RESEARCH EMPHASIS A SUPRISE

I suspect, however, that the remaining survey response, academic research, may not in reality match survey respondents’ ideas. As I studied course catalogs and questioned professors, I quickly discovered a feature the programs shared that I hadn’t expected. A Ph.D. in accounting differs from a B.S. or MAcc degree in subject matter. The Ph.D. coursework does not address accounting fundamentals (financial statements, debits/credits, GAAP, etc.). Rather, the curriculum generally focuses on research about accounting, usually from either or both of two perspectives commonly known as archival and behavioral. The reason is that when research institutions (universities that have accounting Ph.D. programs) look to hire new faculty, they are overwhelmingly interested in candidates’ research—publications, working papers (papers that are in rough draft form and that the student is hoping to publish soon), or dissertation work, depending on the candidate’s experience level.

TYPICAL ACCOUNTING PH.D. PROGRAM

A typical accounting program consists of two years of coursework, qualifying or comprehensive exams (both written and oral) and a dissertation. However, some schools may want you to take three years of coursework. The dissertation phase can also take three to four years or more at some schools. The length of time depends on the faculty’s view of the dissertation phase, your individual dissertation committee, your ability to come up with a high-quality topic, and your persistence and dedication to finishing.

Your coursework will be determined by the type of accounting research you plan to do in your career (at least initially). Many entering Ph.D. students may be unsure of what accounting research is, much less of the type of research they eventually want to do.

Typically, students take three accounting research seminars, each focused on expanding the student’s understanding of accounting research and preparing the student to conduct independent research. Two independent projects (first- and second-year papers) precede the student’s dissertation work. Ideally, the student will research an area of accounting with a research question in mind, developing a review of the existing literature and a research hypothesis for the first-year paper. In the second-year paper, the student carries out the proposed study from the first-year paper and reports the results.

Outside the three required seminars, students’ coursework will be determined by their research interests. Here are a few typical courses that doctoral students may take:

• Introduction to econometrics . A comprehensive survey of the general linear regression, autocorrelation, errors in variables and distributed lag models. 
• Seminar in financial theory . Primary emphasis is on the theory of financial asset valuation. Topics include utility theory, investor reaction to uncertainty, and cost-of-capital theory.
• Cognitive psychology . An intensive examination of theoretical and empirical evidence concerning mental processes in the adult human, including memory, language and problem solving.
• Regression and correlation . Simple linear regression, elementary matrix algebra, multiple regression, analysis of variance, stepwise regression and partial/multiple correlation are among the topics covered.

TWO PATHS TO A PH.D.

The archival path is the more popular, judging by the number of articles published in top accounting journals. Archival courses (so-called because the data for these studies have been archived, as in stock prices) are primarily based in economics and finance. A strong background in mathematics is necessary for this path. The behavioral path is based primarily in psychology. Students on this track study how and why people make decisions, as well as other psychology-based topics.

Before formally applying to a school, understand what type of program the school offers. Some schools are primarily archival-based, others are primarily behavioral, and some are a mix of both. Most incoming students base their choice on whether they believe they can succeed in the archival coursework, which is heavy on math theory, advanced calculus, finance and economics.

Many schools state that they offer both types of programs, when in reality they may have eight to 10 professors who do work in one style and only one or two professors who do work in the other. When you speak to people at individual schools, therefore, be sure to ask about specific numbers of professors in different areas, or look it up for yourself.

Another consideration is which academic area of accounting (audit, tax, financial accounting, etc.) interests you. Most of these areas can be studied from an archival or behavioral point of view, but not every school has professors who do research in each of these areas. You may be interested in tax, for instance, and the school to which you are applying may have high-quality tax professors. However, if you are interested in behavioral tax research and all of the tax professors at that school do archival-based tax research, the school may not be a good fit for you.

FACULTY STABILITY

Another variable is the stability of the faculty. If you are applying to a school with only one tax professor who is active in research and that professor were to leave (either through not getting tenure, taking a position at another university or retirement) before you graduate, it could throw a major wrench into your plans. Therefore, it is wise to consider not only the number of professors in your area, but also how long they have been there, whether they are tenured and, if ascertainable, the chance that they will remain for your entire time there. I originally applied to a different university, but after talking with a few people, I withdrew my application. There were only two active researchers at this school. The word was that one was looking to leave and that if he did, the other would probably leave, too. I did not want to contend with this uncertainty during the next four to five years.

THE JOURNEY THUS FAR

The decision to pursue a doctorate in accounting is a dramatic life change, especially if you have been working in a nonacademic career for a number of years. A return to school can be daunting, especially if you must recall information from your undergraduate and graduate coursework you have long forgotten. However, I am confident the benefits at the end of the journey will more than make up for any discomfort experienced along the way. As a veteran researcher advised me, doctoral school will definitely change you. Some of the changes you will like, and others you may not. As I close in on the midpoint of my program, I can say that so far I have been fortunate to experience the former without the latter. v