Learning and Development Plan for Financial Accounting Career

This article discusses the Learning and Development Plan for Financial Accounting Career. It covers the impact of megatrends and challenges on financial accounting and management of finances. It explores personal goals, ethics, and professional values in financial accounting. The article is relevant to students pursuing financial accounting courses in colleges and universities.

Running head: LEARNING AND DEVELOPMENT PLAN 1
Learning and Development Plan
Student’s Name
Institution Affiliations

LEARNING AND DEVELOPMENT PLAN 2
Table of Contents
Introduction...........................................................................................................................................3
Megatrends and Challenges...................................................................................................................3
Personal Goals.......................................................................................................................................9
Ethics and Professional Values............................................................................................................10
Competency Assessment.....................................................................................................................11
Improvements..................................................................................................................................12
Strengths and weakness Analysis........................................................................................................13
References...........................................................................................................................................15

LEARNING AND DEVELOPMENT PLAN 3
Introduction
My name is XXXXXX, of age twenty years old. Since my childhood, I have desired
that when I grow up, I would like to become a financial accountant in one of the big
companies in the country like HBH Billiton Company. As a result, I have had a strong
interest in financial analysis and interpretation. My primary reason getting in love with
financial accounting is because all business activities involves fiancé to realize their
requirements in the economic setting. Therefore, after completing my high school level
education, I decided to take a course in financial accounting to enable me understand the
diferent roles played by financial accountanting in organizations. Accordingly, I believe that
by pursuing this highly competitive course I will be in a better position to make my dream a
reality. Thus, I have been able to learn the different financial accounting theories in my
academic journey. Consequently, financial accounting roles has helped me in several ways
because I am now conversant with the different financial functionalities that a financial
accountant can apply to see to it that they attain the desired company financial objectives
(Hoskin, Fizzell, & Cherry, 2014). Certainly, in the course of learning, I have come to
understand that financial accounting calls for one to be highly conversant with different tasks
financial accounting within an organization. Indeed, financial accounting demands that one
should be familiar with financial analysis and planning. Financial accounting helps
companies to plan their business operations. Therefore, financial accounting work to ensure
that a company’s business operation are under control by directing the flow of money hence
giving direction to the business. I have also gained greatly through my academic internship
where I was an intern in the Finance and Accounting department at Woolworths Company.
Thus, I have some experience regarding financial accounting. In the next five to come to I
expect to become working in a highly competitive company that will help me to realize my
dream to become a great financial manager in future.

LEARNING AND DEVELOPMENT PLAN 4
Megatrends and Challenges
With the advancement of technology in the 21st century, the technology has led to the
globalization of financial management techniques. There has been a swift integration of
organizations regarding how they carry out their financial operations, strategies as well as
processes because of the growth of diverse technologies, ideas, services in addition to
products. As a result of stressing on technology, globalization has greatly impacted on how
organizations manage their workforce. For that reason, being in a position to understand the
impact of globalization on financial management can play a vital role in aiding financial
managers to equip their companies for the intensely global business getting better.
Technology in the financial sector has been highly appreciated thus made become possible
for both big and small firms to use it in the analysis of their financial operations. Thus, as a
financial accounting manager, it is good to involve a company in this diversity recruitment to
acknowledge the value of having a workforce that its customers can interact with. Also,
diversity allows for a range of ideas to steer the company to success.
AMCRO-
ELEMENT
Explanation References
Political Politics influences affects the budget process of
a business in terms of how it accounts for its
activities as well as the project that the
company has to choose. The interference of
politics can lead to lack of accurate accounting
of finances of the business which hence lead to
the closure of the business (Hozic, & True,
2016). It is good for the accountants in a
Hozic, A. A., & True,
J. (Eds.).
(2016). Scandalous
economics: Gender
and the politics of
financial crises.
Oxford University
Press.

LEARNING AND DEVELOPMENT PLAN 5
business to be able to manage the business
finances well so that the can be able to account
for each and every single cent used either in the
external politics or internal politics.
Economic Countries accounting systems are classified
into four patterns: Macroeconomic pattern,
Microeconomic pattern, Independent discipline
pattern and Uniform accounting pattern. The
Macroeconomic pattern Business accounting is
tied to national economic policies, for example
Sweden, France, Germany. Goals of
Corporation follow rather than lead national
economic policies (Andon, Free, Jidin,
Monroe, & Turner, 2018). The Microeconomic
pattern Accounting is a branch of business
economics, like replacement‒value accounting
in Holland. Maintenance in real terms of
monetary capital invested in entities.
Andon, P., Free, C.,
Jidin, R., Monroe, G.
S., & Turner, M. J.
(2018). The impact of
financial incentives and
perceptions of
seriousness on
whistleblowing
intention. Journal of
Business
Ethics, 151(1), 165-
178.
Social The nation’s social setting plays a significant
part in the functioning of any business because
it determines the value system of any given
society. Accordingly, sociological aspects help
in the shaping of workgroups, the culture of
work as well as labor mobility thus it has a
major influence towards the business running
Lins, K. V., Servaes,
H., & Tamayo, A.
(2017). Social capital,
trust, and firm
performance: The
value of corporate
social responsibility

LEARNING AND DEVELOPMENT PLAN 6
especially in accounting for the business
finances (Lins, Servaes, & Tamayo, 2017).
These aspects consist of customs and
conventions, labor mobility, individual’s
perspective on scientific methodologies, and
income and wealth, cost structure and seniority
respect. All these elements have a major impact
on financial accounting of the business. For
instance, the number of people helps to
determine the amount of money that is to be set
aside for the production of the goods to be sold
to the people. On the other hand, this demands
in return are affected individuals’ customs,
attitude, as well as cultural values among
others.
during the financial
crisis. The Journal of
Finance, 72(4), 1785-
1824.
Technology The changing technology each and every day
has made the businesses to put aside more
capital to be used for financial advancements.
This has improved the financial accounting of
many businesses. Technology has a strong
impact to each aspect of peoples’ lives since it
has changed the manner in which people
interact with one another, how they partake
their day to day activities and how they conduct
business. It is indeed true beyond reasonable
Parker, L. D., &
Fleischman, R. K.
(2017). What is Past is
Prologue: Cost
Accounting in the
British Industrial
Revolution, 1760-1850.
Routledge.

LEARNING AND DEVELOPMENT PLAN 7
doubts that technology is the most convenient
tool to help in financial accounting of the
businesses. Currently, technology has been the
driving force behind the accounting of
finances. Technology has led to accounting for
finances that supports learning, change
diversity and communication. At the same
time, a majority of the successful financial
accountants globally are those who have
embraced technology. As a result, technology
plays a vital role in building teams, managing
employees as well as keeping track of work
across all departments within a company
(Parker, & Fleischman, 2017). Similarly, the
modern business setting is composed of linked
devices, secured cloud business in addition to
artificial intelligence which allows teams to
work collaboratively and more efficiently than
before. Additionally, technology enables
businesses to reach a wider market base. In this
sense, technology is helping to serve learners
across the globe as modern sources of
governance and power.
Demographic In the present world, the percentage of
racial/ethical minorities, as well as women in
Finkler, S. A., Smith,
D. L., Calabrese, T. D.,

LEARNING AND DEVELOPMENT PLAN 8
the workplace, has grown with the progressive
concern to integrate these groups into the
organizations mainstream. Therefore,
demographics has facilitated the need for
financial accountants to account for the
financial diversity in the place of work. As a
result to mage diversity demands for a variety
of financial accountants and the financial
practices that should target to uphold diversity
among employees, which support the company
towards success (Finkler, Smith, Calabrese, &
Purtell, 2016). The reason for supporting
diversity among the financial accountants is to
inspire mutually beneficial interests and
productivity among staff members. Also, it is a
show of value of the workforce that comes
from a range of backgrounds, skills set and
needs.
& Purtell, R. M.
(2016). Financial
management for
public, health, and not-
for-profit
organizations. CQ
Press.
Natural To some extent personal traits can play a major
part in an individual’s way to becoming a great
financial accountant. Nevertheless, the industry
training, knowledge and experience are key to
success.
Summary of the Megatrend Impact on my Career

LEARNING AND DEVELOPMENT PLAN 9
As a financial accountant, I have learned several of things from the above mega trend
factors when it comes to financial accounting and management of the accounted finances in
the real-time setting. First political aspect is a powerful tool to the accounting of finances in a
business. Therefore, as a financial accountant, the most significant things is to ensure that the
political climate within and outside the organization is positive and the only way to avoid
negative political effects is to prepare accurate financial reports on a regularly basis and
ensure the money is accounted for (Engel, 2016). Secondly, as a financial accountant, it is
important to account for resources needed in the business to enable the running of the
company. A company cannot run without money, thus as a financial accountant, it is
fundamental to embrace for financial support, and this support can only be found when a
company has a sound financial accounting in place. For a company to obtain capital from an
investors, it has to have a well-organized operational workforce which can only exist with
good accounting of the finances and financial practices.
Moreover, technology is vital for any company success; thus as an accountant, it
means that I will have to learn how to appreciate technology in my career development in
order to ensure security of the company’s money. Technology is the heart of every business
today. As result financial accountants are supposed to embrace technology since it helps to
connect all the business sections, which makes it easier to keep an eye on all the capital being
used in the company within a short period (Narayanaswamy, 2017). Similarly, as a financial
accountant, it is important to embrace and show respect to customers money, cultural values,
customs and believes since business depends on customers and not the vice versa. Lastly but
not least, to become successful in my career, I will have to embrace diversity since the
modern world is vastly diverse. That is to mean that I should start to support racial/ethical
factors and support for gender equality in the place of work. Diversity helps in the growth of
an organization since the business benefits from a wide spectrum of ideas from the diversified

LEARNING AND DEVELOPMENT PLAN
10
workforce. However, even though leadership can comes from an individual’s inborn traits
one has to be trained on the industrial knowledge regarding their career of specialization.
Personal Goals
Short term (within the next 12 months)
To accomplish a certified public accounting course so that I can become eligible for
involvement in complex business project practices. (Nonetheless, I agree that some of these
goals are likely to slip into the second year but not further than that.)
I will have to ensure that I have accountability for an important cross functional project in the
place of work.
Medium term goals (next 2-3 years)
To be awarded a task to lead as well as manage a small group of individuals in support of the
puzzling business tasks.
Take part in backing up certain operations of a cross serviceable project group that will
provide me with beneficial business exposure.
Long term goals (past 3 years)
Be in a position to gain promotion to the middle management in addition to gain back up
from colleagues as well as senior administrators.
To allocate with responsibility for controlling a bigger team of direct reports to several teams
that is working to become a Head of Department.
Ethics and Professional Values
With the modern vastly competitive business surrounding, project leaders and
managers are supposed to make sure that they observe and uphold all ethical factors in

LEARNING AND DEVELOPMENT PLAN
11
organizational functionalities. Through the strategic initiatives being executed in projects, it
has become imperative project managers ensure that these projects are ethically and
effectively managed (Renz, 2016). However, arriving at ethical decisions is not an easy task
because not all ethical dilemmas have a correct resolution. Nonetheless, leadership and ethics
all together can contribute to a moral dimension to the process of making decisions for any
company. At this age where the desire of all companies across the world is to become
successful ethical lapses have spread everywhere. Also, the failure by big companies has led
to ethics gaining more attention in the conducting of business. Thus, ethic is gaining a
comeback, which is shown by the increase in the number of both big and small enterprises
having a code of ethics and carrying out business by including ethics into companies’
employee training and orientation (Booth, 2018). Managers for organization are striving to
see to it that as business administrators they embrace a positive ethical workplace. Therefore,
for a business to become successful it is upon the organization manager to effectively and
efficiently apply ethical management standards by advocating and supporting the adoption of
ethics at each level of the business.
Ethics in the place of work. According to Shapiro, & Stefkovich, (2016) the scholars
notes that good ethics is god business. While ethics has been operation in the society for quite
some time, it is important to centre on ethics in the workplace. Companies that have well
established codes of ethics have been found to operate better always. Indeed, ethics allows
self-control on the side of the workforce. In this light, the code help in establishing a
powerful collective ethic that in return leads to improved services and products as well as
greater customer satisfaction. Therefore managers should enhance professionalism because
lack of professionalism gets comprised due to lack of upholding ethical standards within a
firm.

LEARNING AND DEVELOPMENT PLAN
12
Competency Assessment
SKILLS RANK
1 Analytical skills 7
2 Creative thinking skills 7
3 Critical thinking skills 6
4 Decision-making skills 6
5 Interpersonal skills (Talking, listening, networking, etc.) 5
6 Organising skills 7
7 Planning Skills 4
8 Problem-solving skills 6
9 Self-confidence 5
10 Teamwork 4
11 Technology (IT-computers) 5
12 Time management skills 3
13 Verbal communication skills 4
14 Written communication skills 6

LEARNING AND DEVELOPMENT PLAN
13
0
2
4
6
8
RANK
Improvements
Skills Deficiency Why Solution
1. Teamwork I am not good at making
networks with people
Learn how to my personal
interaction with other people
2. Planning I find it challenging to plan
for evets that have a longer
deadline.
I need to take additional
time planning a task
thoroughly before the actual
event date.
3. Time management At times I get late or take
extra time during meetings
Device a time schedule to
helps me allocate ample
time for every task.
Strengths and weakness Analysis
Strengths My basic skills in addition to personal administration
competencies are good and my comprehensive acquired
through pursuing a financial management course knowledge is

LEARNING AND DEVELOPMENT PLAN
14
generally sound for my job career.
I had a chance to lead a team during my internship course
where I displayed to be in position of outstanding clear
directive financial accounting skills to guide individuals to
attain certain tasks within a short span.
I have gained self-confidence from proving that I could cope
with the pressure of the leadership and management course. On
practical assessment I was found to having strong leadership
skills.
I am an eloquent and active listener to my audience
Weakness I am poor in terms of time management which at times result in
delays
I am not good in making networks

LEARNING AND DEVELOPMENT PLAN
15
References
Andon, P., Free, C., Jidin, R., Monroe, G. S., & Turner, M. J. (2018). The impact of financial
incentives and perceptions of seriousness on whistleblowing intention. Journal of
Business Ethics, 151(1), 165-178.
Booth, P. (2018). Management control in a voluntary organization: accounting and
accountants in organizational context. Routledge.
Engel, C. J. (2016). A Primer on the Accounting and Reporting Requirements for Not-for-
Profit Organizations. Journal of Public Management Research, 2(1), 14.
Finkler, S. A., Smith, D. L., Calabrese, T. D., & Purtell, R. M. (2016). Financial
management for public, health, and not-for-profit organizations. CQ Press.
Hoskin, R. E., Fizzell, M. R., & Cherry, D. C. (2014). Financial Accounting: a user
perspective. Wiley Global Education.
Hozic, A. A., & True, J. (Eds.). (2016). Scandalous economics: Gender and the politics of
financial crises. Oxford University Press.
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance:
The value of corporate social responsibility during the financial crisis. The Journal of
Finance, 72(4), 1785-1824.
Narayanaswamy, R. (2017). Financial Accounting: A Managerial Perspective. PHI Learning
Pvt. Ltd.
Parker, L. D., & Fleischman, R. K. (2017). What is Past is Prologue: Cost Accounting in the
British Industrial Revolution, 1760-1850. Routledge.

LEARNING AND DEVELOPMENT PLAN
16
Renz, D. O. (2016). The Jossey-Bass handbook of nonprofit leadership and management.
John Wiley & Sons.
Shapiro, J. P., & Stefkovich, J. A. (2016). Ethical leadership and decision making in
education: Applying theoretical perspectives to complex dilemmas. Routledge.