Texas Tech has announced the creation of a school of accounting, the first such school in Texas.

The Texas Tech newspaper, the Daily Toreador, reported March 4 that Provost Bob Smith announced the current accounting program will be upgraded to an accredited school of accounting.

According to Smith, there are only 168 accredited accounting programs in the United States, and only 40 of those programs are full accounting schools. Texas Tech plans to become the 41st. The new school will allow Texas Tech to embark on a new wave of marketing to draw accounting students, especially those in the state who would have otherwise chosen an out-of-state school or a more local, less prestigious accounting education.

The Board of Regents had several reasons to approve investment in the new school. Not only are complete accounting programs with a global view key for today’s financial management, but the creation of the school of accounting could also increase enrollment and name recognition.

The proposal comes on the heels of recognition that the Texas Tech Department of Accounting received in the fourth quarter of 2012. The Public Accounting Report pushed the undergraduate program from number 49 up to number 38 in its national rankings. The master’s degree program was also boosted from outside the top 50 to number 39. The program has boasted a high CPA pass rate in recent years, as well as strong graduate placements, leading to greater attention and more acclaim on a national scale.

The Board of Regents is also reviewing the job status of 38 faculty members. The provost requested upgrades in rank and tenure for those faculty members in order to support the change from a department to the new School of Accounting. Most of the proposed promotions include assistant professors to associate professors, as well as other positions undergoing similar upgrades.

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