During the COVID-19 pandemic, Assistant Professor Nargess Golshan was listening to a podcast in which a researcher was explaining how they could detect the coronavirus based on the sound of coughs. Golshan looked into their research further and noted that they were citing previous studies that detected depression based on vocal features.

“These models are becoming more accurate, but the idea goes back to the mid-1950s when people looked at speech for early signs of neurological diseases such as Parkinson’s or Alzheimer’s,” says Golshan. “The idea behind it comes from neuroscience. The brain regions that are responsible for speech are the same ones that get affected by depression and anxiety, so it might be possible to identify depression based on individuals’

speech.”

Past studies looked at words or pauses, which humans could easily detect, but starting in the 2010s, researchers began measuring features of human speech in milliseconds and with more detail than humans can hear.

When Golshan found that studies had shown that depression is more prevalent among executives than in the general population, she was motivated to do her own research.

“If we had a model that could predict depression, we could use it on CEO speech recordings during earnings conference calls,” says Golshan. “It was basically connecting the dots.”

Golshan and her colleague, Mark Cheng (PhD student at the University of Kentucky), developed a novel method to assess depression in CEOs by using machine learning models to analyze vocal acoustic features from CEO earnings calls. While other studies have looked at personality characteristics among CEOs, they are generally attempting to capture a characteristic that is relatively stable, such as narcissism or extroversion.

“Once you’re an extrovert, you don’t become an introvert,” says Golshan. “But depression can change from month to month. In psychology research, people are interested in how depression can affect decision making. In particular, depression affects people’s sensitivity to rewards and punishments.”

It also dawned on Golshan that these people are making decisions that not only affect themselves but also have implications for their companies, their employees, their boards of directors, their investors, and the broader economy.

This innovative approach, detailed in an article published in the Journal of Accounting Research, provides into a mental health issue that often remains hidden in high pressure executive roles. Their findings suggest that CEOs with higher levels of depression tend to

receive larger compensation packages, and more of their compensation is linked to performance. Additionally, depression is associated with a heightened turnover sensitivity to performance. The researchers revealed some demographic differences, finding that female and older CEOs are less depressed.

“At this point, these are merely relationships we’re observing. We have hypotheses of what the reasons might be, but we didn’t have the ability to test the mechanisms that might explain the relationships,” says Golshan. “Considering the widespread nature of depression among executives, additional studies are needed to understand contributing factors, how depression affects business decisions, and strategies for managing  depression in leadership roles.”

This research may drive corporate policies to provide stronger support systems for  executives, if they aren’t already in place. “It’s very likely that most executives will be dealing with depression at some point in their career or lifetime,” says Golshan, who hopes this research puts a spotlight on the stigma surrounding mental health issues. “We hope that by documenting this phenomenon, it will become easier for people to share when they are struggling.”

In recent years the profession has seen a decline in the number of accounting majors. At the same time, we are seeing an increase in the demands of those entering the profession due to the introduction of new technologies, the ever-changing regulatory landscape, and complexities of global/national business. In response to the shortage of CPAs, many state governments have begun introducing (and passing) new legislation providing a new path to licensure that would only require 120 credit hours. This new path is a substantial change to our profession, that just 25 years ago implemented a 150-hour requirement with the goal of increasing the overall knowledge and professionalism of those seeking CPA licensure. Accounting programs across the country are now re-evaluating what to do with their accounting curriculums, especially their Masters’ programs.

The good news is that 25 years ago the leadership of Kelley had the foresight to invest in two distinct programs focused on value creation: the 3/2 MBA and the Master of Professional Accountancy (now the M.S. in Accounting with Data and Analytics or MSADA). As enrollments are declining across the country, Graduate Accounting Programs is proud to see a significant increase in student enrollments for Fall 2025. The 3/2 MBA has an entering class of 75 and has been approved to expand to a 2-cohort model with the goal of further growth to meet the demands of our undergraduate student body. The MSADA program has gone from 36 students in Fall 2023 to expecting a Fall 2025 entering class of 65. Much of the success in numbers is attributed to our history, but also the collective efforts across the accounting department and the Kelley School of Business.

In July 2024, Graduate Accounting Programs hosted a 25^th Anniversary Celebration where alumni, faculty, and staff were invited back to campus to connect and reflect on the successes of the two-degree programs. During the gala, past Chairs reflected on the origins of the program and the continued evolution in curriculum to ensure we continue to produce students that are the next generational leaders of our profession. Inaugural chair, Professor John Hill recounted that when he was attending an early 1990s training event at Arthur Andersen in Chicago that professional leadership was discussing concerns they had with current staff and what was needed to be successful at that time. Specifically, graduates were expected to have advanced technical accounting knowledge, a broad-based business foundation (as opposed to accounting myopia), and strong professional/leadership skills. John Hill returned from this meeting and began working with the accounting department on what would become the blueprints of the 3/2 MBA and the MSADA programs.

In the early years of the 150-hour requirement, most universities offered master’s programs that were focused on a credential that would meet the minimum licensing requirements. IU was unique in that the focus was on two distinct, value-added programs. The 3/2 MBA was always different in that its focus was the integration of accounting and financial knowledge with the wholistic MBA curriculum. Early chairs John Hill and Dave Greene focused considerable time embedding experiential curriculum throughout the 3/2 MBA with a focus on “learning by doing” along with personal and professional transformation. Since then, more than 1,200 alums have gone on to considerable success across several business career paths with many changing career directions in a positive way over the years. What is special is seeing Dave Greene coordinate more than 1,400 hours of volunteer time from approximately 500 3/2 MBA alums and key stakeholders each year as they give back through career profile exercises, serving as heads-of-house at new student orientation, and engaging in interactive role-playing cases with the goal of enriching the educational experience of students in the program.

The MSADA program originally started off as a Master of Professional Accountancy (MPA) with a curriculum like other universities. However, in 2006 Jamie Pratt sought an opportunity to enhance the accounting curriculum to provide more technical expertise, elevating it to a true Master of Science. The degree further evolved in 2018 when Pat Hopkins had a vision to incorporate a four-course data analytics sequence and embed more technical analysis across the advance accounting curriculum. This change also resulted in the degree name being updated from MS in Accounting (MSA) to MS in Accounting with Data and Analytics (MSADA) and gaining STEM designation in late 2020. The program continued to evolve under Leslie Hodder’s leadership as she pushed for more rigor in the curriculum to enhance the students’ professional and technical knowledge. Specifically, she re-imagined the detecting earnings management course where students learn how to use real data and tools to detect accounting irregularities, which has applications in virtually every aspect of business.

While there are many valuable aspects of the degree programs, there are really two things that stand out as unique experiential learning features. First, the International Field Study in the 3/2 MBA program where students spend seven weeks abroad working with our corporate partners on defined projects. This transformational experience immerses students in the local culture as they learn how to navigate both the professional world and their personal lives. Second, the local field consulting projects that both 3/2 MBA and MSADA students participate in during the fall. This experiential learning initiative pairs GAP students with local Indiana businesses, NFPs, and government agencies with students providing solutions to real problems that will have a lasting impact. Both programs provide approximately $2 million of free consultative value with the latter having a profound impact on organizations that need the help in the state of Indiana. These efforts are not possible without the support of past faculty (Dave Greene, Terry Campbell and Jim Grandorf) as well as our most recent experiential learning leaders, Chris Cook and Brett Levitt.

When I was appointed as Chair of GAP in August 2023 a new focus was placed on marketing and messaging to ensure that students understand the value proposition of both the 3/2 MBA and MSADA programs. Much of the messaging is now focused on “it’s not if, but when” you get a master’s degree and ensuring that students think wholistically about their 40-year career path. Specific focus has also been placed on coordinating with the undergraduate accounting workshops with the idea of providing students with networking and support from A313, Introduction to Careers in Accounting, to the 3/2 MBA or MSADA.

The addition of the Accounting Certificate for non-Kelley majors is also providing a unique pathway for students to gain pre-requisite knowledge and then cap it off with the MSADA degree, opening a pathway to the accounting profession.

Finally, starting in 2025 MSADA students are now able to do an international immersion through the Kelley GLOBASE initiative where students provide consultative support to impoverished communities around the world. These new initiatives complement the rich tradition of value creation for the students in Graduate Accounting Programs. The idea is to be a part of the student’s education and career journey at Kelley, helping them realize their full potential. The growth in enrollments this past year suggests that while the credit hour requirements for CPA licensure are decreasing, the value proposition and opportunities at Kelley are on the rise, which will prepare the next generation of leaders in our profession.

Accounting and Assembly Hall. Aside from peanut butter and chocolate, can you conceive of a sweeter combination? This past spring, the Accounting Department hosted the first annual Kelley Accounting Student Recognition Dinner inside Assembly Hall. To be invited, a student had to have exhibited excellent performance in introductory accounting courses, including A306, A304, or the honors versions of those classes. The department assembled a list of students who performed what they deemed excellently in at least one of those classes and extended an invitation to the dinner.

The event was designed to recognize two sub-sets of students—1) those who are already accounting majors, and 2) those who have not yet decided to major in accounting.

“We wanted to encourage the first group and tell them that they did well in one of these courses and that they should feel proud. They are clearly on the right track with this accounting major because they are performing so well,” says Clinical Assistant Professor Sarah Judge. “We wanted to point out to the second group that they did really well in a class that not everyone can succeed in so perhaps they should consider adding accounting as a major because they might have an affinity toward it.”

Initially, the department extended 150 invitations. Students jumped at the chance to receive such an honor, and those 150 seats filled up within 30 minutes, so they added an additional 50 seats. On March 12, 200 students attended the inaugural dinner.

“Since my time at Kelley, I have appreciated the efforts Kelley puts into making communities that can connect with and learn from one another,” says sophomore Sammi Guse. “Through this dinner, Kelley created a space for students with similar career trajectories who can connect and rely on each other when things get confusing.”

She noted how four years of college fly by quickly, and in those four years students are faced with countless decisions to make.

“There can be a looming pressure to figure out exactly what you want to do so early in our lives,” says Guse.

The 2.5-hour event began with attendees filing into Assembly Hall to collect an official Kelley nametag—the same ones Kelley faculty wear.

“The professional nametags is a little keepsake of the evening that students can use for recruiting,” says Judge.

After mingling, students sat down at tables, each of which included a professional (e.g., someone from an accounting firm) as well as a faculty member or someone associated with the university. During the sit-down dinner, students engaged in conversation prompts as professionals discussed their journey in accounting and students introduced themselves to share their current major as well as future career goals.

The professional explained how accounting can algin with students’ aspirations, regardless of their intended career path.

“We wanted to address some common misconceptions about accounting and highlight the diverse opportunities available within the field so that even if students don’t think they want to be an accountant, they understood that what they learn as an accounting major can help them in a lot of different fields, particularly finance,” says Judge.

Other topics included the value of a double major in accounting, even if a student isn’t planning a traditional accounting career. Plus, they discussed the impact of AI and data analytics—how those technologies are used in accounting and what can be expected in the future.

Professors answered student questions about majoring in accounting, whether the questions had to do with the major, specifically, or, more broadly, a career in the field of accounting. In addition, they talked about networking, internships, and the CPA exam. After dinner Department Chair Sonja Rego spoke about  why the department wanted to host this event and how they hope to make it an annual affair. Then Josh Perry, formerly Executive Associate Dean for Academic Programs and now Executive Associate Dean for Graduate Education and Corporate Relations, spoke about the state of accounting and the benefits of pursuing a career in accounting.

To finish up the night, students were invited to go onto the floor of Assembly Hall for pictures. After the students left, the professionals took a short tour of Assembly Hall.

Guse always knew she wanted to pursue a career in accounting pathway, but having the opportunity to attend this dinner helped solidify her decision.

“It not only made it clear that my hard work was not going unnoticed, but it also allowed me to meet other students who had chosen this same pathway,” says Guse. “This event reaffirmed to me that Kelley cares about the accounting students and me as an individual in trying to connect me with professionals who are willing to help as well as peers with whom I can grow alongside.”

Sophomore Michael Feldman says the Student Recognition Dinner was valuable because it provided him the opportunity to meet his classmates who excelled in the various accounting courses, meet industry professionals, and listen to their insights on the industry.

“Accounting, as a whole, has seen a spike in demand, and listening to their perspectives on the markets and how we, as students, could have an impact on them was incredibly interesting,” says Feldman, who has always been set on pursuing accounting. Attending the Student Recognition Dinner, however, solidified his interests.

“Knowing I have the support of the faculty, my peers, and industry leaders further motivates me to push myself in all aspects of my life, academic or professional,” he says.

Data matters. That’s why Indiana University staff have always paid attention to an increase or decrease in enrollment and majors. Renee Rerko, Executive Director of Enrollment Management & Academic Planning, says that when data showed that accounting numbers were decreasing, people were concerned. Currently, however, concern is dissipating because the data now shows that there is a surge in interest in accounting credentials as well as increased enrollment in the accounting major.

“We were at 1,500 and now we’re at 1,900,” says Rerko, noting that when studying data, they never compare fall to spring but rather spring to spring. “So, 400 majors in a year is huge.”

That rise can be attributed to a number of factors, starting with an excellent faculty. Plus, the department has introduced the Accounting Workshops, including A313: Introduction to Careers in Accounting, which rose from 50 students in one semester to 220 students across four sections.

Another reason for the increased interest in accounting is that the department has identified both real and perceived barriers to majoring in accounting and has worked to remove those barriers.

“Kelley is so big that sometimes there are these urban legends that permeate the student body,” says Professor Bridget Stomberg. “One was that you couldn’t study abroad and major in accounting. That’s not true as roughly 40 to 50% of Kelley’s students study abroad.”

Changing from a three-semester sequential to a concurrent sequence makes it possible for a student to do both. While accounting majors still have to take 311, 312, and 450, if a student doesn’t get to 312 because they decided late, they could take that concurrently with 450.

“Even though few students are taking these two courses concurrently, it can be a two-semester sequence like most of our majors, and that’s making students feel this is more accomplishable in a timeframe that works well for them,” says Stomberg.

In addition, academic advisors are now being more transparent about the feasibility of double majoring in finance and accounting.

“Our academic advisors made it clear that when you do both, they highlight what students don’t need to take rather than outlining the extra things they do need to take,” says Stomberg. “That more positive spin makes it feel more attainable.”

Quite a few of Kelley’s students double major. In fact, the most popular combo right now is double majoring in Finance and Accounting with Business Analytics on the side (FAB). Students are made aware that such a path is possible without having to take extra time or give up their chosen electives.

IU’s Graduate Accounting Program (GAP) staff has done a tremendous job highlighting the benefits of getting a master’s degree in accounting as a continuation after earning their undergraduate degree.

“There are graduate opportunities that students can do here pretty seamlessly—particularly the 3/2 MBA program,” says Stomberg, noting that it’s another way for students who are quant or finance focused to get the supporting accounting skills that make them more marketable. The 3/2 program has experienced tremendous growth, especially this year.

“We’ve had one cohort as long as it’s been in existence, and we’re moving to two because we have reached a mass that’s significant,” says Rerko. “We’re seeing growth across all areas of accounting.”

Part of the reason for that growth is due to the department’s commitment to outreach. For instance, every fall they hold an Accounting Open House to attract students to the accounting major. The event, which includes faculty, advisors and career services as well as free food and games, is an opportunity for students to learn what careers they can pursue with an accounting major. In addition, the Accounting Department hosts A Seat at the Table where they invite students to interact in small groups with industry professionals.

There’s also the newly created Accounting Certificate Program, which gives more students the opportunity to learn about accounting. The impetus behind this certificate program came out of the Pathways Project for those students who didn’t get into Kelley but still want a pathway to business. Megan Ray, Director of Kelley Campus Partnerships, noted that while the Pathways Project works for most students, that’s not the case for accounting students.

Kelley had to develop a way to get those students the skills they needed to make them CPA ready.

“Students fall in love with IU’s community and then those who aren’t part of Kelley are put in this tough position of having to choose between leaving campus to become an accountant or stay here,” says Rerko. “This accounting certificate program offers the best of both worlds. They can stay at IU and have that great Big Ten residential experience while still pursuing their interest in accounting.”

The Accounting Certificate Program has proven to be popular. In the spring, it attracted 26 students across all majors. One was a student from the Jacobs School who received a scholarship for ballet. Despite her love of ballet, she’s planning to pursue a career in business, making the certificate program the perfect fit for her.

“She’s getting As in everything and doing amazing,” says Rerko.

“A handful of those 26 were never going to do Kelley, but after taking an accounting class, they liked the idea of doing this extra thing without having to immerse themselves fully in business,” says Stomberg.

In the past several years, the number of students who are pursuing direct admit to Kelley has been off the charts, but the admission requirements are high so the majority of them don’t get into Kelley through the standard admission process. Despite that hurdle, many of these students are still passionate about accounting, and this certificate program gives them a path to a possible career in accounting.

In August 2024, the Kelley School of Business created the Virtual Advanced Business Technologies (VBAT) Department as part of a schoolwide effort to infuse emerging technologies across the Kelley Curriculum. The Deans of the Kelley School developed VABT as a way to assist Kelley’s instructors in wisely adopting applications of advanced business technologies like generative AI and subsequent technologies in pedagogical design and course execution. In addition, VABT helps students learn the effective, valid, responsible, and ethical use of these technologies across Kelley’s curriculum.

According to Professor Brian Williams, Chairperson of the VBAT Department, reception to the department has been fantastic.

“We anticipated that between 12 and 15 faculty members would be affiliated with it, but as of January 2025, we are at 67 faculty members from both Kelley-Bloomington and Kelley-Indianapolis,” says Williams [could plug in more recent numbers prior to publication].”

All departments in Kelley are represented, which is fantastic for interdisciplinary technologies.

As VABT is designed to be multi-disciplinary and function across departments at Kelley, each one has a representative that serves on the advisory board. The members of the board, who provide guidance and suggestions, help design and support VABT initiatives and serve as a reference point for other faculty in their respective departments.

Will Demere, an Advisory Board Member representing the Accounting Department, currently teaches a course called Communicating Accounting Analytics where they discuss the role of analytics in accounting and work with various tools and technologies. One topic that particularly relates to VABT initiatives is generative AI.

“While most students are aware of this technology, they often do not have a deep understanding of how this technology has been developed and trained,” says Demere. “Further, they may not have experience with the limitations of generative AI models.”

In the course, Demere discusses situations in which using generative AI can increase efficiency and enable greater productivity. He also examines the limitations of these models and how they can produce erroneous output. He illustrates some of the limitations using examples relating to the course content.

“As these technologies become more widely adopted, it will be increasingly important for students to understand when generative AI can be beneficial and when it should be avoided,” says Demere, who emphasizes that evaluating content produced by generative AI models requires an existing degree of expertise related to that content. For this reason, having a strong academic and professional background will be needed to effectively utilize this technology.

“We are definitely all learning from one another,” says Williams, who notes that there are a number of remarkable things going on at Kelley. “In my role, I’m able to see things across the school that were not as visible to me previously. I’m continually amazed by the quality faculty members we have here who are doing incredible things.”

The VABT Department has three key initiatives. They include: 1) Sharing best practices with one another and helping to equip and upskill faculty, 2) Supporting existing departments as they consider and implement advanced technology, and 3) Supporting existing programs as they consider and implement advanced technology.

Williams predicts that within 2-3 years Gen AI will be integrated into the daily life of most business professionals, and he suspects it will greatly enhance the speed and effectiveness at which individuals who are skilled in the technology can achieve their goals.

“In some ways, this is already here,” says Williams. “A recent study using real-world workers found a 40% improvement from using Gen AI, and the tools are only continuing to improve. This is both exciting and scary.”

Kelly King, another member of the VBAT department, is excited about how the team works together to integrate artificial intelligence across all Kelley disciplines.

“AI is disrupting business and society at an unprecedented pace, far exceeding the adoption of the Internet in the 1990s,” says King, who is convinced that AI will have more impact on business and humanity than any invention in history.

“Our position as a world-class business school requires us to be first movers in adopting AI into our curriculum and research,” she says. “As educators, our new role is to develop AI-literate business leaders who can navigate and adapt to rapidly evolving new business models. The members of this department are the pioneers who will help shape the future of the Kelley School with AI technology.”

While it’s difficult to make predictions given the rapidly changing technological landscape, Demere believes the need for data literacy will become more acute as we continue to see the spread of generative AI and other new technologies.

“Understanding data will be an important factor in how effectively these technologies can be used and the extent to which they produce meaningful results,” says Demere. “This includes understanding the source of data and how the data were collected, measured, and aggregated, and being able to interpret the data in context.”

An important function of the VABT Department is to support and train faculty.

“Many of our recent events have focused on how faculty can effectively use new technologies in their teaching and research,” says Demere. “For example, some recent VABT sessions for VABT members have focused on content planning and creation and utilizing generative AI. We also share relevant news, resources, and examples within the VABT Department so that members can learn from one another.”

Accounting Professor Nargess Golshan is excited about some of the initiatives the VBAT department is working on, including a Kelley GPT. The problem with Chat GPT or any model owned by the corporate world is that they are open source and when you put in a prompt, it goes on open AI servers and becomes their data.

University information, such as student names and email addresses, must remain confidential. Anything that professors collect for a survey or experiment must not be part of public domain so having Kelley GPT with a Kelley server will be hugely beneficial.

If a professor wants to do research, AI owns their model and anyone running data on their servers gets charged for doing so. Doing a project of any large scale, in which large volumes of data is involved, could cost $10K, $20K, or up to $50K to run algorithms. Kelley GPT, however, will be free for faculty.

In addition, the Accounting Department organizes Friday brown bag lunches in which colleagues across Kelley from finance or marketing share how they are using AI in a teaching or research capacity. For example, one developed a Chat Bot for the class to save time.

“When you have thousands of students, you get so many emails every day,” says Nargess. “This Chat Bot will go through the syllabus and answer basic questions that get asked of professors all the time. I teach a technology related course so I’m hoping we can use some of these capabilities to show students how to work with these models.”