Module code, Assignment Deadline date Actual word count.
Contents Introduction 2 Analyzing graduate labour market 2 Current graduate opportunities available and skills employers looking 3 Overview of the roles 3 Analysis of current research and reports into the future of work 4 Conclusion 5 References 6 Appendices 7 Appendix 1: curriculum vitae 7 Appendix 2: Star competency framework 9 Appendix3: Verbal Reasoning Test VRT3 and Numerical Reasoning Test NRT3. 9
Introduction Searching for jobs is rather challenging for youth as they lack knowledge about where and how to look for vacancies. They often do not have work experience to help employers gauge their abilities. Curiously, when making educational or occupational decisions, young women and men tend to rely on their parents and communities for advice rather than on qualified public services. Questions such as what skills employers want, how to get a lead, how to develop an impressive resume and cover letter, or how to prepare for the interview, can be outright daunting to fresh graduates. This report will seek to define graduate employability basing on existing literature, expound current skills managers are seeking as well as enhance graduate employability in rapidly changing labour markets. Analyzing graduate labor market This section will focus on comparing graduates recruited during 2019 and 2018 in the accounting /finance sector in the United Kingdom leading companies. Graduate employability refers to the ability for graduates to discern, possess and continually improve their understandings, skills and personal attributes which can position them in more likely place to secure and create meaningful paid work that can benefit themselves and the community at large (Sumanasiri, Yajid &Khatibi,2015). Graduate employability rates in the UK dropped significantly due to BREXIT vote in 2018. According to a report by Richard and Sally (2018), Uk graduate recruitment dropped with 10% in 2017. Before the BREXIT vote, UK top employers were targeting to hire 22,000 graduates but due to Brexit result sank, making actual graduate recruits to be 19,000(RichardSally&2018). Despite such adverse effects, UK top employers have settled after the BREXIT vote hence increasing graduate employability in the market. According to high fliers research in 2019, Uk graduate employability will increase impressive by 9.1%. Further, the report postulates that accounting/finance sector would attract more graduates compared to other industries. Current graduate opportunities available and skills employers looking The ongoing opportunity available is finance/accounts internship. This position requires candidates who are eye to details and in love with numbers. Employers are seeking candidates who are not only book smart but also with fingertip experience in the field (Castillo,2014). Additionally, they seek candidates with the business acumen required to understand how a brawny accounting function can influence entire organization success. Businesses are typically looking for professionals with work experience in high-demand skills areas so new hires can hit the ground running. The following are vital skills and knowledge sought by employers in the accounting field: Excellent communication skills analytical and Problem-solving skills (Ahadiat &Martin,2016) Professional development, Soft skills, and strong interpersonal abilities. Emotional intelligence Computer literacy skills to operate accounting software’s Overview of the roles Accountants play a vital role in recording, analyzing, classifying and reporting a financial transaction in business (Kieso, Weygandt &Warfield,2019). The advertised accounting post is attractive since it offers a competitive salary and working environment which lays a strong background for professional carrier development. Some of the roles would include: Managing petty cashbook Preparing financial reports such as budgets, balance sheets and cashflow. Remitting statutory deductions Updating and keeping records Analysis of current research and reports into the future of work With globalization and internalization trends, businesses are expanding their operations in foreign countries. As a result, there is a need for more accountants to generate reports on performance. This implies that accounting/finance positions would still increase in future. According to the National Bureau of statics, accountant demand in the UK is projected to increase with 10% from 2016 to 2026. Despite such facts, the accounting sector will be faced with three significant challenges in the next 10-15 years. These challenges include evolving smart and digital technology, new forms of regulation and globalization disclosure reporting standards. Employers will, therefore, be seeking graduates who have skills to integrate emotional intelligence and technological skills (Ahadiat&Martin,2016). Currently, accounting professionals stores data in computer and manual backups, but due to technological advancements, they will be forced to embrace cloud computing technologies. This would attract privacy and data risks; hence, employers would be keen when recruiting candidates. With the advancement in technology, Employers will be forced to design an online application (app) that will surf the labor market (Bakaev &Avdeenko,2015). The app will provide various information, i.e. alerts on several skills needed for particular jobs. It will suggest ways of identifying the skills job seekers already possess with matching occupations. Moreover, it also assists in taking pragmatic steps, i.e. putting together effective curriculum vitae, getting ready for a job interview and managing the first period in the workplace. When recruiting employers, will be forced to conduct Psychometric tests that would entail Numerical Reasoning Test NRT3 and Verbal Reasoning Test VRT3.this would help to test graduate emotions, attitudes, analytical skills and other personal attributes they pose. As a result, they would employ the best graduates who can blend continuous adaptation of skill sets. In the future, graduates pursuing finance/accounting sector will have ready market opportunities to explore. The critical competency required would include high emotional intelligence, analytical skills, excellent communication as well as computer literacy skills to operate online accounting software’s. Possessing a professional qualification such as ACCA (Association of Chartered Certified Accountants) would increase their competitiveness/employability in the labor market. Conclusion This research has dramatically shaped my take about accounting career. I have gained intensive knowledge about critical skills and competencies that accountants need to possess. Beside being book smart, I have learned that one needs to have experience and understanding of the business at large. To increase employability and competitiveness, it is worth taking professional qualification such as ACCA in the long run. The critical skill required includes strong analytical and problem-solving skills, excellent communication, and emotional intelligence and computer literacy skills.
References Ahadith, N. and Martin, R.M., 2016. Necessary Attributes, Preparations, and Skills for the Selection and Promotion of Accounting Professionals. Journal of Accounting & Finance (2158-3625), 16(1). Bakaev, M. and Avdeenko, T., 2015. Intelligent information system to support decision-making based on unstructured web data. ICIC Express Letters, 1. Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Accountants and Auditors, on the Internet at www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm (visited October 10, 2019). Castillo, R.C., 2014. Employability skills of graduating business and accounting students of Batangas State University. International Journal of Sciences: Basic and Applied Research, 13(1), pp.303-315. Highfliers.co.uk, 2019. The graduate market in 2019 available at www.highfliers.co.uk/download/2019/graduate_market/GMReport19.pdf/(visited October 10, 2019). Kieso, D.E., Weygandt, J.J. and Warfield, T.D., 2019. Intermediate accounting. John Wiley & Sons. Richard A and Sally W,2018. Brexit uncertainty prompts employers to cut graduate jobs. Available online at www.theguardian.com/education/2018/jan/17/brexit-uncertainty-prompts-employers-to-cut-graduate-jobs/(visited October 10, 2019). Sumanasiri, E.G.T., Yazid, M.S.A. and Khatibi, A., 2015. Review of literature on graduate employability. Journal of Studies in Education, 5(3), pp.75-88.
Appendices Appendix 1: curriculum vitae
Your name:……….. P.O. BOX …….. Contact: ………… EMAIL: ………
SUMMARY A highly skilled professional with significant knowledge and experience in handling all areas of tax and accounting, including balance sheets, profit and loss accounts, bank reconciliations and cash flows, among others. I will demonstrate the ability to compile and post accounting transactions, preparing monthly management statements as well as final accounting statements. PERSONAL DETAILS
Year of Birth: Languages: English Nationality:……. Gender :…….. Religion :……… EDUCATION Bachelor of Commerce (Finance Option)- university and year Association of Chartered Certified Accountants……college……….year….. High school attended………grade…….year……, Primary Education,…………..grade…..year……
WORK EXPIRIENCE Internships Company you went for internship………..year……… Duties and Responsibilities Paying employees’ salaries. Remitting statutory deductions. Handling all cash transactions totaling to over ksh.300,000 in a month Book keeping Making daily, weekly and monthly cash reconciliations Receiving payments by cash and maintaining Petty cash reconciliation KEY SKILLS AND COMPETENCIES ACQUIRED
Accounting skills: well versed in accounting and bookkeeping procedures- Accounts payable/ receivable, Final Accounts and reporting. Finance Reports : Highly knowledgeable in Audited Accounts, Management Accounts, Budgeting and Internal Checks . Comprehensive knowledge of: credit management, general accounting principles, cash handling, audit and transaction process . Financial statements and Reconciliation: I have intensive skills in preparing bank reconciliation, financial statements and recording all financial activity. Organization skills: Excellent time management skills and documentation. This includes ability to report accurately Working Knowledge of: basic computer applications like quick books and sage. REFEREES
Name Rev………. Position………… Company……….. P.O.BOX ……….. TEL:………………. Name Rev………. Position………… Company……….. P.O.BOX ………..
TEL:………………. Name Rev………. Position………… Company……….. P.O.BOX ………..
Appendix 2: Star competency framework
Appendix3: Verbal Reasoning Test VRT3 and Numerical Reasoning Test NRT3.