Overview of Accounting Field

Is your Accounting career helpful to others? I ask myself this very question all the time. During my time at University, while I had good textbooks and professors, I felt that the education system was backward and not up-to-date with current expectations in the accounting profession. There was a significant difference between what small to large accounting firms wanted from their employees and what the educational degree programs brought to the field. The biggest reason for this is the lack of connection between both parties. Here are some potential reasons:

1. Lack of support and mentorship:

When it comes to the accounting education, there is a mistfit between what industry experts practice and what the educational system teaches. Being in public accounting for numerous years, I noticed the work mainly relied on judgment and quick thinking rather than comprehensive thinking that spanned several hours at an intellectual level. How do we develop quick thinking? Well, I think it comes down to training students on engaging files at a post-secondary level. Here are some things we can implement:

a. Quickbooks Online Bookkeeping:

• We should have a six-week course on implementing QBO and the various tips and tricks that allow users to automate bookkeeping. Bookkeeping is the foundation for any accounting records, and if we can get students to be adept at quickly learning bookkeeping, it sets them up for success in the field as they progress towards higher levels of leadership.

b. Audit field testing:

• Have a sample of students attend audits and fieldwork as a means of learning how to actually communicate with clients rather than routine learning of journal entries in a textbook. They can understand the type of working papers being prepared and how students can deliver performance rather than worrying about what journal entries to book. Audits comprise mostly of checklists, so if professionals can guide on efficient referencing and input of data that allows quick completion of checklists while attending to the demands of the audit, students can connect the dots and see the bigger picture, which is the materiality of the financial statements.

As aforementioned, this lack of connection is a significant drawback in the field. If we look at other professionals like Medicine and Law, they have built-in experiences like residency and articling that allow students to learn rather than perform. Having a growth mindset is paramount to having a good foundation in your career; it all comes down to connecting resources and people. Most institutions draw on making tuition hikes and government funding rather than building connections to transform education into a craft for students to explore and learn. Learning from textbooks is one thing, but diving into real-life work is totally different. We must build a bridge that allows students to successfully transition into their professions. Having key mentors and guidance at a post-secondary level will enable students to flourish and take on higher forms of leadership, which is much needed in any sector of the global economy.