Skills Required in Accounting Role

Introduction

Chartered accountants have long piqued my interest. In addition, I have always wanted a job that would allow me to enter the economic world, which is currently confronted with several difficulties. In addition, I have learned that accounting and finance are essential pillars of a successful business and today's society. At the same time, I have come to realize that technical skills, once viewed by many accounting graduates as essential to a successful career, are no longer in demand. Recent research shows that technical skills alone are no longer sufficient for accounting graduates, and many employers in the field of accounting place a higher value on generic skills than technical skills when hiring new employees (Abayadeera & Watty, 2016; Anis, 2017). According to research, there is a huge skill gap between what students learn in accounting school and what employers want from their employees. According to accounting graduates, employers place a low value on generic skills, which are not adequately taught or developed in the accounting curriculum (Robles, 2012). Generic skills can be used in various jobs, while technical skills are limited to a single job function. In this paper, I will demonstrate how my studies in accounting degree have allowed me to develop generic skills sought by employers in the financial accounting sector.

Generic and Professional Skills in Financial Accounting

Analytical and critical skills are used to solve problems analytically or logically. To see and solve complex problems while making informed decisions. Employers seek candidates who can weigh the pros and cons of their choices (Abayadeera & Watty, 2016; Anis, 2017). For example, even a pro at spreadsheets and data manipulation may struggle to determine whether the data presented is reasonable or realistic. Auditors should review a company's data to ensure the financial statements are accurate.

As the business environment becomes more complex, more companies seek employees who can collaborate well. To achieve a common goal, each team member must own their part of the process. To achieve a common goal, teamwork and 'individual' skills are required (Daff et al., 2012; Crawford et al., 2011). Tasks, client evaluations, and financial reporting and analysis all require teamwork.

Listening skills are the ability to hear, understand, and interpret information. Accounting graduates must be able to listen carefully and respond appropriately (Atanasovski et al., 2019).

Employers in financial accounting also seek candidates who can think critically. Critical thinking involves synthesizing, analyzing, and evaluating arguments and evidence (Atanasovski et al., 2019). They should be able to judge an opinion's strength or weight. This includes the ability to make logical decisions.

The interaction between information providers and consumers makes effective communication critical in the accounting profession. In accounting, it is crucial to collect data, process it, and then communicate the results (Durrani & Tariq, 2012; Gray & Murray, 2011). Previous research shows that accounting graduates have no trouble communicating their work early in their careers. Oral and written communication, including speeches and memos, can be effective for a variety of audiences. To avoid errors, accountants who are good communicators should also be good listeners. For example, misinterpreted messages will not be correctly transmitted. Firms believe that strong problem-solving skills are essential to long-term success.

It is also important to be organized at work. Accountants must be organized when dealing with multiple clients, deadlines, and reporting requirements (Jones, 2014; Stone & Lightbody, 2012). Disorganized accountants will struggle to keep up with all the paperwork required to complete their assignments. Meeting deadlines involves organization. He advises aspiring accountants to develop their organizational skills first.

Time management is also required in financial accounting. Many accountants have multiple tasks going at once. Accountants can meet deadlines and deliver high-quality results because they can multitask and manage their time effectively. Accounting careers require excellent time management skills (Klibi & Oussii, 2013). Competent accountants can work on multiple projects simultaneously and meet deadlines. This quality is critical during tax season, when many accountants are overwhelmed with clients and deadlines.

Learning Outcomes Essential for Developing Generic Skills

My financial accounting modules taught me teamwork. One of the learning outcomes of Introduction to Accounting was the ability to work effectively in a team. Throughout our collaboration, I have demonstrated my reliability by completing my work on time and as instructed. Working in a group requires communication to avoid conflicts. For example, instead of disagreeing, we expressed our views and came to a consensus. This task taught me that combining individual strengths improves productivity and quality of work. Also, during Auditing Practice, I got to examine a company's financial statements with other students. Working on the project taught me how to interact with and support my teammates. We collaborated, communicated effectively, and supported each other throughout the process. For example, I helped others on the team who were struggling to finish tasks. Despite our varying responsibilities, we worked well together and showed mutual respect and consideration. These assignments taught me how to work in a group and how essential teamwork is.

After completing Auditing Theory, financial accounting, and reporting, my analytical and critical thinking skills grew. Auditing is complex, so auditors must be able to evaluate evidence and draw logical conclusions critically. These modules have improved my understanding of how to assess arguments and evidence in auditing. These modules help students understand what's really at stake – role issues, where auditors check financial statements, but management prepares them for submission. Understanding the criticisms of auditing regulation has also enabled the critical evaluation of contemporary auditing theories and empirical evidence. This experience has given me the ability to evaluate ideas professionally and make rational decisions based on the data I have gathered. This assignment also taught me how to assess a point of view's strength or significance. I also learned that to make a convincing argument; I need to provide evidence and reasoning. That only logical and reasonable judgments can be accepted as arguments.

During the essential information skills module, we had to conduct research and present our findings. To complete this task, we met in a three-person small group. This exercise helped me improve my communication skills, which are essential in accounting. We were also asked to analyze articles by the lecturer. Accounting technical language and practices are among the outcomes of the course. Developing a questioning mindset will help students keep their knowledge current. Nonetheless, this training improved written and oral communication skills.

Generic Skills and Accounting Degree

For a long time, there has been discussion about integrating general and professional skills into college curricula. Skills are necessary for both lifelong learning and the ability to find work after graduation. Employers seek candidates with strong communication, analytical, and teamwork skills. The university has enabled me to develop generic skills necessary in the accounting profession through many tasks and learning modules. However, I believe that is not enough, and these skills should be included as learning modules.

Conclusion

To summarize, accounting graduates need more generic skills than technical skills to be successful in their careers. This is because employers prefer graduates with generic skills over those with technical skills. These skills are transferable, thus making an individual an all-around professional who can handle different tasks and switch from one job to another within an organization. Accounting skills include analytical, listening, teamwork, critical thinking, and communication skills. This reflective statement has allowed me to reflect on topics from the entire course and other areas. I believe that the modules I have taken have benefited me in terms of what I have learned. It promotes communication, analytical skills, teamwork, and critical thinking. This is what employers want in a candidate. Currently, I feel very knowledgeable about the information I researched for these modules. Case studies, group learning, and tasks designed to improve communication and presentation skills can help prepare accounting graduates for future employment.

Dig deeper into Significance of Marriage in Christian Teachings with our selection of articles.

Reflection

Abayadeera, N. and Watty, K., 2016. Generic skills in accounting education in a developing country: exploratory evidence from Sri Lanka. Asian Review of Accounting.

Atanasovski, A., Trpeska, M. and Lazarevska, Z.B., 2019. Accounting students' and employers' perceptions on employability skills in the SEE country. European Financial and Accounting Journal, 13(3), pp.55-72.

Anis, A. 2017. Auditors’ and accounting educators’ perceptions of accounting education gaps and audit quality in Egypt. Journal of Accounting in Emerging Economies.

Crawford, L., Helliar, C. and Monk, E.A., 2011. Generic skills in audit education. Accounting Education: an international journal, 20(2), pp.115-131.

Daff, L., De Lange, P. and Jackling, B., 2012. A comparison of generic skills and emotional intelligence in accounting education. Issues in Accounting Education, 27(3), pp.627-645.

Durrani, N. and Tariq, V.N., 2012. The role of numeracy skills in graduate employability. Education+ Training.

Gray, F.E. and Murray, N., 2011. ‘A distinguishing factor’: oral communication skills in new accountancy graduates. Accounting Education, 20(3), pp.275-294.

Jones, R., 2014. Bridging the gap: Engaging in scholarship with accountancy employers to enhance understanding of skills development and employability. Accounting Education, 23(6), pp.527-541.

Klibi, M.F. and Oussii, A.A., 2013. Skills and attributes needed for success in accounting career: Do employers' expectations fit with students' perceptions? Evidence from Tunisia. International Journal of Business and management, 8(8), p.118.

Stone, G. and Lightbody, M., 2012. The nature and significance of listening skills in accounting practice. Accounting Education, 21(4), pp.363-384.

Robles, M.M., 2012. Executive perceptions of the top 10 soft skills needed in today’s workplace. Business communication quarterly, 75(4), pp.453-465.