Getting a post-secondary education is seen by many as a good idea and, as we reach the one year anniversary of the economic collapse, the shrinking work force makes this idea look even better. At the moment, many businesses are restructuring and not rehiring. Many industries are focusing on implementing risk management and making companies financially transparent to shareholders.
York University has noticed this trend and has initiated a new graduate degree inspired by the credit crisis – the master of financial accountability (MFAc).
“In the aftermath of the economic meltdown, there is a pressing need for a different type of business-focused program – one that teaches higher standards of financial accountability and governance oversight,” said a York press release.
The program is the first of its kind in Canada and was put together with input from public, private and non-profit sectors. Program director Sung S. Kwon said in an e-mail interview the “goal is to give practicing professionals the expertise they need to solve the increasingly complex problems related to financial accountability.”
The program builds on four conceptual cornerstones: corporate ethics, regulative standards and legislative requirements, effective information systems, and transparency in financial reporting.
Kwon said he does not pretend to have all the answers to the global crisis, but said he thinks breaking away from the traditional business curriculum to emphasize ethics is a step towards finding solutions. He said the core courses of the degree prepare the graduate to analyse financial statements, assess corporate management procedures, and think critically about techniques to improve corporate reporting and increase accountability to stakeholders.
York currently has 5,700 graduate students, nine of whom are enrolled in the MFAc program for the fall semester. An information meeting for prospective students is being held Oct. 20 and this may bolster interest in the program.
Although the MFAc program was created in response to a current economic circumstance, Kwon said “the concepts of financial accountability and good corporate governance are important whether the national economy is good or bad.”