do I have to become an accountant?The programme is primarily focussed on producing graduates who go on to become accountants. However, youwill receive knowledge and skills which may allow you to pursue other careers e.g. in financial services, taxation.You will also have many general skills which employers seek e.g. numerical competence, communication, criticalthinking, IT skills, teamwork, problem solving, time management and business awareness.

6. Are there jobs in accounting?There will always be jobs in accounting as accountants are required by every business in every industry. Naturallyas the economy has retracted there are fewer accountants being employed. However, accounting as a careerhas proved more resilient than other sectors. As the economy begins to recover it is anticipated that there will bean increasing demand for trainee accountants.

7. The Bachelor of Business in Accounting is a three year Level 8 degree. Is it intense?Yes, you will be completing in three years what generally takes four years. However, if you are highly motivated,have an aptitude for accounting and work hard it is quite achievable. It allows you to fulfil your dream ofbecoming an accountant in a shorter period of time.


Graduate Profile

I was a student at GMIT from 1975 -1978 from where I obtained a Diploma inBusiness Studies. I then went on to qualify as a Chartered Certified Accountant(ACCA). While working as a trainee accountant with Oliver Freeney & Co (nowCrescent Accountancy Group) I worked abroad in Saudi Arabia from 1983 – 1986and on my return to Ireland I became a partner in an accountancy firm beforeestablishing my own practice Gallagher & Co in 1997.

I found that my qualification from the GMIT entitled me to gain several exemptionsfrom the ACCA exams and the course content provided a valuable foundation formy training and subsequent professional exams.

We have employed a number of graduates from the GMIT as Trainee Accountantsand they proved to be excellent Accountants and have progressed through theirexams to full qualification. The range of subjects they have studied and thequalification they have obtained are of enormous benefit both to us as a firm ofAccountants and Auditors and to themselves in subsequent exams and careers.

Any candidate from the GMIT which would apply to us for a Trainee Accountantposition would merit serious consideration based on our knowledge of the strengthand value of their qualification.

Gerry Gallagher, Gallagher & Company

To apply to enter year 1 of the programme

you must apply through the CAO system.

See www.cao.ie for details.

Note: Holders of an accounting technician

qualification are eligible to enter year 2 of

this programme. To do so, you need to

complete a direct application.

See the Admissions Office pages on

www.gmit.ie

How do I apply? For further information

please contact:

Shane MoranProgramme Chaire-mail: [email protected]: 091 742339

Carmel BrennanHead of Departmente-mail: [email protected]: 091 742266


Documents

full-details on exemptions and further details about the programme