Suitability to the Accounting and Finance industry

Added on - 22 Mar 2021

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Assignment 1- A Reflection on mySuitability to the Accounting and Financeindustry.1.0 IntroductionThe purpose of this assignment is to reflect on my suitability to the accounting industry. I will analysethe skills required to be successful in the accounting and finance sector and compare my own skills,attributes, and career motivations with the industry. I will use Schoen’s model of reflection to helpme do this. Reflection can be described as a form of thinking or mental processing we use to achievea specific outcome or purpose, it is not an obvious decision and reflection can be based onknowledge, understanding and emotions (Moon, 1999). We all reflect naturally every day in ournormal lives on things that have happened, and why they happened, it’s a natural process(University of Birmingham, 2014). If you don’t reflect on an experience it may be quickly forgotten,or you may not learn from the experience (Gibbs, 1998, pg. 9).I researched the skills employers look for in the accounting industry and they included the ability tocommunicate, a high level of numeracy skills, knowledge of accounting standards, analytical skills,teamwork skills, self-motivation, ethics, and integrity (Half, 2018).2.0- Schoen’s model of reflectionSchoen’s model of reflection identifies the different questions you should ask yourself whenreflecting on an experience. These questions should be asked before an experience, during anexperience and after an experience in order to reflect effectively. In class we then completed taskslike the MBTI, Schein questionnaire and the Hogan and Champagne questionnaire. I am going toreflect on my findings which derived from completing the questionnaire.Referring to Schoen’s model of reflection, he says we should note our thoughts before theexperience and state what I think would happen and the challenges I thought would occur. When wewere told in class that the questionnaires would help identify things about ourselves I first thoughtthat a questionnaire couldn’t tell me about my key skills, attributes, or personality. I was verysceptical of the whole process and didn’t expect to gain much from the tasks as I already thought Iknew what my own skills and attributes were and that I knew better than the questionnaires.The first questionnaire we completed was the Schein questionnaire which identifies specific careeranchors we have. The results of the questionnaire indicated my top career anchors were Generalmanagement competence, Security and Stability competence, and technical and functionalcapabilities competence. When I reflected on this during the experience I was surprised that GeneralManagement was my highest career anchor because I was always under the assumption that Iwanted to be a specialist in the accounting field. I decided to do more reading about this to seewhat the general management competencies were and it said that it was people that don’t give up,want to be responsible and accountable for an organisation but aren’t motivated about being in aspecialist function. After the experience of the careers anchors questionnaire I reflected on theresults. I concluded that the questionnaire was truthful as I identified the desire for Security andStability in my job role as I did a lot of research into roles that weren’t terminated during a recessionand arrived at accounting because there was consistent growth in the sector. Technical and
functional competence skills I also identified with myself as I noticed I had a desire to learn morespecialist skills at a higher level, for example during my business degree I have learnt the basics ofaccounting, but I have developed the desire to learn more about this industry. However, I identifiedthat my high general management competency may not be a good fit for accounting as I would wantto be involved in the general running of a business rather than just the numbers and preparing offinancial statements, this raised some questions in my mind whether I was actually suited to anaccounting role or should I opt for a general management role.Before completing the survey of character strength, I predicted that my strengths were that I nevergave up and always stayed focused. Upon receiving the results of the survey of character strengthsmy top strength was industry diligence and perseverance which was what I thought it would be as Ialways want to finish assignments on time, although this could be an advantage when working to adeadline it may also be weakness because if I always want to finish the workload I have then I mayrush and miss things which could have bad consequences in accounting as mistakes can be verycostly. My other character strengths included self-control and regulation, bravery and valour andhope, optimism, and future mindedness. After receiving these results and reflecting on them Iagreed with them all and was not surprised by the results as these are character strengths I hadidentified within myself. I also think these skills would also be beneficial in the accounting industry asyou need self-control and future mindedness in the industry. However, I was disappointed that ‘loveof learning’ was not a character strength as this is something accountants must possess due to themneeding to learn new legislation and the studying they must do after work each night in preparationfor exams. This made me realise I may face problems when studying for accounting exams as I maystruggle to stay motivated having to study all night after work.Finally, we completed the MBTI questionnaire which measures psychological preferences on how wereceive the world and make decisions (Gregory, 2011). My personality types that were identified inthe questionnaire were Extraverted, Intuitive, Thinking and Judging. When the questionnaireproduced the results, I was shocked as I always identified myself as an introvert. After reflecting onbeing an extravert I saw there were advantages and disadvantages to this regarding the accountingindustry, being an extravert is good for communicating and giving presentations, however introvertsspend more time reflecting and thinking things through which is also beneficial in accountingbecause you can be isolated working by yourself. I may also find it a challenge if I must work aloneas I won’t get much social interaction however after putting some thought into this I decided thatI’m not a severe extravert as I’ve always felt like I am more of an introvert. After reflecting on beingintuitive and the accounting industry I also see advantages and drawbacks, I think that beingintuitive can be an advantage to the organisation because it helps you to look at the bigger pictureand anticipate the future however by being intuitive I lack sensing which can be more beneficial inaccounting because you focus on the facts, the present and are more realistic, sensing would alsoensure data is more accurate which is vital in accounting. I agreed with the results that I am more ofa thinker and judger as I like to think I apply logical reasoning and focus on tasks which I think isbeneficial in terms of getting things done. However, by being a thinker instead of a feeler it may beharder for me to develop relationship with clients which can be imperative in the accountingindustry.3 Outcome/reflectionAfter completing the questionnaires in class and receiving coaching I learnt a lot about myself. Iidentified both strengths and weaknesses in myself regarding my chosen industry which were notclear before. I identified that I may find it difficult to study for accounting exams due to me being anextravert and that I don’t have as much as a love for learning as I once thought. I will try to combat
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