What skills and attributes does an accounting graduate need? Evidence from student perceptions and employer expectations

A REPORT ON

WHAT SKILLS AND ATTRIBUTES DOES AN ACCOUNTING GRADUATE NEED? EVIDENCE FROM STUDENT PERCEPTIONS AND EMPLOYER EXPECTATIONS

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PATUAKHALI SCIENCE AND TECHNOLOGY UNIVERSITY What skills and attributes does an accounting graduate need? Evidence from student perceptions and employer expectations

PREPARED FOR Page 2

MD. ZAKIR HOSEN Lecturer, Department of Accounting and Information System Faculty of Business Administration and Management

SUBMITTED BY Group: 01(Warrior) Level-4, Semester-I Faculty of Business Administration and Management

Name of the students Md. Kamruzzaman (L) Shuvradeb Barai

Reg. No.

Roll No.

00660

01

00668

09

Abu Zafour

00680

21

Sahana Parveen

00666

07

Nazmul Alam Siddiqui

00565

24

Course Title: Auditing Course Code: AIS 416 Date of Submission: May 28, 2009

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PATUAKHALI SCIENCE AND TECHNOLOGY UNIVERSITY

Letter of Transmittal

Date: May 28, 2009

To

MD. ZAKIR HOSEN Lecturer, Department of Accounting and Information System Faculty of Business Administration and Management

Subject: Letter of Transmittal

Dear Sir,

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Here is the report on “What skills and attributes does an accounting graduate need? Evidence form student perceptions and employer expectations” You asked us to prepare this report as a course requirement of Auditing.

This report focuses on the accounting graduate’s skill and attributes. We are proud of making this report. We have tried our level best to make the report informative and fruitful. For any classification we will be available and looking for such term paper in coming days. We will be happy to get such type of report further.

Sincerely Yours

Group: 01(Warrior) Level-4, Semester-1 Faculty of Business Administration and Management Patuakhali Science and Technology University

Letter of Authorization

Date: May 28, 2009

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To

MD. ZAKIR HOSEN Lecturer, Department of Accounting and Information System Faculty of Business Administration and Management

Subject: Declaration regarding the validity of the report

Dear Sir,

This is our truthful declaration that the “What skills and attributes does an accounting graduate need? Evidence form student perceptions and employer expectations” we have been prepared is not a copy of any report previously made by any other students.

We also express my honest confirmation in support of the fact that the said “Report” has neither been used before to fulfill any other course related purpose nor it will be submitted to any other person or authority in future. Page 6

Yours truly,

Group: 01(Warrior) Level-4, Semester-I Faculty of Business Administration and Management Patuakhali Science and Technology University

ACKNOWLEDGMENT

At first we desire to express our deepest sense of gratitude of almighty Allah. With profound regard we gratefully acknowledge our respected course teacher Md. Zakir Hosen, Lecturer, Department of Accounting and Information System, Faculty of Business Administration and Management for his generous help and support for preparing this report.

We like to give thanks especially to our Elder brother of 1 st Batch students, friends, the employers of two CA Firm- M.M.HOSSAIN & CO. and K.M. ALAM, KHALEQUE & CO. & many individuals, for their enthusiastic encouragements and helps during the preparation of this report and for their assistance in typing and proofreading this manuscript.

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EXECUTIVE SUMMARY

This report is an assigned job as a partial fulfillment of course requirement by honorable Course teacher Md. Zakir Hosen Lecturer, Department of Accounting & Information System, Faculty of Business Administration and Management, Patuakhali Science and Technology University. It is the optimum aggregated outcome of 5 pupils’ about “What skills and attributes does an accounting graduate need? Evidence form student perceptions and employer expectations” The view of this report is to find out what skills and attributes are basically needed for an accounting graduate to make his duty profissionaly in the practical job field. As well as we try to find out both personal and professional skills of the accountant through our report. We hope those focus point will help the person who want to become a successful accountant in his future life.

ABSTRACT In the last decade the development of appropriate skills and attributes in students set to enter the accounting profession has been the subject of many debates. It has been much debate between various stakeholders about the need for accounting graduates to Page 8

develop a broader set of skills to be able to pursue a career in the accounting profession. Accounting academics have a leading role to play in this process. This study investigates what attributes and skills are needed for a graduate accountant in respect of student perceptions and employer expectations. This study uses mixed methods to examine perceptions and expectations of two major stakeholders: students and employers. Findings indicate that students are becoming aware of employers expectations in terms of communication, analytical, professional and teamwork skills. Although employers are still expecting a good understanding of basic accounting skills and strong analytical skills, they are also requiring business awareness and knowledge in terms of the real world. Accounting academics perceive should be developed during an undergraduate course, and compares this to skills and attributes that they believe are being developed. Results reveal that there is a large discrepancy between the two. Reasons why this might be are discussed and insight into issues accounting educators must address if they are to deliver graduates with the skills and attributes required for a career in the accountancy profession now and in the future are highlighted.

INTRODUCTION An accountant is one who is responsible for reviewing, evaluating, analyzing, and verifying particular data or information. Accountants are most often employed in the Accounting or Financial fields, though other fields might also utilize Auditors. An Accountant might be responsible for examining a wide variety of data, facts and figures, and other information, toward providing verification and integrity of the business at hand. Some examples of accountants duties include: Verification of Payroll records, insurance claims and resolutions, Bank transactions, bookkeeping practices and figures, and other similar responsibilities. Accountant must be honest, trustworthy, organized, not afraid of details, statistics or numbers, and must be keenly involved in the business at hand, to ensure accuracy and integrity of the auditing process. Accountant must also be comfortable with Page 9

mathematics, statistical analysis, problem solving, and other similar disciplines and for acquiring those skill and attributes he directly need academic degree with relative experience. Some people who are into this profession have the tendency of not updating their skills. As the result they lack the skills required and are unable to match the competency of skilled workers. Hence, for an Accountant of any country of the world, it is important to hone up their skills regularly. So become a professional we need regularly update yourself.

LITERATURE REVIEW Accounting graduates require professional skills, they need to develop them while studying at university and that educators of future professional accountants should be committed to developing the relevant attributes identified as desirable for the professional practice of accounting suggested that ‘the strongest message that I can bring before you is to plead for stronger and more effective co-operation between academics and educators on the one hand and accountancy practitioners on the other. We use the term ‘accounting practitioners’ in the widest possible way to indicate all of those outside academia who are working in the field whether this be public practice, industry, commerce or the public sector.” To this end the role of the profession is to specify and communicate the skills and knowledge needed to be an accomplished practitioner and the responsibility for curriculum development and appropriate teaching methods rest primarily with the academic community. Quite simply the professionals need the intellectual and research abilities which the academics can bring to the table. Equally, the educators need the guidance of the profession in identifying the skills need the guidance of the profession in identifying the skills and knowledge needed to be an accomplished practitioner.

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Bricker (1993) traces the role of research in business education suggests that by the 1980s practical research was frowned upon in many accounting faculties. Most of the research was highly mathematical, used sophisticated statistics, and employed theories that were at times exotic and addressed issue of little concern to practitioners.

Many writers have reinforced the view that oral and written communication skills are considered to be the two most important skills. However, Mangum (1996) indicated that poor communication skills were among the top two greatest shortcomings of job candidates reported by employers. This was supported by Borzi and Mills 2001 who discovered a significant level of communication apprehension in upper level accounting students suggesting that changes to the manner in which this skill in particular is developed within the curriculum need to be addressed. In a study involving accounting academics Watty et al (2005) found evidence of recognition by academics of the growing importance of developing skills in addition to those of a strictly technical nature. Other studies have argued that accounting and business students must develop more than technical skills to succeed. Albrecht and Sack (2006), Herring and Williams (2007), Needles and Powers and Zeff all recommended abandoning a wholly procedural (technical) approach to financial accounting. Hunton argues that, since many traditional accounting tasks dealing with recording and processing of accounting transactions can be reliably automated, an accountant’s worth is now reflected in higherorder critical-thinking skills. Elliott and Jacobson suggest that accountants need education in complementary bodies of knowledge such as organizational behavior, issues in strategic management and measurement and analytical skills. Johnson & Johnson suggest that successful accountants in today’s business environment must possess a different skill set including interpersonal and communication skills, intellectual and creative problem- solving skills.

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METHODOLOGY

Sample We conducted a study involving data collection from accounting academics in our university. In our survey we selected academics for Page 12

students as well as the Charter Accountant’s Firm for employee as a sample. We carefully select 15 students of Patuakhali Science and Technology University of BBA as our Sample. We also select tow Charter Accountant Firm through convenience method form our country named- M.M.HOSSAIN & CO. and K.M. ALAM, KHALEQUE & CO.

We collect carefully 5 employers of those organizations and collect necessary data from them by using a common interview schedule’. We carefully analysis their primary data through tabulation, chart, graph etc. Our analysis data are given in the main body of the report through different table, chart, graph and their proper analysis.

Data Collection Data collection involved administration of a survey which was adapted both over students and employee. We collect data by using two way, firstly- primaray data and secondly the secondary data. We collect primary data by developing a interview schedule and secondary data are collected from CA Firms websites and other paper documents. In our survey we consider scale point for –

• Student’s perceptions about the value and relevance of accounting degree at their own universities is 1 for strongly disagree, 2 for disagree, 3 for partially agree, 4 for agree and 5 for strongly agree.

• Students and employers mean emphasis rating for skills: considered importance to career verses extend deliver is 1 for no priority, 2 for priority, 3 for top priority.

Processing and Tabulation of Data

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For achieving the objectives of the study processing and tabulation are necessary. All collected primary data for the present data for the present study were coded, tabulated, summarized and processed for analysis after collection of data form field level. The first step was taken to scrutinize the data of each and every schedule to find out any inconsistency or omission in the data collection and to avoid irrelevant information. After completing the pre-tabulating task, actual tabulation was stared. Processed data were transferred to a master sheet and compiled with a view of facilitating tabulation. Analysis of Data

The data were analyzed on the basis of the objectives of the study. In the present study tabular and descriptive techniques were mainly used for analysis of data. Tabulation techniques were applied with the help of average, percentage, standard deviation etc. to find out the meaningful results.

Limitations of the reports Since our study is based on both primary and secondary data, there is a possibility of getting fake information. If the surveyed personnel provide us with any fabricated information about their own opinion, then the report findings may be erroneous. Above all, this study is weak in some points. The notable ones are as under-

• The survey was conducted in a very short time so we were not able to collect more information. • Information’s are their own opinion, so there stay the chance of biasness. • All employees of the Farm and students are not considered in this report. Page 14

• The questionnaire contains some questions that, if answered properly, might damage the company’s image. In this type of questions, the respondents might provide generally acceptable answers. This risk was unavoidable. • Another

limitation

of

this

study

is

the

person’s

private

information were not disclosing some, data and information for obvious reasons, which could be very much useful. • Lack of experience in this field. • Lack of proper authority to conduct the interview program.

Development of Survey Questions This study addresses the following survey questions:

SQ1: Why study accountancy?

Importance of accountancy We live in an information age—a time of communication and immediate access to data, news, facts, and commentary. Information affects how we live, whom we associate with, and the opportunities we Page 15

have. To fully benefit from the available information, we need knowledge of the information system. An information system consists of the collecting, processing, and reporting of information to decision makers. Providing information about what businesses own, what they owe, and how they perform is an important aim of accounting. Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization’s business activities. Identifying business activities requires selecting transactions and events relevant to an organization. Examples are the sale of iPods by Apple and the receipt of ticket money by Ticketmaster. Recording business activities requires keeping a chronological log of transactions and events measured in dollars and classified and summarized in a useful format. Communicating business activities requires preparing accounting reports such as financial statements. It also requires analyzing and interpreting such reports. We must guard against a narrow view of accounting. The most common contact with accounting is through credit approvals, checking accounts, tax forms, and payroll. These experiences are limited and tend to focus on the recordkeeping parts of accounting. Recordkeeping or bookkeeping, is the recording of transactions and events, either manually or electronically. This is just one part of accounting. Accounting also identifies and communicates information on transactions and events, and it includes the crucial processes of analysis and interpretation. Technology is a key part of modern business and plays a major role in accounting. Technology reduces the time, effort, and cost of recordkeeping while improving clerical accuracy. Some small organizations continue to perform various accounting tasks manually, but even they are impacted by information technology. As technology has changed the way we store, process, and summarize masses of data, accounting has been freed to expand. Consulting, planning, and other financial services are now closely linked to accounting. These services require sorting through data, interpreting their meaning, identifying key factors, and analyzing their implications.

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Accounting is often called the language of business because all organizations set up an accounting information system to communicate data to help people make better decisions.

Users of Accounting Information External Users Lenders Shareholders Government Consumers group External auditors Customers Internal Users Managers Officers and directors Internal auditors Sales staff Budget officers Controllers

Internal Information Users Internal users of accounting information are those directly involved in managing and operating an organization. They use the information to help improve the efficiency and effectiveness of an organization. Managerial accounting is the area of accounting that serves the decision-making needs of internal users. Page 17

Internal reports are not subject to the same rules as external reports and instead of designed with the special needs of internal users in mind. There are several types of internal users, and many are managers of key operating activities.

Research and development managers need information about projected costs and revenues of any proposed changes in products and services. Purchasing managers need to know what, when, and how much to purchase. Human resource managers need information about employees’ payroll, benefits, performance, and compensation. Production managers depend on information to monitor costs and ensure quality.

Distribution managers need reports for timely, accurate, and efficient delivery of products and services. Marketing managers use reports about sales and costs to target consumers, set prices, and monitor consumer needs, tastes, and price concerns. Service managers require information on the costs and benefits of looking after products and services. Decisions of these and other internal users depend on accounting reports.

Both internal and external users rely on internal controls to monitor and control company activities. Internal controls are procedures set up to protect company property and equipment, ensure reliable accounting reports, promote efficiency, and encourage adherence to company policies. Examples are good records, physical controls (locks, passwords, guards), and independent reviews.

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Opportunities in Accounting Accounting information affects many aspects of our lives. When we earn money, pay taxes, invest savings, budget earnings, and plan for the future, we are influenced by accounting. Accounting has four broad areas of opportunities: financial, managerial, taxation, and accountingrelated. Exhibit 1.3 lists selected opportunities in each area. Opportunities in Accounting

Financial Preparation

Managerial

Taxation

General accounting

Analysis Auditing

Accounting related

Preparation

Ledger

Regulatory

Consultant s

Cost accounting

Planning

Budgeting

Investigatio ns

Traders

Consulting

Directors

Analysis Regulatory Planning

Internal auditing Page 19

Accounting Jobs by Area

Accounting specialists are highly regarded. Their professional standing often is denoted by a certificate. Certified public accountants (CPAs) must meet education and experience requirements, pass an examination, and exhibit ethical character. Many accounting specialists hold certificates in addition to or instead of the CPA. Two of the most common are the certificate in management accounting Page 20

(CMA) and the certified internal auditor (CIA). Employers also look for specialists with designations such as certified bookkeeper (CB), certified payroll professional (CPP), and personal financial specialist (PFS). Individuals with accounting knowledge are always in demand as they can help with financial analysis, strategic planning, e-commerce, product feasibility analysis, information technology, and financial management. Benefit packages can include flexible work schedules, telecommuting options, career path alternatives, casual work environments, extended vacation time, and child and elder care.

Demand for accounting specialists is boosting salaries. Reports average annual salaries for several accounting positions. Salary variation depends on location, company size, professional designation, experience, and other factors. For example, salaries for chief financial officers (CFO) range from under $75,000 to more than $1 million per year. Likewise, salaries for bookkeepers range from under $30,000 to more than $80,000.

Accounting Salaries for Selected Fields

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SQ2: What academic qualifications are needed for being an accounting graduate?

For being an accounting graduate may be required studying combined or double degrees or others significant degrees. In academic qualification may have BBA, MBA, CA, ACCA, CMA and so forth. CMA is a Certified Management Accountant. This is different from a Certified Public Accountant. A Certified Management Accountant is employed by a business firm or a not-for-profit organization, and deal with private accounting. A CMA can obtain employment by companies, government, and non-for-profit entities. A CMA can obtain employment as a Bookkeeper, Payroll Clerk, General Accountant, Budget Analyst, Cost Accountant, Internal Auditor, or Information Technology Auditor. These CMA careers have starting salaries ranging from $28,500 to $72,500, which is much higher than the salary range for CPAs. A Bookkeeper does not need to have any certification, and therefore does not have to be a CMA. A Payroll Clerk must have certification called Certified Payroll Professional, or CPP, but does not need to be a CMA. A general accountant or budget analyst may not be required to be a CMA, but many CMAs begin as a general accountant or budget analyst. A Cost accountant must be a CMA and be licensed by whatever state agency monitors and regulates accountancy in that state. An Internal auditor must be a CMA and have an additional certification as a certified internal auditor, or CIA. An Information technology auditor must be a CMA and also have certified information system auditor licensing, or CISA.

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SQ3: What Skills and attributes are required to become an Accountant? Skills and Attributes Required for Accountants The main job of an accountant is to do journal entries, maintain ledgers, carefully prepare profit and loss accounts and carefully tally the balance sheet of the company. But these days are expected to do bit more than usual. Now, an accountant job is to prepare financial statement that includes audits, reviews, compilations, agreed upon procedures, forecasts and projections, payroll tax preparation (monthly, quarterly and annually), financial statements (monthly, quarterly and annually), accounting systems evaluation, analysis and implementation. Seem to be a tough task. Well to make the job much simpler for Accountant, there is different software available in the market. So calculations have become bit simpler and faster too. If anyone has planned to be among the top Accountant, then it is suggested to learn. Side by they should have the following skills— Page 23

 Capabilities to study, evaluate, and interpret  Interest for mathematics  Good communication skills (both verbal and Written)  Have accounting software package knowledge Some people who are into this profession have the tendency of not updating their skills. As the result they lack the skills required and are unable to match the competency of skilled workers. Hence, for an Accountant, it is important to perfect up their skills regularly. With the advent of Internet, accountants try to keep complete transparency of the work they do and are in constant touch with the customer and provide them with competent services.

Mathematical aptitude and strong analytical skills top the list of must have attributes for an accountant. Certified public accountants will study high level math and statistics in addition to specific accounting skills. Sciences, while not directly applied in accounting, are required as well, and they complement the analytical thinking necessary in accounting. Accountants who aren't CPAs don't have to meet the same stringent educational requirements, but will likely study many of those same topics.

Accounting is an exceptionally time sensitive job that requires strong organizational skills and a talent for scheduling and multitasking. An accountant is at ease breaking large jobs into smaller tasks and completing them on schedule, or delegating them, so that deadlines are not missed. The ability to track several tasks simultaneously helps an accountant know when a project won't be completed on time, so that this can be communicated to the client.

Accountants are detail oriented. Small accounting errors such as the incorrect placement of a decimal point can result in big financial losses. Consequently, impatience and sloppiness have no place in accounting. Also, those who have a lot of trouble recognizing errors Page 24

while proof reading or checking columns of numbers could find themselves at a disadvantage.

Technology skills required for accounting include ability to use spreadsheet and database programs, and familiarity with common accounting software. Accountants must also keep abreast of the latest systems to track and share financial data within an office and also between corporate branches of larger companies. A successful accounting career depends upon interpersonal skills as well as technical expertise. Accounting tasks are often solitary, but they're usually part of a larger project that requires team work. The ability to communicate and cooperate effectively with coworkers and clients is what helps bring necessary data together to accomplish accounting tasks. Outside of work, an accountant needs to make an effort to network with colleagues and clients in social settings or recreational outings like business lunches or golf dates.

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SQ4: What Personal Skills or Qualities are needed to become an Accountant?

Several skills and attributes are required to become an accountant. The most significant skills and attributes are mentioned as follows—



Strong analytical and problem solving abilities



Good attention to detail

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Logical thought processes

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Mathematical and numeracy skills

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Good communication skills to be able to build rapport with clients/internal stakeholders

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Discretion with confidential information and

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The ability to keep up-to-date with an organization’ financial management policies as well as commonwealth and state laws.

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Leader and strong advocate of Finance

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Strong communicator with stakeholders from varied backgrounds

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Excellent team working skills

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Self starter with a willingness to learn and develop new skills

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Capable of offering effective challenge

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Appetite for tackling difficult problems and seeing through to resolution.

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Knowledge of the basic theories, principles, methods, and procedures of professional accounting



Knowledge of office methods and procedures Page 26



Knowledge of automated data processing systems



Ability to prepare complete and accurate accounting reports

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Ability to perform detailed work involving the application of accounting theory to routine accounting problems

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Ability to evaluate routine accounting problems and analyze and interpret less complex accounting records and reports

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Ability to perform detailed work involving written or numerical data and make arithmetical calculations rapidly and accurately

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Ability to operate office accounting machines and equipment

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Ability to work effectively with others

SQ5. What professional skills does employers expect that an accounting graduate to possess at entry level?

The literature highlights the facts that often employers and students have different perspective about the nature of the professional skills that are required for a successful accounting career. There are most important criteria used by employers for selecting accounting graduates are the graduates’ motivation or interest in the job, personal qualities and communication skills. However, accounting graduate perceive examination result to be the most important criterion used by employers followed by personal qualities and communication skills. Some qualities, skills and attributes are discussed as follows—

Self-Confidence and Self-Assurance

Several management accountants mentioned the confidence factor. “The entry-level people are not very assertive. They are so timid and scared,” observed a Hewlett-Packard accountant. An accountant at a Caterpillar production facility cited universities as the problem. “I think that schools could better pre-pare people for the work environment … Page 27

they have to teach students how to talk to people and not step on their feet.” One solution is to do things that generate self-confidence, such as getting a broader education or becoming involved in sports. Nevertheless, as time passes, confidence will increase. “Once they’ve been around for a couple of years they find out they were really pretty assertive all along,” said the Hewlett-Packard accountant. “The few who become real stars are the ones that have that assertiveness to disagree with their manager.”

Accounting Skills/the Basics

It may seem obvious, but management accountants should be grounded in both managerial and financial accounting. They also should take a few management courses to appreciate and relate to leaders. “The first piece of advice I would give them is to learn the basics,” another HP accountant said. “Be very competent in spreadsheets and decision tools, plus other things like OLAP and reporting products.”The same view was expressed at Abbott Labs. An accountant there advised students to ground themselves in their technical skills: Cost accounting, General accounting, and Financial statement analysis. He also urged students to take audit, cost accounting, and, if possible, operations classes. He noted the value of classes with teamwork and unstructured assignments. Those skills and the ability to find information will be handy in the business world.

Communication, Initiative, and Leadership

As fundamental as accounting skills are, they aren’t sufficient for success. “Leadership, initiative, communication skills. These are our Page 28

top three. If you don’t have these, you don’t have a place here at Caterpillar,” said one accountant. Indeed, at the company headquarters, some entry-level employees give presentations to group presidents after only three to six months. At the core of communication skills is the ability to take a complex subject, boil it down into easily understood language, and explain it to non accountants. Interpersonal skills are critical—you should be able to influence people and must be comfortable dealing with coworkers at different levels. After all, you aren’t always talking to a peer. To succeed, you need initiative. This means taking that extra step, asking a coworker or supervisor if they need help, making recommendations after you do the analysis on a problem, or finding alternatives and making recommendations to management. It means following through to complete the picture.

Critical Thinking For many companies, critical thinking and its corollary, creative problem solving, are key. Accountant should be able to step back and look at something “out of the box.” “The skills that I find the hardest to get in people are analytical thought processes and critical thinking,” said a Caterpillar management accountant. “Nine out of 10 people that I see coming here can be wizards at spreadsheets, can manipulate data effectively, but they aren’t very good at figuring out whether the in- formation in front of them is reasonable or realistic.

Accuracy Accuracy is crucial. An error in a calculation could amount to millions of dollars, which in turn could lead to an erroneous decision. A Boeing executive highlighted the difference between school and the work world: The real world “is not like a test where you turn it in and get 10 points off because you screwed up on a number. When anyone get into business and mess up numbers, the ramifications are a whole lot Page 29

bigger. It’s part of his job and his responsibility to check every number or to set up a system where he knows that the numbers are correct.” Other Advice to Students and Entry-Level Accountants

 Accept the idea that training and education are a lifelong process.  Be more IT/database knowledge.  Have a passion for the business. Don’t work for a company if you have no interest in what it does because you’re going to be required to strategically influence that business.  Understand that business is different overseas. Cultures are different, the way you do business is different, and markets are different.  Understand relationships between data and how systems work.  Be able to think logically. If you can do that, then you can learn almost anything fairly quickly because you won’t be memorizing.  Have a good business understanding. Be able to look at a business and really understand what drives it and what the key factors are those make it go well or not go well.  Be able to do projections, set goals, and determine a path to get to that goal.  Be able to work in a team environment.  Be able to apply what you learn.  Be mature. I don’t know if you can teach that, but with business comes a higher level of responsibility.  Develop computer skills.  Develop writing skills.  Be patient enough to work in a bureaucracy and impatient enough to be willing to change it.  Be willing to take risk—it’s the only way to grow.  Be willing to make mistakes, and don’t let them devastate you. Be smart enough not to make the same mistake twice.  Have a good idea of how a company runs.

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 Continually educate yourself, whether it’s formal or informal, taking additional courses or keeping current.  Have a process view, be very process focused, and look at things not just where finance starts and ends but as a whole.  Have high energy and a positive attitude. Be very proactive.  Have integrity. If you are going to become the confidant of the top management people, if you are going to be the advisor, they’ve got to trust you implicitly. We can compare undergraduates’ and employers’ perceptions of the importance of skills across five board areas –

 Interpersonal  Communication  Technical  Computer and  Business-economic skills

The students consistently ranked all areas higher in importance than their potential employers. In another study involving undergraduate business students and employers, and employers ranked verbal Routine and technical skills communication, problem solving, and listening skills as the top three general business skills, but for other skills there were clear differences. There are some generic skills in the core curriculum in design skills as representing the accounting; these factorsAnalytical/ have been identified skills that students perceived as being important to their careers, these factors are shown in the following figure. Appreciative skills

Personal skills

Interpersonal skills Page 31

Combined skills

Figure: Generic skills in the core curriculum in accounting SQ6. What professional skills are required for complete a standard unqualified audit report? An Auditor is one who is responsible for reviewing, evaluating, analyzing, and verifying particular data and information. Auditors are most often employed in the Accounting or Financial fields, though other fields might also utilize Auditors. An Auditor might be responsible for examining a wide variety of data, facts and figures, and other information, toward providing verification and integrity of the Page 32

business at hand. Some examples of Auditor duties include: Verification of Payroll records, insurance claims and resolutions, Bank transactions, bookkeeping practices and figures, and other similar responsibilities. Auditors must be honest, trustworthy, organized, not afraid of details, statistics or numbers, and must be keenly involved in the business at hand, to ensure accuracy and integrity of the auditing process. Auditors must also be comfortable with mathematics, statistical analysis, problem solving, and other similar disciplines.

Independence Objectivity Integrity Persistence

Proper planning and supervision Flexibility

Communication Skills

Skills and Attribut

Professional due care Confidentiality

Tactfulness

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Auditor should apply these attributes in order to: 1. Obtain and assess objective evidence fairly. 2. Remain true to the purpose of the audit without fear or favors. 3. Evaluate constantly the effects of audit observations and personal interactions during an audit. 4. Treat concerned personnel in a way that will best achieve the audit purpose. 5. Perform the audit process without deviating due to distraction. 6. Commit full attention and support to the audit process. 7. React effectively in stressful situations. 8. Arrive at generally acceptable conclusions based on audit observations. 9. Remain true a conclusion despite pressure to change that is not based on evidence.

SQ7. What are employer expectations about experience of an accounting graduate?

In the modern time the work of an accountant will be highly challenging, stretching and non-repetitive and, as such, it would be ideal for an individual who wished to build on their existing accounting experience on their professional job field for build a better future on accountants’ career. In the modern every professional job requires experience and without experience getting a job is critical. An account will not out of this condition they are also required experience when they are seeking for any professional job. When a student work in an audit firm as an Article student, he will gather vital accountancy experience form the firm. This experience will help them to become a successful auditor in his professional life. Page 34

Employer always expects that an experienced graduate always more skillful in checking evidence, adept in recording and mathematical calculation as well as in error correcting of a report. The experienced also take little time than an inexperienced graduate when they are in same work. So the experienced are always considered as the more qualified as inexperienced.

Survey Questions and Answer at a Glance

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Opinion Students Perceptions

Employers Perceptions

1. Importance of accounting To build career profession

on

accounting It is the language of business, because all organizations set up an accounting information system to Higher range of salaries is offered communicate data to help people with accountancy job make better decisions. Opportunity area very huge with— Primary importance: private, public, and not-for-profit organization Keeping permanent record, for preparing the appropriate financial statements including— balance sheet, income statement, cash flow statement, and equity statements. Secondary importance: Cost control, prevention of fraud, misappropriation, assessing the tax, and obtaining loan facility, Providing information about what businesses own, what they owe, and how they perform is an important aim of accounting. 2. What academic qualifications are needed for being an accounting graduate? BBA, MBA, CA, ACCA, CMA BBA, MBA, CA, ACCA, CMA

3. What Skills and attributes are required to become an Accountant? Academic degree it may graduate or postgraduate Depth accounting knowledge

be Academic degree it may graduate or postgraduate

be

Professional degree such as CA, ACCA, CMA etc.

Interest in accounting and good proficiency in mathematics Professional skills and attributes Experience

Page works 36

in

accounting

related

Survey Questions and Answers at a Glance (Continued) Opinion Students Perceptions

Employers Perceptions

4. What Personal Skills or Qualities are needed to become an Accountant? Strong analytical and problem solving Good attention to detail abilities Independency, integrity Independency, integrity Logical thought processes Good attention to detail Good communication skills to be Mathematical and numeracy skills able to build rapport with clients/internal stakeholders Computer literacy Excellent team working skills Knowledge about accounting software Capable of offering effective challenge

Interpersonal Ability

Communicating

Ability others

to

work

effectively

with

5. What professional skills does employers expect that an accounting graduate to possess at entry level? Self-Confidence and Self-Assurance

Self-Confidence and Self-Assurance

Accounting Skills/the Basics

Interpersonal

Communication, Leadership

Initiative,

and Communication, Leadership

Critical Thinking

Critical Thinking

Accuracy

Accuracy

Be more IT/database knowledge.

Technical Computer skills

and

Initiative,

and

Business-economic

Understand relationships between data and how systems work.

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Survey Questions and Answer at a Glance (Continued) Opinion Students Perceptions

Employers Perceptions

[[[[[[

6. What professional skills are required for complete a standard unqualified audit report? Independence

Proper planning and supervision

Objectivity

Persistence

Integrity

Tactfulness, Confidentiality

Flexibility

Professional due care

Adequate training

Knowledge control

Adequate proficiency

Competency gathering

about

on

internal

evidence

7. What are employer expectations about experience of an accounting graduate? Students looking for gathering accounting experience through internship in different organization and working CA firms as a article students

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Employers looking for experience graduate because they are more capable in their professional work such as recording, error checking evidence collecting and analysis activities rather than inexperienced.

Questions

Mean

SD

1. Intend to undertake postgraduate studies (MBA)

4.2

1.22

2. CA is more preferable than doing MBA

3.4

1.55

3. A core accounting major in strength of any business 4. Undertaking a dual degree academic (BBA, MBA) and professional degree (CA/ACCA) is very beneficial 5. Accounting and business education in Bangladesh today is keeping up what it actually occurring in the business environment

3.8

1.52

4.4

0.40

3.87

0.78

Table: 1 Student’s perceptions about the value and relevance of accounting degree at their own universities

Scale: Strongly disagree = 1, disagree = 2, agree = 3, partially agree = 4, strongly agree = 5.

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Student’s perceptions about the value and relevance of accounting degree at their own universities (Patuakhali Science and Technology University) are included in the Table-1. Here we represents two statistical measures for evaluation their perception about the value and relevance of accounting degree. Two statistical measures are mean and standard deviation. Students felt that Undertaking a dual degree academic (BBA, MBA) and professional degree (CA/ACCA) is very beneficial than any single degree which means is 4.40 and standard deviation is 0.40. Students indicated a greater preference for completing postgraduate degrees which mean is 4.2. Students felt that a core accounting major is strength of any business or commerce degree. Many students express their perception that CA is more preferable than doing MBA degree which means is 3.4. Standard deviation is 1.55, and some students think that MBA is preferable than CA. another answer arises from students that accounting and business education in Bangladesh today is keeping up what it actually occurring in the business environment which means is 3.87.

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Graph-1 In this graph we represent the student perception about the values and relevance of accounting degree. In this graph we symbolize the mean and standard deviation of several questions answered by the students. They highly emphasizes for attaining dual degree which consists of academic (BBA, MBA) and professional degree (CA/ACCA) is very beneficial than the single degree (in question-4). The reason behind that, in the present practical job field condition is very complex and thus the students now want to undertake more than one degree. Side by side they also like to emphasize the following subject matter sequentially - Intend to undertake postgraduate studies (MBA), accounting and business education in Bangladesh today is keeping up what it actually occurring in the business environment, a core accounting major in strength of any business, CA is more preferable than doing MBA.

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Table: 2 Student mean emphasis ratings for skills: importance to career versus extent delivered

Skills and Attributes

Consider Extent delivered/ Differences ed development between important column 1 and 2

Self motivated

2.47

2.00

0.47

Professional attitude

2.53

1.86

0.67

Oral communication

2.53

1.73

0.80

Decision making

2.26

2.00

0.26

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Computer skills/ literacy

2.20

1.73

0.47

Risk propensity

2.23

1.98

0.25

Project management

2.75

2.50

0.25

Risk analysis

2.83

2.33

0.50

Problem solving

2.47

2.00

0.47

Critical thinking

2.53

2.20

0.33

2.53

1.93

0.60

2.13

2.00

0.13

Teamwork

2.40

2.13

0.27

Written communication

1.93

1.73

0.20

Basic accounting skills

2.33

1.93

0.40

Business awareness and real life experience

2.67

2.33

0.34

Interpersonal skills facilitation skills

2.13

1.82

0.31

Continuous learning

2.80

2.27

0.53

Leadership

2.67

2.56

0.11

2.10

2.00

0.10

Analytical skills attributes Ethical awareness

Accounting knowledge

and

and

software

Students indicated that all of the listed skills and attributes in the table-2 are most important and continuous learning is rated most important to future careers. In this table -2 we considering two significant thingsconsidered important and extent delivered/developed. In this table we represent twenty principles skills and attributes and rate of these skills. In this table we assume that standard rate for no priority is one, priority is two and high priority is three. Here we calculate Mean of those two components and provide differences. Self-motivated, professional attitude, oral communication, decision making, computer literacy, problem solving, critical thinking, Page 44

analytical skills, teamwork are rated as the top skills. To add richness to the discussion and to reduce the complexity of the finding, further analysis of the data relating to the skills set was conducted. Students think that there are some skills which are less important in comparison to the above skills. Such as accounting software knowledge, Interpersonal skills and facilitation skills, written communication, Risk propensity, Computer skills/ literacy. But in overall all skills are important for an account graduate.

Page 45

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Table: 3 Employers mean emphasis ratings for skills and attributes: importance to their career

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In table-3 we represents employers mean emphasis ratings for skills and attributes: importance to their career. Here we focus several skills and attributes which are important for the accountant graduates whom are think by the employer. They provide strong emphasis on Skills and Attributes

Considered Important Average

SD

Self motivated

2.67

0.82

Professional attitude

2.33

0.73

Oral communication

2.80

0.51

Decision making

2.53

0.68

Computer skills/ literacy

2.40

0.76

Risk propensity

2.20

0.91

Project management

2.80

0.93

Risk analysis

2.56

0.59

Problem solving

2.33

0.52

Critical thinking

2.40

0.88

Analytical skills and attributes

2.46

0.55

Ethical awareness

2.67

0.56

Teamwork

2.73

0.38

Written communication

2.00

0.51

Basic accounting skills

2.67

0.63

Business awareness and real life experience Interpersonal skills and facilitation skills Continuous learning

2.60

0.78

2.20

0.44

2.87

0.39

Leadership

2.88

0.32

Accounting software knowledge

2.13

0.86

some

factors

like

–

Leadership, Page 48

Continuous

learning,

Project

management, Teamwork, Written communication, Basic accounting skills, Business awareness and real life experience etc. side they think the following factors are less significance when it affect the accountants skills and attributes- Accounting software knowledge, Risk propensity, Interpersonal skills and facilitation skills, Professional attitude, Problem solving, Critical thinking etc. but in overall all those factors are have significance influence on accounting graduates.

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Page 50

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Table: 4 Rankings for most important attributes and skills based on average scores by both students and employers

Page 52

In table -4 we represent the Rankings for most important attributes and skills based on average scores by both students and employers. It is acknowledge that the information presented in the present paper is Skills and Attributes

Overall ranking employers

Self motivated

Overall ranking students

5

6

Professional attitude

12

5

Oral communication

3

5

Decision making

8

9

Computer skills/ literacy

10

11

Risk propensity

13

10

Project management

3

3

Risk analysis

7

1

Problem solving

11

6

Critical thinking

10

5

Analytical skills and attributes

9

5

Ethical awareness

5

12

Teamwork

4

7

Written communication

4

14

Basic accounting skills

5

8

Business awareness and real life experience Interpersonal skills and facilitation skills

6

4

13

12

Continuous learning

2

2

Leadership

1

4

15

13

Accounting software knowledge

from an analysis of the notes and transcripts of interviews conducted Page 53

with persons from different employers. Interviews as used in these studies provide information on reported behavior, attitude and believes. When evaluated the data collected, it has to be remembered that data yielded by different techniques differ in kinds. Although most measurement in the behavioral sciences involved management error, judgments made by human are especially prone to error. To overcome this, a case has been made for the uses of aggregated data when they meet criteria inter rater agreement. Finally, the demographic data could have included information on prior life experiences that might have influenced respondent perception of the professional skill required.

Page 54

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Our Views As students of BBA we think that both academic and professional skills and attributes are truly necessary for our future career. Academic both undergraduate and postgraduate degrees helps us to know the basic knowledge about accounting. Without this basic knowledge it is impossible to develop ourselves for accounting graduates in future. Side by side professional skills and attributes are also necessary to perform our duties and responsibilities in the job areas/ field. Professional skills and an attributes includes adequate training, adequate proficiency, and professional due care, knowledge about internal control, and competency on evidence gathering.

Experience on accounting job is now the time demand for every accounting graduate. Reasons behind that now the job is too much complex and most of the organization require higher experience when staffing their employees. So in short we can conclude that both academic and professional degrees and related experience are required to become a successful accountant.

CONCLUSION Accounting is usually taken as one of the majors within the commerce degree. Though the importance of accounting and auditing in making activities transparent and corrupt free in the development process, it is difficult to gauge the extent of their application in a mixed economy like ours where enterprises are managed by private sector as well as the public sector. This role would offer the successful candidate an opportunity to work as an integral part of a relatively small professional Accounting team and thus get involved in a very wide range of financial activities. The work will be highly challenging, stretching and non-repetitive and, as such, it would be ideal for an individual who wished to build on their existing accounting experience Page 56

on their professional job field for build a better future on accountants’ career.

REFERENCES

• Loebbecke K. James & Arens Alvin A., Auditing : An Integrated Approach, Eight Edition, Prentice Hall International, Inc.,pp.75103 & 141-165.

• ACNielsen Research Services, 2008, Employer Satisfaction with Graduate Skills: Research Report, Evaluations and Investigations Programme Higher Education Division, DETYA.

• Accounting

Education

Change

Commission

(AECC),

2007.

Objectives of education for accountants: Position Statement No. 1, Issues in Accounting education 5(2), 307-312.

• Albrecht, W.S. and R.J. Sack, 2000, Accounting Education: Charting the Course through a Perilous, Accounting Education Series, 16, 1-72. Barrie S. 2008, A research-based approach to Page 57

generic graduate attributes policy, Higher Education Research and Development, 23, (3), 261-275.

• Bath, D., Smith, c., Stein S., & Swann, R. 2004, beyond mapping and embedding graduate attributes: Bringing together quality assurance and action learning to create a validated and living curriculum, Higher Education Research and Development, 23, (3), 313-328.

• Borzi, M.G. and T.H. Mills, 2009, Communication apprehension in upper level accounting students: An assessment of skill development, Journal of Education for Business, 76(4), 193-198.

• Boyce, G., S. Williams, A. Kelly, and H. Yee, 2009, Fostering deep and elaborative learning and generic (soft) skill development: The strategic use of case studies in accounting education, Accounting Education 10(1), 37-60.

• Braun, N.M., 2009, Critical Thinking in the Business Curriculum, Journal of Education for Business, Mar/Apr, 78 (4), 232-236.

• DeLange, P., B. Jackling, and A. Gut (2008). , Accounting Graduates’ Perceptions of Skills Emphasis in Australian Undergraduate Accounting Courses: An Investigation from 2 Victorian Universities, Accounting and Finance, 46.,365-386.

APPENDIX Department of Accounting and Information System Faculty of Business Administration and Management Page 58

Patuakhali Science and Technology University

An Interview Schedule on: What skills and attributes does an accounting graduate need? Evidence from student perceptions and employer expectations

Sample No: Name :

Sample type: …………………………………………………………………………… ……………………...

Address :

…………………………………………………………………………… ……………………... …………………………………………………………………………… ……………………... Contact No. …………………………………………………………………………… : ……………………... Sex …………………………………………………………………………… : ……………………... Age …………………………………………………………………………… : ……………………... Occupation …………………………………………………………………………… : ……………………... Designation …………………………………………………………………………… : ……………………... Educational …………………………………………………………………………… Qualification : ……………………...

Q: 1. Why study accountancy? …………………………………………………………………………………………… ……………………………….. …………………………………………………………………………………………… ……………………………….. …………………………………………………………………………………………… ……………………………….. Page 59

Q: 2. What academic qualifications are needed for being an accounting graduate? …………………………………………………………………………………………… ……………………………….. …………………………………………………………………………………………… ……………………………….. …………………………………………………………………………………………… ………………………………..

Q: 3. What Skills and attributes are required to become an Accountant? …………………………………………………………………………………………… ……………………………….. …………………………………………………………………………………………… ……………………………….. …………………………………………………………………………………………… ………………………………..

Q: 4. What Personal Skills or Qualities are needed to become an Accountant? …………………………………………………………………………………………… ……………………………….. …………………………………………………………………………………………… ……………………………….. …………………………………………………………………………………………… ……………………………......

Q: 5. What professional skills does employers expect that an accounting graduate to possess at entry level? …………………………………………………………………………………………… ……………………………….. Page 60

…………………………………………………………………………………………… ……………………………….. …………………………………………………………………………………………… ……………………………….. Q: 6. What professional skills are required for complete a standard unqualified audit report? …………………………………………………………………………………………… ………………..……………… …………………………………………………………………………………………… ……………………………….. …………………………………………………………………………………………… …………………………......... Q: 8. What are employer expectations about experience of an accounting graduate? …………………………………………………………………………………………… ……………………………….. …………………………………………………………………………………………… ……….……………….……… …………………………………………………………………………………………… ………………………………..

9. Table-1 Student’s perceptions about the value and relevance of accounting degree at their own universities Student Perceptions

Strongly Disagree (1)

Page 61

Disagree (2)

Partially Agree (3)

Agree (4)

Strongly Agree (5)

1. Intend to undertake postgraduate studies (MBA) 2. CA is more preferable than doing MBA 3. A core accounting major is strength of any business 4. Undertaking a dual degree academic (BBA, MBA) and professional degree (CA/ACCA) is very beneficial 5. Accounting and business education in Bangladesh today is keeping up what it actually occurring in the business environment

10. Table-2 Student mean emphasis ratings for skills: importance to career versus extent delivered Considered Important Skills

No Priority (1)

Priority (2)

Top Priority(3 )

Self motivated Professional attitude Oral communication Decision making Computer skills/ literacy Risk propensity Project management Risk analysis

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Extent Developed No Priority (1)

Priority (2)

Top Priority (3)

10. Table-2 (continued) Considered Important Skills

No Priority (1)

Priority (2)

Problem solving Critical thinking Analytical skills and attributes Ethical awareness Teamwork Written communication Basic accounting skills Business awareness and real life experience Interpersonal skills and facilitation skills Continuous learning Leadership Accounting software knowledge

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Top Priority(3 )

Extent Developed No Priority (1)

Priority (2)

Top Priority (3)

11. Table-3 Employers mean emphasis ratings for skills and attributes: importance to their career Skills

Considered Important No Priority Priority Top Priority

Self motivated Professional attitude Oral communication Decision making Computer skills/ literacy Risk propensity Project management Risk analysis Problem solving Critical thinking Analytical skills and attributes Ethical awareness Teamwork Written communication Basic accounting skills Business awareness and real life experience Interpersonal skills and Page 64

facilitation skills Continuous learning Leadership Accounting software knowledge Date:…………………… ……..........

Signature interviewer Name :

Page 65

of

the