MWL101 - Career Opportunities: Self-Assessment & Industry Trends

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Added on 2024/07/03

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This report provides a comprehensive analysis of career opportunities in the accounting industry, focusing on future trends and required skills. It begins with an overview of the accounting industry, highlighting its importance to businesses. The report then identifies a specific job cluster within accounting and details the necessary technical and soft skills. Industry requirements and trends are analyzed using a business dashboard, examining cloud accounting, automation, and collaborative accounting. A self-assessment, including a 16 Personality test, personal performance style evaluation, and SHAPES test, is conducted to identify strengths and weaknesses. Finally, a SWOT and GAP analysis is performed to compare current abilities with industry demands, pinpointing areas for skill development. The report concludes with key findings and recommendations for career growth in the accounting field. Desklib provides students with access to similar solved assignments and study tools.

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MWL101- Assessment 1 – My Opportunities
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Executive Summary
There is an increase in the industry of accounting for many years as it supports well to the
businessmen. Accounting is basically defined as the systematic process used for recording,
identifying, classifying, measuring, communicating, summarizing and interpreting financial
information. It supports in reflecting profit or loss in a given period as well as nature and
value of owner’s equity as well as firm’s liabilities and assets. It is of much use for the
businessmen as they have to deal in cash on the daily basis. The main of this report is to have
proper analysis in regards with the changes as well as trends in the accounting industry in
future and past and will make a listing to show what I want to do in the coming years. What
kind of technical and soft skills are required will be analyzed in the next part. In the last part
of the assignment, I will be doing some GAP and SWOT analysis so as to make comparisons
of the current abilities with that of the requirement of industry and will make a proper
identification of the areas where there is the need to develop capabilities and skills.
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Table of Contents
Executive Summary...................................................................................................................2
1. Introduction.........................................................................................................................4
2. My Job Cluster....................................................................................................................4
3. My Industry Requirements and Trends..............................................................................5
4. My Capabilities...................................................................................................................... 6
1. 16 Personality test...............................................................................................................6
2. Personal performance style.................................................................................................7
3. SHAPES Tests....................................................................................................................7
5. My SWOT and GAP analysis............................................................................................. 9
6. Conclusion........................................................................................................................10
References................................................................................................................................ 11
Appendices............................................................................................................................... 12
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1. Introduction
It is very necessary for each and every student to have knowledge of the related information
in regards to their future and job after their graduation. In addition to it, understanding in
coordination with the trends of future related self-awareness and industries is indispensable.
In this paper, there will be a description in regards to the trends of the industry as an
accounting manager as well as analysis of the various personal situations. In this report, a
particular job cluster will be selected and the presentation of the different technical and soft
skills will be presented. It will also make a demonstration of my industry trends and
requirements for a particular industry where there will be a creation of the industry dashboard
and then critical analysis of the trends of the industry will be done. Description of self-
capabilities and discipline areas will also be there where there is the development of
knowledge and skills (Hilton and Platt, 2013). In the end, SWOT and GAP analysis will also
be done where the comparisons of the current abilities will be there with the different kinds of
demand of the industry for the purpose of generating or presenting effective results and
outcomes of the overall assignment so that it may give proper support to the learner.
2. My Job Cluster
In this section of the report, there will be a description in regards to the particular job cluster.
For this assignment, I have selected accounting as my job cluster in the business field.
Accounting is being considered as one of the main parts of the business as it supports in the
management of all the operations in a proper and effective manner.
1. Accounting cluster is being selected due to various reasons. As I am having business
field and in this kind of industry major role is being played by accounting. It supports
in calculating depreciation and also makes application of various accounting
techniques and concepts for the purpose of acquisition, equipment, plant, disposal of
property and depreciation. Accounting is considered as the business language and
provided an advantage to the management in different ways. Another reason for
selecting accounting is that the information provided by it is very reliable (DRURY,
2013).
2. In an accounting cluster, there is the need for personal soft skills as well as technical
skills and knowledge for a different purpose.
Personal soft skills Technical skills and knowledge
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Teamwork – In an accounting job in a
business industry, there is a need for
teamwork in order to gather necessary
information from different departments so
as to record it in a system.
Database management – These skills
are needed to successfully manage the
data and information in the accounting
software.
Enthusiasm – Each and every job needs
enthusiasm so as to work in an
appropriate, effective and positive
manner.
Customer service – It is very necessary
for accounting professionals to bring new
clients and to keep customers happy.
Communication – Accounting staff has
to tell the story behind numbers in an
effective manner so as to give
information to the members of other
departments.
Bookkeeping – This skill is required to
keep records in regards to business'
financial affairs.
Social media campaign analysis – It is
required to have coordinated marketing
effort to assist with goals of the business.
3. My Industry Requirements and Trends
I have selected the business industry as it will support in complementing my career
aspirations as well as job cluster i.e. accounting. Accounting is the main part of the business
industry as it supports in maintaining different kinds of records which are needed for doing
various operations and business activities. Trends and needs of the business keeps on
changing from time to time and for this purpose, there is a need to make a business dashboard
for the purpose of analysing trends, challenges, growth areas, changes in the job market,
required skills and the different employment challenges which are faced by graduates (Quast,
2013).
Business dashboards are being considered as the management tool and will be very helpful in
providing significant information that will be of much use for the business. Accounting
Business dashboard can be provided as follows:
Business Dashboard
Trends
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 Cloud Accounting: It is one of the trending things as most of the businesses are
dependent on a cloud for different activities from the storage of data to connectivity
and reduction in the cost of business. Cloud accounting is being used to operate and
enable easy access for the world-class infrastructure without spending high amount.
Cloud-based software can be utilized on any kind of device having a connection to the
internet.
 Automation: This trend of accounting can save much time of business. It is
eliminating the requirement of manual entry of data.
 Collaborative accounting: It is also a contemporary trend to share accounts with
others which can help to proceed fast on the work accomplished. Accounting has
involvement of different people working in the organization and sharing of
accounting supports to accomplish work in the targeted time frame (Acito and Khatri,
2014).
Growth areas and challenges
 Outsourcing: It is the growth of are of the accounting in the business industry. It is
essential to look forward to new opportunities for accounting work by using
outsourcing method. It is an emerging growth is of the accounting which can take off
my career on the higher level.
 Enhanced rivalry: It is a challenge for me to beat the market competition. Many of
the accountants are providing accounting services in the business industry which is
creating a huge competition in the accounting work.
Leading organisations in the business industry
 Different companies are working in the Australian business industry which is working
for the betterment of the economy. Woolworths Ltd., Commonwealth Bank, BHP,
National Australian Bank are the leading organisation of the Australian business
industry.
The changing job market
 The job market regularly changing with the mergers of the different fields
organisations. It is essential to be multitasking to each graduate which can help to
complete the job requirements.
Skills required for graduates
A list of technical and soft skills are given below which are effective for employment for a
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graduate:
Soft skills
 Communication
 Problem-solving
 Leadership
 Multitasking
 Customer service orientation
 Planning
Technical skills
 Microsoft Excel
 Accounting software use
The main employment challenges facing graduates
Some of the employment challenges are given below which are faced by the graduates for
employment
 Enhanced unemployment
 Declined educational level
 Lack of practical knowledge
 Lack of appropriate skills
4. My Capabilities
1. 16 Personality test
This test is usually conducted to analyse the type of test relevant to the particular person. This
test will help me to identify my personality. Different types of personalities are given below:
Analysts
 Architect – strategic thinker and imaginative
 Logician – Innovative inventors
 Commander – Bold imaginative and strong-willed leaders
 Debater – Curious and smart thinker
Diplomats
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 Advocate – Quiet and mystical
 Mediator – Poetic, kind and altruistic people
 Protagonist - Charismatic and inspiring leaders
 Campaigner – Enthusiastic, creative and sociable free people
Sentinels
 Logistician–Fact minded and practical people
 Defender – Warm and very dedicated protectors
 Executive – Effective administrator
 Consul – Caring, social, popular people
Explorers
 Virtuoso – Bold and practical experimenters
 Adventurer – Flexible and charming artists
 Entrepreneur – Smart, energetic and very perceptive people
 Entertainer - Energetic, enthusiastic and spontaneous people
2. Personal performance style
It includes the test of the personal performance way which helps to determine the working
self-working style by creating a self-analysis by a questionnaire given below:
1. Do I use a work prioritising list?
 Never
 Rarely
 Sometimes
 Often
 Always
2. Am I late to reach or accomplish scheduled work or meeting?
 Never
 Rarely
 Sometimes
 Often
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 Always
3. Do I think for contradictory elements, pros, and cons before starting a work?
 Never
 Rarely
 Sometimes
 Often
 Always
3. SHAPES Tests
SHAPES test is related with analysing the reasoning capabilities which helps to analyse the
ability to reasoning and accomplishing a work with reasoning. This test is focused to analyse
the self-capabilities to identify similarities in two different groups of shapes.
Figure 1: Shapes Test
Critical analysis of the test result is given below:
a. Do you agree/disagree with the findings of your test?
I have analysed that all of the findings are appropriate according to my capabilities. The
cognitive working style is analysed by the personal performance test which has supported me
to accomplish a work in an appropriate manner. The personality test has helped me to analyse
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the different personalities and most relevant personality with me. I have analysed that I have
analyst personality in me due to core part provided in this test.
b. Where is your strength and where are your weakness?
Some of the strength and weakness I have analysed in me by applying these test. The SHAPE
test has explained my ability to focus on the work and determination to complete a work as
soon as possible in an effective manner. I have analysed that I am weak to in making a self-
analysis of my personality which has huge problems to determine my personality.
c. What impact do these elements have on you in your choice of job roles?
The focus is essential for the accountant to focus on the different particulars used in the
accountancy work. It is essential to have focused on the work to decline the possibilities of
mistakes in the calculations.
d. Does this align with your job cluster and career aspiration?
Identified strength and weakness are related to the job cluster and career aspiration. Success
in the work helps to manage the aspiration to work more in the determined the job cluster.
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5. My SWOT and GAP analysis
In this section, my SWOT and GAP analysis will be done in order to make identification of
the different capabilities and skills which will be required for growth and development. In
order to make growth in an accounting industry my strengths will be very supportive and to
have more development, it is needed to have a focus on weaknesses and opportunities
(Bryman and Bell, 2015).
Strengths
 I am very creative and generally
impress clients by providing them
new perspectives on the brand.
 I have good communication with
team and clients.
 I am having the ability to ask
questions to find the right angle for
accounting.
 I am committed with to the business
success.
Weakness
 I am having compulsive and strong
need to do things in a fast manner and
remove them from to do a list of
mine, this sometimes makes an
impact on my work's quality.
 This thing also gives me work stress
when I have more work.
 I am not having proper knowledge for
latest accounting software.
Opportunities
 A major competitor of our accounting
business has developed a poor image
in the eyes of clients and this gives us
the opportunity to attract them.
 I am going to major accounting
conference next month and this will
supports to make strategic
networking.
Threats
 One of my colleagues is having good
knowledge of the latest accounting
software.
 Due to the shortage of staff, there is a
negative impact on my work.
 There is high competition from large
and new competitors in the
accounting industry.
GAP analysis
Required skills Current skills
Database management ✓
Communication skills ✓
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Customer service ✓
Teamwork
Bookkeeping ✓
Enthusiasm
Updated knowledge of accounting software
All the above-mentioned skills are required in order to have a proper and effective growth in
the accounting business. In the accounting business, there is a need for the database
management, proper communication skills to deal with the members of different departments;
customer service, enthusiasm, and teamwork bookkeeping as well as upgraded knowledge for
all the latest accounting software. I am not having few skills like teamwork, enthusiasm and
proper knowledge for updated software which create a threat for me in this field.
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6. Conclusion
From the discussion, it has been analysed that there are “n” number of opportunities and
chances are there for every individual. To grasp it, there is a high need to understand about
one own self. Recently the accounting opportunities seem to get growing at a very high pace,
hence one is able to attain the growing opportunity in the accounting sector. With the
appropriate learning and understanding, one can be able to get into the accounting sector
which is providing so many platforms to the individual to enhance their personal and
professional skills. The discussion has helped me in understanding that there are several skills
and traits which are highly required by me so as to perform well and put the level best in the
accounting work. The different technical and soft skills which is very much required by the
person has been effectively being discussed which helps the reader to understand the working
and operations of the accountants in any organization. The needs, trends, and requirements of
the chosen industry have also been discussed here. In the study, a personality test has also
been carried out which helps in knowing the actual skills required to handle the accounting
activities. The SWOT analysis has also been carried out which helped in knowing the areas
which are good and effectively be used at the same time the improvement areas has also been
analysed.
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References
 Acito, F. and Khatri, V., 2014. Business analytics: Why now and what next?.Bryman,
A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
 DRURY, C.M., 2013. Management and cost accounting.Springer.
 Hilton, R.W. and Platt, D.E., 2013. Managerial accounting: creating value in a
dynamic business environment. McGraw-Hill Education.
 Quast, L., 2013. How To Conduct A Personal SWOT Analysis.
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Appendices
Test Results –
1. 16 Personality Test
By analysing different types of personalities, I have found that I have more similarities with
analyst personality.
2. Personal performance style
On the basis of this test, I have found that I have cognitive personal performance style in
which I have effectively done work by management and arrangement in the activities.
3. Shapes Test
I have analysed that I have effectively identified the same shapes in both groups which shows
my focus and accuracy in the work.
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