Top Of The Class

AUTHOR: Chris Sheedy   DATE: 06.09.07   ISSUE 1, 2007

After the Australian journal, Accounting and Finance, published the results of a wide-ranging study that listed the global rankings of universities in the area of accounting research, Professor Wai Fong Chua says she was "pleasantly surprised" to see the University of New South Wales win the coveted title of world number one for the period 1998 to 2005.

The ranking confirms that the Australian School of Business contributes enormously to rigorous discussion about accounting issues on an international basis. Pictured here are Professors Wai Fong Chua, Roger Simnett (standing) and Ken Trotman.

Photo: Anthony Geernaert

"We'd done some internal benchmarking and were always aware that we were at the top of the rankings in Australia," says Professor Chua, Senior Associate Dean of the Australian School of Business. "But I suppose we didn't quite realise how well we compared globally. In a sense we feel like proud parents who bask in the reflected glory of talented colleagues."

Professor Chua has been at UNSW for over 20 years, and from 2001 to 2006 she was Head of the School of Accounting, a role now held by Professor Roger Simnett, who has also been with UNSW for over 20 years.

"Many benchmarking studies in accounting include only the elite five to seven accounting journals, which have a strong North American bias," Professor Simnett explains. "But this study covered a broader range of 24 international accounting journals from 1998 to 2005. These were still mainly North American, but included some from Europe and two from Asia-Pacific. It's a better study for benchmarking at an international level."

Professor Chua and Professor Simnett agree that recognition as one of the world's leading accounting research departments was partly a result of the strong, consistent and unambiguous policy of never sacrificing quality for quantity, whether it has been to do with staff, students, teaching or research.

"We've had very longstanding Heads of the School of Accounting, including Scientia Professor Ken Trotman, who have all had very similar visions for the School, including similar opinions about the people we hire, our emphasis on research, particular research areas and general strategies," Professor Chua says. "We also get on well with each other, which is actually very important. When we have an issue we talk it over and therefore we don’t polarise the School with unnecessary conflict.

"Despite occasional pressure on the School to increase quantity over quality for certain benchmarking exercises, we have never done so." Professor Simnett adds: "The School has always had a very strong research culture and this has continually attracted the brightest and the best staff and students, particularly research students. To be ranked number one in the world is testament to the significant contribution by many colleagues over an extended period of time."

Scientia Professor Ken Trotman, who has been with the School of Accounting for 33 years and was its head from 1992 until 2000, says his predecessor, the late Professor Bill Birkett, created the perfect culture in which research could flourish. "He set up great structures and made excellent hiring decisions by bringing in leading staff. We had very low turnover and all staff knew that research played a large role in their evaluation. The senior staff also invested a great deal of time mentoring younger staff."

The ranking confirms that the Australian School of Business is a highly respected participant in international discussions about accounting issues. The School is engaged in diverse debates and is well-connected to research networks in North America, Europe and Asia. This research engagement enables staff to be up-to-date in their teaching. It also enables them to serve the accounting profession and business generally in a more practical manner. Professor Roger Simnett, for example, is a member of the International Assurance Standards Setting Board and a number of staff within the School, such as Professors Stephen Taylor and Philip Brown, are involved with industry partners in highly innovative research that directly address business issues.

"What this recognition means is that we will continue to do what we've been doing for several decades – produce excellent research and teaching," Professor Chua says, concluding “it is important not to rest on our laurels but to continue to renew our thinking and strive for the best."

The Global Top 10 Rankings from Accounting and Finance according to a study of research articles appearing in 24 major international accounting and finance journals from 1998 to 2005. 1. University of New South Wales 2. University of Pennsylvania 3. University of Michigan 4. Cardiff University 5. University of Manchester 6. Stanford University 7. Georgia State University 8. University of Texas at Austin 9. University of Edinburgh 10. University of Chicago