Master in Professional Accounting Admissions Blog

Insider Information for Prospective Texas McCombs MPA Students

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Meet MPA Alumnus Joseph Overman

Joseph Overman

Accounting Skills Stand Out on Wall Street
Joseph Overman, MPA ’21, on how his degree makes all the difference in equity research

When Joseph Overman graduated from the Master in Professional Accounting (MPA) program in 2021, he took what is a tried and true path for many MPA grads: a role working in tax at one of the Big Four accounting firms. Three years later, he’s pivoted into a research analyst position on Wall Street.

Overman’s jobs since graduation illustrate the wide variety of career paths for MPA grads. Some students find that their second — or third — job out of graduate school looks very different from their first. While a first job might be as an associate at a Big Four firm, a second one could be as a VP of operations and a third as a CFO. The common thread is how accounting knowledge is useful and even foundational in a variety of interesting roles and careers.

Overman talks about the highlights of his time in UT’s accounting program, his first postgraduation job, and how and why he transitioned into a research analyst role.

Q: Tell us about your first job out of school. What was it like?

A: When I was a student at UT, I assumed I would follow the traditional path, join a Big Four firm, and work in either audit or tax. I didn’t know equity research was a career path — it wasn’t on my radar.

My first job was with Deloitte Tax in Dallas. The work was very specialized. I worked at the intersection of tax and financial accounting — preparing tax provisions for public company clients, helping companies prepare their financial statements. I was there for a little more than a year and enjoyed my time there and work.

Q: How did equity research get onto your radar as a possible career path for someone with an accounting background?

A: I had a recruiter reach out to me on LinkedIn about a role at Credit Suisse in New York. I was excited about moving there and the switch to an entirely new field. Other people on Wall Street often have a finance or economics background but don’t have the accounting piece. The company recognizes accounting is a good foundation for equity research. It’s definitely relevant to my job, and having that strong accounting background has been a good point of differentiation.

Q: What’s your new role like? What are your responsibilities, and how is the work different from what you did in your first job?

A: At Credit Suisse, all research analysts are assigned to a sector. I’m on the health care team covering health insurance companies, hospitals, and other publicly traded health care providers. We model out their financials and provide written research reports that investors use when making investment decisions. So, a lot of our work is in financial models, essentially looking at their financial statements — which is accounting. It’s about understanding past trends to see what may happen in the future. In this role, I also get a lot more exposure to how the rest of a company is run as opposed to only focusing on the taxes.

Q: Career-wise, where do you see yourself going from here?

A: I’m on the side that produces the research — the so-called sell side. Some people in this type of role end up staying on the sell side and eventually become bank analysts who run their own sector. Other people go over to the buy side. That’s the family offices, hedge funds, mutual funds, and other investors that use the research to help make investment decisions. On both sides, it’s a lot of the same skills and work. I’m not sure what I’ll do, but there’s always the option to go to the buy side.

Q: What lessons from UT’s MPA program have stuck with you?

A: “Financial Statement Analysis” with Professor Badolato was one of my favorite classes in the MPA program, and most of my job now is essentially the same type of work we did in that class. Each class period, we evaluated companies in specific industries, often those in the news and topical. We read through their financial statements and had really great group discussions. It’s kind of cool to find a job that matches up with what I most enjoyed in school.

Q: What would you say to a prospective UT MPA program student?

A: One of the great things about UT’s accounting program is that there are so many different jobs that people end up in, a lot more career opportunities than someone unfamiliar with accounting might at first think. People in the business world who don’t have an accounting background really value those of us who have this deep understanding of how financial statements work.

Q: Any final words of wisdom for current students?

A: For me, taking and passing the CPA exam has been very beneficial. You may think that if you’re going into a role that’s “accounting adjacent,” the studying and earning the designation won’t be worth it. But employers in fields outside of accounting value that you’re able to pass those exams, that you have that knowledge. It differentiates you.

Peek into the Classroom: Financial Statement Analysis

As a student in the MPA program, you can take many interesting and challenging classes that will help prepare you for a successful future in accounting. One such class is Financial Statement Analysis taught by Dr. Patrick Badolato. This case-based course is unique in that it moves away from mechanical calculations and towards critical thinking by using an array of financial information to understand past performance and form predictions for the future. It involves interdisciplinary discussions that dig into the “why” behind the data. In class, students holistically use ratios, financial statements, footnotes, and other information to tackle perspectives such as: What business reasons and strategies drive performance?

This class provides a lifetime of value for students in the MPA program and highlights the many ways accounting is valuable in the business world. Learn more about Financial Statement Analysis from Professor Badolato and an MPA student in this video!

Want to learn more about Professor Badolato, the classes he teaches, and why he loves accounting? Watch the video below!

Does this class sound interesting to you? If you are exploring a future in accounting and want to know more about how the MPA program can help you reach your career goals, attend an info session or meet with admissions.

Peek into the Classroom: Corporate Tax

As a student in the MPA program, you can take many interesting and challenging classes that will help prepare you for a successful future in accounting. One such class is Corporate Tax. A fundamental aspect of all financial transactions is the tax cost of the transaction. Understanding how businesses and individuals are taxed is crucial for accounting professionals. Corporate Tax, focusing on the taxation of C corporations and their shareholders, is taught by Professor Donna Johnston-Blair, an MPA student favorite.

In Corporate Tax, students learn about the life cycle of a corporation from a tax perspective. The class starts with the tax consequences of incorporation. The next step in a C corp’s tax life cycle is the calculation of a corporation’s taxable income (students even practice preparing a corporate tax return). Professor Johnston-Blair also explores various strategies that C corps and their shareholders can employ to minimize their tax burden, including deferring income, accelerating deductions, and taking advantage of tax credits.

In the second part of the course, the focus shifts to the tax consequences of corporate distributions and then, the corporation’s end (aka, liquidation). These transactions create unique tax consequences for a corporate shareholders. Understanding these consequences can set an accounting professional apart from their peers.

While learning the corporate tax rules, students also explore ethical and professional issues that arise for tax professionals related to tax evasion, tax avoidance and tax fraud.

“Donna brings everything I learned in tax together. She’s always available inside and outside the class and provides thorough explanations and constructive advice. She is the most charming and lively professor I can ever ask for! My MPA experience would not be the same without her!”
– Letitia Wu, MPA Student

Corporate Tax provides MPA student with a comprehensive understanding of taxation of C corps. Professor Johnston-Blair encourages class discussion and incorporates real-life examples to help students understand both the complexities and the nuances of C corp taxation.

Taxation of Entities 1 Class

Taxation of Entities 1 Professor Johnston-Blair in action!

Does this class sound interesting to you? If you are exploring a future in accounting and want to know more about how the MPA program can help you reach your career goals, attend an info session or meet with admissions.

Highlights: Accounting++ Real Estate

An accounting degree can open doors to exciting and lucrative careers in many industries, including real estate. While accounting may not typically be associated with the real-estate industry, there are several ways in which an accounting degree can be used in this field (as well as many other non-traditional fields).

This spring, the Texas McCombs MPA Program is hosting the “Accounting++” series, to introduce students to various careers in which accounting knowledge is valued. At each event, we highlight a career path that benefits from having a master’s degree in accounting (MPA). Our most recent panel, comprised of McCombs alums and industry experts, focused on accounting careers in real estate. Learn more about them at the end of this blog!

The panelists shared how accounting knowledge has helped them understand the language of business and contributed to their careers. Here are some of the key takeaways:

  • Real estate is not limited to buying and selling single-family homes. It’s a dynamic and ever-growing industry that is based on making decisions with financial implications. An accounting background is exceedingly helpful in this context. In real estate, a main priority is to generate a return for investors, whether from the purchase, sale, or management of large multi-unit properties, commercial property, or land. As a result, a thorough understanding of financial analysis and accounting principles can be invaluable in this industry.
  • Real estate investments require careful and thorough financial analysis and projections to determine the potential return on investment (ROI). An MPA provides the skills and knowledge necessary to perform such analysis and to disseminate this information to interested parties.
  • Real estate investors need to be able to analyze and determine the value of properties/investments. Such valuations are based on location, condition, size, and market trends. An MPA equips you with the skills to analyze and interpret financial data to make informed decisions about real estate investments.
  • Accounting principles are essential in managing the finances of a property, including rent collection, property maintenance, and tax reporting. An MPA provides a strong foundation for good property management.
  • Real estate transactions can be complicated, and tax is a critical aspect of such deals. An MPA will ensure you are well-versed in such regulation. You can use your tax knowledge to assist clients in achieving tax efficiency and maximizing their returns on real estate investments.
Panelists speaking at the Accounting ++ Real Estate

The Accounting ++ Real Estate panel

Having an MPA is an asset in many careers, including the real estate industry. The Texas McCombs MPA program can prepare you for an exciting career in many different industries. The McCombs School of Business is consistently ranked among the top business schools in the United States!

To learn more about how you can apply your accounting knowledge in different fields, register for our next Accounting++ series event Accounting++ ?

To learn more about how the MPA program can help you reach your career goals, attend an info session or meet with admissions.

Our panelists:

LaurenLauren Hiller
Senior Manager, KPMG

KPMG is a professional services firm that operates in 143 countries and territories, and in FY22, collectively employed more than 265,000 partners and people, serving the needs of business, governments, public-sector agencies, not-for-profits and through KPMG firms’ audit and assurance practices, the capital markets.

 

mattMatt Stevenson
Senior Director, Development, Greystar

Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. The company’s business model is unique in its ability to own, operate, and develop multifamily, student, and senior housing across the globe.

 

KristenKristen Maris
VP, Asset Management, Fairfield Residential

Fairfield Residential is a leader in high-end living experiences. They manage 42,700 units nationwide across luxury new construction and renovated apartment homes in urban and suburban infill neighborhoods and tax credit affordable housing properties.

 

PaulPaul Kudirka
Director, Affordable Housing, Fairfield Residential

Fairfield Residential is a leader in high-end living experiences. They manage 42,700 units nationwide across luxury new construction and renovated apartment homes in urban and suburban infill neighborhoods and tax credit affordable housing properties.

 

Meet Kristina Zvinakis, MPA’s New Program Director

Kristina ZvinakisOn September 1, 2021, the Master in Professional Accounting program welcomed its new Program Director, Professor and Assistant Department Chair Kristina Zvinakis! Read on to learn more about Kristina, her path to Texas McCombs, and her goals for the MPA program.

Tell us a bit about how you came to be at UT.

While it’s hard for me to believe, this is my 15th year at McCombs. I earned my PhD here and then taught at a couple of different universities after I graduated. I returned to UT Austin when our then Department Chair, Ross Jennings, invited me to come back to teach tax classes. I count is as one of the better decisions I’ve made.

What drew you to study accounting and to a career teaching accounting?

I grew up in a family that believed in the importance and value of education to secure a successful future. We (my two sisters and I) were steered toward business as a major, as that seemed to be a good foundation for many careers. When I started college (at the University of Illinois Urbana Champaign), I didn’t know much about business. I was drawn to my accounting classes initially because of the problem-solving nature inherent in the class content. As I got further into coursework, I realized that I liked learning about, thinking about, and trying to sort out how regulation (i.e., the different accounting systems) affects the behavior of individuals and businesses. Reflecting on my education, I know that I didn’t appreciate how lucky I was to have such good professors. My undergrad and PhD program faculty cared deeply about their students, invested tremendously in their teaching, and were willing soundboards and mentors. Those faculty were a big part of the reason that I chose an academic career path. I hope that through my teaching I am paying back what they did for me.

What classes do you teach/have you taught at McCombs?

Tax Research and Corporate Tax are my primary classes; I’ve also been fortunate to teach in our summer study abroad programs.

Tax Research is a challenging course to teach and, as a result, it’s a very rewarding class to teach. In class we first learn about the different sources of tax law. After that, I ask the students to apply what they have learned to determine and explain the tax consequences of a particular transaction.

My observation is that people who have interesting jobs often are working on solving difficult problems. As such, I try to assign challenging tax-research problems. I hope that by helping students develop a framework for problem solving and then giving them some practice applying that framework, they will develop skills that will be useful to them after the leave our program.

What’s your vision for the MPA program?

Keeping the program as well-respected as it is now is high on my agenda. My vision for the program doesn’t encompass a radical overhaul, but includes two broad goals. First, I want to ensure that our curriculum is not only current on the dimension of accounting knowledge, but relevant in the context of the business environment today’s students will enter. The Department of Accounting recently added an environmental, social, and governance (ESG) elective to the accounting curriculum, and our faculty are working hard to incorporate more analytics into their classes. We have a responsibility to ensure that our students learn as much accounting as possible while in our programs. However, we also have a responsibility to ensure that our students appreciate the role of accounting in an evolving business environment.

Second, given the proliferation of non-accounting master’s degrees, we need to be mindful and make sure that students are aware of the breadth of careers available to someone with an accounting background. Our graduates take jobs in a variety of industries and often use their accounting knowledge to distinguish themselves from their peers and leverage themselves into leadership roles. My job as a faculty member and as MPA Program Director is to ensure that students acquire the skills and the knowledge that allow them to find interesting and meaningful work. An accounting major can open doors to many different careers.

What’s an interesting fact about you people may not know?

I am Lithuanian and that heritage is on both sides of my family. As World War II was ending, my mom and her family fled Lithuania and eventually emigrated to the U.S. We grew up speaking Lithuanian, attending Lithuanian school on Saturdays, and going to Lithuanian summer camp (in Michigan, about 80 miles west of Detroit). Every year for one week of the summer, I volunteer at that same camp (my job involves working in the kitchen, which is not something that I know much about, so I learn something new every year).

Many of the people I grew up going to summer camp with also volunteer and some of my cousins are integral in organizing the week during which I volunteer, so I get to spend time with people who I have known forever but don’t get to see very often. Austin doesn’t have as large a Lithuanian community that I grew up with in Chicago, so I enjoy reconnecting with my Lithuanian heritage during the summer.

AICPA Announces 2018 Elijah Watt Sells Award Winners

The American Institute of CPAs (AICPA) named the 110 recipients of the 2018 Elijah Watt Sells Award on Thursday, April 11, and the Texas McCombs MPA program has three winners:

  • Natalie Gilbert (BBA ’17, MPA ’18) who is currently employed with PwC in Houston, Texas
  • Laura “Elise” Jones (BBA ’17, MPA ’18) who is currently employed with KPMG in Dallas, Texas
  • Minjae Kim (BHP and BBA ’17, MPA ’18) who is currently employed with Analysis Group in Dallas, Texas

This award recognizes those who scored a cumulative average score above 95.50 across all four sections of the CPA exam, passed all four sections of the exam on their first attempt, and completed their testing in 2018. Over 86,000 individuals sat for the CPA exam in 2018.

78% of Texas McCombs students who took the CPA exam in 2018 passed all four sections; this compares to a 52% pass rate among all over Texas colleges and universities.

Congratulations to Natalie, Elise, and Minjae, as well as the other 107 winners — it’s an tremendous accomplishment to receive this award!

See a list of all the winners here.

The Elijah Watt Sells Award was established in 1923 to honor one of the country’s first CPAs, Elijah Watt Sells. He was a founding partner of Haskins & Sells (a predecessor to Deloitte) and one of the first practicing CPAs in New York. He also served on the AICPA governing council and helped turn the AICPA into what it is today.

Elijah Watt Sells Award