Personal Insight Assessment Opportunities

This document provides an executive summary of the accounting industry and its demands for skills and knowledge. It includes an analysis of the individual's capabilities, industry requirements and trends, and a gap analysis. The document also discusses the importance of communication skills in the accounting industry and suggests ways to develop them.

MWL101 PERSONAL INSIGHT
ASSESSMENT 1 – MY
OPPORTUNITIES
T1 2019

Student Name:
Student ID:
Seminar Day and Time:
Seminar Leader:

Executive Summary
The accounting industry is a demanding industry which demands a lot of skills and
knowledge from its employees. It is evidently seen that in the capability analysis, there are
various capabilities like strong customer service, good with people and resilience is found to
be important. The requirement of development and the clarification of aspects have also been
clear in the report. The industry highlights the gap analysis, which shows the gap between the
available and required skills. It is seen that communication is critical skills which are to be
gained in order to be a part of the accounting industry.

Contents
Executive Summary 2
1. Introduction 4
2. My Capabilities 4
2a. My Professional Dashboard 4
2b. My Capabilities - Analysis 4
3. My Industry Requirements and Trends 4
3a. My Industry Dashboard 4
3b. My Industry Requirements and Trends - Analysis 4
4. My Gap Analysis 4
4a. My Gap Analysis Table 4
4b. My Gap Analysis 4
5. Conclusion 4
References List 5
Appendix 1: 6
Appendix 2: 7
Appendix 3: 8
Appendix 4: 9

1. Introduction
In the age of growing industries and professionalism, it is important to consider the standard
skills which an individual has, in accordance with the industrial demand. Skills not present or
which are to be fulfilled are also to be kept in mind. They will help an individual to identify
certain capabilities and certain shortcomings which will help people, build their based future
on which upcoming future developments. In this assessment, there will be evaluated over my
current capabilities and the current industrial requirements, based on which development of
skills will be done to match the industrial requirements. As a Bachelor of Commerce student,
my selected industry will be Accounting industry hence my capabilities and industrial
requirements will be based on that particular industry.
2. My Capabilities
2a. My Professional Dashboard
Refer to Appendix 1
2b. My Capabilities - Analysis
It is agreed that the professional dashboard results show an accurate result about my strengths
and weakness. The dashboard effectively shows my current capabilities and the areas in
which I will have to work hard to develop. My capabilities identified by the dashboard are as
follows:
1. Strong customer Service skills: One of my capabilities is that I have a greater focus
on rendering good customer service. Customer service is one of the most important
aspects of operation for an accounting company (Blackmore et al. 2017). Providing
strong customer service is my capability in which I think am able to provide the best
available service to my customers. In this way, I try to match their demands and

satisfaction levels which increase my individual and operational efficiency. This is
because I am skilful in knowing and identifying the customer needs based on which I
perform these operations and provide high-quality service.
2. Good with people: My other capability is that I am good with people which helps me
in creating a good relationship with them. My approach of communication with others
is evident which helps in keeping a good relationship with them. I value good
relationships and try to be good to people so that a good bond and relationship is
created between both of us. This will help me in creating a good relationship with my
colleagues and subordinates (Ahadiat and Martin, 2015).
3. Resilient: Being resilient is one of my capabilities which would help in my
operations. Being resilient or flexible helps in getting around different places with
different people and this helps me in adapting to any workforce or working
environment. I am very resilient and this helps me in keeping myself and my decision
the way it is without getting influenced or affected by external factors.
The areas of development are as follows:
1. Career-related work experience: This is an area for developing my capabilities as a
student I do not have much practical knowledge and experience in relation to the
procedure of operating within an accounting firm. Hence with low experience, my
capabilities of knowledge and experience go low, therefore, this is an area of
development which is to develop through gaining experience by working within the
industry (Meer and West, 2016).
2. Time management: Time management is very important for a new employee to learn
as it helps the following in properly managing time to meet several deadlines at the
workplace. Through the results from the dashboard it is found that I am weak in time
management capabilities hence it is important to consider that the following is

developed which would help in gathering better knowledge in regards of the time
management skills so that I am able to manage time in a more effective manner
increasing my individual working efficiency.
3. Communication skills: Communication is a way through which knowledge and
information known by one are shared to the other through verbal and nonverbal
mediums. Through the results shown in the dashboard, it has been recognized that I
am weak in communication. Communication skills are an area of development which
is required by me so that I am able to communicate in a more efficient way. This will
help me in sharing knowledge and information more evidently and will also increase
my efficiency at the workplace (Acemoglu et al. 2016).
My career aspirations are of becoming a part of the Accounting industry and this will be
fulfilled through the usage of my current capabilities and through the development of skills
and capabilities which are not there in me. Having good communication and time
management skills with experience will help me in attaining my aspirations of becoming a
responsible employee of this industry. Through the use of current capabilities like skills of
string customer service and Reliance will help me attain a better relationship with the
customer which will help me in becoming better at my workplace.
3. My Industry Requirements and Trends
3a. My Industry Dashboard
Refer to Appendix 2
3b. My Industry Requirements and Trends - Analysis
In accordance with the current industry growth and trend, the growth areas within the
accounting industry are that of Accountant, Forensic accounting, auditing, budget accounting

and Tax accountant. All of this field in the accounting industry is growing at an evident pace
which is acting as a growth opportunity for an accounting student.
There are various industrial challenges which can be seen in the accounting industry, which
the employees face and they are as follows:
1. Workload: For the employees in the accounting industry the workload is immense as
there are the tax, cost and other financial activities. With these activities, the financial
accounting companies are associated in every aspect. Hence, the accounting personnel
have to take a lot of workloads and have to perform a job under huge work pressure
(Powell et al. 2014).
2. Deadlines are non-negotiable: It can be said that in the accounting industry there is a
huge value for time and the deadline set by the customer and client and are non-
negotiable, which create more work pressure over the employee in this industry.
3. The low rate of job development: Accounting industry as it is seen, that new
employee develops at a slower rate as they have to perform the same task over and
over again. Hence, the development of employees is low (Bedford and Ziegler, 2016).
The emerging job roles within the accounting industry are, risk management analyst,
financial operational analyst, retail banker, corporate financial analyst and Financial
accountant. These job roles are trending among new job roles of student coming out of
colleges and these are a new option for them to choose from. The Top 5 accounting
organization in which student aspire to get are PWC, Deloitte and Touche, Ernst and Young,
KPMG and Arthur Andersen. These are companies are known within the accounting industry
and recruit major amount of employee every year.
There are employment challenges also for new employees within this industry and they are of
competition tas here is a huge competition between student to get into these companies or in

the accounting industry. The second challenge is related to remuneration the salary and wage
rate within this industry for new employees are comparatively lower than in other industries.
The workload for a new employee within this industry is also very high which create huge
pressure on the new employee of the firm (Wood et al. 2015).
There are various technical skills which should be there within an individual to match the
industrial trend of requirements are they are as follows:
1. Advance excel capability: The employee or the individual must be known to advance
excel operations to be eligible within this industry (Wen et al. 2018).
2. ERP experience: The candidate must be experienced in ERP operations to be suited in
this industry.
3. Big Data analysis: The individual should have big data analysing skills which are
required within the financial analysis activities required by accounting companies.
4. Business intelligence: This is a skill which needs by an individual looking for a job in
this industry
5. Microsoft Visual basic: This is not a primary skill needed but in order to be selected
in higher and in big companies one must have knowledge in this programming
language.
The transferable skills required by an employee within this industry are as follows:
1. Communication: Communication skill is required to high within this industry
2. Information process: The skills related to information process which is the final event
is required in this industry
3. Teamwork skill: The accounting industry require an individual to have teamwork
skills

4. Accounting knowledge: As in the accounting industry an individual must have high
accounting knowledge (Grossman and Johnson, 2015).
5. Reporting skills: The individual must be good at reporting information and in the
creation of detailed reports
4. My Gap Analysis
4a. My Gap Analysis Table
Refer to Appendix 3
4b. My Gap Analysis
In accordance with gap analysis result represented in Appendix 4, it can be said that there is
one critical requirement which is not fulfilled by me, that is communication skills. As I am
weak in communication I am not able to match the critical requirement of Communication at
the present moment. All the other skills are there within me such teamwork skills, technical
skills and problem-solving skills. Weakness in communication has made it evident, that I am
not able to meet the communicational criteria of the accounting industry and I will have to
work on this skill so that I am able to fulfil all the criteria demanded under the requirements
of the accounting industry. In order to develop my communication skill, I will have to take
communication and interpersonal communication courses so that I am able to develop my
communication skills and fulfil all the requirement of skills needed in the Accounting sector
to fulfil my aspiration of being a part of this industry. (Wijewardena and De Zoysa, 2017)
(Jackling, 2018).

5. Conclusion
Concluding in the light of the above context, it can be said that in order to be a part of the
accounting industry there are various skills which are to be developed. In this analysis, it has
been found that I am lacking the skill of communication and I have to develop my skill so
that I can be employed in the accounting industry. Overall, such an analysis of skills and
requirement helps in knowing capabilities and development areas which helps me in
developing my individual skills and will help me in my future operational activities.

References List
Acemoglu, D., Autor, D., Dorn, D., Hanson, G.H. and Price, B., 2016. Import competition
and the great US employment sag of the 2000s. Journal of Labor Economics, 34(S1),
pp.S141-S198.
Ahadiat, N. and Martin, R.M., 2015. Attributes, preparations, and skills accounting
professionals seek in college graduates for entry-level positions vs. promotion. Journal of
Business and Accounting, 8(1), p.179.
Bedford, N.M. and Ziegler, R.E., 2016. The contributions of AC Littleton to accounting
thought and practice. Memorial Articles for 20th Century American Accounting Leaders, 49,
p.219.
Blackmore, J., Gribble, C. and Rahimi, M., 2017. International education, the formation of
capital and graduate employment: Chinese accounting graduates’ experiences of the
Australian labour market. Critical Studies in Education, 58(1), pp.69-88.
Grossman, A.M. and Johnson, L.R., 2015. Employer perceptions of online accounting
degrees. Issues in Accounting Education, 31(1), pp.91-109.
Meer, J. and West, J., 2016. Effects of the minimum wage on employment dynamics. Journal
of Human Resources, 51(2), pp.500-522.
Powell, L.M., Wada, R., Persky, J.J. and Chaloupka, F.J., 2014. Employment impact of
sugar-sweetened beverage taxes. American journal of public health, 104(4), pp.672-677.
Wen, L., Yang, H., Bu, D., Diers, L. and Wang, H., 2018. Public accounting vs private
accounting, career choice of accounting students in China. Journal of Accounting in
Emerging Economies, 8(1), pp.124-140.

Wood, R., Stadler, K., Bulavskaya, T., Lutter, S., Giljum, S., de Koning, A., Kuenen, J.,
Schütz, H., Acosta-Fernández, J., Usubiaga, A. and Simas, M., 2015. Global sustainability
accounting—developing EXIOBASE for multi-regional footprint analysis. Sustainability,
7(1), pp.138-163.

Appendix 1:

Appendix 2:

Appendix 3:

Appendix 4:
Personality Test results