MBT's FAQ (Frequently Asked Questions)

What distinguishes the University of Minnesota MBT program from other graduate business programs, such as the MBA, or from other tax programs?

The MBA and other general business programs do not provide the degree of concentration found in the MBT program. We are specialists. When we developed the program, there was some discussion about whether or not we ought to be part of the MBA program. We determined, however, that the specialized nature of taxation requires greater in-depth study than the MBA program could provide. On the other hand, there are graduate tax programs that go to the opposite extreme--they are far more specialized than we are and offer only technical tax courses. There are also tax programs in law schools which do not have our business orientation. The MBT program provides specialty tax courses within the broader framework of general business decision-making.

How does a broad range of coursework benefit MBT graduates?

While the work of entry-level tax professionals tends to focus on technical tax matters, as they progress in their careers, their responsibilities often broaden into managing employees and providing advice on a wide range of business topics. Our program provides the business knowledge needed to meet these additional demands. Some of our graduates have used this combination of tax and business knowledge as a springboard into positions such as CPA firm partner, controller, vice president, director of taxes, and chief financial officer.

Can individuals who have not been formally admitted to the MBT program enroll in MBT courses?

We do permit non-degree candidates, on a limited basis, to enroll in some of our classes. By providing a range of courses, we have the ability to enroll people who are considering the program or who simply want to take a specialized course. Often this brings into the classroom individuals who share valuable knowledge with degree candidates. Prospective degree candidates should note that a maximum of 12 semester credits of graduate-level coursework taken prior to admission may be applied to the MBT degree (this includes coursework taken from the MBT program and transfer coursework from other graduate programs); therefore, it is important that they apply for admission into the program on a timely basis.

What are typical course loads for part-time and full-time students?

The program was established to permit part-time students who work on a full-time basis to complete the program in approximately three years or less. This can be accomplished by taking an average of one course per term. A student enrolled full-time and taking roughly three courses a term can finish in one calendar year. More importantly, the program provides flexibility to students--we realize that work schedules and other factors don't always make it possible for students to enroll consecutive terms. However, because of the way required courses are scheduled, students generally are required to attend fall, spring and summer semesters at least once.

How does the MBT program schedule courses to accommodate the special needs of its clientele?

First, to accommodate both our part-time students, who are employed full time, and our full-time students, all of our classes meet one evening a week from 5:45 to 9:15 p.m. The number of class meetings per term relates to the number of credit hours awarded for each class; our three four-credit courses meet for 16 weeks, the remaining two-credit courses meet for eight weeks. Secondly, we schedule our spring semester such that no courses convene from early March through April 15. This frees tax professionals from coursework responsibilities during the busiest part of the tax season.

Do MBT courses satisfy continuing education credit requirements for CPAs and lawyers?

Yes. The Minnesota State Board of Accountancy grants fifteen hours of Continuing Professional Education (CPE) credit for each semester credit earned in the MBT program. The State of Minnesota Board of Continuing Legal Education awards Continuing Legal Education (CLE) credits for MBT tax courses, but there is no standard formula. At the end of a term, the MBT office mails a "grade certification" letter to each student; in addition to stating a student's grade for the course, these letters also list the number of CLE & CPE credits awarded for the class.

What types of financial aid do MBT students have access to?

There are three major sources: teaching assistantships, a few competitive scholarships, and loans or loan deferments for which a number of our admitted students qualify, even as part-time students. Additionally, we have funding available for minority students.

How long does the admission process take?

Both the Graduate School and the MBT Program Office review applications. After we have come to a decision on an application, the Graduate School notifies applicants about the decision. The entire review process takes about four to six weeks.

What criteria do you use to evaluate a student?

The following factors are considered in the decision to admit students:

• Academic record as evidenced by transcripts;
  
• aptitude test scores (GMAT or LSAT);
  
• and additional factors, such as special circumstances, work experience, and certification (CPA, CMA, CIA)
  

Do you need to have an accounting major to be admitted to the MBT Program?

No. No specific major is required for admittance to the program. Our graduates have achieved success coming from a variety of academic backgrounds. However, students do need to possess a common body of knowledge in business. Students can meet this requirement by completing introductory course work at the undergraduate level in each of the following areas:

• Finance
• Financial Accounting
• Information & Decision Sciences
• Law of Contracts & Agency
• Macroeconomics
• Management
• Managerial Accounting
• Managerial Statistics
• Marketing
• Microeconomics
• Operations Management

Should you be a CPA in order to be admitted to the MBT Program?

No, it is not a requirement. However, we do recommend that students ultimately obtain a CPA certification along with an MBT degree, since it opens doors in the field and helps students more easily grasp some of the tax concepts covered in the program.

What admittance procedures should international applicants be aware of?

If your native language is not English, you are required to take the Test of English as a Foreign Language (TOEFL) or the Michigan English Language Assessment Battery (MELAB). Otherwise, there are no special requirements for international students.

International students may find it helpful to refer to the “New & Prospective Students” link offered on the University of Minnesota’s International Student and Scholar Services’ (ISSS) website at http://www.isss.umn.edu/new/default.html.

How do I register to take the GMAT exam?

For details on taking the GMAT, go to the Web address http://www.mba.com/mba/TaketheGMAT.  You can register for the Graduate Management Admission Test online or by phone and pay the test fee by credit card, or you can register through the mail and pay by check. 

When you take the test, be sure to request that your GMAT test scores be sent to the Carlson School MBT program.  The new MBT GMAT program code is D2N-VJ-88, effective January 6, 2006.  Requesting by code will only be necessary if you make a request by mail after testing.  Otherwise, you may elect to send your scores to a program electronically without using a code.

The College of Continuing Education (CCE) offers GMAT preparation courses through classroom-based instruction or self-directed online instruction.  For more information, call (612) 624-4000 or visit the website http://www.cce.umn.edu/testprep/.

What value does an MBT degree hold in today's business world?

The MBT degree benefits both the tax professional and their firm. The firm benefits from having more competent and effective tax professionals carrying out its tax function. For the tax professional, growth within the field requires a strong commitment to continuing education, which MBT courses provide. In fact, an increasing number of "seasoned" tax professionals believe that in the near future a graduate tax degree, such as the MBT, will be the requisite credential for individuals pursuing a tax career.

Are University of Minnesota MBT graduates competitive in the job market?

Exceptionally competitive. Even though most of our graduates want to stay in the Twin Cities area, we generally have no problem placing them. Those who have ventured out of the area have had no difficulty finding good positions. Our alumni are employed in most larger metro areas of the United States, including San Francisco, Los Angeles, Houston, Miami, New York, and Chicago.

Is it desirable to obtain CPA certification along with the MBT degree?

We strongly recommend it. Most of our students are or will become CPAs, and we believe it helps them in both the job market and the classroom. It opens doors in the field and helps students to more easily grasp some of the tax concepts covered in the program. The additional courses needed to prepare for the CPA exam can be taken concurrently with MBT program courses in the evening.

How do MBT students gain work experience before graduation?

Degree candidates who are interested in gaining experience while pursuing their education are assisted in their effort to find full-time or part-time employment. Most of our students enter the program already engaged in a full-time job. Many of the 10-15 percent of MBT students who initially enroll full time, are able to secure work experience while finishing their degree because of the strong demand in the Twin Cities for temporary employment, particularly during the early spring term. An informal placement service is available through the MBT office. Degree candidates and alumni may also refer to MBT's Employment Services website, which lists part-time or full-time internships and permanent taxation-related positions. Degree candidates may also use the Business Career Center of the Carlson School of Management, which schedules on-campus interviews with a variety of firms and companies. In addition, employment contacts are made with classmates. Through these opportunities, most students gain work experience while completing the degree.

What qualities and experiences does the program look for in faculty members?

Our faculty consists of both full-time academics and part-time tax practitioners who combine their expertise to provide an outstanding educational experience. Our full-time faculty, all of whom possess either a Ph.D. degree or an LL.M. degree in taxation, bring a wealth of teaching and research experience to the classroom and provide stability to the program. Our part-time faculty, most of whom have graduate degree and certification, provide real-world input into our students' educational experience. In selecting these adjunct faculty members, we look for people who have distinguished themselves in the profession--leaders with a track record of quality tax and teaching experience. We are fortunate to have in the Twin Cities a wealth of experienced tax practitioners, many with previous teaching experience.

Who can MBT students expect to find as their peers in the classroom, and how does classroom interaction further their education?

The Twin Cities area has an extremely strong professional tax community which is enhanced by the presence of a chapter of the Tax Executives Institute (TEI) and an active state CPA society with its own tax education program. As a consequence, many of the people enrolled in program courses bring years of experience to the classroom. This creates an educational setting in which students learn from each other as well as from the instructor. We view this as one of our strengths. It is especially helpful for those students entering the MBT program directly from an undergraduate program.

What characteristics do potential students need to succeed in the MBT program?

Ambition, creativity, strong motivation, and a high energy level. These are the same characteristics needed for success in the business community. Of course, to be accepted into the MBT program, they also need a strong academic record that demonstrates potential for classroom success.

How do students benefit from the school's Twin Cities location?

They benefit on two fronts. On the personal front, it's a very pleasant place to live. Most of our graduates have chosen to stay in the Twin Cities area because it has so much to offer, including cultural and sporting activities, a moderate cost of living, clean air, and a theater of seasons. The Twin Cities is a good place to raise a family and has excellent school systems. On the professional front, the Twin Cities area has a strong, experienced, and lively business environment. Many Fortune 500 firms have headquarters here, as well as many small but flourishing companies. The opportunities for professional growth are plentiful.

Does the local business community play an active role in MBT education?

From the outset, the local business community has been active in the MBT program. Members of the Tax Executives Institute and the Minnesota State Society of CPAs, who were then serving on the Department of Accounting Advisory Council, studied the feasibility of offering a graduate tax program. After encouraging the program's creation, they helped us develop curriculum and examine the budgetary and administrative issues related to the program. This active support has continued throughout the program's existence. Indeed, the program would not be at its current level without the community's assistance. Tax professionals from the local business community serve as adjunct faculty and share their real-world experiences with students. The firms and individual tax professionals have also helped fund the program by providing financing for LEXIS, visiting faculty members, and library facilities. Additionally, they encourage their employee enrollment in MBT courses, with most firms reimbursing their employees' tuition costs.

In your opinion, what does the future hold for tax professionals?

I think the future is very bright for tax professionals. In many ways, our society has become more complex, and I believe our tax laws reflect this trend--they certainly have become more complex. So there is a growing demand for people with the tax education needed to guide business and economic decision makers. In fact, taxation is one of the fastest growing areas within accounting firms and the larger business community. Furthermore, the demographics are such that there is a decreasing pool of high-quality students for which the tax field will be competing with other professions in the future. The demand for tax professionals is strong, and the supply will not soon catch up with that demand.

What future goals has the MBT program identified?

We would like to draw an increased percentage of high-potential students into the program and broaden our recruiting base in this region and the rest of the country. Other goals are to further integrate the computer into our curriculum and to foster relationships between our graduates and students by forming an alumni association.