|Core Requirements with no Prerequisites*||Core Requirements with Prerequisites*|
|ACC 501: Financial Accounting (3.0 credits)||ACC 551: Managerial Accounting (3.0 credits)
[ACC 501 prerequisite]
|BE 501: Applied Microeconomics (3.0 credits)||FIN 551: Financial Management and Policy (3.0 credits)
[ACC 501 and TO 501 prerequisite]
|MBA Communication Requirement||STRATEGY 601: Corporate Strategy (3.0 credits)
[ACC 501 prerequisite]
|Businesss Law/Ethics Requirement
[Required for students admitted in Fall 2005 and later]
|TO 551: Introduction to Operations (3.0 credits)
[TO 501 prerequisite]
|MKT 501: Marketing Management (3.0 credits)|
|MO 501: Human Behavior and Organization (3.0 credits)|
|STRATEGY 503: Competing in the Global Business Environment (1.5 credits)
[Required for students admitted in Fall 2005 and later]
|TO 501: Applied Business Statistics (3.0 credits)|
|TO 601: Information Systems (3.0 credits)|
Course Description: The core Financial Accounting course introduces the fundamental concepts and methods used in the preparation and analysis of corporate financial statements. The primary emphasis is directed toward obtaining an understanding of the accounting for certain transactions and economic events with respect to the measurement of the associated assets, liabilities, and related income and cash flow consequences. This level of understanding includes insights into the fundamental strengths and limitations of the financial reporting process. The knowledge obtained in this class provides an important set of tools that are vital for anyone – management, investors, analysts, consultants – who will be expected to use financial statements in a meaningful way.
Contrary to the methods of many undergraduate introductory accounting courses, we adopt a “user perspective” rather than a “preparer perspective” – emphasizing the analysis and interpretation of financial statements rather than the mechanics behind their construction. To do this effectively requires some knowledge of the “nuts and bolts” of accounting (debits and credits, journal entries, etc.) but these are only a means to an end and not the primary objective of the course. The course emphasizes analysis of actual financial reports to apply the basic concepts and methods of financial reporting to issues such as long-term assets, inventory, revenue recognition, receivables, cash flows, international operations and fundamental analysis. Most students will find that the coverage of financial reporting in a single undergraduate financial accounting course will be insufficient to replicate the experience of ACC 501.
Waiver Requirements: Waiver requests for ACC 501 may be submitted based on academic experience or professional designation only. Waiver requests are not accepted based on professional experience. A waiver exam is not offered for ACC 501.
1. Waiver Request based on Academic Experience: In general, requires successful completion of a minimum of two courses in financial accounting (i.e., through the undergraduate intermediate level). Please note that one introductory course in financial accounting and one introductory course in managerial accounting will not normally be deemed sufficient.
2. Waiver Request based on Professional Designation: Certified Public Accountants (CPA) and Chartered Accountants (CA) will automatically be waived from ACC 501 with documentation and cannot take or receive credit for this course.
Course Description: This course considers decision-making in organizations where the decisions involve the generation, analysis, or use of financial information. The major topics in this course are cost management systems and management control systems. Cost management systems develop product and service cost information for pricing and other decisions. Traditional and activity-based costing systems are discussed. Management control systems focus on the measurement and control of managerial performance. Business unit measures, such as ROI, EVA, and the balanced scorecard are discussed. Methods useful for both performance evaluation and control, such as variance analysis, are also discussed. Throughout the course, a managerial viewpoint is stressed. Cases are used.
Waiver Requirements: Waiver requests for ACC 551 may be submitted based on academic experience, professional experience or professional designation only. A waiver exam is not offered.
1. Waiver Request based on Academic Experience: Two undergraduate courses in managerial (not financial) accounting are required. Coursework must consist of two undergraduate courses (one introductory course such as ACC 301 or equivalent and one intermediate course such as ACC 315 or equivalent) or one equivalent graduate level course.
2. Waiver Request based on Professional Experience: Extensive experience will be considered if it includes experience with design or implementation of costing systems.
3. Waiver Request based on Professional Designation: Certified Public Accountants (CPA), Chartered Accountants (CA), and Certified Management Accountants (CMA) will automatically be waived from ACC 552 with documentation; however they may choose to take and receive credit for this course.
Course Description: This course provides students with the foundations of microeconomic analysis. The primary objective is to develop the abilities of students to apply fundamental microeconomic concepts to a wide range of managerial decisions, as well as public policy issues. Foundation topics include: costs and supply behavior of the firm; consumer behavior and market demand; market forces, price formation and resource allocation; international trade and trade restrictions; and, market power and price-setting behavior. Students will also be introduced to more advanced aspects of microeconomic analysis. Advanced topics include: decision-making with risk and imperfect information; oligopoly and game theory; and, complex pricing strategies.
Waiver Requirements: Waiver requests for BE 501 may be submitted based on academic experience only. Waiver requests are not accepted based on professional experience or professional designation. A waiver exam is not offered.
1. Waiver Request based on Academic Experience: Students who were undergraduate economics majors within the past 7 years will be waived based on: (1) GPA of "B" or better for undergraduate economic courses, and (2) list of courses appearing on the transcript must include intermediate microeconomics. Waiver petitions from non-economics majors will be considered on a case-by-case basis. The faculty will consider both the number of microeconomics classes taken and the grades received.
Course Description: The course is primarily devoted to the principles of financial valuation. We will first discuss the concept of present value in extensive detail, and then apply the principles of valuation to value (a) real projects (or what is commonly referred to as capital budgeting) and (b) financial securities (stocks and bonds) under certainty. Since financial decision-making virtually always involves risk and uncertainty, we will then introduce the concept of risk, and the relation between risk and return. We will integrate our knowledge of cash flows with our understanding of risk to modify capital budgeting techniques in the presence of risk and uncertainty. The course concludes with an introductory treatment of the effects of financing on capital budgeting decisions. Although the concepts of competitive capital markets and market efficiency will not be covered in a separate session, they will be woven in the fabric of the course. Please note that students may not take both FIN 551 and 513 for credit.
Waiver Requirements: FIN 551 may be waived only by exam. Waiver requests will not be accepted based on academic or professional experience, or professional designation. A waiver exam for this course will be offered before the beginning of the Fall term.
1. Waiver Exam: This exam will test you on the fundamentals of Financial Management & Policy. The basic concepts that will be covered are: Time Value of Money, Capital Budgeting, Risk and Return and Efficient Markets Hypothesis. A good way to prepare for this exam is to review Chapters 1 through 14 of Corporate Finance by Ross, Westerfield and Jaffee, 10th Edition (ISBN=978-0-07-803477-0). Please gauge your knowledge of the topics by doing as many problems as you can. You may consider taking the waiver exam if you have had a graduate-level finance course and 2 to 3 years of work experience in the finance field. Students should carefully review the FAQ information for FIN 551 when considering this waiver exam. The Waiver Exam Schedule lists the date, time and location of the exam.
Course Description: Marketing management is a complex business function which requires both knowledge and skill in strategy formulation and implementation. It necessitates a systematic and disciplined approach, which employs the appropriate selection of tools, analyses, and logical reasoning. This course helps you develop a broad knowledge of the core marketing concepts and tools - both strategic and tactical. Using cases, discussions, and other experiential activities, it provides you with opportunities to apply these marketing concepts and tools.
Waiver Requirements: Waiver requests for MKT 501 may be submitted based on academic and professional experience. Waiver requests are not accepted based on professional designation. A waiver exam is not offered.
1. Waiver Requests based on Academic Experience: Undergraduate coursework and prior work experience will be considered in requests to waive this course. Completion of a graduate-level course on marketing management and strategy will also be considered. The course must be similar to the marketing core course and completed with a grade of "B" or better. Provide a note detailing the topics that were covered in the course, a copy of the course syllabus and the name of the textbook that was used.
Course Description: This course introduces key frameworks that will help students (1) better understand the root causes of human attitudes and behavior in organizations and (2) use this knowledge to identify best practices that will help them become high-potential leaders who are able to leverage individual and organizational strengths and avoid/address problematic dynamics in organizations. The frameworks selected for this course reflect those most relevant and useful in today's business environment and build on students' personal experiences in organizations. Specific topics include understanding organizational culture, empowering and motivating employees, creating high performing teams, leveraging diversity, developing political awareness and skills, and achieving results through the effective leadership of human capital. Students will learn these frameworks and best practices through cases, simulations, self-assessments, movies, discussions, and assignments. The course provides essential foundations for MAP, subsequent electives in management and organizations, and ultimately your long-term professional success.
Waiver Requirements: Waiver requests for MO 501 may be submitted based on academic experience only. Waiver requests are not accepted based on professional experience or professional designation. A waiver exam is not offered.
1. Waiver Request based on Academic Experience: Undergraduate coursework and prior work experience are not sufficient to waive this course. To waive, completion of a graduate-level course on individual and organizational-level behavior (both must be addressed) is required. Courses must be similar to the MO core course and have been completed in the past 5 years with a grade of “B” or better. Provide a note detailing the topics that were covered in the course, a copy of the course syllabus and the name of the textbook that was used.
Course Description: The march of globalization continues, and international markets are pivotal to the operations of virtually all corporations. As companies intensify their international presence, the need to understand the economic and political challenges associated with the global environment increases. Such challenges are the focus of this course. This course explores the theories and concepts that are crucial to understanding the global location and structure of industries, the politics of trade and investment, and the impact of globalization on firm strategy. Various learning methods are used in the course, including in-class lectures, discussion of current events in the world economy, and case analysis.
STRATEGY 503 cannot be waived by either waiver request or waiver exam. This course must be completed at the University of Michigan-Ann Arbor while enrolled in the MBA program. (The only exception that will be granted is for students who successfully completed this course at the Ross School of Business within two years prior to entering the MBA program.)
Course Description: This course focuses on the job, perspective, and skills of the general manager in diagnosing what is critical in complex business situations and finding realistic solutions to strategic and organizational problems. It is designed to build upon previous required coursework in the MBA program drawing upon the integration of various functional and technical areas and providing a "total business" perspective. Since the focus is on pragmatic, action-oriented, general management skills, the course will be taught primarily through the case method.
STRATEGY 601 cannot be waived by either waiver request or waiver exam. This course must be completed at the University of Michigan-Ann Arbor while enrolled in the MBA program. (The only exception that will be granted is for students who successfully completed this course at the Ross School of Business within two years prior to entering the MBA program.)
Course Description: This course introduces MBA students to widely-used, powerful, analytical procedures for making business decisions. The course broadly surveys decision making with and without uncertainty. Deterministic decision making models are used for constrained optimizations problems, such a linear programming, integer programming, and nonlinear optimization. In addition to setting up the objective function and constraints in EXCEL and obtaining an optimum, the course covers important concepts such as shadow prices and reduced cost. Decision making under uncertainty introduces probability assessments into the decision model, and the optimal decision maximizes expected value or utility. Topics include probability, expected value, opportunity cost, expected value of perfect information and multi-stage decision trees. The uncertainty in decision making can be reduced by collecting data and performing a statistical analysis. The course covers basic statistics and graphics, correlations, normal and binomial distribution, inference, hypothesis testing, and regression analysis.
Waiver Requirements: TO 501 may be waived by exam only. Waiver requests are not accepted based on academic or professional experience, or by professional designation. A waiver exam for this course will be offered before the beginning of the Fall term. Note that only one exam time will be offered per year.
Most introductory statistics texts are sufficient for the material on decision making under uncertainty and statistics. Some examples of standard texts are: Ken Black, Business Statistics; Wiley & Sons, Management Science (chapters on constrained optimization and linear, integer and mixed programming); Powell & Black,Management Science; and Statistics for Management and Economics, Sixth Edition, by Gerald Keller and Brian Warrack, Duxbury Press. The material on deterministic optimization can be found in operations research or operations management texts such as Production & Operations Management, Sixth Edition, by Richard Chase and Nicholas Aquilano, Irwin Publishing, Linear Programming Supplement. Additional information can be found online at http://www.sce.carleton.ca/faculty/chinneck/po.html or http://www.ece.northwestern.edu/OTC/.
Students should carefully review the FAQ information for TO 501 when considering this waiver exam. A more detailed description of the TO 501 placement exam is available here (note: TO 501 used to be OMS 501). The Waiver Exam Schedule lists the date, time and location of the exam.
Course Description: This course prepares students to think managerially and analytically about operations processes, and to use the results of analysis to make things work better, faster and cheaper. Operations management studies the value-creating processes by which inputs of materials, labor, capital and information are transformed into products and services which customers want and are willing to pay for. These processes can be managed well or poorly. Knowledge introduced in this course will help you understand the reasons for both.
Waiver Requirements: Waiver requests for TO 551 may be submitted based on academic and professional experience only. Waiver requests are not accepted based on professional designation. A waiver exam is not offered.
1. Waiver Request based on Academic Experience: To waive this course, at least 6 credit hours of prior course work in operations management are required. The courses must have been taken within the past 7 years with a letter grade of “B” or better in each one. Model-oriented operations research or management science courses are not considered to be operations management courses.
2. Waiver Request based on Professional Experience: Extensive operations management experience will be considered in place of no more than half of the required six credit hours of course work. Waiver requests must be accompanied with relevant transcripts and, if applicable, documentation of prior operations management work experience.
Course Description: Information matters. It is a source of power, a tool for control, and for some of today’s most successful companies, the basis of competitive advantage. In this course, we ask, “How can information create value?” How can business managers gather it, focus it, and leverage it to increase revenues, decrease costs, or lower investment? Information technology is an essential enabler of these actions, and the continuing evolution of information technology creates a constant stream of new opportunities, but this course is not primarily about technology. Rather it is focused on the value that is possible and the complex processes of management that are necessary to realize that value. The course is structured around two models. The Business Architecture Model describes how strategy, performance goals, business processes, organizational infrastructure, and technology infrastructure interact to produce results. The Journey of Business Change Model describes the steps necessary to move from inadequate business architecture to one that generates greater value. We apply these concepts in case studies drawn from a range of industries including manufacturing, financial services, healthcare, and retailing.
Waiver Requirements: Waiver requests for TO 601 may be submitted based on professional and academic experience only. Waiver requests are not accepted based on professional designation. A waiver exam is not offered.
1. Waiver Request based on Professional and Academic Experience: A waiver may be granted primarily on the basis of relevant work experience combined with undergraduate course work in the management of information systems. A good waiver candidate would have 3 or more years of experience as an information systems analyst or as a leader of IT-enabled business change. Note that a technical background in computer or information systems is not required for the course and not relevant for a waiver request.
In addition to your core courses, you must fulfill a communication requirement. This communication requirement can be fulfilled through coursework or a waiver exam. Unlike other MBA waiver exams, students have more than one opportunity to take the communication waiver exam, should they not pass the first time. This flexibility in test taking, as well as flexibility in course options that satisfy the requirement, allow students to select the option that best fits their curriculum objectives.
Courses that satisfy the requirement include:
Writing Fundamentals for Entrepreneurs
Managerial Writing Fundamentals
Persuasive Management Communication
Taking and passing one of these classes satisfies the requirement. Other communication classes may be taken as electives, but they do not satisfy the requirement.
The communication waiver exam is a managerial writing test and is different from the GMAT Analytical Writing Assessment, which is an academic writing test. The waiver exam is directly related to the kind of on-the-job writing that MBAs will encounter in their careers. It presents students with a communication case, in which a critical management situation requires a written, persuasive response. For example, students may be asked to persuade top management to keep a sales training program or to motivate an employee to improve performance. The exam is a timed test, in which students have four hours to read a case, write a response, and upload it to the test site.
Responses are evaluated with the following question in mind: To what extent does this response demonstrate effective selection, development, and organization of content; control of language that enhances credibility and conveys content clearly; and employment of persuasive strategies that achieve management goals?
The communication waiver exam is offered prior to the start of each Fall term (typically in mid-July through mid-August). Evening MBA students (including Duals) may take the exam during one of these exam periods at any point in their education. Students may re-take the exam without penalty. If a student does not pass the Communication waiver exam during one of the available periods, the requirement must be satisfied with coursework.
Students will need their uniqname and password to access the waiver exam via this website. A practice test is available at the same location. While you can take the practice test at any time, the actual 2015 waiver exam will only be available during a set time span of several weeks, July 20 (opening at 12:01 am) through August 24 (closing at 11:59 pm).
For further details about the Communication Requirement and Communication courses, please review the Communication website.
As part of the core requirements, students must complete or waive out of either a Business Law or an Ethics course during their MBA program. Students enrolled in the dual JD/MBA program or who have a Juris Doctorate are exempt from this requirement and may not take Business Law courses for credit without instructor permission.
The following courses fulfill this core requirement and may be taken in either the first or second year. Course descriptions are listed on the Department of Law, History and Communication website:
|Ethics of Corporate Management
Legal Aspects of Entrepreneurship
Law of Finance and Banking
Intellectual Property Law
Legal Environment of Business
Introduction to Business Law
Law of Marketing
Employment Law for Managers
Law of Enterprise Organization
Law of Business Organizations
Real Estate Law
Please note: The following Business Law and Ethics courses are electives only and do not meet the Law/Ethics requirement: BL 510, BL 532, and BL 688.
Waiver Requirements - Business Law: Waiver requests may be submitted based on academic experience or professional designation. Waiver requests are not accepted based on professional experience. A waiver exam is not offered.
1. Waiver Request based on Academic Experience: Waiving the business law requirement requires completion of graduate courses in business law with demonstration of sophisticated knowledge of legal concepts, standards, systems and institutions in the context of business entities and commercial transactions. Factors that will be considered before granting a waiver request include: how recently the graduate courses were taken, the number of graduate courses, the depth and rigor of the graduate courses, the student’s performance in the graduate courses and, if the graduate courses were taken in a non-U.S. jurisdiction, whether the topics covered were sufficiently international in scope to provide understanding of both code and common law legal systems. Please provide a copy of your transcript with the relevant graduate courses highlighted together with copies of your syllabi for the graduate courses.
2. Waiver Request based on Professional Designation: Students enrolled in the joint JD/MBA program or who have a Juris Doctorate are exempt from this requirement and may not take Business Law courses for credit unless they obtain permission from the instructor.
Waiver Requirements - Ethics: Waiver requests may be submitted based on academic experience only. Waiver requests are not accepted based on professional experience or professional designation. A waiver exam is not offered.
1. Waiver Request based on Academic Experience: Waiving the ethics requirement requires that a student has had a graduate business ethics course that considered contemporary business ethics theories including social contract (Donaldson & Dunfee and/or Keeley), rights-based (Werhane), stakeholder (Freeman), virtue (Solomon or Shaw) and multiple alternative (Hosmer) theories among others. If a course from philosophy, theology or jurisprudence included these business ethics theories, they may be acceptable depending upon the extent of coverage. Clearly not acceptable are courses in professional ethics such as law or accounting; neither are generalized discussion courses on business ethics without the above referenced theoretical material. Waiver requests must include a copy of your transcript with the relevant graduate courses highlighted as well as copies of your syllabi for the graduate courses.