Competencies and Capabilities Required for Accounting and Finance Graduates

Running head: ACCOUNTING AND FINANCE
Accounting and Finance
Name of the Student
Name of the University
Author’s Note

1ACCOUNTING AND FINANCE
Introduction
As stated by Accounting Education Change Commission, the teaching and learning
deficiency are often evident in the preparing the students for the various types of the accounting
norms in the 20th Century. The new millennium is particularly depicted with even broader
changes in the accounting practices. The various types of the approaches for the addressing the
deficiencies are presently focused on increasing the overall prospectus and emerging alternative
distribution strategies. These are further seen to be suggested with academia with addressing the
deficiencies related to broadening the curriculum and development of alternate delivery strategy
(Warwick and Howard 2015).
The essay has acknowledged the recent report published by Pathways Commission about
its concern. It has been often stated that accounting are discerned with absence the preparations
and skills that are essential for a thorough comprehension of the multifaceted and complex
environment of the accounting profession. As per the findings of the report it has been also stated
that though accounting technical skills and knowledge are an essential attribute for graduate
accounting and finance graduates, employers also seek for a range of other capabilities and
capabilities of accounting and finance graduates. The present study will identify and critically
evaluate the competencies and capabilities required for the finance and accounting graduates
(Stoner and Milner 2015).
Discussion
There has been large number of studies focused on the teaching and knowledge
shortcomings in accounting education however several universities are successful in developing
effective approaches to address the apprehensions raised. There are also several recommended
strategies developed for addressing the deficiencies to include more emphasis on the

2ACCOUNTING AND FINANCE
development of specialized capabilities and skills. Some of the previous literatures has been able
to suggest that most significant successful practice in the accountancy are inferred in the first
years after the graduation. The previous studies have further suggested that the accountancy
graduates employed in public practice are ranging from 3 to 5years post-graduation. The results
of the report have shown that the graduate feedback is able to provide a good insight in the areas
where further development is necessary (Sangster 2015).
It needs to be discerned that the situation in which the accountants work is increasingly
changing in nature and this is evident with the progress in the information technology and
globalization of the economies. In order to meet the different types of the challenges it is
necessary for the Universities accounting programmes for providing the graduates with robust
technical and essential skills required for gaining employment and make an immediate
contribution to a business. The reputation of the skills progress is further reflected with
“(IAESB)’s 2015 release of International Education Standard (IES) 3 Initial Professional
Development – Professional Skills”. The aforementioned education standard is often referred
with the level of the professional skill necessary to classify the competency in areas pertaining to
interpersonal, personal, intellectual, communication and organizational (Apostolou et al. 2015).
It needs to be further seen that there has been a considerable amount of literature
pertaining to the generic employability skills which are expected from the accounting graduates.
It needs to be also seen that most of the studies has been able to concentrate on the skills of the
employees which are viewed with employers, graduates and students as well as other
professional accounting bodies. There has been various number of accounting programmes
which has failed to meet the needs and expectations of the employers as the results were not in
agreement with the actual world. Implication for this is seen to be based on the various types of
the considerations which are based on the common employability skills expected from the

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accounting graduated (Blackmore, Gribble and Rahimi 2017). The significant amount of the
studies is further carried out as per the time period of last three years which is focused with the
importance of the various types of the skills incumbent among the employers, students or
graduates. There are also considerable number of studies which have been able to suggest about
the failure of the accounting program and needs of the employers. The overall findings of the
study have been able to suggest that there is a need of developing number of skills as per the
accounting curriculum (Rezaee, Lo Ha and Suen 2016).
Despite of the accord among the accounting academics the employability aids are needed
to be developed as per the assessment of the wide range of areas. The important constraint
associated to literature has been also able to suggest that there is inadequate time available to
assist the students in developing extensive series of employability skills. Leaving these
constraints, it needs to be seen that other factors such as insufficient expertise and lack of
capitals in assisting the students with development of their skills. It is also discussed in the by the
researchers that generic skills are developed suitably by workforce rather than the curriculum
which is taught in a university. It is also seen that in many cases it is not possible for the
employers, accounting educators to prioritize on the skills which is deemed to be useful in a
workplace (Gaviria, Arango and Valencia 2015).
Some of the previous finds of the literature review has also enumerated that the
employability skills are commonly identified to be generic skills, personal movable skills, soft
skills and qualities which are depicted to be applicable to both level and recognized employees.
In the mid-1980s there has been significant increase in the literature as per the employability
skills which has increased in New Zealand, Australia and other countries. This area is depicted to
be the main problem related to accounting particularly in Australia (Sharma and Kelly 2015). It
needs to be further discerned that there has been also a prolonged criticism for the accounting