The MAC at UNCMultiply the possibilities with one degree.

How can a MAC degree from UNC help me?

1. The skills you learn will jump-start your career.

■ YOU'LL BE HIGHLY SOUGHT AFTER by prestigious firms. With a degree from UNC’sMAC Program, there is a 99 percent chance you’ll receive offers for full-time employ-ment and accept one of them by the summer following graduation.

■ YOU WON'T BE LIMITED to large public accounting firms and corporations foremployment. The range of careers into which a MAC degree can take you in five to10 years is both broad and exciting.

2. You'll learn from the very best.

■ YOU'LL STUDY AT ONE OF THE TOP 20 business schools worldwide. U.S. News &World Report ranks UNC Kenan-Flagler in the top 10 for accounting.

■ YOU'LL INTERACT WITH FACULTY unmatched in their dedication to teaching. The UNCKenan-Flagler faculty earned consistent “A” ratings in every Business Week survey.

■ YOU'LL BENEFIT FROM ACCOUNTING PROFESSORS known for integrating cutting-edgeresearch into their class discussions and for their strong ties to the industry pace-setters.

■ YOU’LL BE PREPARED to excel in conditions of uncertainty and rapid change. Thecurriculum emphasizes critical thinking, results-oriented problem solving, a globalperspective and strategic use of technology.

IN ONLY ONE YEAR, the Master of Accounting Program (MAC) at UNC’s Kenan-Flagler Business School prepares you with the skills and credentials

that make you highly marketable in the business world. You’ll be surrounded by other top-notch students who are strong in academics and extracurricular

activities — personable, hard-working, go-getters just like yourself.

“UNC graduates from the MAC Program are

highly motivated individualswho contribute significantly to our firm’s success.”

■ Holly D. Thomas, Southeast Area Director, KPMG LLP

THE MOST IMPORTANT REASONS TO CHOOSE UNC KENAN-FLAGLER’S MAC PROGRAM ARE:

The MAC Program at UNC helped prepare me for daily thrills and challenges that I

experience. At Kenan-Flagler I learned to think and understand how businesses

work, not just how to pass the CPA exam on the first try. I entered the school

one year after receiving my bachelor’s degrees in political science and economics

at UNC. Although I had little formal training in accounting, Kenan-Flagler wasn't

looking for just business students. They valued people who thought a bit

differently — had unique experiences — but had the aptitude and interest

to go into the accounting world.

After finishing graduate school, I started with Price Waterhouse in Charlotte as a

tax associate. In my first years with the company, I worked hard to climb to senior

accountant and manager. During this time, one of my clients was the McColl family.

I assisted Hugh McColl III in organizing his management company and balancing

the monthly books. After a period of time, Hugh decided he needed someone to

work for him full time. Although I helped him look for someone to fill the position,

eventually we both decided that I should just do it myself ... And I only had to move

down a few floors — Price Waterhouse and Mangan & McColl Partners were in

the same building. I learned that careers in public accounting often grow through

building strong relationships, not just through crunching endless numbers.

The MAC Program gave me the combination of business and accounting

skills I needed to take this leap in my career and help build a billion-dollar

investment management firm. The well-rounded education I received at UNC

enabled me to succeed not only at a large public accounting firm, but also to help build

a small business from the ground up.

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■ J.J. SCHONBERG (MAC 1993), CFO,Mangan & McColl Partners LLC

What an opportunity, to help grow Mangan & McColl from just one fund into afirm with over one billion dollars in assets under management.

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I have the flexible skills to succeed — from auditing for a large corporation tomanaging a $30 million dollar university budget.

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What are my career options with a UNC MAC degree?

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“The MAC Program at UNC has produced manyleaders within our firm.” ■ Thomas J. Mangold, Partner, PricewaterhouseCoopers

Although I graduated with an undergraduate degree in mathematical sciences from UNC,

a master’s degree was essential for the accounting career I wanted. With an outstanding

support system of staff and students, the MAC Program not only grounded me with a solid

accounting foundation but also sparked the drive necessary to succeed.

After graduation, I began my career at Ernst and Young. As an auditor, I had the opportunity

to work with various industries and clients in different arenas of accounting. I quickly leveraged

the business and accounting skills I developed through the MAC Program to stay on top of the

intricate regulations and policies in a demanding, fast-paced job.

While working at Ernst and Young, I met my husband, and we decided to relocate to

Greenville, N.C. In this relocation process, the flexibility of the MAC degree enabled me to

reorient my accounting perspective and focus on a specific industry. This led me to my current

position as key finance officer with the Department of Internal Medicine at East Carolina

University, where I develop, monitor and evaluate a budget of over $30 million dollars.

With a drive to accomplish more, I now aim to move up to a financial position of greater

responsibility at the university level. The MAC degree that I earned eight years ago

continues to broaden my career perspectives and opportunities, reinforcing the

return on the immeasurable investment I made in myself.

■ KIM BRANCH (MAC 1999), Finance Officer,Department of Internal Medicine, East Carolina University

■ JUSTIN SEAMONDS (MAC 1994), Vice President,Controller, Haverty Furniture Companies

Each industry in which I’ve worked has involved a widely different

set of competitive factors, differentiators, cost drivers, supply

chains, and execution issues, not to mention widely different

technical accounting issues. I am marketable to a wide variety

of companies because I have transferable skills and a strong

fundamental understanding of business in all its forms. UNC’s

MAC program enabled me to add value to virtually any

company through business skills and business smarts.

When I came into the MAC program from a liberal arts

undergraduate program I was at a crossroads. I was sure I

wanted to pursue a career in the business world, but had no

practical background that I could leverage to help me find a

challenging position that didn’t involve “management trainee

programs” or an “associate development track”.

I didn't want to be programmed by an experience where I'd be

indoctrinated in the methods, culture and habits of a specific

employer. I thought I'd be best served developing two things that

my undergraduate degree (English) didn't address: a financial skill

set and a high quality education in general business. These were

the keys to charting my own course.

The MAC program met my expectations on both fronts.

The required courses developed the core of my accounting

skills and provided exposure to the world of accounting. The

electives allowed me to broaden my exposure to business

issues outside of accounting.

Since I left UNC, I've worked as an auditor in a public account-

ing firm, as vice president of finance for a small manufacturer and

distributor of beverages, as CFO for a communications tower

developer, and now as corporate controller for a publicly traded

furniture retailer.

Who would have expected that from an English major?

My business experience has encompassed financial services,manufacturing/distribution, communications/real estate and retail.

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Both business and liberal arts graduates benefit from theunique yearlong MAC Program. Graduates pursue careersin both the private and public sectors, with big accountingfirms, in corporate positions in organizations big and small,as owners of their own businesses, in government, and innonprofit management.

UNC’s MAC Program develops your business, accounting,communication and leadership skills in an integrated mannerthat prepares you to make an immediate contributionto the firm that hires you and provides you with the broadperspective you will need as your career advances.

Sample of employers who hire new MAC graduates:

Accenture

Bank of America

Blue Cross Blue Shield of N.C.

Cherry, Bekaert & Holland LLP

Progress Energy

Deloitte LLP

Dixon Hughes LLP

Duke Energy

Edgeview Partners LLC

Ernst & Young LLP

Goodman & Company

Grant Thornton LLP

IBM Corporation

KPMG LLP

Larson Allen LLP

Mauldin & Jenkins LLC

McGladrey & Pullen LLC

Nortel Networks

N.C. Departmentof Revenue

N.C. Department ofState Auditors

Pesta, Finnie & Associates

PricewaterhouseCoopers LLP

Snyder, Cohn, Collyer LLP

Thomas, Stout, Stuart,Core & Stuart LLP

The University of NorthCarolina at Chapel Hill

U.S. Department of Defense& Accounting Services

Wachovia Securities

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Who are the faculty and how will they shape my experience?

Visit, www.mac.unc.edu, to read more about each faculty member.

Small classes optimize the learning experience from professors whomake it personal, bringing their extensive research, interaction andcounsel with industry leaders, straight to the classroom.”

■ Douglas A. Shackelford, Meade H. Willis Distinguished Professor of Taxation of Accounting,

UNC’s Kenan-Flagler Business School

“Globally prominent. Immediately relevant.

Douglas A. Shackelford is arguably the nation’s leading expert in corporate tax strategy and appears frequently in the

news media. He testified before Congress’ Ways and Means Committee in a public hearing on eliminating the double

taxation of corporate earnings as part of the economic growth proposals included in the 2003 tax bill.

Realize the strategic role accounting plays in corporate governance.

Robert Bushman has conducted groundbreaking studies on the link between

financial accounting and corporate governance in the United States and overseas.

These well-timed studies, which began in the late 1990s before the Enron, WorldCom,

Tyco, Adelphia and other big financial scandals broke, have revealed how essential a

role accounting procedures play in effective corporate governance. His discoveries

inspired him to examine the balance of financial and governance transparency and

their imprint on different nations’ financial struc-

tures. Supported by his research, Bushman

brings immediacy and relevance to the study of

international accounting.

> Visit our Web site to readmore about Robert Bushman.

Discover the effects of currenttax policy on dividends.

Jana Raedy and two of her colleagues made

news with a probing study of Bush’s tax-cut

effects on corporate dividends. Examining the

first three-month period after the unprecedented

rate slash took effect in spring 2003, they

discovered that the cuts did not produce

widespread dividend increases by America’s

publicly traded companies as intended by promoters. The study further revealed

that a few businesses with larger inside ownership did boost dividends significantly

in the critical first quarter, allowing firm managers to largely pay out special

dividends to themselves. These insightful results were widely covered by the financial

press, and Raedy and her colleagues are extending their investigation to the second

three-month period following enactment.

> Visit our Web site to read more about Jana Raedy.

Learn accounting from someone who’s shaped public policy.

Ed Maydew not only teaches accounting at UNC Kenan-Flagler, he reconstructs public

policy on accounting and tax laws. For example, he influenced the overhaul of state economic

development rules with an eye-opening study. Maydew and Austan Goolsbee (a former

colleague at the University of Chicago) unveiled a process by which states could lure manu-

facturers and other large firms without resorting to generous property tax breaks and other

costly incentives. The results were so persuasive, they galvanized state government officials

across the United States to act. Maydew and

Goolsbee organized studies for eight states and

testified about the economic benefits of their

proposed accounting changes. New York and

Illinois, along with many others, adjusted their

economic development packages to implement

Maydew and Goolsbee’s findings.

> Visit our Web site to readmore about Ed Maydew.

Examine the influence of traditionalfinance on modern businesses.

John Hand, an accounting professor at

UNC Kenan-Flagler and the former chairman of

the department, specializes in analyzing the

financial statements of emerging pre-IPO

startups. He investigates the relationship

between the financial information that a young

firm reports and the equity value that venture

capitalists place on the firm when they invest in it. Hand’s discoveries with biotech

firms are noteworthy because no other work has explored the relationships

between financial statements and market value outside the public equities market. With

this fresh focus on financial statements, Hand brings a dynamic perspective to his

accounting classes. Rather than limiting students’ learning to auditing and other

day-to-day accounting matters, Hand concentrates on giving students a strategic and

long-term perspective that will fuel their careers.

> Visit our Web site to read more about John Hand.

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Most MAC graduates take the certified public accounting (CPA) examination and join one of the

large public accounting firms or corporations. With some experience, the potential for a variety of

other career options—teaching, chief financial officer for a corporation or a nonprofit, entrepreneur,

business owner—is wide open. Most importantly, the student experience here helps you develop into

a well-rounded professional able to provide compelling financial advice, but also able to confidently

solve problems and deal effectively with change and uncertainty in any setting.

“Not only are they outstanding accountants, but

they also possess the leadership,interpersonal and team-building skills required

in today’s global business environment.” ■ Kim Ellis, Tax Partner, Deloitte

How applicable is a MAC degree in the real world?

My experience with on-campusrecruiting has exceeded all of myexpectations.

>

■ BASCOME MAJORS (MAC 2004)

I received offers from all five of the

firms I interviewed with. I believe the MAC Program’s focus on

producing well-rounded accountants is the key reason why firms

recruit so heavily at UNC.

When I graduated from the BSBA Program, I was concerned that

the material covered in my MAC classes would be a simple review

of concepts I had mastered as an undergraduate business major.

Those concerns disappeared when I began my classes. The MAC

Program built on what I already knew and expanded my knowledge

in the areas of accounting and finance.

Other MAC programs tend to focus their curriculum and measure

their success based on their students’ pass rates on the CPA exam.

But the program at UNC considers it a priority to prepare students

for the world of business as well as for success on the CPA Exam.

At Kenan-Flagler, I have had the opportunity to take helpful and

interesting classes on firm valuation, corporate governance and

conceptual tax planning. While CPA examiners might not directly

test these concepts, this well-rounded course content is crucial to

my future in public accounting.

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■ LISA KU (MAC 1993), Tax senior manager, Grant Thornton

Having a career that challenges me on a daily basis and allows me the flexibility to spend time with my

family is rewarding. The MAC Program was the first step toward this goal.

After meeting the requirements for a B.S. in Business Administration at UNC, I then completed the MAC

Program through a fifth year of course work. The program’s comprehensive training prepared me to

move confidently into public accounting.

I joined Arthur Andersen after graduation and rose through the ranks of staff, senior and manager. In

2002, I was among the majority of the Arthur Andersen Carolinas tax practice who joined Grant Thornton.

With expertise in federal tax law, I focus on corporate tax work for middle market clients. I thrive on the

daily challenges of a tax career. There are a lot of balls to keep moving — building rapport with new clients,

training staff members, recruiting employees and working with existing clients on tough business decisions.

Clients and colleagues turn to me for day-to-day advice on federal tax issues. Working with them to find the

best business solutions for their companies is fulfilling. As you grow in this career, you realize how important

relationships and communication are to your success.

My career focus has never wavered, but balancing family life has grown in priority. I spent my first years

with Arthur Andersen in Washington, D.C. When my husband and I wanted to return home to North Carolina,

the practice allowed me to do that. Then after my daughter Katherine was born, Grant Thornton allowed me

to transition to a four-day workweek. Monday through Thursday is as fast-paced as ever, but Friday belongs

to Katherine. A career in public accounting, though demanding, can be flexible.

You need an element of confidence to walk into a public accounting firm and feel ready for the challenges

that lie ahead. The classes, professors and course work at Kenan-Flagler provided the strong skill set that

gave me that confidence as a young graduate. I continue to see the same preparedness in the high-caliber

MAC students I interview as a Grant Thornton recruiter.

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Kenan-Flagler provided me a foundation for anambitious career that allows balance in my life.

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“It is truly remarkable how much more one can understand about a country’s business policiesand structures after taking the time to learn about its people.” ■ Andrea Barringer (MAC 2004)

UNC MAC’s Global Immersion Elective (GIE) provides a dynamic international experience that broadly enriches students’ personal and

career development. The GIE allows participants to not only immerse themselves in amazingly different cultures and see how other people

live in our world, but also to see how these countries’ histories and cultures are reflected in their business structures and mindsets.

Chapel Hill offers the idyllic charms of a college town located in a

region that pulses with some of today’s most dynamic businesses.

The Research Triangle area is a magnet for pioneering firms as

well as for established leaders in the financial, pharmaceutical

and technology industries. Research Triangle Park is home to IBM,

GlaxoSmithKline, Cisco Systems, Lucent Technologies, Nortel

Networks and more than 100 research and development facilities.

The School’s relationships with business leaders in the area offer you

the opportunity to interact with and learn from them in class and

through events hosted by UNC Kenan-Flagler.

With its highly educated and talented population, the area continues

to exert influence and attract prestige thanks to collaboration among

The University of North Carolina at Chapel Hill and other major

universities and private organizations in the area.

Cultural and entertainment attractions on campus and in the

area — for example, concerts, museum exhibits, theater and

dance recitals, botanical gardens and celebratory festivals —

are plentiful and popular. With plenty of lakes and rivers for boat-

ing and fishing, with trails for walking, jogging and biking, and a

pleasant climate, the area attracts outdoors enthusiasts. Sports teams,

many nationally ranked, draw legions of student and alumni fans.

About The University of North Carolina at Chapel Hill

The University of North Carolina (UNC) at Chapel Hill was chartered in 1789 as the first state university in the United States. UNC has

been recognized for the quality of its graduate programs in every national survey conducted in the past 30 years. U.S. News & World

Report’s survey of American colleges and universities consistently ranks the University among the best colleges in the nation and among

the top research universities. The University’s 14 colleges and schools provide instruction to over 25,000 students from nearly 100

countries. UNC students study in more than 100 fields, and the University offers 84 baccalaureate, 165 master’s and 108 doctoral

programs, as well as other professional degrees in dentistry, medicine, pharmacy and law.

What are the advantages of studying in Chapel Hill ?

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Chapel Hill, a community with captivating energy and charm.

Independent studies conducted by Forbes, Fortuneand Money found that the Research Triangle area isthe No. 1 place to live and work in America.

Statement on Equal Educational OpportunityThe University of North Carolina at Chapel Hill is open to people of all races, is committed to equality of educational opportunity and does not discriminate against applicants, students or employees based on age, race, color, sex, national origin, religion and disability. It is the policy of The University of North Carolina at Chapel Hillthat sexual orientation be treated in the same manner. Any complaints alleging failure of this institution to follow this policy should be brought to the attention of the General Counsel.

Policy on NondiscriminationThe University of North Carolina at Chapel Hill believes that educational and employment decisions should be based on individuals’ abilities and qualifications and should not be based on irrelevant factors or personal characteristics that have no connection with academic abilities or job performance. Among the traditionalfactors that are generally “irrelevant” are age, race, color, sex, religion, national origin and disability. It is the policy of The University of North Carolina at Chapel Hill that an individual’s sexual orientation be treated in the same manner. Such policy ensures that only relevant factors are considered and that equitable andconsistent standards of conduct and performance are applied. This policy prohibiting discrimination on the basis of sexual orientation does not apply to the University’s relationships with outside organizations, including the federal government, the military, ROTC and private employers.

2500 copies of this public document were designed and printed at a cost of $2.36 per copy.

■ Application Process■ Career Services

■ Curriculum■ Faculty

■ Fellowships■ Financial Aid

■ Student Life■ Tuition

Visit our Web site for information on the following.

www.kenan-flagler.unc.edu/programs/mac

The MAC at UNC. Apply Today.www.kenan-flagler.unc.edu/programs/mac

Kenan-Flagler Business School ■ The University of North Carolina at Chapel Hill ■ McColl Building, CB#3490, Kenan Drive ■ Chapel Hill, NC 27599-3490 USA

Phone 919-962-3209 ■ Fax 919-962-3177 ■ Email mac_info@unc.edu ■ Web site www.kenan-flagler.unc.edu/programs/mac

UNC Business™ comprises all the programs, research and outreach that UNC’s Kenan-Flagler Business School provides its students and business

organizations. The School’s Frank Hawkins Kenan Institute of Private Enterprise and its outreach to business around the world enrich the student

experience here. The School’s Executive MBA and Executive Education programs cultivate dynamic interaction and relationships among faculty

and corporate executives. These keep faculty research and teaching close to the most vital issues affecting business, enhancing the curriculum.

UNC BusinessTM

Shaping leaders, driving results.™