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Why MUST you take more accounting classes?
ENRON
Global Crossing TYCO
WorldCom/MCIAccounting is HOT!!!
Accounting Division
• Financial Accounting(for external purposes)
• Managerial Accounting & Control(for internal purposes)
• Taxation (also in economics)
Accounting department has historically had extremely high ratings for both the core and elective courses
B6013Accounting ICore Course
B6013Accounting ICore Course
B8100Earnings Quality
B8100Earnings Quality
B8104Fin. Stmt. Analysis
B8104Fin. Stmt. Analysis
B8110Valuation and
Fin. Stmts.
B8110Valuation and
Fin. Stmts.
Brott – F
Yee - Sp
Mohanram - Sp Penman – F
(Ken Yee - Sp?)
B8100• Make students sophisticated readers
of financial statements• Detailed analysis of accounting information, including cash flows,
revenue recognition, pensions, deferred taxes, stock options, financial fraud
• Extensive coverage of M&A financial accounting (Yee)
• Earnings Quality• How do you recognize poor earnings quality?• What are the basic financial frauds?• Adjust financial statements to an apples-to-apples basis for ratio
analysis.
• Taught by Alan Brott and Kenton YeeCourse web-site for Yeehttp://www.gsb.columbia.edu/faculty/kyee/indb8110.html
B8104Financial Statement Analysis
• How to interpret financial statement info, adjusting for regulation, discretion and potential manipulation.
• Fix accounting numbers, do the analysis.
• Use financial info statements to infer the financial health and future prospects
• Does not focus specifically on valuation.
• Accounting in specific industries: financial services, banks, credit risk analysis
• Exposure to current academic research in finance & accounting.
B8110 Valuation & Financial Statements• Focus: Equity valuation.• What is intrinsic value & how do you estimate it?• How do you estimate share value based on EPS?
Cash flows? BVPS? Stock option dilution?• How do you apply fundamental analysis to make
wise investment choices? For M&A? For private equity?
• Taught by Stephen Penman (and Kenton Yee)
• Topics: – models of shareholder value– comparison of discounted cash flow approach
of valuation to accrual accounting– analysis of profitability– forecasting earnings and cash flows– pro-forma analysis for strategy and planning
B8110 (cont.)Valuation & Financial Statements
Comparison of B8104 to B8100 and B8110
• B8100 is primarily an accounting course whereas B8104 is more finance/strategy, and B8110 is applied valuation.
• B8104 vs. B8110– B8110 emphasizes valuation and its relation to earnings
quality issues (e.g., off-balance sheet debt, synthetic leases, and purchase price allocations for M&A).
– B8104 is less analytical, more data oriented
B6016Accounting IICore Course
B6016Accounting IICore Course
B8102 (1/2 sem)Strategic
Mgmt. & Control
B8102 (1/2 sem)Strategic
Mgmt. & Control
Sp
B8102Strategic Management & Control
• Consultants/operations people love this course.
• Taught by Lawrence Maisel, – over 25 years consulting experience– senior partner and co-founder of Paramount Consulting– has held management positions including CEO and CFO– Co-author of award-winning book (with Robert Kaplan and Robin
Cooper) entitled “Implementing Activity-based Cost Management”
• Evaluating people and/or internal products, projects, divisions
B8299 (econ/fin)Taxes & Bus.
Strategy
B8299 (econ/fin)Taxes & Bus.
Strategy F
Sp
B8153 Taxes & Bus.
Strategy
B8153 Taxes & Bus.
Strategy
B9301-063Inv. Banking Tax Factors
B9301-063Inv. Banking Tax Factors
F
OR
Sp
B8299 or B8153Taxes and Business Strategy
• Framework for how to think about taxes in business decisions (developed by Nobel Myron Scholes)
• Helps recognition of tax planning opportunities• Key themes: Tax planning must consider:
– All parties:– All taxes: (e.g., explicit taxes and implicit taxes)– All costs: (e.g., financial reporting costs)
• Taught by Jonah Rockoff (fall), Ira Weiss (spr)• Extremely high ratings
Sample Topics• Economic Framework for thinking
about taxes and:
– Personal Financial Planning– Compensation (e.g., stock options)– Taxable/Non-taxable M&A– Divestitures– Financial Innovation and Taxes– International/Multi-state taxation
B9001-063Investment Banking Tax Factors
• Taught by Professor Robert Willens (Lehman) with 32 years of experience in M&A tax field
• Tax principles considered by corporate managers and their advisors in major restructurings of firms (e.g., spin-offs)
• Tax-code based.
B8100 B8102 B8104 B8110 B8153 B9001-063
Fin. Statements &
Earnings Quality
Strategic Mgmt. Control Systems
Financial Statement Analysis
Valuation & Fin.
Statements
Taxes and Business Strategy
Tax Factors in Investment Banking
Commercial Banking X X X X X X
Entrepreneurship X X X
Fin. Analyst / Corp. Fin. X X X X X
Fin. Control/ Controller X X X X X X
General Consulting X X X X X
Human Res. Mgmt. X
I-Banking/M&A X X X X X
Manufacturing X
Marketing X X
Not-for-profit/Public X X X X
Real Estate X X X X