BSc (Honours) Accounting and Finance

Overview

Why ACCOUNTING & FINANCE

A major in Accounting and Finance (ACF) in B.Sc. (Hons) provides students with a basis from which to continue their studies for a professional degree or to serve as a valuable foundation for careers in business and management. The graduates of this major are prepared for careers in auditing, corporate accounting, management consulting, government, not-for-profit organiSations and taxation. The broad-based curriculum equips students with tools of intelligent analysis, planning, control and decision making.

Students can combine a variety of different complementary courses, while having the flexibility of selecting courses to suit their needs and interests. Following a specific track of courses helps students to get prepared for different professional certifications.

 

Accounting and Finance Core

 Accounting - Core

  •     Corporate Financial Reporting
  •     Auditing
  •     Applied Taxation

 Finance - Core

  • Intermediate Finance
  • Applied Corporate Finance

 Mandatory Audit Internship

       _________________

At this time, students can follow a set of pre-identified courses to simultaneously complete professional certifications with their B.Sc. (Hons) Degree in Accounting and Finance. The following tracks in partnership with certification bodies are offered:

 

 ACCA is the world’s fastest-growing gateway to the accountancy profession, helping people to become successful accountancy professionals. It has over 170,000 members and 436,000 students in 180 countries. It works with over 8,500 approved employers and over 80 accountancy partnerships worldwide.

The Suleman Dawood School of Business (SDSB) has an MOU with ACCA which offers ACF students the opportunity to sit for the ACCA exams during the course of their undergraduate degree. Students must register with ACCA at the end of their sophomore year of BSc ACF to obtain exemptions and they are eligible for a fee waiver subject to certain conditions. ACF students are exempt from Foundation level papers (F1-F9).  After exemptions have been granted students become eligible to sit for the professional stage papers (P1-P5) while completing their degree provided they have taken the following elective courses offered by SDSB.

  • Governance, Risk and Control
  • Advanced Corporate Financial Reporting
  • Business Management
  • Advanced Corporate Finance
  • Advanced Auditing

 

The Institute of Chartered Accountants of Pakistan (ICAP) was established in 1961 with the prime objective of regulating the profession of accounting in Pakistan. Its professionals are recognised and respected globally for their technical expertise and adherence to ethics and integrity.

ICAP recognised LUMS as a Specified Degree Awarding Institute (SDAI) in 2013. BSc ACF graduates are exempt* from the first 4 modules of ICAP examinations. LUMS graduates are also eligible for a reduced practical training requirement of 3 years. The courses currently mapped with ICAP which students must take to obtain exemptions are:

  • Writing and Communication
  • Business Communication
  • Calculus and Pre-Calculus
  • Probability and Statistics
  • Computer and Problem Solving
  • Introduction to Information Technology
  • Principles of Financial Accounting
  • Principles of Microeconomics
  • Principles of Macroeconomics
  • Principles of Finance
  • Corporate Financial Reporting
  • Business Law
  • Applied Taxation
  • Principles of Management
  • Organizational Behavior
  • Principles of Management Accounting
  • Auditing

*Provided a student passes all courses mapped with ICAP with a minimum B grade.

 

Chartered Financial Analyst (CFA) is a coveted certification offered by the CFA institute. The CFA institute is a global, not-for-profit organization comprising the world’s largest association of investment professionals. CFA institute has over 100,000 members around the globe and is dedicated to developing and promoting the highest educational, ethical, and professional standards in the investment industry.

LUMS is a regional partner of CFA program. CFA Institute partners with globally diverse, high profile institutions who cover at least 70% of the CFA Program Candidate Body of Knowledge™ and who embrace the CFA Institute Code of Ethics and Standards of Professional Conduct in their degree programs.

The following courses provide a solid foundation for CFA exam preparation.

  • Probability and Statistics
  • Principles of Microeconomics 
  • Principles of Microeconomics
  • Corporate Financial Reporting
  • Applied Financial Analysis
  • Principal of Finance
  • Intermediate Finance
  • Applied Corporate Finance
  • Investments
  • Fixed Income Securities
  • Financial Derivatives
  • Portfolio Management 

 

Pursuing a fellowship of Society of Actuaries (SOA) prepares students to deal with the assessment and management of risk for financial investments, insurance policies, and other ventures involving a measure of uncertainty. Financial markets value the skills acquired by actuaries, especially the quantitative analysis of risk highly. While many actuaries work in the insurance industry, the actuarial skill set is being increasingly sought after by industries that have not traditionally employed actuaries such as the financial services industry, marketing/sales organizations, and benefits management firms, among many others.

LUMS premier program BSc ACF provides opportunities to students to prepare for the fellowship of SOA. In addition to preparation for the fellowship exams, LUMS students may claim exemption from three papers of US Society of Actuaries namely, Economics, Corporate Finance and Applied Statistics. Students who wish to become an actuary are encouraged to take the courses given below

  • Probability and Statistics
  • Principles of Microeconomics
  • Principles of Macroeconomics
  • Principles of Finance
  • Intermediate Finance
  • Applied Corporate Finance
  • Introduction to Actuarial Mathematics *
  • Econometrics
  • Financial Time Series Analysis
  • Quantitative Finance
  • Financial Derivatives
  • Construction and evaluation of Actuarial models
  • Models for Life Contingencies

*Being offered by Department of Mathematics

 

 

Structure

 

Elective Courses

Through a wide range of electives courses, students are able to develop business acumen, global thinking, interpersonal skills, leadership traits and social conscientiousness that is necessary for success in contemporary business environment.

 

Decision Sciences 

Marketing 

Management 

Accounting 

Finance 

Information Systems Management

Project Management

Operations Management

Supply Chain & Logistics Management

Management Science and Spreadsheet Modeling

Financial Information Systems

Retail Management

Advertising Management

Sales Force Management

Consumer Behaviour

Marketing Research

Brand Management

Using New Media Technologies in Marketing

Public Administration

Governance System of Pakistan

Contemporary Social Policy Issues in Pakistan

Reforming the Public Sector

Non-Profit & Voluntary Organisations

Agricultural Development

Women and Policy in Pakistan

Entrepreneurship

Strategic Management Accounting & Control

Advanced Management Accounting

Advanced Financial Reporting

Advanced Topics in Taxation

Applied Financial Analysis

Options, Swaps and Futures

 Financial Risk Management

Microfinance

Entrepreneurial Finance

Law and Business Finance

Commercial Banking

Investments & Capital Markets

Islamic Banking & Finance

Financial Derivative 

 

The following inforgraphics show the mix of students currently studying in BSc (Honours) ACF and MGS programmes

 

 

 

Important Dates

Undergraduate Programmes - (SDSB / MGSHSS / SBASSE / SAHSOL)

ActivityDate
Deadline to take SAT (First Round Offers)
02 Dec 2017
Online Application Deadline (PST)
16 Jan 2018
05:00 pm
Deadline to submit supporting documents
17 Jan 2018
SBASSE Subject Test administration
11 Feb 2018
Deadline to take SAT (Second Round Offers)
10 Mar 2018
Admission decisions
01 Apr 2018 to 30 Jun 2018
Notes: 

The University reserves the right to change dates and deadlines for admissions. Please keep informed of any changes by visiting www.lums.edu.pk periodically as well as the LUMS online application site.

Minimum Eligibility Criteria for Fall 2018 Admissions

Applicants must meet the minimum eligibility criteria in order to be considered for admission to the Undergraduate Programme. Meeting this criteria does not guarantee admission to the Undergraduate programme. Students are selected for admission to LUMS Undergraduate Programmes based on the following factors:

  1. Academic Background
  2. Performance in the Admission Test
  3. Submission of a completed application form and supporting documents
  4. Interview (if called)

Admission in a specific school is based on merit and the availability of seats. 

 

 

Academic Requirements for Fall 2018 Admissions (Classes Commencing August 2018)

The University is keen to attract students who are not only academically competent but also have the potential to contribute to the learning environment of LUMS. Following are the minimum academic requirements for applicants applying to the Undergraduate Programme:

Applicants who have successfully completed FA/ICS/ICOM/FSc/A’ Levels/High School Diploma or International Baccalaureate (IB) are eligible to apply for admission if they fulfill one of the following academic qualifications:

  • Successful completion of Matric with 70% marks or above & FA with 65% marks or above/FSc/ ICS/ICOM with 70% marks or above.
  • O’ Levels* results (in at least 8 subjects) with an average grade of at least ‘B’ in all subjects attempted; and A’ Levels in at least 3 principal subjects1 with at least 2 Bs and 1 C grade. No credit will be given for Advanced Subsidiary and General Paper.
  • American High School Diploma (HSD) with 70% or above/Grade point average of B or above
  • International Baccalaureate (IB) with at least 28 out of 45 points
  • Combination of the above
  • Any other equivalent qualification (minimum acceptable scores will be determined by the Admissions Committee)

If shortlisted for admission, applicants will be given a conditional offer. To join LUMS in Fall, applicants must subsequently meet all the stipulated conditions specified by the Admissions Committee by August 2018.

Note:

Candidates who have already completed their A' Levels (have taken the exam of minimum three A’ level principal subjects1) and do not meet the minimum grades requirement (specified above) must improve their grades in order to be eligible for admission. A' Levels Exams are held in November and June. To be eligible for the admission in Fall 2018, applicants must improve their A' Level grades in November 20172. Applicants planning to improve their grades by taking June 2018 exams are not eligible for the Fall 2018 session.

Applicants admitted to LUMS and subsequently require HEC attestation of their UG degree must meet the conditions stipulated by the Higher Education Commission (HEC), Pakistan to get their Undergraduate degree attested. Details are available at the following link: 

http://hec.gov.pk/english/services/students/Degree%20Attestation%20System/Pages/Degree-Attestation.aspx

________________________________________________________________________

1Principal subjects (Full credit courses. Details can be checked with the British Council)

2Applicants taking their A’ levels or AS level exam in November 2017 are required to submit the final result within three days of its announcement; however, they must provide this information through online application form and by submitting a copy of the “Statement of entry “along with all other supporting documents.

* Minimum subjects requirement for O’levels may vary regionally and can be checked by visiting the following link:  http://www.ibcc.edu.pk/equivalence.php.

 

Applicants who have not taken the final exams of their FA/ICS/ICOM/FSc/A’ Levels (in three principal subjects1)/High School Diploma or International Baccalaureate (IB) as yet and are expecting their final results by August 2018 are eligible to apply for admission if they fulfill one of the following academic qualifications:

  •   Successful completion of Matric with at least 70% marks or above and FA (Part-1) with 65% marks or above/FSc (Part-1)/ICS (Part-1)/ICOM (Part-1) with 70% marks or above.
  •  O’ Levels* results (in at least 8 subjects) with an average grade of at least ‘B’ in all subjects attempted
  •  American High School Diploma (HSD) (first year) with 70% or above/Grade point average of B or above
  •  International Baccalaureate (IB) (first year) at least 28 out of 45 points
  •   Combination of the above
  •   Any other equivalent qualification (minimum acceptable scores will be determined by the Admissions Committee)

If shortlisted for admission, applicants will be given a conditional offer. To join LUMS in Fall, along with other requirements specified by the Admissions Committee; applicants must subsequently meet one of the following academic conditions by August 2018:

  • Successful completion of FA (65% marks or above)/FSc/ICS/ICOM (70% marks or above)
  • A’ Levels in at least 3 principal subjects1 with at least 2 Bs and 1 C grade. No credit will be given for Advanced Subsidiary and General Paper.
  • American High School Diploma (minimum required grades for the 12th Grade HSD will be decided by the Admissions Committee)
  •  International Baccalaureate at least 28 out of 45 points

Applicants admitted to LUMS and subsequently require HEC attestation of their UG degree must meet the conditions stipulated by the Higher Education Commission (HEC), Pakistan to get their Undergraduate degree attested. Details are available at the following link: 

http://hec.gov.pk/english/services/students/Degree%20Attestation%20System/Pages/Degree-Attestation.aspx

________________________________________________________________________

1 Principal subjects (Full credit courses. Details can be checked with the British Council)

* Minimum subjects requirement for O’levels may vary regionally and can be checked by visiting the following link:  http://www.ibcc.edu.pk/equivalence.php.

Students may apply for admission to multiple schools through a single application. Applicants are required to mention their major preference(s) for BS Programme of SBASSE & BA/BSc.(Honours) Programme of MGSHSS & SDSB through the LUMS Online Admission Application form.

Students are admitted to a specific school from the beginning of the programme and are not assigned a major at the time of admission except those admitted to the BA-LL.B Programme in SAHSOL. Admission in a specific school is based on merit and the availability of seats.

Allocation of a preferred major cannot be guaranteed at the time of admission. Allocation of a major will be done according to the school’s policy and mainly determined by the students’ preference(s), their academic performance at LUMS and, in the case of MGSHSS, the capacity constraint in the subject area.

Students may request for a change in their programme/school at the end of first year at LUMS subject to academic performance and availability of space. However, such requests will be considered on a case to case basis by the concerned department.

 

  • Applicants who are admitted to, and join the LUMS UG programme having an assessed high need of financial assistance will be considered for the refund of paid SAT registration fee of one attempt.
  • Application processing fee waiver is available for applicants with high financial need. Decision to grant a fee waiver will be taken after evaluation.

Admission Test Requirement for Fall 2018 Admissions 
(Classes Commencing August 2018)


Test Requirements for Local and Overseas Applicants

New SAT (with Essay) is mandatory for all applicants applying to the Suleman Dawood School of Business (SDSB), Mushtaq Ahmad Gurmani School of Humanities & Social Sciences (MGSHSS), Shaikh Ahmad Hassan School of Law (SAHSOL) for Fall 2018. The deadline to take SAT for Fall 2018 is March 10, 2018. Click here to register for the New SAT (with Essay). The Essay component of the New SAT will be required for the Fall 2018 applications.

  • Applicants taking SAT (with Essay) on or before December 2, 2017 and not planning to retake it in March 2018 will be considered for the First Round Offers.
  • Applicants planning to take SAT (with Essay) on March 10, 2018 will be considered for the Second Round Offers.

In order for your application to be considered complete and for LUMS to make an admission decision, have your official test scores submitted directly to LUMS by the testing agency, Educational Testing Service (ETS), USA on your behalf. The College code for reporting SAT scores to LUMS is 0513.

Important Note

  1. SAT taken after March 2018 will not be considered for Fall 2018 session.

  2. SAT scores before March 2016 will not be considered for Fall 2018 admissions.

  3. All applicants must attempt the Essay component of the New SAT for Fall 2018 admissions. SAT taken without Essay will not be considered for evaluation.

  4. While registering for SAT, applicants must use the same name which is mentioned on the LUMS Admission application and other academic credentials. Using a different name may prevent your scores from matching the rest of your application in our database.

  5. Applicants are required to report test scores of all attempts to the University by submitting a copy of score report(s). Best score of a single attempt will be considered for application evaluation.

  6. Applicants who join the LUMS UG Programme and have an assessed high financial need will have their SAT registration fee refunded for one test attempt.

 

Supporting Documents Requirement for Fall 2018 Admissions

Applicants must submit complete online application form on or before January 16, 2018 5:00 pm (Pakistan Standard Time).

The deadline to submit all supporting documents along with the proof of payment of Admission Application Processing Fee in ONE Package is January 17, 2018

Application Processing Fee

  • The application processing fee is Rs. 5,000.

Payment Procedure

After the successful submission of the online application form through the LUMS Online account on or before the application submission deadline, applicants will be able to print a system generated Application Processing Fee payment voucher. The Processing Fee voucher will be generated on the next day of Application Submission. For further details regarding Fee payment options, Click here

Proof of Payment

A stamped copy of the payment voucher or a confirmation email of an online banking transaction constitutes proof of payment. Applicants are required to send a copy of payment proof along with all other required supporting documents in ONE package on or before the stipulated deadline.

Applicants must print and paste the “Mailing label” on the envelope before sending it to the LUMS Office of Admissions. Applications or documents received after the stipulated deadline will not be processed.

 

A merit ranking for interview short listing is established on academic performance and SAT scores of the candidates. Only short-listed candidates are called for interviews.

FAQs

Admission to the LUMS Undergraduate Programme is highly competitive and the University is able to offer admission to only a small fraction of applicants.

For the programmes offered by the MGSHSS/SDSB/SBASSE/SAHSOL, submit an online admission application through the following link: https://admissions.lums.edu.pk

Applicants with diploma may apply if they have secured minimum 70 % marks or above, however, they are required to submit equivalence certificate issued by the IBCC, Pakistan.

No, applicants are evaluated on their academic grades regardless of the fact whether someone has taken the final exam through a school/college or privately.

Yes, LUMS does accept transfers from universities in Pakistan and abroad recognized by HEC, Pakistan.

For details on transfer you may contact Admission Office or visit the link https://admission.lums.edu.pk/transfer

No. Attending the first semester at LUMS is compulsory and deferment is not an option for undergraduates.

All admission decisions taken by the University are final. During admission evaluation process, some applicants are admitted, some are placed on a waiting list and the remaining applicants are denied admission. Acceptances are offered on a rolling basis between April to July. For this reason, your admission decision may arrive at a different time from a friend or classmate.

No, by default the LUMS online application system allows you to apply for the SDSB, MGSHSS, SBASSE and SAHSOL simultaneously.

Yes, by default the LUMS online application system allows you to simultaneously apply for the SDSB, MGSHSS, SBASSE and SAHSOL.

Applicants can mention their major preference(s) for BS Programme of SBASSE, BA/BSc. (Honours) Programme of SDSB, MGSHSS and BA-LL.B of SAHSOL through the online admission application form.

Applications are evaluated according to the preferences mentioned by applicants in this section. Based on the evaluation of each school, applicants are offered the highest preference they qualify for. This means that if an applicant qualifies for more than one school, one is sent an offer from the school of his highest qualified preference. Therefore, it is highly suggested to select school preferences very carefully.

Yes, an applicant can apply for admission if (s)he has appeared in retakes of November 2017, for the application of year 2018.

Applicants appearing for the November 2017 retakes must check the result awaiting option in the online application. Applicants must inform Admission Office, the estimated time period in which the result of any retake exam will be announced.

You should recheck the completion and proper submission of your application form.

Candidates who have either completed or are in the last year of completion of their education which does not lead to Matric/FA/ICS/ICOM/FSc. will be required to get an equivalence certificate from the Inter Board Committee of Chairmen (IBCC), Islamabad, Pakistan. For further information please contact:

The Chairman
IBCC
FBISE Building, H-8/4
Islamabad.
http://www.ibcc.edu.pk

Applicants must provide attested copies of original documents issued officially. Attestation of these documents is mandatory by concerned authority (School/College).

Documents sent to the Admissions Office cannot be returned as they are for administrative purposes. Please make sure to keep a copy for your own use before sending the documents to our office.

Yes, academic records from international universities if not in English must be accompanied by an official English translation along with other supporting documents

Minimum two Teacher Evaluations are required.

The recommendation form(s) should be from teacher(s) of your last institute. Recommendations from school/ college counselor(s) are not acceptable.

No. Admissions to LUMS takes place once a year and freshmen are admitted to the Fall semester only.

No, after the application submission, the application fee becomes non- refundable.

Since the number of students who accept our first round of admission offers varies each year, a small number of applicants stay on our wait list and in case space becomes available after the first round, students on the wait list are offered a place in the second round.

The number of candidates placed on the waitlist fluctuates from year to year, depending on the size and quality of the applicant pool.

The New Redesigned SAT Reasoning Test (SAT I) is mandatory for all applicants applying to the Suleman Dawood School of Business (SDSB), Mushtaq Ahmad Gurmani School of Humanities & Social Sciences (MGSHSS), Shaikh Ahmad Hassan School of Law (SAHSOL). The Essay component of the New Redesigned SAT will be required for the Fall 2018 applications. SAT I Registration can be done online through the following link: https://www.collegeboard.org.

Local applicants applying to the Syed Babar Ali School of Science and Engineering (SBASSE) are required to take the following two admissions tests in order to be considered for admission:

  1. New Redesigned SAT Reasoning Test (SAT I); and
  2. LUMS SBASSE Subject Test;

The SBASSE Admission Test for admission to the Fall 2018 semester will be held ONLY ONCE on February 11, 2018.

The deadline to take New Redesigned SAT I for Fall 2018 is March 10, 2018.

Applicants residing outside Pakistan and currently studying or having completed their last year of schooling abroad are required to submit official results of the New Redesigned SAT Reasoning Test  (SAT I) and at least 3 of the 4 SAT II subjects listed below:

  • Biology-M
  • Chemistry
  • Mathematics II-C
  • Physics

Applicants residing outside Pakistan and currently studying or having completed their last year of schooling abroad need to take all required SAT tests through College Board, USA latest by March 10, 2018 in order to be considered for admission. SAT scores must be reported to LUMS officially from the testing agency. The college code for reporting SAT scores to LUMS is 0513.

Applicants taking the SBASSE Admission test and also have taken (or are planning to take) the new SAT I and/or SAT II subject tests are encouraged to submit a copy of their SAT score reports as part of their admission application. The copy of the scores should be sent along with all other supporting documents OR reported directly from the College Board.

SAT Registration can be done online through the following link: https://www.collegeboard.org

Note: The Essay component of the New Redesigned SAT will be required for the Fall 2018 applications.

 

If you have not received SAT score report as yet then submit a printed copy of your online test scores.

Applicants are required to report test scores of all attempts to the University by submitting a copy of score report(s). Best score of a single attempt will be considered for application evaluation.

Application submission deadline for all UG applicants for the admission of Fall 2018 is January 16, 2018 5:00 pm (Pakistan Standard time).

No, there is no minimum score required for SAT I/SAT II.

Best score of a single attempt will be considered for application evaluation.

In addition to New SAT (with Essay), subject knowledge in the area of Biology, Physics, Advanced Mathematics & Chemistry will also be evaluated through this test. Questions are designed to explore knowledge and skills acquired over a period of time. The test is designed to compare candidates with different academic backgrounds.

Difficulty Level: Admission Test is designed to determine the intellectual abilities of test takers. Questions will be at a difficulty level appropriate for students in the final year of A’ Levels/FSc./IB/HSD. They are typically Multiple Choice Questions (MCQs), similar to the pattern used in SAT. LUMS SBASSE Subject Test is approximately two (2) hours long. Calculators are not allowed during Admission Test.

LUMS reserves the right to use any test pattern that best meets its admission’s objectives. Instead of preparing for the test, we recommend getting a deep knowledge of fundamental principles and focusing on a good understanding of your school subjects.

The SBASSE Subject Test Registration can be done through the LUMS online application system at: http://admissions.lums.edu.pk on or before January 16, 2018, 5:00 pm (Pakistan Standard Time).

Note: The SBASSE Admission Test for admission to the Fall 2018 semester will be held ONLY ONCE on February 11, 2018.

After the successful submission of the online application form through the LUMS Online account on or before the application submission deadline, applicants will be able to print a system generated Application Processing and LUMS Test Registration (if applicable) Fee payment voucher. For further details regarding Fee payment options Click here

In cash, the next day by presenting the payment voucher along with the requisite amount at any Allied Bank branch throughout Pakistan.

Test Registration Cards will not be mailed. Test cards will be available within the application in printable form starting February 02, 2018.

Test cards will be available within the application in printable form starting February 02, 2018. If any applicant is unable to view his/her Test Registration Card despite completing all the requirements then he/she can write to us at helpdeskao@lums.edu.pk

No. LUMS does not accept results of the ACT.

Test Centre can only be changed in special circumstances (provided a reason) and the applicant must inform the Admission Office latest by January 23, 2018. No request later than the specified date will be entertained.

Applications submitted after the deadlines are not accepted.

It is highly recommended to fill out the application form carefully. Changes cannot be made after the submission of online application. In sheer need an applicant can send the updated information to helpdeskao@lums.edu.pk with the specific header "Change in Application Form".

The admission process is a well deliberated and thorough process. Each year we receive a large number of outstanding applications. Unfortunately, all of them do not qualify because of the limited number of available seats. The decision regarding admission is final.

If your application is unsuccessful you will also receive a letter informing you of this. Due to the volume of applications the University receive, it is not possible to provide feedback on unsuccessful applications.

A mailing label has especially been designed for your convenience as it bears not only your name, tracking/application ID, schools applied to but also a complete address for correspondence. After the successful submission of your application form you will be able to print the mailing label. The LUMS Admissions Office will only accept a package that contains the “Mailing Label”.