Priorities for the development of vocational skills in management accountants: a European perspective

Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 1 PRIORITIES FOR THE DEVELOPMENT OF VOCATIONAL SKILLS IN MANAGEMENT ACCOUNTANTS: A EUROPEAN PERSPECTIVE. Trevor Hassall and John Joyce, Sheffield Hallam University (UK) José Luis Arquero Montaño and José Antonio Donoso Anes, Universidad de Sevilla Address for Correspondence: Trevor Hassall School of Business and Finance City Campus, Howard Street Sheffield S1 1WB England UK ABSTRACT In recent years there have been many calls for a re-orientation of accounting education in order to include the development of competencies such as communication, group working, and problem solving skills. However, concern has been expressed that the proposed changes are possibly biased towards the interests of public accounting employers. This paper presents and compares the opinions of the employers of management accountants in Spain and the UK, and then by using a weighted importance indicator determines vocational skills development priorities. The factors that the Spanish and UK employers identified as major constraints to the development of vocational skills are also compared. KEYWORDS Accounting education, management accounting, vocational skills, United Kingdom, Spain. INTRODUCTION  We gratefully acknowledge the support provided by the Chartered Institute of Management Accountants (CIMA), the Spanish Association of Management Accounting (ACODI) and the Spanish Ministry of Science and Technology (SEC 2001-2402). This is a preprint version for research purposes, please refer to the journal website for the final published version. Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 2 The higher education systems in Spain and the UK are being revised to improve the quality of education and to reduce the expectations gap relating to employer demands. In fact, both of these objectives could be seen as being one and the same. A common conceptualisation of quality is expressed in the phrase “fitness for purpose”. In order to improve the quality of higher education it is therefore necessary to identify the customers of higher education. Yorke (1992) offered two alternative views. Firstly, the student is the customer who “buys” a product (the chosen academic program, course, degree…) with the expectation of a future improvement in his/her standard of living. In Yorke‟s second view the student is a “product” that is “transformed” by the educational process into a citizen with added value in terms of capabilities (skills & knowledge). In this wider second view, society is the “customer” and is seen as being represented directly by the job market and employers, and indirectly by the institutions and administrations that fund education. Yorke's two views can also be seen as coincident and not as alternatives. That is, if one is accomplished (the student acquires the required capabilities) the other is also accomplished (the student is able to access the job market in a higher position and thereby improve his/her standard of living). Therefore, in order to respond to employers‟ needs, the needs of the employers must be identified. Professional and academic associations, predominantly in the USA, have through published reports and statements made public their views of the desired profile of a professional accountant (see Table 1). Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 3 Table 1: Published Statements American Accounting Association 1986 Bedford Report (Future Accounting education: Preparing for the Expanding Profession) American Institute of Certified Public Accountants 1987 Future Issues Paper American Institute of Certified Public Accountants 1988 Education Requirements for Entry nnto the Accounting Profession (Review of the Albers Report) Arthur Andersen & Co et al. 1989 Perspectives on Education: Capabilities for Success in the Accounting Profession Accounting Education Change Commission 1990 Position Statement No. 1. Objectives of Education for Accountants American Institute of Certified Public Accountants 1992 Academic Preparation to Become a Certified Public Accountant. International Federation of Accountants 1994 2000 and Beyond. A strategic framework for prequalification education for the accountancy profession International Federation of Accountants 1996 I.E.G. 9: Prequalification Education, Assessment of professional competence and experience requirements of professional accountants United Nations Conference on Trade and Development 1998 Guideline for a global accounting curriculum and other qualification requirements American Institute of Certified Public Accountants 1999 The AICPA Core Competency Framework for entry into the accounting profession International Federation of Accountants 2003 International Education Standard (IES)3. Professional Skills Content One of the most interesting aspects to have arisen from these statements is the increasing importance given to non-accounting capabilities and skills. These capabilities and skills are important because they “enable the professional accountant to make successful use of the knowledge gained through education” (IFAC, 1996, 16). A recent report in this area (Albrecht and Sack 2000) noted that there is continuing criticism of accounting programs by employers and educators. It was noted that the educators and the employers shared the same views. Their report categorised the major problems perceived by employers into six areas:  Course content and curricula Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 4  Pedagogy  Skill development  Technology  Faculty development and reward systems  Strategic direction Albrecht and Sack (2000, p55) stressed the importance of skill development. They stated that: “Students forget what they memorise. Content knowledge becomes dated and is often not transferable across different types of jobs. On the other hand critical skills rarely become obsolete and are usually transferable across assignments and careers.” Even though there is a high degree of consensus in the opinions expressed in the published statements, some authors have raised the possible existence of biases and hidden interests. Poe & Bushong (1991) state that the proposed curriculum resulting from the above statements is focused on educating Certified Public Accountants (CPA‟s) in the USA. CPA‟s are trained as auditors and their development needs could be different from those of other accounting professionals. Davis & Sherman (1996) and Mathews (1994) indicate that the big international auditing firms were a major influence when the statements were being produced. More specifically, Davis and Sherman (1996) and Burton and Sack (1991) stated that the proposed curricular model, which was heavily focused on skills development, was designed more for the needs of large public accounting firms and that the skills included are less critical for small and medium size firms. St. Pierre (1996) indicates that the conclusions presented in the statements have been accepted without empirical support. However, many examples of research work in the accounting Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 5 education literature substantiate the importance to employers of vocational skills (see Table 2). Table 2. Opinion surveys Skill Reference Group Result Communication Gingras [1987] Professional Acc. 82% consider these skills as “very important and 78% indicate that integrated development within accounting classes is an advantage Novin & Pearson [1989] CPAs At least quite important for 90%. Novin et al.[1990] CMAs At least quite important for 90%. May, Windal & Silvestre [1995] Academics 90% support greater emphasis into the acc. curriculum for these skills. Arquero (2000) Spanish academics & professional accountants Considered to be the highest priority for skills development Interpersonal skills Bhamornsiri & Guinn [1991] Auditors Increasing importance as the career progresses. Gersich [1993] Auditors Are considered the most important in their job. Problem solving skills Novin & Pearson [1989] CPAs At least quite important for 95%. Novin et al. [1990] CMAs At least quite important for 97%. May, Windal & Silvestre [1995] Academics 96 % consider that students must be able to solve unstructured problems requiring multiple information sources. However, the research cited in Table 2 is yet again predominantly focused on the employers of CPA's, there is little reference to the thoughts and views of management accountants, and has been largely conducted in the USA. There is no evidence of comparative studies having been undertaken in order to identify and compare skills deficiencies exhibited in different countries. Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 6 A major US survey of management accounting by Siegel & Sorenson (1999) notes the changing role of management accountants. Their survey also asked employers to identify the most important knowledge, skills and abilities necessary for success. These were:  Communication (oral written and presentation) skills  Ability to work on a team  Analytical skills  Solid understanding of accounting  Understanding of how a business functions The purpose of our research is to establish the priorities, in terms of the development of vocational skills, of European employers of management accountants. This is done by comparing the results obtained from Spanish and UK employers of management accountants. Whilst both countries are European there are some interesting differences between the two. Reasons for international differences in accounting practices have been analysed (Choi and Mueller 1992, Radebaugh & Gray 1993, Belkaoui 1995 and Nobes and Parker 1995). Nobes (1998) develops a model that attempts to explain the differences in international financial reporting. The model splits accounting systems into two classes and then places the UK and Spain in different classes. However Blake et al (1998) note that because of the rapid incorporation of EU directives Spain is experiencing major changes in the area of national accounting regulation. Sheridan (1995), Ahrens (1996), and Pistoni and Zoni (2000) suggest that management accounting in Europe is simultaneously being subjected to forces for harmonisation and differentiation. Blake et al. (2003) put forward five distinct aspects of national management accounting culture which they believe can facilitate comparisons. The second of these dimensions is the Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 7 training and qualifications of a management accountant professional. The initial development of comparative management accounting studies was summarised in surveys undertaken by Bhimani (1996) and Lizcano (1996). These surveys are summarised in Blake et al. (2000) which noted the variety of approaches taken to the education and development of management accountants. RESEARCH METHOD The research method used was an opinion survey of employers of management accountants in Spain and the UK. The employers were contacted via the database records of the Asociacion de Contabilidad Directiva (ACODI) and Chartered Institute of Management Accountants (CIMA). Both of these bodies maintain a database of organisations that actively employ management accountants. The covering letter that accompanied the survey requested the employers to complete the questionnaire with reference to this specific group of employees i.e. management accountants. The questions contained in the questionnaire were to be answered on an 11 point scale (from 0 to 10) and were grouped into three sub-sections: - 1. Broad curriculum policy: these 12 questions were designed to elicit responses on the respondent‟s attitude to overall curriculum development in terms of direction, content, responsibility and design. 2. Specific vocational skills: these 22 questions were arranged into 6 groups: communication skills (5 items), group skills (3 items), problem solving skills (4 items), pressure and time management (3 items), information technology (2 items) and others (5 items). The employers were asked to indicate how important they think each item is for Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 8 the adequate performance of management accounting duties. They were also asked to indicate for each item the level of performance actually exhibited by new graduates entering this vocational area. By analysing the responses it is possible to identify the desired profile of a management accountant. Also, by noting those skills considered as important but in which a low performance level had been reported, it is possible to identify perceived areas of educational deficiencies. 3. Limitations and constraints: these 13 questions were designed to identify items that may impose constraints or limitations in the development of skills and values. The research sample in the UK was well defined and easily accessible through the Chartered Institute of Management Accountants (CIMA). However, the concept of the professional management accountant is not as well defined in Spain. Martínez Churiaque (1989 & 1992) stated that three factors contribute to this lack of professional identity. First, there is a lack of a direct relationship between the profession and the educational structure. Second, there is a lack of government interest in this specific vocational area and third, there is a dispersion and lack of association among the practitioners of management accounting. Consequently, management accountants, and their employers, are not so readily identifiable in Spain. However, for the purpose of this study the most representative association was thought to be the Asociacion de Contabilidad Directiva (ACODI). RESPONDENT PROFILE Questionnaires sent to 950 representatives of organisations who employ management accountants in the UK. The total number of valid responses was 214 giving a response rate of 22.5%. In Spain 270 questionnaires were distributed to representatives of organisations who Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 9 employ management accountants. Valid responses were received in total from 55 respondents giving a response rate of 20.4%. In order to increase the initial response rate we followed the suggestions made by the total design method (TDM) (Dillman, 1978; Collier & Wallace, 1992), and in order to asses the existence of non-response bias statistical tests were performed to compare the responses from the first wave and follow up mailings. No stastistically significant differences between the waves were found in any item included in the survey instrument. Consequently it can be assumed that the responses obtained are representative of the whole sample and, thus, of the population. Combining the two populations revealed that only 23% of the total were females. The ages of the respondents ranged from 25 to 65 years old. The Spanish respondents had a mean age of 45 years whereas the UK mean was 40 years. The survey revealed that 82.3% of the respondents had responsibilities for appointing accounting staff and 85.1% had responsibilities relating to training those staff. The UK respondents were predominantly from larger organisations (more than 250 employees): only 22% of the UK respondents, as opposed to 56% of the Spanish, work in small (less than 25 employees) or medium sized organisations (26 to 249 employees). RESULTS The responses to the questions classified as Broad Curriculum Policy are shown in Table 3. The employers clearly agree that universities should pay attention to work-place requirements when designing course syllabi: only 6.3% of respondents disagreed with the statement. They agreed strongly with the statement that development of the skills and capabilities contained in Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 16 sector Siegel & Sorenson (1999)) their findings were consistent. The results of this study, which was based on European employers of management accountants, are consistent with the results of other studies: there is an identified need to incorporate a wider set of vocational skills into the accounting curriculum. The employers of management accountants in both Spain and the UK perceive that the non-technical skills and knowledge areas specified in our questionnaire are a necessary requisite for the management accountant to be able to perform his/her duties. The employers surveyed clearly feel that the development of these work place requirements should be an explicit goal and the responsibility of educational institutions. There is a clear indication that the employers do not believe that educational institutions pay sufficient attention to the development of these non-technical skills and knowledge areas. Although the employers from both countries give high scores for the importance of the specific skills in the survey, there were differences. For the UK employers, the most important skills were communication skills (oral, written & effective listening), whilst Spanish employers valued most highly the commitment to life-long learning and the global vision of the organisation. An interesting finding is that the Spanish employers in small & medium firms gave higher importance scores to the non-technical skills than their colleagues in large firms did. This is of particular interest given the large number small & medium firms in Spain, and consequently their influence on the employment market. There were major differences in the performance level scores reported. The Spanish employers showed higher levels of dissatisfaction with the skill level exhibited by new management accountants than the UK respondents did. The above views are from employers but Albrecht and Sack (2000) note that there is also dissatisfaction among graduates and a decreasing number of student enrolments on to Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 17 accounting programmes. They note that some US educational institutions have responded to the need for change but they question if this response is substantive or merely cosmetic. Perhaps their most worrying finding is that many accounting practitioners and educators would, if given the choice now, not major in accounting. A key question to be resolved if major change is to be undertaken by educational institutions by incorporating into the syllabus non-technical skills and knowledge areas is prioritisation. Within the boundaries of resource constrains imposed on educational institutions it will probably not be possible to target all of the non-technical skills and knowledge areas identified in the studies previous undertaken.. A focus of this study has been to develop a methodology that would help in identifying this prioritisation. Attention should be given to the skills that are considered to be important and where current performance of those same skills is inadequate. In order to identify the vocational skills that should be given priority, a weighted importance indicator was calculated. This statistic, referred to as the indicator of priority (IP), allows a joint analysis of both importance and performance to facilitate identification of the priorities. The IP values calculated in this study show that there is agreement between the UK and Spanish employers surveyed on the skills that need to be developed. The analysis identified the priority area for development to be “Have a comprehensive and global vision of the organisation”. Perhaps this perceived lack of vision indicates why many newly qualified accountants are encouraged to widen their education by taking additional courses e.g. MBA. The other clear priorities are time management, interpersonal communication skills and the group working skill of organising and delegating tasks. The area where there is the least Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 18 perceived need for immediate development in graduate entrants to the workplace is in information technology. The IP methodology should enable educational institutions to effect the necessary curriculum change most effectively by prioritising the skills that comprise the expectations gap between themselves and employers. Given the evidence that such change has not realistically been effected it is important to consider possible reasons for the inertia. The employers surveyed clearly indicate that in their view a lack of economic resources is not a limitation. This would possibly not be the view of academic staff. There are clear differences in terms of the funding needed to underpin the development of some of the skills identified above. The development of IT skills is capital intensive whereas the development of “softer” skills is labour intensive and is not a quick fix installation. Many educational institutions have in recent years increased their spending on IT facilities. The study indicates that IT skills are no longer a priority to employers and that resources might more usefully be utilised to develop the prioritised “softer” skills. However it is highly likely that tutors will need to be trained. Consequently even more funding will be required as the training of tutors should be carefully designed and continually developed to ensure that the relevant pedagogy is implemented. However it should be noted that if there is no reward for the incremental effort then the time that would need to be invested in the „innovations‟ would be diverted elsewhere. Consequently reward systems within higher education should simultaneously evolve to recognise the changes needed. Continuing the consideration of barriers to curriculum change, the employers surveyed clearly view academics as having insufficient relevant practical accounting experience. They do not however view large class sizes, high teaching loads and lack of economic resources as limiting attempts to develop vocational skills. The employers also believe there is reluctance Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 19 from academics to change teaching and assessment methods and that this inertia is an important constraint on the development of the required vocational skills. A major implication of this study is that the authorities who decide on the objectives and priorities of management accounting education should formally embed into the curriculum a wider set of skills and knowledge topics that, at least in a planned and explicit way, have not yet been sufficiently acknowledged. Thus, reforms in curriculum content and delivery are necessary to develop the skills that are needed by employers. Funding and resources will need to be made available in order to achieve the desired outcomes. REFERENCES Accounting Education Change Commission. (AECC) (1990). Objectives of Education for Accountants: Position Statement No.1 Issues in Accounting Education 5, 307 - 312. Ahrens, T. (1996) Styles of accountability, Accounting Organisations and Society. 21: 139- 173. Albrecht, W.S. & Sack, R.J. (2000) Accounting Education: Charting the Course through a Perilous Future, Accounting Education Series Volume No. 16, American Accounting Association. American Accounting Association Committee on the Future, Content, and Scope of Accounting Education (1986). Future of accounting education: preparation for the expanding profession. Issues in Accounting Education, I(1), 169-195 American Institute of Certified Public Accountants, Future Issues Committee. (1987). 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Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 23 APPENDIX 1 – Responses on Specific Skills and Knowledge TOTAL U.K. SPAIN Importance Importance Exhibited Level I.P. Importance Exhibited Level I.P. Score Rank Score Rank Score Rank Score Rank Score Rank · Communication skills Present and defend points of view and outcomes of their own work, in writing, to colleagues, clients, and superiors 8.39 13 8.77 2 5.37 9.06 7 8.00 19 4.28 8.80 11 Present and defend points of view and outcomes of their own work, verbally, to colleagues, clients, and superiors 8.67 4 8.91 1 5.37 9.20 6 8.44 15 4.00 9.93 2 Use of visual aids in presentations 7.18 22 7.19 22 5.29 7.54 16 7.18 22 3.69 9.16 9 Listen effectively to gain information and to understand opposing points of view 8.66 6 8.73 5 5.64 8.59 11 8.58 11 5.11 7.91 15 Critically read written works, making judgements on their relevance and value 7.83 20 7.93 16 5.95 7.40 18 7.73 21 5.09 7.14 20 · Group working skills Work with others in teams 8.73 1 8.68 6 5.96 8.07 15 8.78 6 5.74 7.21 18 Organise and delegate tasks 8.57 9 8.33 10 4.92 9.39 5 8.82 5 4.36 9.53 6 Assume leadership positions when necessary 8.09 17 8.13 13 5.16 8.73 10 8.05 18 4.44 8.54 13 · Problem solving skills Identify and solve unstructured problems 8.64 7 8.46 9 5.62 8.35 12 8.82 4 4.38 9.47 7 Find creative solutions 8.38 14 8.07 15 5.54 8.09 14 8.69 7 4.19 9.76 3 Integrate multidisciplinary knowledge to solve problems 8.44 12 8.28 11 5.14 8.93 8 8.60 10 4.23 9.57 5 Perform critical analysis 8.30 15 8.12 14 5.41 8.33 13 8.47 13 4.63 8.61 12 · Pressure and time management Hassall, T., Joyce, J., Arquero Montaño, J. L., & Donoso Anes, J. A. (2005). Priorities for the development of vocational skills in management accountants: A European perspective. Accounting Forum (Vol. 29, No. 4, pp. 379-394). Elsevier. Preprint for research purposes 24 TOTAL U.K. SPAIN Importance Importance Exhibited Level I.P. Importance Exhibited Level I.P. Score Rank Score Rank Score Rank Score Rank Score Rank Organise the workloads to meet conflicting demands and unexpected requirements 8.48 11 8.52 7 4.95 9.55 3 8.44 14 4.25 9.35 8 Organise the workloads to recognise and meet tight, strict, and coinciding deadlines 8.71 2 8.76 4 5.08 9.57 2 8.67 8 4.47 9.13 10 Select and assign priorities within coincident workloads 8.67 5 8.77 3 5.10 9.55 4 8.57 12 4.20 9.62 4 · Information technology Use relevant software 8.68 3 8.49 8 6.86 6.87 19 8.87 3 6.42 6.51 22 Knowledge of information sources 7.98 19 7.67 20 6.83 6.23 22 8.29 17 5.15 7.58 17 · Other skills, values and knowledge Have a commitment to life-long learning 8.51 10 7.87 17 6.41 6.81 20 9.15 1 6.00 7.18 19 Ability to develop methods of effective learning 7.68 21 7.54 21 6.36 6.57 21 7.81 20 5.18 7.11 21 Awareness of social and ethical responsibilities 8.17 16 7.70 18 5.72 7.47 17 8.64 9 5.19 7.83 16 Have knowledge of the accounting profession 7.98 18 7.68 19 4.84 8.80 9 8.29 16 4.69 8.32 14 Have a comprehensive and global vision of the organisation 8.59 8 8.15 12 4.52 10.00 1 9.04 2 3.91 10.90 1