Professional skills for financial accounting

Subject: Financial Modelling Using Spread Sheets

Paper Model: APA

Paper Type: Assignment

Total Words: 2707

Document Outline

Introduction
Skills required by employers in financial accounting
Critical thinking
Communication skills
Leadership skills
Analytical skills
Technical skills
Problem solving and quantitative skill
My interpersonal skills
Recommendations
Conclusion
References


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Introduction

Interpersonal skills are important for every employer in today’s organization. These skills are required for interacting and communicating with each other in organization. People with high interpersonal skills tend to be more successful as compared to other. It helps to improve personal and professional life. Employers want employees with high interpersonal skills. They want that their employees should communicate in a team. Interpersonal skills are important for personal life also. In this report, it is discussed that what professional skills are required by employers from their employees with accounting degrees. Professional skills are important in financial accounting. It is not just related with accounting practices and procedures. For example, communication skill is one of important skill required by employers.

 It is required for better interaction and communication. Accounting education should provide importance to these skills due to their demand from employers. Critical thinking is another skill that is demanded by employers. They require that their employees should solve and identify problems. They should be able to evaluate problems. In this report, many professional skills are included. These are required by today’s employers in accounting. It is common phenomenon that accounting education is not building generic skills in students. Colleges and universities should focus on improving skills of students specially related with accounting courses. I included different skills from perspective of UK employers. They are demanding different skill from accounting students. Literature argued that employers are not providing satisfactory answers about their demand of skills. Few argued that accounting institutions are lagging behind in providing appropriate skills to their students.  They are saying that students are below their expectations.  Recommendations and conclusion are provided on basis of analysis.

Skills required by employers in financial accounting

Employers invest in form of employees and they want that their employees produce best results for them. It is only possible if employees are having required professional skills. Due to globalization and change in technology accounting professionals are facing new challenges. Due to increased competition of accounting firms, banks, financial companies, they are looking for better interpersonal skills. Employers are looking that their employees should provide competitive advantage in the form of these skills. Universities should professionally develop their students as per current standard of employers. Many studies analyzed skill required by employers. I also studied through literature that what skill are required by employers in this regard. Employers require communication, analytical, critical thinking, IT, intellectual, and quantitative analysis. Another research concluded that there are different employability skills required by employers like receiving and handling information, presentation and communication, problem solving, planning, interaction and social development. Institutions should provided importance to these skills. (Fallows and Steven, 2000)

Critical thinking

Author analyzed importance of critical thinking for employers. He said that due to advances in technology and competition, educational institutions has made changes in their style of education. Accounting educations is slowly improving its system. It is slowly getting towards new environment. He concluded that critical thinking is one of important skill that employers require from their accounting employees. Employers want that they should analyze problem in depth. They should be competent enough to make solution of particular problem. Critical thinking can be used in effective way within organization. He concluded that employers demand that their employees have ability to think effectively before making any final decision. Employees should have ability that how they can think in effective way. They should understand complex processes and meanings. They should apply these concepts on specific issues within organization. Author emphasized on importance of teach9ing critical thinking to students. He emphasized that accounting students should be familiarized with this concept. They should provide it as separate subject or in accordance with existing subject. He concluded that accounting educators should reduce it to basic skills and concepts. He highlighted importance of critical thinking for financial accounting.

Communication skills

Communication both oral and written is important from employer’s perspective. It is required by every employer that its employees should have communication skills. He said that importance of communication skill is also being felt due to diversified students in Universities and colleges. He emphasized on building and developing professional communication in these diversified students. He said that in U.K, there are number of universities and colleges working for enhancing English language along with accounting subjects. (Joyce et al., 2006)They are incorporating skills of language with accounting curriculum. He used examples of different accounting programs that are taught by different Universities. Literature focused on ways of developing language skills in students. Few argued that it could be developed with collaboration of English and Accounting instructor. It was argued by few authors that it could be developed by giving students written and oral assignments. (Hassall et al., 2000)Communication is important for employers because for better negotiation, better communication is required. It is important for everyone that it should analyze importance of communication in accounting courses. They should try to develop these skills in students.

Leadership skills

This is another interpersonal skills that are looking by employers in their employees. Hiring for finance and accounting jobs required leadership skills in applicant. This skill helps to improve their position in organization. Employers are judging these skills in interviews with applicants. They want that their employer should have enough skills to lead a team and make better decisions. Leadership skills help to improve position of organization in market. Leadership skills demand confidence and self-motivation from employees. These skills require that employees should be able to convert vision of company into goals. This skill is required for achieving goals of organization. Leadership skill can also be developed by hiring organization. It can train workers. (Ward, 2006)

Analytical skills

Analytical skills are other important skills. It is the ability to visualize both complicated and easy problems. It requires making good decision based on available information in situation. Accounting and finance jobs require thinking analytically. A finance manager should think analytically before making any decision related with investment and financing. Accountant should also analyze situation before allowing any expenses. He should provide recommendation based on correct information in financial statements. These are important skills in financial accounting. It is not single skill but a set of skills. Its demand is constantly increasing in today’s world. Employers want that their human capital should provide best solution on complex problems. Employees should think analytically before taking any action. Universities should understand this skill and try to develop in their accounting students. Good analytical skill requires good reporting, processing and problem solving.

Technical skills

Use of information technology has been increasing in today’s business environment. Author analyzed those skills should universities provide to students. It is analyzed in the article that what technical skills are demanding by employers from accounting professionals. It was concluded by researcher that accounting educators are not providing enough IT skills to their students. He emphasized on gap between expectation of accounting firms and skills learnt by students at college level. Business communities should decide their objectives. There is need of connection between universities as well as communities of business. Universities should understand demand of real world. They should focus on improving those professional skills. They should provide students knowledge of IT skills in accounting. It is important for processing and communicating information in organization. (Ambalavanan and Ponnan, 2014)

There is vital need of integration between accounting curriculum and IT skills. Traditional concept of science has been diminished in today’s world. Due to increased demand of globalization and competition, role of information technology has been increasing. Educational institutions should provide sufficient training and skills for making their students professional accountants. IT knowledge and skill is one of important skill required by employers from their accounting applicants. Universities should provide them valuable skills so that they can become competent in this world. He emphasized on changing need in educational systems.

It is demanded from institutions that they should produce employees with competencies demanded by organizations. They should not only focus on providing them accounting skills, but also other interpersonal skills. These skills help them to grow in any organization. It makes them more valuable. Environment at universities and colleges should access technologies and information. This environment should provide skills of creativity, communication, information access, critical thinking, interacti9ve multimedia, etc. it will help students to get jobs in good organizations otherwise, they will face difficulties in getting jobs. (Ahmed, 2003)

Problem solving and quantitative skill

It is required by institutions that they should prepare students as per their professional careers. In this research, author analyzed need of changing accounting educational standards. He argued that changing has been analyzed in different other subjects but accounting education has been changed little. There is need to change its structure for making students better professionals. It is argued by previous researchers that accounting students are week as per oral communication and skills of problem solving. It is addressed by other researchers that it can be happen that students who enter into this field are already week in these skills. It is presented in previous literature that colleges have failed to develop students with better problem solving skill. Accounting students are not competent enough to deal with complex problems. He analyzed anilities of students with the help of quantitative ability and problem solving questions. Accounting professional has claimed that accounting employees are week in problem solving and quantitative skills.

Other professionals argued that they are not as per their expectations and demand. Institutions should understand demand of current employers for making their students competitive. It was concluded from this research that when students entre into universities and colleges they have week skills. Problem does not end there. Universities and colleges can participate in increasing their skills. They can play their part in making them good employees. They can arrange different programs for them for enhancing their skills. It was concluded from another articles that employers are not satisfied with skill of accounting students. They argued that institutions should give emphasis on problem solving skill in development of their abilities. (Sneed and Mor gan, 1999).

My interpersonal skills

Accounting theory and practices increased my generic skills. It developed professional skills in me. I feel proud after getting this course. It not only enhanced my accounting concepts but helped me to develop other skills. From above discussed many skills demanded by U.K employers I selected three. I think that these skills are developed in me due to this course. Accounting modules helped me to be become competitive for workplace. I am not satisfied with my abilities. I am sure that I have those skills that are demanding by U.K employers from accounting students. First is communication skill. This skill is increased in me due to this module. Oral and written projects in theory helped me to develop this skill. My oral communication is increased due to presentations and assessments that I handled in this course. Written communication is increased due to different theoretical projects that were assigned during this phase. I can now communicate with different people in effective way. Communication with professors and other roommates gave me confidence and motivation. Another skill that I selected is problem solving. Accounting course increased this skill. It develop me ability to solve critical problem in effective way by using available information.

Problem solving is important skill demanded by employers in today’s environment.  They want that their employees should resolve complex problems in better way. Employees in the field of finance and accounting have to made different decisions on basis of these problem. This course helped me to become problem solver. I can now solve complex problems and provide alternative solutions for them. Another skill is critical thinking. This is developed with the help of different creative works that I performed during this module. As finance manager, I should make decisions on daily basis. He should be creative enough to deal with information. Creativity is required by employers in today’s world. It helps to make organization competitive.

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