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Education + Training
Accounting curriculum and market needs
Athanasios Mandilas Dimitrios Kourtidis Yiannis Petasakis
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Athanasios Mandilas Dimitrios Kourtidis Yiannis Petasakis , (2014),"Accounting curriculum and market
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Accounting curriculum and
market needs
Athanasios Mandilas, Dimitrios Kourtidis and
Yiannis Petasakis
Department of Accounting and Finance,
Eastern Macedonia and Thrace Institute of Technology, Kavala, Greece
Abstract
Purpose – The purpose of this paper is to examine whether the accounting curriculum fits business
demand. More specifically, it determines competencies that Greek companies demand from higher
education[1] graduates and addresses any mismatches between the market’s needs and the academic
accounting/business curriculum through a survey in Greece.
Design/methodology/approach – Using a survey to reveal their perceptions’ differences, the
sample included 166 students, 25 lecturers/professors from a department of Accounting and Finance
(Higher Education) and 155 companies.
Findings – The results provide evidence that all these groups have different perceptions of the
curriculum.
Practical implications – The study suggests ways to improve the academic accounting curriculum.
Originality/value – To the best of the authors knowledge, there is not any previous study that
examines these parameters in Greece.
Keywords Business demands, Curriculum, Educational background, Accounting education
Paper type Research paper
Introduction
Education has a positive impact on the overall growth of an economy over time, given
that an economy depends on the productivity of its elements. This growth in
productivity, to a large extent, depends on well-trained human capital (Palazo and
Tobar, 2004). It is argued that workforce quality is of central importance to economic
success (Crouch et al., 1999) and that creating quality products and services requires
a well-trained and skilled workforce (Lloyd, 2005).
One of the major objectives of accounting education is to provide competencies
to students to have a successful professional life (McVay et al., 2008). Thus, the
curriculum content provides students with the elementary theoretical framework
compulsory for understanding business management and, at the same time, provides
students’ with knowledge and techniques which are indispensable to start up and
manage small businesses effectively (Venter, 2001).
Quality in higher education has received significant attention over the past years,
with many contributions suggesting how quality should be defined and measured
within an educational, service-oriented context (Finnie and Usher, 2005; Garvin, 1984;
Harvey and Green, 1993; Van Kemenade et al., 2008). However, questions remain as to
how appropriately institutions of higher education prepare graduates to meet the
challenges in constantly evolving and highly demanding work places (Hills et al., 2003;
Rubin and Dierdorff, 2009).
The curriculum profile that businesses demand from their workers is undergoing
considerable change, especially in regard to higher education graduates. Considering
the functions that are associated with higher education, they should respond to
these business demands. As a result, they should educate their students following
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Vol. 56 No. 8/9, 2014
pp. 776-794
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DOI 10.1108/ET-12-2013-0138
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curriculum that fits the needs of the labour market. This fit would allow improvement
in the employability of higher education graduates (Marzo-Navarro et al., 2009).
The business environment has become dynamic and in the future will become more
complex, too. In consequence, the role and the required skills of accountants have also
changed (Robson et al., 2003), and they are more complex than just book keeping
(Sundem, 1994). Accounting education should follow the changes in the business
field and provide curriculum that will reinforce the accountant’s efforts to respond
sufficiently to modern needs. Researchers provide evidence that undergraduate
business education is failing to arrange graduates for today’s work environments
(Andrews and Higson, 2008; Jackson, 2009b; Washer, 2007; Cranmer, 2006; De La Harpe
et al., 2000; Dewing and Russell, 1998; Craig and Amernic, 2002; Gammie et al., 2002).
Warren and Toole (2005) claim that business schools are too academic. They do not
prepare students for the practicalities of the business world and additionally academic
education has moved away from the realities of the business world. The curriculum
should encourage active participation in social processes, with the appropriate
knowledge and skills (Sikka et al., 2007). Nowadays, companies demand from their
employees a combination of cognitive background and personal skills, since
accounting practices tend to become multi-disciplinary and accountants have to
compete with other professionals (Howieson, 2003). There is an urgent need to develop
industry-relevant competency profiles for business graduates (Jackson, 2009b).
Therefore, changes in the higher education accounting curriculum are of vital
importance. The incorporation of work placement into higher education curriculum
links the job market and academic studies (Stevenson, 2005). Changes have been
started in accounting education in the USA due to prior calls for reforms (Cummings
et al., 2001; Lux, 2000). Modern teaching methods such as analysis of information, case
analysis, real company-assignments, and technology assignments should be used
extensively to accomplish the objectives of accounting education reform (Albrecht and
Sack, 2000; Boyce, 1999; Burnett, 2003; Cummings et al., 2001; Lux, 2000).
Of particular importance for the purpose of this paper is the fact that there has been
little research addressing how competencies developed in undergraduate accounting
and business education prepare graduates to meet workplace demands effectively
(Casner-Lotto and Benner, 2006; Jackson, 2009a; McQuaid and Lindsay, 2005; Washer,
2007; Pittaway and Edwards, 2012).
The literature review has revealed a gap in the field of accounting curriculum and
especially found that few papers analysed the competencies companies demand from
higher education graduates. This study investigates the curriculum of the Department
of Accounting and Finance, Technological Educational Institute of Kavala (TEI
Kavala)[2]. The curriculum includes basic accounting courses, general courses,
financial and theoretical courses, and advanced accounting courses.
The survey used a questionnaire that was answered by different groups: the
employers (who employ graduates from the Accounting and Finance Department, TEI
Kavala), the graduates of the Accounting and Finance Department, TEI Kavala) and
the lecturers/professors (who work in TEI Kavala). The survey addresses the following
research question: Is there a fit between the skills and the curriculum that provided by
the Accounting and Finance Department and the needs of the employers?
The paper is organised as follows: first, a review of the findings of previous
empirical research examining links between accounting education and the desirable
competencies are presented. Then, a brief description follows of the methodological
issues concerning this research, and, finally, the results of data analysis are discussed.
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Literature review
Entrepreneurship education is essential not only to shape the mindsets of young
people but also to provide the skills and knowledge that are central to develop an
entrepreneurial culture. Education promotes enterprise culture and develops
a tendency for entrepreneurship (House of Lords, 2003). In addition, it has been
shown that high educational attainment in general related with successful
entrepreneurs (O’Connor, 2013; Minniti et al., 2006).
Moreover, entrepreneurship education is seen to develop other important skills,
such as problem-solving, team skills and innovation (Chia, 1996; Heinonen, 2007). The
aim of entrepreneurship education is to provide students with the knowledge and skills
to perform in an entrepreneurial approach (Eurydice, 2012). Entrepreneurship
education in higher education institutions is viewed internationally as a cost effective
method to promote the quality and the quantity of graduate entrepreneurs entering an
economy (Oganisjana and Matlay, 2012; Matlay, 2005, 2006). Financial education is
crucial so that companies follow the changes in economy and technology (Sandhu
et al., 2012). Adequate financial education and training amongst the citizens of
a country and more specifically for businesses is essential for an efficient and
well-functioning modern economy (Hussain et al., 2008; Sandhu et al., 2012).
Additionally, findings have shown that an education in entrepreneurship has
a positive effect on the desirability and feasibility of starting a business (Peterman and
Kennedy, 2003; Souitaris et al., 2007). On the other hand, the lack of sufficient financial
knowledge, skills and education is a major problem to entrepreneurial success and
growth (Hussain et al., 2008). As a result, many countries have started to apply policy
frameworks to promote entrepreneurship education and training in order to develop
entrepreneurial activity (Pittaway and Cope, 2007; Cheung, 2008). However, it is
uncertain by which means the desired outcomes are to be achieved (Hytti et al., 2010)
and education and training is characterized by ambiguity about what and how it
should be taught (Greene and Saridakis, 2007; Pittaway and Cope, 2007).
Therefore, firms’ future performance is often threatened by inadequate vocational
and entrepreneurial education and training (Matlay and Mitra, 2004; Hussain and
Matlay, 2007; Hussain et al., 2007). Specifically, the literature has found that there is
a lack of business knowledge and skills as the main reasons for small businesses
failure (O’Gorman, 2001). For example, Indian entrepreneurship education
programmes offer training but do not focus on businesses specific needs.
Consequently, there is a mismatch between the Indian education system and what
entrepreneurs really need (Bahadur, 2012). Empirical evidence suggests that employers
around the world continue to be concerned about new graduates’ ability to meet
current and future workplace needs (McQuaid and Lindsay, 2005; Jackson, 2009a, b).
For example, the accounting profession doubts the relevance of accounting education
provided by higher education, and argues that academic programmes are not arranged
for the demands of accounting practice. Moreover, it claims that institutions do not
appropriately prepare students to meet the challenges of the market (AAA, 1986;
Albrecht and Sack, 2000).
The education process has failed to develop accounting students’ critical thinking
(Gray and Collison, 2002) and “it limits the possibility of producing accountants
of insight, imagination, creativity and ethical leadership” (Parker, 2007, p. 46).
Accounting education had just not kept pace with changes in the business
environment (Albrecht and Sack, 2000). The programme of study including the
curriculum strongly influences the quality of student learning (Biggs, 1999; Prosser
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and Trigwell, 1999; Ramsden, 1987). Storey (1994) claims that without sufficient
education, training and related financial skills there is a high risk of business failure.
Yet, it is such programmes that have been severely criticized recently for failing to
provide the education necessary to enable today’s accounting professionals to make the
business and accounting judgments that might have led to the prevention of Enron and
similar fiascos (Diamond, 2005). For example, Lin et al. (2005) using a questionnaire
survey asked Chinese accounting practitioners, educators, and students about the
required knowledge, skills, and pedagogy that underlie accounting programmes. They
have provided evidence that the current accounting education in China is far from the
required knowledge and skills demanded of professional accountants, signifying that
accounting education reform in China is necessary (Lin et al., 2005).
On the other hand, Marzo-Navarro et al. (2009) and Barcienas et al. (2000) have found
that an improvement in education brings a number of benefits such as higher income
level and economic growth. Hence, higher education has an important role in the
leverage of an economy. Palazo and Tobar (2004) have provided evidence that there is a
positive impact on human skills through the integration of the higher education
curriculum and the needs of the markets.
Indeed, a survey conducted by Marzo et al. (2007) has identified that over 30 per cent
of qualified graduate students in Europe work in a job whose requirements are far
below the educational level that the employees gained at higher education.
Furthermore, Baruch and Peiperl (2000) commentate on the fact that a high number
of young graduates aim mostly at certain programmes, such as MBAs, where the
overproduction of graduates creates problems in the labour market.
Researchers (Bui and Porter, 2010; Kavanagh and Drennan, 2008; Jackling and
De Lange, 2009; Gammie et al., 2002; Leveson, 2000) examined gaps between
accounting tutors/professors and employers in the accounting sector and have found
that the perceived importance in the profiles of generic skills among faculty was
inconsistent with those of employer groups. De Lange et al. (2006) provided evidences
that graduates perceived both interpersonal/communication skills and statistical/
computing skills as more important than accounting/governance knowledge and
technical skills.
Jackson and Chapman (2012), using a survey, have produced a set of business
graduate competency profiles which accurately reflect the current needs of Australian
employers. According to their findings, the next generation of graduates must be
equipped with the required competencies successfully to add value to our rapidly
evolving economic, technological and social environments (Jackson and Chapman,
2012).
Marzo-Navarro et al. (2009) compare the competencies that companies demand from
higher education graduates with the curriculum that higher education follows to
educate their students. Through a comparison of these objectives, they analyse the
mismatches that exist between these competencies and the curriculum, and action lines
are proposed to correct them. Their study used two data sources. The first was
a survey sent to companies to gather the market’s perceptions about curriculum needs.
The second source was data collected from higher education students. The results
show the various competencies that higher education institutes must improve upon in
the education of their students.
This improvement would mean a better fit between the higher education curriculum
and business needs. Their implication is that the study can be used as the basis for
designing and subsequently implementing action lines that allow improvement in the
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curriculum profile of higher education graduates. Our study examines whether
accounting curriculum fits business demand.
Research methodology
A structured questionnaire was constructed and used as the survey instrument. First
of all, extensive pre-testing took place in an attempt to improve the format of the
questions. The questionnaire was delivered to the research subjects, to allow the
researcher to discuss with the participants the main aims of the research and provide
them with all the necessary explanations in order to eliminate possible mistakes in the
understanding and completion of the questionnaires. The pilot study included
27 employers, students, and lecturers/professors who carefully read the questionnaires.
The pilot was designed to ensure face and content validity of the instrument and
to determine whether the questions, as they were worded, could achieve the desired
results; the questions were placed in the best possible order; the questions were
understood by all groups of respondents; additional or more specific questions were
required, or some questions should be eliminated; and finally, the instructions to
interviewers were adequate and the time it took to complete each questionnaire was
reasonable. To increase the response rate, mainly structured closed questions were
used. A preliminary notification (to explain the scope of the survey) was given to the
subjects of the survey. According to Cooper and Schindler (1998) this process is useful
and increases the response rate of the questionnaires.
The questionnaire consisted of 77 questions to collect information about business
needs (regarding the skills and competencies of the students) and the curriculum of the
Accounting and Finance Department, TEI Kavala[3]. The items were adapted from
Paisey and Paisey (2010), Jackson and Chapman (2012), and Marzo-Navarro et al.
(2009). Additionally, the questionnaire included items about demographic and
socioeconomic status. Statistical tests were performed to ensure the validity and
reliability of the questionnaire (such as Cronbach’s a, total variance extracted,
and Kaiser-Meyer-Olkin (KMO)). The first part gathered data concerning the profile
of respondents (demographic). Moreover, respondents were asked to comment on how
valuable or useful they found the courses of the department. The second part collected
data about the skills students acquire in their academic education. It investigated
respondents’ perceptions about the skills and competencies that the department
provides.
Each variable of the second section was assessed with a five-point Likert scale
(Appendix 1). To meet the objectives of the study the questionnaires were filled in by
three subgroups: the lecturers/professors, the students, and the employers. In all three
cases the respondents were asked to indicate their level of agreement or disagreement
on a five-point Likert scale. The students and lecturers/professors were asked to rate
whether they believe that these skills had been provided by the curriculum of the
Accounting and Finance Department. The employers were asked to rate whether their
employees’ education and training should include these skills. The data were analysed
by the statistical program SPSS. All the necessary statistical tests were performed and
confirm the reliability and validity of our research instruments.
To meet the objectives of this project, academic staff involved in teaching in
the Accounting and Finance Department, TEI Kavala, graduate students and
representatives of companies had to respond to the respective instruments. The
curriculum of this department is the representative curriculum of all the Accounting
and Finance Departments in Greece.
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The research population included 166 students, 25 lecturers/professors of the
Accounting and Finance Department, TEI Kavala, and 155 companies in northern
Greece which, during this period, employed graduates of the Department of
Accounting and Finance. The total number of valid questionnaires was 180. In all,
43.68 per cent of the total sample were students, 43.16 per cent employers and
13.16 per cent lecturers/professors.
As far as gender is concerned, 67.3 per cent of the lecturers/professors were male and
32.7 per cent female. Moreover, 66.7 percent of the employers were male and 33.3 per cent
female. Finally, 36.1 per cent of the students were male and 63.9 per cent female.
Considering the variable of age, we notice that the estimated mean value of the
lecturers/professors was 44 years, with a standard deviation of 11 years. The estimated
mean value for employers was 42.04 years with a standard deviation of nine years.
As for students, the mean age was 25 years with a standard deviation of four years.
The majority of the employers came from the area of financial services (70 per cent),
whereas the additional significant percentage came from other sectors such as industry
(30 per cent). The graduates that worked in sectors other than financial services were
employed in the accounting sector of the company. The questionnaires from the other
sectors were completed by the foreman of the accounting sector. The majority of the
companies that the graduates were employed in are small and specifically 80 per cent
of them employ up to 30 employees.
Data analysis
The statistical analysis examines if there is any significant deviation to the importance
of courses among lecturers/professors, employers and students. Factor analysis
has been conducted, using principal component method and varimax rotation
(KMO ¼0.891, Bartlett’s test of sphericity ¼3,325, significance o0.001) and revealed
five factors. Then, Cronbach’s astatistic has been used to determine the degree of
consistency among the measurements of each construct. Each construct of the survey
has exceeded the acceptable level (0.6) of Cronbach’s a.
MANOVA analysis has been used, because there are multiple significance tests. The
analysis has shown that the results are statistically significant (Pillai’s F¼2.189,
p40.001, partial Z
2
¼0.271). The following tables include means of each course to
compare the answers of different profiles (students, employers, lecturers/professors).
The first part of the survey investigates groups’ perceptions about each course of
the curriculum. The courses consist of five groups (Table I, Appendix 2). It has been
found that lecturers/professors believe that accounting courses are very important
Mean
Groups of courses Lecturers/professors Employers Students
1 Basic accounting courses 4.80 4.10 4.48
2 Financial and theoretical courses 3.92 3.25 3.37
3 General courses 3.86 3.44 3.49
4 Advanced accounting courses 4.47 3.57 3.93
5 Suggested courses
a
3.06 2.63
Notes:
a
An external committee (consisting of foreign lecturers/professors) suggests some courses that
would properly enhance the curriculum of the department. The mean difference is significant at the
5 per cent level
Tabl e I.
Groups of courses
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whereas employers believe that they are less important. Employers’ and students’
beliefs regarding the financial and theoretical courses are almost similar but the
lecturers/professors’ opinion is that the importance of these courses is significantly
higher.
The following questions related to the respondents’ (students, companies, lecturers/
professors) beliefs about the skills that have been acquired or should be acquired from
the Department of Accounting and Finance. The analysis shows that the results are
statistically significant (Pillai’s F¼2.311, po0.001, partial Z
2
¼0.282). The following
tables include means of each course to compare the answers of different groups of
respondents.
The content of major of study depicts differences between employers’ and students’
perspectives. For example, F2 and F4 imply that higher education should focus on
practical training providing linkage to companies.
Employers (in Table II) rate social and methodological skills at higher levels than
the other two categories (F¼9.584, po0.05). Therefore, they emphasize these skills
and believe that the employees’ social and methodological skills should be high.
Compared with the results of the other two categories it is obvious that the
departments should emphasize these skills. For example, G2 implies that graduates
should have better foreign language background. G4 and G5 imply that
graduates should have better oral and written communication skills. H4 implies that
graduates should have the ability to think critically.
There are similar results concerning participation skills where employers rank
these skills higher than the other categories (F¼6.908, po0.05). For example, the
department should emphasize teamwork ability.
It has been found that employers rate social and methodological skills at higher
levels than the other two categories (F¼9.584, po0.05). Therefore, they emphasize
these skills and believe that the employees’ social and methodological skills should be
higher. Comparing with the results of the other two categories it is obvious that the
departments should emphasize these skills.
The results concerning participation skills are similar (Table II). Employers rank
these skills higher than the other two categories (F¼6.908, po0.05) and obviously
believe that skills which relate to graduates’ participation should be improved.
According to the above tables, whereas the educational department emphasizes the
theoretical background, companies’ needs relate to social, methodological, and
participation skills.
Discussion and results
It is widely acknowledged that entrepreneurship education can be beneficial at both
the individual and organizational level (Henry and Treanor, 2010; Bosma and Levie,
2010). To cope with a changing world, entrepreneurs and the individuals who work in
them need to have entrepreneurial skills and abilities (Henry and Treanor, 2010). The
current education system in many countries is more focused on theoretical aspects
rather than on helping individuals acquire entrepreneurial skills needed for new
venture creation and business management. Many national education systems are in
a process of reform in order to adapt economic and social changes. The integration
of entrepreneurship education is among the objectives of many of these curricular
reforms (Eurydice, 2012). However, the link between education, training, intent
and actual career choice to start up a business is a complex process and remains
under-investigated (Nabi and Holden, 2008).
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Mean
Lecturers/
professors Employers Students
Content of the major of study
F.1 Theoretical knowledge in a specific field 4.16 4.06 3.90
F.2 Basic professional knowledge and abilities 4.16
c
4.22
b
3.67
c,b
F.3 Multidisciplinary knowledge and reasoning 3.40
c
3.90
c
3.80
F.4 Practical training 4.16 4.29
b
3.95
b
F.5 Knowledge of methods in a specific field 3.40 3.31 3.11
F.6 Mastery of specialised software (SPSS, accounting and
tax management software)
3.92 3.84 3.73
Social skills
G.1 Knowledge of basic computer tools (internet, office
programs, etc.)
4.12 4.57
b
4.11
b
G.2 Knowledge of languages 3.64 3.81
b
3.16
b
G.3 General culture 3.36
a
3.94
a,b
3.41
b
G.4 Oral communication skills 3.36
a
4.17
a,b
3.36
b
G.5 Written communication skills 3.08
a
4.17
a,b
3.40
b
G.6 Public speaking skills 3.36
a
4.27
a,b
3.55
b
G.7 Ability to integrate in a company 3.72
c
4.31
c,b
3.59
b
G.8 Ability to appreciate different points of view (empathy) 3.48
c
4.03
c,d
3.40
c,d
G.9 Personal fit with the company’s image 3.40
a
4.21
a,b
3.37
b
G.10 Ability to take initiative 3.40
a
4.12
a,b
3.34
b
Methodological skills
H.1 Ability to apply theoretical knowledge 3.68
c
4.17
c,b
3.60
b
H.2 Ability to apply practical knowledge 4.08 4.35
b
3.76
b
H.3 Ability to think logically 3.88
c
4.41
c,b
3.72
b
H.4 Ability to think critically 3.48
a
4.30
a,b
3.68
b
H.5 Problem solving skills 3.80
c
4.30
c,b
3.57
b
H.6 Ability to adapt to new situations 3.68
a
4.33
a,b
3.55
b
H.7 Skill at continuous learning 4.04 4.02
b
3.60
b
H.8 Creative ability 3.60
c
4.15
c,b
3.46
b
H.9 Ability to apply rules and regulations 3.68 4.14
b
3.48
b
H.10 Ability to work independently 3.52 3.91
b
3.43
b
H.11 Economic reasoning ability 3.64 4.01
b
3.62
b
H.12 Ability to understand the business organisational chart 3.60
c
4.11
c,b
3.51
b
H.13 Knowledge about the operation of organisations 3.80 4.02
b
3.45
b
H.14 Concentration ability 3.72
c
4.22
c,b
3.50
b
H.15 Ability to reflect on one’s own work 3.64 3.97
b
3.51
b
H.16 Ability to administer time correctly 3.80
c
4.39
c,b
3.52
b
H.17 Information analysis and interpretation skills 3.56
c
4.08
c,b
3.42
b
H.18 Information compilation skills 3.72 3.95 3.70
H.19 Skills for documenting ideas and decisions 3.64 3.94 3.48
Participation skills
I.1 Skills to motivate other people 3.40
c
3.92
c,b
3.40
b
I.2 Negotiation and conflict resolution skills 3.52 3.92
b
3.36
b
I.3 Ability to establish relationships with superiors 3.52
c
4.14
c,b
3.58
b
I.4 Teamwork ability 3.80
a
4.38
a,b
3.76
b
I.5 Ability to establish relationships with subordinates 3.72
a
4.37
a,b
3.85
b
I.6 Willingness to share knowledge and resources 3.76 4.16
b
3.65
b
I.7 Ability to get personally involved in the job 3.56
c
4.10
c,b
3.57
b
I.8 Company and resolute attitude in complicated situations 3.56
a
4.18
a,b
3.58
b
(continued )
Table II.
Skills
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The findings of this research reveal a consensus of opinion among employers,
lecturers/professors and students concerning the higher education curriculum. The
respondents believe that advanced and accounting courses are very important for their
performance and progress, while, on the other hand, they claim that general and
financial courses are of only moderate importance. All three categories (students,
lecturers/professors, and employers) agree that advanced courses are vital for
expanding the management skills of the employees. Financial-theoretical courses and
general courses are of moderate importance. The comparative analysis shows that
lecturers/professors rate advanced courses as more important than students and
employers.
Concerning the business demand components, the content of major of study is
considered to be high labelled. Employers and enterprises indicate skills such as social,
methodological, and participation skills as of great importance whereas lecturers/
professors and students have a more neutral opinion on the subject.
Employers rate social and methodological skills higher than lecturers/professors
and students do. Lastly, all three categories consider that participation skills have
a high level of importance.
The literature review has shown that in today’s business environment there is
a need for competent workers. The above findings confirm the theory that the
companies demand from their employees a combination of cognitive background and
personal skills, and the most basic required skills are: creativity, communication skills,
the ability to cooperate, and the ability to plan strategies (Howieson, 2003). However,
the theory that the process of accounting education is passive and boring (Diamond,
2005), has not been confirmed.
Conclusions
Research has been conducted concerning the Accounting and Finance curriculum of
the TEI of Kavala in Greece, the skills required by accountants and the demands of
accounting companies. The direct comparison between the perceptions of these groups
enhances our knowledge of the appreciation of the courses. In line with previous major
studies (such as Marzo-Navarro et al., 2009; Bahadur, 2012), the findings reveal
differences between groups’ perceptions.
Although, the department has placed emphasis on the theoretical background,
companies’ needs related to social, methodological, and participation skills. The
employers have placed more emphasis on social, methodological, and participation
skills rather than the theoretical knowledge of the courses. These findings are in line
Mean
Lecturers/
professors Employers Students
I.9 Ability to make decisions and assume responsibilities 3.52 3.74
b
3.24
b
I.10 Ability to work under pressure 3.52
a
4.27
a,b
3.54
b
I.11 Planning, coordination and organisation ability 3.60
c
4.14
c,b
3.58
b
I.12 Leadership ability 3.32 3.66
b
3.25
b
I.13 Analysis ability 3.68 3.88
c
3.60
c
Notes:
a,b
The mean difference is significant at the 1 per cent level;
c,d
the mean difference is significant
at the 5 per cent level
Table II.
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with Marzo-Navarro et al. (2009) who have found that higher education institutes must
improve various competencies in the education of their students.
According to the questionnaire survey, departments have to focus on skills and
knowledge, and mainly on the following: general culture, oral communication skills,
written communication skills, public speaking skills, ability to think critically, ability
to work under pressure, and personal fit with the company’s image. The department
should improve the fit with the market emphasizing the development of these skills.
For example, an employee with specific characteristics of developed skills and
knowledge would be more competitive than other employees.
This study contributes to the field of accounting education, since it provides
evidence supporting the significance of mismatches between education and market
needs. Moreover, this study, even though it was conducted on the Greek Educational
Institute alone, can help us understand what happens in other similar education
systems all over the world. It can be added together with other studies in other
countries contributing to a systematic examination of these issues. The practical
implication of this study is that the management of the department can improve the
curriculum profile of the students by developing their skills.
The Accounting and Finance Department has to create an environment not only
conducive to teaching and learning but most importantly to enabling students to put
the actual skills gained to work. According to the results of the study, the curriculum in
Accounting and Finance Departments has to provide the following:
(1) a match between the expectations of employers and the curricular content;
(2) the development of knowledge and skills;
(3) relevance to the employers’ organizations; and
(4) practical demonstrations from employers to students of the department.
This study highlights the need to strengthen competency development within
undergraduate business education and to reform curriculum undergraduate studies.
Higher education curriculum should try to develop student’s skills. A methodology to
achieve that could be the incorporation of work placement into the higher education
curriculum, which links the job market and academic studies (Stevenson, 2005). The
academic staff should try to overcome all the barriers, provide update studies and place
the work into the curriculum, in order to help students to identify their work position
and become competent professionals.
The findings of the study reveal that adjustments could possibly improve the
curriculum and therefore the study enables us to provide the following suggestions.
A course or seminar that prepares the students and connects market and theory
should provide the last year of the studies (e.g. employers from companies could
speak to the students). Furthermore, the department should emphasize the advanced
and accounting courses as the respondents believe that are crucial for their job
performance. Moreover, the literature review provides a better understanding of
employers’ expectations and the accounting curriculum content.
Therefore the conclusions give empirical input and a framework for assessing the
content of existing accounting programmes and reforming the curriculum to build up
the required knowledge and skills in accounting education. This study could be used
as a starting point for the understanding of the competitive employee’s profile. In spite
of the fact that the study was conducted locally in Kavala, Greece, it can help us
understand what happens in other similar departments all over the world.
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Limitations
One major limitation of this study is that it has been based only on the academic staff
of the TEI Kavala, Greece as well as the graduates of the Accounting and Finance
Department of this Institute. It is important that future research be directed towards
collecting data from more academic institutions as well as from more companies.
Greece was chosen not only because of the ease of data availability but because the
higher education systems and accounting education in this country present some
similarities to those that exist across Europe.
Further research
Further study will confirm if indeed the development of those skills improve
graduates’ job performance. Further research could expand the scope of this research
by conducting this survey in more educational institutes (Higher Education) and other
countries to compare and to verify, these results.
Notes
1. Higher education in Greece includes universities and educational institutes of technology.
2. Kavala Institute of Technology was founded in 1976, and in 2001 was upgraded to a Higher
Educational Institute.
3. The Accounting and Finance departments all over the country include the same courses.
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Appendix 1
(continued )
Table AI.
Questionnaire
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Rate the following skills with respect to the degree that these are
acquired from Accounting and Finance Department of Technological
Educational Institute. Rate from 1 (Not important) to 5 (Very important)
impor
tant
impor
tant
1
2
3
4
5
Content of the major of study
F.1
Theoretical knowledge in a specific field
F.2
Basic professional knowledge and abilities
F.3
Multidisciplinary knowledge and reasoning
F.4
Practical training
F.5
Knowledge of methods in a specific field
F.6
Mastery of specialised software (SPSS, accounting and tax
Social skills
G.1
Knowledge of basic computer tools (internet, office programs, etc.)
G.2
Knowledge of languages
G.3
General culture
G.4
Oral communication skills
G.5
Written communication skills
G.6
Public speaking skills
G.7
Ability to integrate in a company
G.8
Ability to appreciate different points of view (empathy)
G.9
Personal t with the company’s image
G.10
Ability to take initiative
Methodological skills
Η.1
Ability to apply theoretical knowledge
Η.2
Ability to apply practical knowledge
Η.3
Ability to think logically
Η.4
Ability to think critically
Η.5
Problem solving skills
Η.6
Ability to adapt to new situations
Η.7
Skill at continuous learning
Η.8 Creative ability
Η.9
Ability to apply rules and regulations
Η.10
Ability to work independently
Η.11
Economic reasoning ability
Η.12
Ability to understand the business organisational chart
Η.13
Knowledge about the operation of organisations
Η.14
Concentration ability
Η.15
Ability to reflect on one’s own work
Η.16
Ability to administer time correctly
Η.17
Information analysis and interpretation skills
Η.18
Information compilation skills
Η.19
Skills for documenting ideas and decisions
Participation skills
I.1
Skills to motivate other people
I.2
Negotiation and conflict resolution skills
I.3
Ability to establish relationships with superiors
I.4
Teamwork ability
I.5
Ability to establish relationships with subordinates
I.6
Willingness to share knowledge and resources
I.7
Ability to get personally involved in the job
I.8
Company and resolute attitude in complicated situations
I.9
Ability to make decisions and assume responsibilities
I.10
Ability to work under pressure
I.11
Planning, coordination and organisation ability
I.12
Leadership ability
I.13
Analysis ability
Table AI.
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Appendix 2
Table AII.
Courses
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About the authors
Athanasios Mandilas is an Associate Professor at the Technological Educational Institute
of Kavala (TEI). His research fields include: application of international accounting standards,
accounting education, accounting information systems, sustainable accounting, ethics and
accounting.
Dr Dimitrios Kourtidis recieved his PhD from the Glasgow Caledonian University in 2012.
His PhD dissertation focused in finance and investigated investors’ trading activity from
a behavioural perspective. He received an MSc in “Finance and Financial Information Systems”
from the University of Greenwich, London, UK, 2006 and an Undergraduate Certificate
in “Accounting” from Serres Institute of Technology, Greece, 2004. He teaches finance courses in
the Department of Finance and Accounting in Kavala Institute of Technology, Greece.
Dr Dimitrios Kourtidis is the corresponding author and can be contacted at:kourtidis1@gmail.com
Yiannis Petasakis is an Adjoined Lecturer at the Technological Educational Institute of
Kavala. His research field is statistics.
To purchase reprints of this article please e-mail: reprints@emeraldinsight.com
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