Online Resources and Equivalency Exam

Bus Adm 703, Financial Accounting is a foundation course intended to prepare MBA students for topics covered in Bus Mgmt 704: Accounting Analysis and Control and Bus Mgmt 705: Corporate Finance.

More specifically, students must be familiar with Accrual accounting rules (GAAP), the recording process (journal entries and the accounting cycle), and financial statements. The 705 syllabus states that “those MBA students with a strong background in accounting and/or finance, less time may be required. For those without a strong background in accounting and/or finance, significantly more time should be budgeted when preparing for each class meeting.” In addition, “each student should have ready access to an introductory financial accounting textbook. The financial accounting textbook will serve as a reference where the student can review background material when necessary”

Students with or without previous exposure to Financial Accounting may wish to review accounting topics before enrolling in the MBA program. To do so, the following is suggested:

1. Obtain an introductory financial accounting textbook. Financial Accounting: Tools for Business Decision Making by Kimmel, Weygandt, and Kieso is the text currently used in 703 but any intro book should present similar material. (The most recent edition is NOT required as the material covered has not changed significantly in the past 5 years.)
2. Review the current 703 syllabus to become familiar with current learning objectives.
3. Test your current knowledge of financial accounting topics by reviewing materials contained in folders available under UWM My Lubar links.

Students can be waived from taking BUS ADM 703 under two circumstances:

1. Have the minimum grade requirement (based on their program) in a course equivalent to BUS ADM 201 at UW – Milwaukee.
2. Have a minimum test score (based on their program) in the College Level Exam Program (CLEP).

Programs requiring a C- or higher in BUS ADM 703 need to score a 50 or higher on the CLEP.

Programs requiring a B or higher in BUS ADM 703 need to score a 65 or higher on the CLEP.

Once you take your CLEP Exam, please send a PDF Score to mba-ms@uwm.edu.

For more information about the CLEP Exam, please follow the link below:

CLEP Exam Information

At this time, UW – Milwaukee is not hosting CLEP Exams, however, several Colleges and Universities have testing centers in and out of the Milwaukee area:

Testing Center Locations