Accountancy majors enrolled in the department's integrated bachelor/master program or students with a graduate standing in accountancy may apply to enroll in Accy 590 for 2 hours of graduate credit. The Department approves Accy 590 enrollments based on the quality of the proposed academic project, the nature of the internship work experience, and the prior academic achievement of the student. Additionally, students must have completed the necessary 300-level accountancy courses prior to the start of their internship. Which specific 300-level courses must have been completed depends on the topic chosen for the academic project (discussed below). International students who are working in the United States on a student visa need to meet with an advisor at ISSS (333-1303) before considering any form of off-campus employment.
Students who have been admitted to either/both Stage I and/or Stage II of the BS/Master program are able to take the internship for graduate credit assuming (i) they receive departmental approval, (ii) have completed the appropriate 300 level accountancy course (or equivalent) and (iii) the nature of the work performed during the internship is consistent with the topic chosen for the academic project. Students in Stage I of the BS/Master program who wish to take the internship for graduate credit, may do so but doing so will count against the number of courses that the student may transfer from hours to units (for graduate credit). That maximum is 8 hours. Thus, if a student in Stage I of the Bachelor/Master program were to take the internship for graduate credit for 4 hours, only one other course could be transferred from hours (4 hours to graduate credit).
TUITION AND FEESStudents who are applying to the graduate program (stage I) can take up to 8 hours of graduate credit at the undergraduate tuition rate. In order to be eligible for the undergraduate tuition rate students must NOT have graduated. In some cases summer interns have delayed graduation until August in order to allow their summer internship to qualify for the undergraduate rates. Accy 590 students will be charged tuition in accordance with the University's published tuition rates and pay full campus fees. Students will register for the internship course (and pay tuition and fees) in the same semester that the internship work is performed. Summer internships are registered during the 12-week summer session. The exact cost for graduate tuition and all applicable fees can be seen on the registrar’s website: http://www.registrar.illinois.edu/index.html by following the “tuition and fees” link or can be directed to the Office of Admission and Records-Registration Services 217.333.9782.
UNIVERSITY PROVIDED HEALTH INSURANCEAccy 590 students pay the appropriate campus fees such that they receive University provided health insurance coverage during the semester of their internship. Students may contact the University Student Insurance Office to learn more about their University provided health insurance coverage and related fees. The office can be reached at 217-333-0165 or http://www.si.uiuc.edu/
ACADEMIC PROJECTIn order to receive graduate credit, the student must write a substantial paper in one of three topical areas: measurement & disclosure , control systems or taxation . The course pre-requisites for graduate credit depend upon which of these three paper topics the student and the faculty mentor decide upon. Specifically:
- Internships focusing on Accounting Measurement and Disclosure--Students MUST have completed Accy 303 (or equivalent) AND have been accepted into the Accountancy bachelor/master program
- Internships focusing on Accounting Control System-- Students MUST have completed Accy 304 (or equivalent) AND have been accepted into the Accountancy bachelor/master program
- Internships focusing on Taxation-- Students MUST have completed Accy 312 (or equivalent) AND have been accepted in to the Accountancy bachelor/master program
Accy 590 paper submissions will be not less than 20 pages in length and are expected to demonstrate a depth and scope consistent with a graduate level of academic training. The time spent preparing the academic project is in addition to the hours spent working full time.
Each internship experience is unique and as a result, the faculty mentor will propose a topic relevant to the student’s field of study which is unique to his or her internship experience. Paper topics no matter how customized will still fall into one of the three broad topical areas (measurement & disclosure, control systems or taxation) and all topics require approval by the department and by the student’s employer.
The paper will bridge the student’s academic learning at the University with his or her internship work experience. The paper will accordingly draw heavily upon the student’s internship work assignments and is not something that the student could prepare solely by conducting library research.
Students will meet with their faculty mentor before leaving for the internship and will stay in close contact with them throughout the internship semester. The student is expected to prepare the project throughout the semester such that the paper is written simultaneously as the internship work is performed. The hours spent on the project are above and beyond the hours spent working full time. Academic deadlines related to this project begin within the first two weeks of employment, and will continue throughout the semester, with the expectation that the paper will be substantially completed before the end of the internship. The exact timing of work and applicable due dates will be communicated to the student by his or her faculty mentor.
COURSE LETTER GRADEAccy 590 students will receive a letter grade and this grade will factor into the student’s GPA the same as any other course you take at the University.
The timing for receipt of the letter grade will be different than with prior coursework. Specifically, for the semester in which the student is registered for Accy 590 (i.e. the semester in which they are actually off campus performing the internship), he/she will receive a “d/f” on the grade report (this is the case even though the student may have turned in the paper by semester end). The “d/f” stands for "deferred grade." When the grading of the paper is completed (the semester following the internship), the “d/f” will be changed to reflect the letter grade actually assigned to the paper by the faculty mentor.
Please note that the deferred grade has the following implications for students who are planning to graduate in the term of their internship (i.e. spring interns planning to graduate in May and summer interns planning to graduate in August).
- Even though students will not have received a final grade in ACCY 590 by the degree deadline, the University will still award students their Bachelor's Degree if the internship instructor posts a Deferred Grade by the grade deadline. However, you still need to meet the internship course requirements within the required timeframe. Please note that, in order to graduate, the student must complete all other coursework by the normal deadlines.
- Ordinarily, all courses taken at the undergraduate level will factor into computation of undergraduate grade point average. However, the Deferred Grade for ACCY 590 will NOT factor into a student’s GPA at the time of graduation. The University bases degree Honors on the undergraduate GPA at the time the College clears the degree. Consequently, ACCY 590 will not count toward earning honors. Further, there will be NO subsequent retroactive changes to Honors (i.e., after the ACCY 590 instructor replaces the Deferred Grade with a final grade).
DROPPING THE COURSEThe drop policy for the internship course is no different than for any other course at the University. Information about drop dates can be found by accessing the Registrar’s web site: http://www.registrar.illinois.edu and selecting the appropriate link.
APPLYING FOR ACCY 590 ENROLLMENT
- International students who are working in the United States on a student visa need to meet with an advisor at ISSS (333-1303) before considering any form of off-campus employment.
- All students should meet with their academic advisor in order to update their program of study for the time off during the internship semester.
- Start the application process by emailing the internship program director (using your official University email account) with the following information:
- Your legal name, UIN, anticipated degree and expected graduation date(s).
- The details of your internship experience (company name, department, dates, location, a brief description of the type of work you will perform). Please note that the department will also eventually need a copy of your employment offer letter as well as the exact start and end date for your internship. You should begin now to gather this information if you do not already have it.