Core Competencies of Accountancy Graduates and Industry Requirements

Authors

  • Noli G. Valera

Keywords:

competencies, accountancy graduates, industry requirements

Abstract

This study focused on determining the competencies of new graduates, the requirements of industries, and the gap between said graduates’ competencies and industry requirements. The competencies of new accountancy graduates consist of knowledge in general accounting, cost and management accounting, auditing, tax accounting and accounting information system. The skills of said new accountancy graduates consist of analytical, interpersonal and communication abilities. The attitude consists of humility, punctuality, willingness to learn, obedience, integrity, independence in mental attitude and adherence to confidentiality of information. The competencies required by industries include entry level technical knowledge in the different areas of accounting. They need basic knowledge in general accounting, cost and management accounting, taxation, audit and accounting information systems. However, they expect new accounting graduates to have excellent analytical, interpersonal and communication skills. Further, they expect new graduates to demonstrate high degree of personal and professional attitudes such as humility, obedience, willingness to learn, punctuality, integrity, independence in mental attitude and ability to keep information confidential. The competencies of new accountancy graduates in terms of knowledge meet the requirements of industries except for gaps culled out in knowledge in general accounting. Gaps were also noted in tax accounting concerning their knowledge in identifying and using tax forms in reporting tax liabilities and in accounting information system regarding their knowledge in database management. In terms of the skills of new accountancy graduates, gaps were seen in their analytical and problem solving skills, ability to interact with other members of the organization, their attention to details, resourcefulness, and initiative and their ability to communicate effectively financial information. In terms of attitude, a gap was noted in the degree of humility. Schools should revisit the contents of their program curriculum and policies, integrate into their courses syllabi classroom methodologies that will enhance analytical, communication and leadership skills, introduce English bridging courses to ensure that said graduates get the right communication skills, encourage student activities in order to boost confidence and interpersonal skills and conduct workshops and trainings focusing on values formation and leadership.

Published

2018-04-18