MS Accounting alumnus completes FASB postgraduate program

By Katherine Paladino and Alexandra Richter

In January, Chris Chudyk, MS ’23, joined a select group of recent graduates to participate in the prestigious Financial Accounting Standards Board’s yearlong postgraduate technical assistant program. FASB, which establishes the financial accounting and reporting standards for firms that follow Generally Accepted Accounting Principles, offers this program to individuals pursuing a career in accounting.

Each year, the UB School of Management’s Department of Accounting and Law nominates one exceptionally qualified MS Accounting student for the program. Participants gain experience with the process of setting standards for accounting and financial reporting. Since 2012, nine School of Management students have participated in the highly selective national FASB and GASB (state and local government equivalent) programs.

“Our projects have profound impact across industries,” says Chudyk. “FASB directly affects the way practitioners are allowed to implement standards, how users view financial statements and how accounting standards are taught by universities.”

During his time in the program, Chudyk has worked on potential improvements to hedge accounting guidance, including issuing a proposed accounting standards update with his team. He has also served on the Emerging Issues Task Force committee. His day-to-day responsibilities include research, writing memos, working on codification amendments and supporting project managers.

Chudyk says current students should have an open mind about being a nominee even if they are unfamiliar with technical accounting and accounting research.

“After taking Professor Bartula’s accounting research class, I was prepared for the technical assistant program and had a solid foundation to understand the FASB’s Accounting Standards Codification,” he says.

FASB participants are highly sought after by Fortune 500 companies and major accounting firms, often working in national technical accounting or specialty practice areas. Chudyk plans to continue his career in technical accounting with Deloitte’s Accounting and Reporting Advisory practice following the program.