Knowledge, Skills and Values of BSA Graduates

1

CHAPTER 1

THE PROBLEM AND ITS SETTING

INTRODUCTION

The last decades have been marked by changing environment characterized by

series of globalization, voluminous transactions, changing technology and regulation, and

growth of the world economy. These changes have increased the level of competition

among organization and triggered for quicker and more decisive action by management.

As employers supposed that employees play an important role and give the company a

sustainable competitive advantage, they are seeking and expecting a diverse range of skills

and attributes in its human capital. The job of the accountant seems to be at the heart of

this logic. A fundamental aspect of the accounting profession is that accounting

information is important for business decision making. In virtually all companies,

accounting information is recorded, managed and often analyze. The accounting profession

worldwide has come under close scrutiny. Changes had expanded the roles of accountants

and at the same time expanded the qualities expected in the accounting work

It has been argued however that graduates are not being adequately prepared for

employment in the modern business environment. This mismatch occurs because the

jobseekers, in general, are not seen by employers as having the necessary skills for

employment. Graduates lack many of the attributes required by employers, partly because

educators fail to promote their acquisition. This perceived mismatch between the attributes

which employers expect and attributes graduates display, give rise to what researchers have

labeled an expectation-performance gap. From prior literatures different reasons have

been identified for accountancy graduates not possessing knowledge, skills, and values as

per employers expectations, namely; differences in the expectations of accountancy

academics and employers and students perception of the employers expectations to them.

While the requirements of professional bodies have been highlighted and several

studies examine the views of employers and practitioners in terms of the skills and

attributes they require in entry level graduates, there are few studies which acknowledge

the views of the students about to enter employment. The question is: are accountancy

students generally aware of the new skills currently expected for future accountants in this

2

highly changeable global business context. Accountancy students are key stakeholders in

the whole process, employers expectations may shape the accounting student motivation

and implementation of a rigorous strategy that facilitate the acquisition of skills and

attributes (through internships) from his passage by the college.

This study examines perceptions of graduating BSA students about the knowledge,

skills and values they consider expected by the employers in BSA graduates. The study

also examines the knowledge, skills and values expected by employers and explores gaps

between student perceptions and employer expectations.

THEORETICAL/CONCEPTUAL FRAMEWORK

In order to investigate the relationship of employers' expectations and graduating

accountancy students' perceptions, the underlying research conceptualizes the notion of it

as similar to the notion offered by Bui and Porter. (2010, p.4)

Expectation gap: reflecting the perceptual differences in the expectations of

accountancy academics and employers.

Constraints gap: exists as an exacerbating agent to performance gap, representing

the factors that are assuming to limit the ability of accounting educators in the

development of the skills and knowledge to students.

Performance gap: reflecting ineffectiveness of teaching practices.

Actual

competencies

of the

Graduates

Competencies

expected by

educators

Competencies

desired by

educators

Competencies

expected by

employers

Performance Gap Constraints Gap Expectation Gap

Expectation-Performance Gap

Educators

performance Students

perception

Institutional

Gap

3

STATEMENT OF THE PROBLEM

This study aims to compare employers expectations in the knowledge, skills and

values of Bachelor of Science in Accountancy graduates and graduating accountancy

students perceptions on these expectations. Specifically, answers to the following

questions are sought:

1. To what extent are the following knowledge, skills and values are expected by the

employers on the BSA graduates:

1.1 Knowledge

1.1.1 General Knowledge

1.1.2 Organizational and Business Knowledge

1.1.3 Information Technology (IT) Knowledge

1.1.4 Accounting and Finance Knowledge

1.2 Skills

1.2.1 Intellectual Skills-Analysis

1.2.2 Intellectual Skills-Problem Solving

1.2.3 Intellectual Skills-Strategic/Critical Thinking

1.2.4 Interpersonal Skills

1.2.5 Communication Skills

1.3 Values

1.3.1 Professional Ethics

1.3.2 Integrity

1.3.3 Objectivity and Independence

1.3.4 Professional Competence and Due Care

1.3.5 Confidentiality

1.3.6 Professional Behavior

1.3.7 Moral Values

2. To what extent are the following attributes of BSA graduates expected by the

employers.

2.1 Knowledge

2.2 Skills

2.3 Values

4

3. To what extent are the following knowledge, skills and values are perceived by

the BSA students as expected by the employers on the BSA graduates.

3.1 Knowledge

3.1.1 General Knowledge

3.1.2 Organizational and Business Knowledge

3.1.3 Information Technology (IT) Knowledge

3.1.4 Accounting and Finance Knowledge

3.2 Skills

3.2.1 Intellectual Skills-Analysis

3.2.2 Intellectual Skills-Problem Solving

3.2.3 Intellectual Skills-Strategic/Critical Thinking

3.2.4 Interpersonal Skills

3.2.5 Communication Skills

3.3 Values

3.3.1 Professional Ethics

3.3.2 Integrity

3.3.3 Objectivity and Independence

3.3.4 Professional Competence and Due Care

3.3.5 Confidentiality

3.3.6 Professional Behavior

3.3.7 Moral Values

4. To what extent are the following attributes of BSA graduates perceived by the

BSA graduating students as expected by the employers.

4.1 Knowledge

4.2 Skills

4.3 Values

5. Is there a significant difference between the extent of expectation of the employers

and the extent of expectation of the employers at the perception of the graduating

students in each of the following items:

General knowledge

Organizational and Business Knowledge

5

Information Technology (IT) Knowledge

Accounting and Finance Knowledge

Intellectual skills-Analysis

Intellectual Skills-Problem Solving

Intellectual Skills-Strategic/Critical Thinking

Interpersonal skills

Communication skills

Professional Ethics

Integrity

Objectivity and Independence

Professional Competence and Due Care

Confidentiality

Professional Behavior

Moral Values

6. Is there a significant difference between the extent of expectation of the

employers and the extent of expectation of the employers at the perception

of the graduating students overall in each of the following:

Knowledge

Skills

Values

SCOPE AND DELIMITATION

The current study is a small, indicative one with a limited sample size and scope.

There are 17 universities/colleges situated around Cavite that offers Bachelor of Science

in Accountancy course. Out of which, 14 universities/colleges have graduating BSA

students which can be explained by the new 5 year course curriculum. These 14 schools

have a total graduating students of 355 and due to time and cost considerations, the study

was conducted to only 60 students convenient to the researcher.

Another limitation of the study is that limited number of employers agreed to

participate in answering the research questionnaire.

6

SIGNIFICANCE OF THE STUDY

The papers findings are of interest to several different parties, primarily the

professional accounting body, universities/colleges and students. The paper describes an

empirical study, which provides a better understanding of new knowledge, skills, and

values expected with greater extent for future accountants in this changing business

environment. Employers expectations may shape the accounting student motivation and

implementation of a rigorous strategy that facilitate the acquisition of skills and attribute

from his passage by the university/college.

DEFINITION OF TERMS

The government has undertaken efforts to improve the entry-level qualification

requirements for the Filipino CPAs by releasing the well-defined set of competencies, Core

Competency Framework for Entry Level to the Philippine Accountancy Profession. The

core competencies for accountants identify the knowledge, skill, and professional values

that new CPAs need to have in order to successfully face the challenges of todays changing

environment and the future.

Knowledge

General knowledge of emphasis here are gaining an understanding of the different

cultures in the world and developing an international perspective.

Organizational and Business Knowledge core knowledge in areas such as

economics, quantitative methods and business statistics, organization behavior,

marketing and operations management and conversant of the international business

and have an understanding of how the global business system works.

Information Technology (IT) Knowledge conversant with IT concepts for

business systems and sound knowledge on internal control in computer-based

systems, development standards and practices for business systems, management

of the adoption, implementation and use of IT, evaluation of computer business

systems, and managing the security of information.

Accounting and Finance Knowledge core knowledge related to accounting and

related areas and proficiency in the international accounting and auditing standards,

7

cost management and the latest concepts in management accounting, recent tax

laws and business and commercial laws. It also includes knowledge of corporate

finance and the Philippine capital markets, professional ethics and environmental

accounting and reporting.

Skills

Intellectual skills ability to carry out abstract logical thinking and understand

critical thinking. It also includes creative thinking or the generation of new ides;

visualization or seeing things in the minds eye, and reasoning skills or the

discovery of a rule or principle underlying the relationship between two or more

objects and applying it when solving a problem.

Interpersonal skills ability to work in groups and being a team player. It includes

the skills to participate as member of a team and contributing to group effort;

teaching other new skills; working to satisfy clients expectations; negotiation skills

and working with diversity or working well with men and women from diverse

backgrounds.

Communication skills active listening skills and the ability to communicate

effectively ones points of view, both orally and in writing, at all organizational

levels; being able to justify ones position, deliver powerful presentations ad to

persuade and convince others.

Values

Professional ethics include integrity, objectivity and independence, professional

competence and due care, confidentiality, and professional behavior.

Moral values able to discern between what is morally right or wrong.

8

CHAPTER 2

RELATED LITERATURE

This section reviews the literature that addresses the perceptions of various

stakeholder groups (graduate, employers and academics) on the attributes of graduates.

Perceptions of Students

Students are a key stakeholder group when it comes to examining views about

developing skills and attributes to equip them for a career in the accounting profession.

Students rated continuous learning as the most important skill to future careers and

in terms of the Jones and Sin (2003) model, were focused on developing routine technical

expertise, oral and written communication skills, analytical and problem solving skills and

appreciative skills including decision making and critical thinking. Indicative of their stage

of life, students focused on ongoing development of personal skills such as professional

attitude, self-motivation, leadership and the ability to work in a team.

Perceptions of Graduates

The debate over the desired type and level of skills expected of accounting

graduates has been motivated by the shifting role of accountants as knowledge

professionals in the international business environment (Howieson, 2003). A better

mixture of skills is seen as necessary to address the diversity of business challenges. For

instance, Daff et al., (2012) suggest that Emotional Intelligence (EI) is a desirable quality

in accounting graduates as it is allows accountants to excel in strategic decision-making,

teamwork, leadership and client relations. They contend that in the quest to find the best

employees, employers have focused on EI whereas accounting faculty has placed less

emphasis on EI skill development and a greater emphasis on generic skills

Prior studies have indicated that the successful acquisition of particular skill sets

within a tertiary degree is related students perceptions of the importance of generic skills

in the work environment (Rainsbury, Hodges, Burchell and Lay, 2002). De Lange et al.

(2006) found that graduates perceived that there needed to a greater emphasis on

interpersonal and communication skills in their undergraduate studies. The perceived skills

9

gap in this study, were also identified as having the highest degree of difference between

emphasis given and emphasis that should have been given to the skill. Similarly, Jackling

and de Lange, (2009) found that graduates perceived their accounting courses were directed

towards attainment of technical skills with less emphasis on generic skills. Of interest to

the present study is that the Jackling and de Lange (2009) study indicated that in their

accounting studies graduates perceived that in terms of generic skills, the greatest emphasis

was given firstly to written communication, followed by team skills interpersonal skills

and oral expression. Stone and Lightbody, (2012) provide further important evidence of

the need for accounting students to develop listening skills as part of their skill set. . In an

earlier New Zealand study, Wells et al. (2009) found that the two key areas for

improvement based on graduate perceptions were teamwork and application of learning to

real world situations.

Perception of Employers

Prior research demonstrates that often employers and graduates have different

perspectives about the skill set required for an accounting professional studies have

specifically investigated employer perceptions of accounting graduates employment

capabilities. For instance, Bui and Porter (2010) via a series of interviews found that

employers considered communication skills to be essential as well as presentation skills.

All employers interviewed in Bui and Porters study considered teamwork skills essential

for accounting graduates and emphasised the importance of accounting students engaging

in work experience during studies to develop such skills. Bui and Porter did however find

some differences between firms of different size in terms of the expectation of accounting

graduates. For instance, medium-sized firms appeared to have high expectations of

graduate capabilities and expected them to take on senior roles within one year. The Big

4 firms were interested in research skills being well developed in accounting graduates.

Similarly, employer interviews in Jackling and de Langes (2009) study showed that team

skills were most frequently mentioned as desirable skills in graduates. Other skills

emphasized by employers were leadership potential, verbal communication and

interpersonal skills. There was evidence from the Jackling and de Lange (2009) study of a

clearly identified gap in graduate perceptions of skills acquired in their university studies

10

and employer expectations of the skill set of accounting graduates. Velasco (2012), argues

that the perception by graduates that employers values higher grades, when employing

students is a misconception since the study indicates that employers value, more aspects

related with personality and other personal qualities of young graduates. The study further

shows that soft skills are more important in the selection process and higher grades are

valued more in the public sector. Similarly Bouyer (2011) in outlining the expectations of

Big 4 firms in terms of graduate recruitment, indicated that employers favour accounting

graduates with a global mindset i.e. able to work in diverse teams including being able to

to interact with people from different cultural backgrounds. In the ALTC Accounting for

the Future project, the changing graduate skill requirements were investigated (Hancock

et al., 2010). Through interviews with 47 employers the broad skill categories more

frequently referred to be interviewees were: communication and presentation; teamwork

and good interpersonal skills; self-management; initiative and enterprise; problem solving;

technological competence and planning and organizing skills. These capabilities emerged

as discriminators for professional success and consistent with Velasco (2012) demonstrate

that employers put less emphasis on academic success.

The literature on employer expectations suggests that there is an overall

expectation-performance gap. Although it may be unrealistic to expect new graduates to

immediately meet the requirements of employers, there is evidence that the expectations

of employers requires a greater level of attention to be given to the graduate employment

capabilities being incorporated and delivered in accounting courses. Employers also appear

to focus on what may be termed as higher order personal and interpersonal skills including

ability to engage clients, negotiate and act strategically (Hancock et al., 2010).

Perception of Academics

Various studies have found that the views of academics about the subject-matter

taught in universities differ from the views of practitioners. It was found that academics

teaching financial accounting believed that they should focus on technical aspects in the

course while practitioners preferred a much wider coverage of topics. Watty (2005) in a

study of academics from 30 universities in Australia, found that accounting educators

11

considered accounting education to be compliance-driven and largely prescribed by

accreditation requirements of professional accounting bodies.

More recently the study of Bui and Porter (2010) illustrated that accounting

educators viewed that the principal role of university education as the development of

students intellectual capabilities, which is reflected in written communication skills and

analytical skill as primary learning objectives. Of the six accounting academics interviewed

in Bui and Porters study, three were of the view that universities have a role in educating

students to become good citizens by encouraging them to develop holistically. This view

was encompassed in a broader view that universities should enable students to think

independently and develop skills of adaptability as well as becoming ethically aware.

Overall Bui and Porters study provides evidence of the expectation gap between

employers and educators, as there were clearly identified differences in expectations of the

skills and capabilities between the two stakeholder groups.

In summary from the literature review there appears to be a lack of uniformity in

the views of the stakeholders in terms of the skill set that is required of accounting

graduates entering the profession.

With this, the following research hypotheses are addressed:

Ho: There is no significant difference between the expectation of employer of the

knowledge, skills and values of the BSA graduates and the perception of the BSA

graduating students of these expectations.

Ha: There is significant difference between the expectation of employer of the

knowledge, skills and values of the BSA graduates

12

CHAPTER 3

METHODOLOGY

RESEARCH DESIGN

This study used the action research employing the quantitative approaches since it

aimed to produce reliable data that tells about the knowledge, skills, and values expected

by the employers. All the responses were statistically analyzed using non-parametric tests

because of the ordinal nature of the likert scale data.

RESEARCH PARTICIPANTS

The researcher conducted a study involving data collection from 60 graduating

BSA students in seven colleges/universities in Cavite and 60 employers across

organizations in PEZA, Cavite.

EMPLOYERS

There are 397 operating registered enterprises in the Philippine Economic Zone

Authority that are located in the Cavite economic zone. Using the slovins formula to get

the sample size, there were 200 questionnaires distributed to different organizations. Of the

200 questionnaires distributed, 60 were returned completed. In total, a 30 % response rate

was achieved. It is acknowledged that the response rate is relatively low, but the researcher

deemed that such unanswered questionnaires were generally because the organization did

not employ BSA graduates.

BSA GRADUATING STUDENTS

There were 17 colleges/universities in the Cavite that offers Bachelor of Science in

Accountancy course. Out of these 17 schools, only 14 schools have graduating BSA

students which can be explained by the new 5 year curriculum implementation. The total

population of the graduating students are 355, out of which, only 60 were successfully

surveyed.

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TABLE 1

DEMOGRAPHICS OF STUDENT RESPONDENTS

College/University

Gender EAC UPHS-M RC AUP OCT PCU-D TOTAL

Men 4 2 5 3 4 4 22

Women 5 4 5 7 2 3 26

Total 9 8 10 10 6 7 50

TABLE 2

DEMOGRAPHICS OF EMPLOYER RESPONDENTS

CEZA Employers

Experience Total Number of Respondents

Less than 5 years 17

Between 5-10 years 11

More than 10 years 22

Total 50

RESEARCH INSTRUMENT

The researcher made used of questionnaire to gather data which was being

administered both to graduating accountancy students (studying last level in Bachelor of

Science in Accountancy) and employers during the period January 2015 to March of the

same year.

Survey sheets were prepared to gather answers about the knowledge, skills and

values expected by the employers and perceived by the graduating accountancy students

to be expected by the employers.

The individual items for knowledge, skills and values were based on the Core

Competency Framework for Entry to the Philippine Accountancy Profession released by

the government which were individually defined as stated in the definition of terms which

allows the researcher to compile a list of 16 items divided into 3 categories under

knowledge expected: (1) general knowledge, (2) organizational and business knowledge,

14

(3) information technology knowledge and (4) accounting and finance knowledge; under

skills expected: (1) intellectual skills-analysis, (2) intellectual skills-problem solving, (3)

intellectual skills-strategic/critical thinking, (4) interpersonal skills and (5) communication

skills and under values expected: (1) professional ethics, (2) integrity, (3) objectivity and

independence, (4) professional competence and due care, (5) confidentiality, (6)

professional behavior and (7) moral values. Thus, respondents were asked to rate each

item on a scale ranging from 1 (no extent) to 5 (very great extent) and the Likert five-point

scale was used to analyze respondents answers.

15

CHAPTER 4

PRESENTATION AND INTERPRETATION OF DATA

Respondents express the extent of expectation on different knowledge, skills and

values by the industry on the view of employers and students. Median values expressed by

study groups for each attribute were used to test the statistical difference and relationship

of the opinion of different groups.

EMPLOYERS EXPECTATIONS

TABLE 3

KNOWLEDGE, SKILLS, AND VALUES OF BSA GRADUATES EXPECTED BY

THE EMPLOYERS

KNOWLEDGE MEDIAN DESCRIPTION

Accounting and Finance Knowledge 5 VGE

General Knowledge 4 GE

Information Technology (IT) Knowledge 4 GE

Organizational and Business Knowledge 4 GE

SKILLS MEDIAN DESCRIPTION

Communication Skills 5 VGE

Intellectual Skills Analysis 5 VGE

Intellectual Skills - Problem Solving 5 VGE

Intellectual Skills - Strategic / Critical Thinking 5 VGE

Interpersonal Skills 5 VGE

VALUES MEDIAN DESCRIPTION

Confidentiality 5 VGE

Integrity 5 VGE

16

Moral values 5 VGE

Objectivity and independence 5 VGE

Professional behavior 5 VGE

Professional competence and due care 5 VGE

Professional ethics 5 VGE

Description: (5) Very Great Extent, (4) Great Extent, (3) Moderate Extent, (2) Slight

Extent, (1) No Extent

Table 3 lists the knowledge, skills and values for entry level qualifications as

provided by the Core Competency Framework with corresponding extent of expectations

by the employers in the order of value among them. In answer to research question 1, the

table shows that with median score of 5, employers have very great expectations of the all

the skills and values listed: intellectual-analysis, intellectual-problem solving, intellectual-

strategic/critical thinking, interpersonal and communication and values: professional

ethics, integrity, objectivity and independence, professional competence and due care,

confidentiality, professional behavior and moral values, as well as in the accounting and

finance knowledge. It can be observed that the rest of the proposed knowledge are expected

with great extent only such as, general, organizational and business, and information

technology with median score of 4.

TABLE 4

OVERALL ANALYSIS-EMPLOYERSRANKING

Categories Median Remark Cronbach's Alpha

Skills 5 VGE 0.92

Values 5 VGE 0.96

Knowledge 4 GE 0.79

After conducting tests for individual items, the researcher try to make inter-

category analysis as shown on table 4. In this context, to answer research question 2, it is

noticeable that skills and values received important overall median of 5 which means very

17

great extent. This shows that employers recognize the importance of these attributes. On

the other hand, though rank last, knowledge is recognized as greatly expected. In addition

Table 4 shows that the Cronbachs alpha was satisfactory (between 0.79 and 0.96) which

demonstrates that the items share a common understanding and validate the reliability and

the internal consistency of the measure.

STUDENTS PERCEPTIONS

TABLE 5

KNOWLEDGE, SKILLS, AND VALUES OF BSA GRADUATES PERCEIVED AS

EXPECTED BY THE GRADUATING STUDENTS

KNOWLEDGE MEDIAN DESCRIPTION

Accounting and Finance Knowledge 4 GE

General Knowledge 3 ME

Information Technology (IT) Knowledge 3 ME

Organizational and Business Knowledge 3 ME

SKILLS MEDIAN DESCRIPTION

Communication Skills 4 GE

Intellectual Skills Analysis 4 GE

Intellectual Skills - Problem Solving 4 GE

Intellectual Skills - Strategic / Critical Thinking 4 GE

Interpersonal Skills 4 GE

VALUES MEDIAN DESCRIPTION

Confidentiality 5 VGE

Moral values 4 GE

Professional behavior 5 VGE

Professional competence and due care 5 VGE

Integrity 4 GE

18

Objectivity and independence 4 GE

Professional ethics 4 GE

Description: (5) Very Great Extent, (4) Great Extent, (3) Moderate Extent, (2) Slight

Extent, (1) No Extent

Table 5 enumerates the knowledge, skills and values for entry level qualifications

as provided by the Core Competency Framework with corresponding perceived extent of

expectations of the graduating BSA students sorted by value among them. In answer to

research question 3, the table displays that different categories of values received median

score of 5 namely: confidentiality, professional behavior and professional competence and

due care. This shows that students recognizes employers very great extent expectations on

these values. Students also stress employers great expectations on accounting and finance

knowledge, different skills and values while knowledge on organizational and business,

information technology and information technology were believed to be moderately

expected.

TABLE 6

OVERALL ANALYSIS-STUDENTSSRANKING

Categories Median Remark Cronbach's Alpha

Skills 4 GE 0.84

Values 4 GE 0.92

Knowledge 3 ME 0.77

Table 6 shows ranking of attributes in order of importance among students. In

answer research question 4, it is evident that skills and values received important overall

median of 4 considered as great extent. This means that students believed that employers

expect with great extent these attributes of graduates. On the other hand, knowledge is

recognized as moderately expected. In addition Table 4 shows that the Cronbachs alpha

was satisfactory (between 0.77 and 0.92) which demonstrates that the items share a

common understanding and validate the reliability and the internal consistency of the

measure.

19

COMPARISON

INTER-CATEGORY ANALYSIS

TABLE 7

COMPARISON OF EMPLOYERS EXPECTATIONS AND STUDENTS

PERCEPTIONS-INTERCATEGORYANALYSIS

KNOWLEDGE EE MEAN

RANK SP

MEAN

RANK U Z P

RE-

MARK

General GE 77.02 ME 43.98 809.0 -5.51 0.000 SD

Organizational

and Business GE 77.67 ME 43.33 770.0 -5.79 0.000 SD

Information

Technology GE 77.85 ME 43.15 759.0 -5.90 0.000 SD

Accounting and

Finance VGE 77.78 GE 43.23 763.5 -5.85 0.000 SD

SKILLS EE MEAN

RANK SP

MEAN

RANK U Z P

RE-

MARK

Intellectual

Analysis VGE 70.1 GE 50.90 1224.0 -3.36 0.001 SD

Intellectual-

Problem Solving VGE 74.77 GE 46.23 944.0 -5.06 0.000 SD

Intellectual-

Strategic /

Critical Thinking

VGE 68.62 GE 52.38 1313.0 -2.81 0.005 SD

Interpersonal VGE 72.88 GE 48.12 1057.0 -4.42 0.000 SD

Communication VGE 68.97 GE 52.03 1292.0 -3.08 0.002 SD

20

VALUES EE MEAN

RANK SP

MEAN

RANK U Z P

RE-

MARK

Professional

ethics VGE 67.88 GE 53.12 1357.0 -2.68 0.007 SD

Integrity VGE 65.71 GE 55.29 1487.5 -1.85 0.064 NSD

Objectivity and

independence VGE 67.23 GE 53.78 1396.5 -2.40 0.017 SD

Professional

competence and

due care

VGE 64.6 VGE 56.40 1554.0 -1.49 0.138 NSD

Confidentiality VGE 64.32 VGE 56.68 1571.0 -1.38 0.169 NSD

Professional

behavior VGE 65.18 VGE 55.83 1519.5 -1.70 0.088 NSD

Moral values VGE 67.28 GE 53.73 1393.5 -2.45 0.014 SD

Legend: (EE) Employers Expectations

(SP) Students Perceptions

(U) Mann-Whitney U

(P) Asymp. Sig. (2-tailed)

(VGE) Very Great Extent, (GE) Great Extent, (ME) Moderate Extent, (SE)

Slight Extent, (NE) No Extent

(SD) Significant Difference, (NSD) No Significant Difference

21

GRAPH 1


PERCEPTIONS-KNOWLEDGE

GRAPH 2


PERCEPTIONS-SKILLS

0 1 2 3 4 5


General Knowledge

Organizational and Business

Information Technology (IT)

Students' Perceptions Employers' Expecations

0 1 2 3 4 5

Analysis

Problem Solving

Strategic

Interpersonal

Communication


22

GRAPH 3


PERCEPTIONS-VALUES

In this section, the researcher used Mann Whitney U test to verify if there is a

significant difference between employers expectations on the different knowledge, skills

and values of BSA graduates and students perceived expectations. The results shown in

Table 5 indicate that even though there are differences between employers expectations

and students perceptions, similarities remain. In fact, students have recognized in the same

way as employers the knowledge and skills that are expected more, however the rate given

for each item was different. In answer to research question 5, the Mann Whitney U test

shows significant difference in all items of knowledge and skills and some values such as

professional ethics, objectivity and independence and moral values as z < 1.96 which is

confirmed by the fact that P value is less than 0.05. The result also show that there is no

significant difference.

0 1 2 3 4 5

Moral Values

Professional Behavior

Confidentiality

Professional Competence and

Objectivity and Independence

Integrity

Professional Ethics


23

OVERALL ANALYSIS

TABLE 8


PERCEPTIONS-OVERALL ANALYSIS

CATEGORY EE MEAN

RANK SP

MEAN

RANK U Z P

RE-

MARK

Knowledge GE 79.35 ME 41.65 669.0 -6.17 0.000 SD

Skills VGE 69.38 GE 51.63 1267.5 -3.14 0.002 SD

Values VGE 67.69 GE 53.31 1368.5 -2.62 0.009 SD

Legend: (EE) Employers Expectation

(SP) Students Perception

(U) Mann-Whitney U

(P) Asymp. Sig. (2-tailed)

(VGE) Very Great Extent, (GE) Great Extent, (ME) Moderate Extent, (SE)

Slight Extent, (NE) No Extent

(SD) Significant Difference, (NSD) No Significant Difference

GRAPH 3


PERCEPTIONS-OVERALL KNOWLEDGE, SKILLS AND VALUES

Employers' Expecations

Students' Perceptions

0

5

Knowledge Skills Values

Employers' Expecations Students' Perceptions

24

After conducting tests for inter-category item analysis, the researcher tried to make

an overall analysis of the knowledge, skills and values expectation-perception differences

in answer to research question 6 and to addressed the hypotheses, as shown in table 8. The

results show that skills and values of the graduates are expected with very great extent by

the employers but known to students as expected with great extent only while knowledge

is expected with great extent and moderate extent, respectively. Furthermore, statistical

data show that there is a significant difference between expectations and perceptions on the

overall knowledge, skills and values as z < -1.96as confirmed by the fact that the P value

is less than 0.05 thus rejecting the Ho and accepting Ha.

25

CHAPTER 5

SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS

SUMMARY OF FINDINGS

This study aimed to analyze employers expectations on the knowledge, skills and

values of the BSA graduates and students perceptions on these expectations. To achieve

this goal, a sample of 60 employers and 60 graduating students was invited to participate

in the study on the period from January 2015 to March 2015. A three-page questionnaire

was developed with different knowledge, skills and values based on the Core Competency

Framework for Entry to the Philippine Accountancy Profession released by the

government. Respondents were asked to rate on the extent to which those attributed are

expected by the industry. Data gathered were analyzed using non parametric tests, Mann

Whitney U test to compare the differences between the two groups. The result of the study

show that on an overall basis, skills and values are expected with very great extent while

different views can be found in the students perception which indicates that these are

expected with great extent only. Values on the other hand were expected with great extent

by the employers but moderate extent at the perception of the students perception. The

study also suggests that overall, there is a statistically significant difference with z < -1.96

and p < 0.05 in the knowledge, skills and values expectations of the two groups.

CONCLUSIONS

The study provides insights on the expectations of the employers and the perception

of the graduating students on these expectations. The respondents feedbacks from the

survey help identify differences of ideas from employers and students. According to the

results, the researcher arrived at the following conclusions:

a) In an overall analysis, there is significant difference between the level of

expectation of employers on BSA graduates knowledge, skills and values and

the perceptions of the BSA graduating students on these expectations.

Employers expectations on the overall knowledge, skills and values are higher

than what the graduating students perceived.

26

b) Except for values namely integrity, professional competence and due care

and professional behavior, there is significant difference between the

expectations and perceptions of employers and BSA graduating students,

respectively on every knowledge, skills and values. Employers expectations

on every attribute are greater than the perceptions of the BSA graduating

students. This means that students are unaware of the high expectations.

c) Students are aware that employers place more importance on the values and

skills than knowledge of the BSA graduates. However, oblivious to the level of

expectations on these attributes. Employers have a very great expectations on

the values and skills which is perceived as expected with great extent by the

BSA graduating students. Knowledge on the other hand is expected with great

extent by the employers but believed by the students as moderately expected.

d) Students are aware on the kinds of knowledge, skills and values expected

by the employers for BSA graduates but unaware of the extent of expectations.

They know that among the knowledge, accounting is most important to

employers. They recognize also that all skills are expected equally by the

employers but unaware that all values are expected with same extent as well by

the employers.

RECOMMENDATIONS

From the perspective of the author of this paper, given the differences on the extent

of expectations of the employers and the perceptions of students on these expectations, a

much higher level of attention needs to be given to the knowledge, skills and values being

prioritized and delivered in accounting programs if accounting graduates are to survive in

todays global business environment. This study was limited to small sample, it would be

highly recommended to have extension of this research that should include greater sample

to facilitate the generalizations of the results. Further studies on the employers perception

on the performance of the graduates already employed in industry and academics and

professional bodies who play a huge and very important role in producing curriculum to

help develop these skills in future accounting professionals.

27

References

Bouyer, K. (2011) Firm panel: How are students transitioning?, Fourth Annual

Conference on Teaching and Learning in Accounting (CTLA), American Accounting

Association, Denver, USA, August.

Bui, B., & Porter, B. (2010). The Expectation-Performance Gap in Accounting

Education: An Exploratory Study. Accounting Education: An International Journal, 19(1-

2), 23-50. http://dx.doi.org/10.1080/09639280902875556

Daff, L., de Lange, P. and Jackling, B. (2012) A comparison of generic skills and

emotional intelligence of accounting education, Issues in Accounting Education, August.

De Lange, P., Jackling, B. and Gut, A. (2006). Accounting graduates perceptions

of skills emphasis in undergraduate courses: an investigation from two Victorian

universities, Accounting and Finance, 46, 365-386

Hancock, P., Howieson, B., Kavanagh, M., Kent, J., Tempone, I. and Segal, N.

(2010) Accounting for the Future. In E. Evans, R. Burritt & J. Guthrie (eds.), Accounting

Education at a Crossroad in 2010 (pp. 54-62). Sydney: The Institute of chartered

Accountants in Australia.

Howieson, B. (2003) Accounting practice in the new millennium: Is accounting

education ready to meet the challenge? British Accounting Review, 35(2), 69-104.

Jackling, B. and De Lange, P. (2009). Do accounting graduates' skills meet the

expectations of employers? A matter of convergence or divergence. Accounting Education:

an international journal, 18(4), 369-385.

Jones, A. and S. Sin, 2003, Generic Skills in Accounting, competencies for students

and graduates. Prentice Hall, Frenchs Forest (NSW).

Rainsbury, E., Hodges, D., Burchell, N. and Lay, M. (2002). Ranking workplace

competencies: Student and graduate perceptions. Asia-Pacific Journal of Cooperative

Education, 3, 8-18.

Stone, G. and Lightbody, M. (2012) The nature and significance of listening skills

in accounting practice, Accounting Education: an international journal. 21(4)363-384

28

Velasco, M. S. 2012. More than just good grades: candidates perceptions about the

skills and attributes employers seek in new graduates. Journal of Business Economics &

Management, 13, 499-517.

Watty, K. (2005). Quality in Accounting Education: What Say the Academics?

Quality Assurance in Education, 13(2), 120-131.

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APPENDIX A

Imus Institute

College of Accountancy

Survey Questionnaire- Students

Dear respondent,

This questionnaire is designed to collect information on Knowledge, Skills and Values of

Bachelor of Science in Accountancy Graduates: A Comparison of Employers'

Expectations and Graduating Accountancy Students' Perceptions. The information

provided is purely for academic purpose and will be treated with utmost confidentiality.

In order to accomplish this study, you are kindly requested to complete this questionnaire.

Your kind cooperation is highly appreciated.

Please do not leave any item unanswered.

Very truly yours,

Hezell Leah B. Zaragosa

Researcher

------------------------------------------------------------------------------------------------------------

PART A: Profile of the Respondent

Age: __________________ Gender: (please check)

o Male

o Female

PART B: Profile of the school

Name of school:

________________________________________________________________________

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PART C: Knowledge, Skills and Values Perceived by Students as Expected by

Employers

Direction: Below is the list of knowledge, skills and values. Please check ( / ) the number

that corresponds to your rating on the extent to which the following knowledge, skills and

values are expected by employers on accounting graduates. Use the following rating scale.

Scale Interpretation

5 Very great extent

4 Great extent

3 Moderate extent

2 Slight extent

1 No extent

KNOWLEDGE Extent Perceived

5 4 3 2 1

General Knowledge




SKILLS Extent Perceived

5 4 3 2 1

Intellectual Skills - Analysis

Intellectual Skills - Problem Solving

Intellectual Skills - Strategic / Critical Thinking

Interpersonal Skills

Communication Skills

VALUES Extent Perceived

5 4 3 2 1

Professional ethics

Integrity

Objectivity and independence

Professional competence and due care

Confidentiality

Professional behavior

Moral values

Thank you for your time

31

APPENDIX B

Imus Institute

College of Accountancy

Survey Questionnaire-Employers

Dear respondent,

This questionnaire is designed to collect information on Knowledge, Skills and Values of

Bachelor of Science in Accountancy Graduates: A Comparison of Employers'

Expectations and Graduating Accountancy Students' Perceptions. The information

provided is purely for academic purpose and will be treated with utmost confidentiality.

In order to accomplish this study, you are kindly requested to complete this questionnaire.

Your kind cooperation is highly appreciated.

Please do not leave any item unanswered.

Very truly yours,

Hezell Leah B. Zaragosa

Researcher

------------------------------------------------------------------------------------------------------------

PART A: Profile of the Respondent

Age: __________________ Level of Experience:

o Less than 5 years

o Between 5-10 years

o More than 10 years

PART B: Profile of the Company

Name of company:

________________________________________________________________________

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PART C: Knowledge, Skills and Values Perceived by Students as Expected by

Employers

Direction: Below is the list of knowledge, skills and values. Please check ( / ) the number

that corresponds to your rating on the extent to which the following knowledge, skills and

values are expected by employers on accounting graduates. Use the following rating scale.

Scale Interpretation

5 Very great extent

4 Great extent

3 Moderate extent

2 Slight extent

1 No extent

KNOWLEDGE Extent Perceived

5 4 3 2 1

General Knowledge




SKILLS Extent Perceived

5 4 3 2 1

Intellectual Skills - Analysis

Intellectual Skills - Problem Solving

Intellectual Skills - Strategic / Critical Thinking

Interpersonal Skills

Communication Skills

VALUES Extent Perceived

5 4 3 2 1

Professional ethics

Integrity

Objectivity and independence

Professional competence and due care

Confidentiality

Professional behavior

Moral values

Thank you for your time

33

APPENDIX C

ZARAGOSA, HEZELL LEAH B.

Blk. 2 Lt 74 Palm Grove Village

Brgy. Buhay na Tubig

City of Imus, Cavite

[email protected]

(0936) 844 3715/ (046) 543-0292

Objective: To enhance my working capacities, professional skills, business efficiencies

and to serve my organization in best possible way with sheer determination and

commitment.

EDUCATIONAL BACKGROUND

2011-present Imus Institute College Department

Nueno Ave., City of Imus, Cavite

Bachelor of Science in Accountancy

Academic Scholar Full (S.Y. 2012-2013 1st Sem) GPA-1.2 Academic Scholar Full (S.Y. 2012-2013 2st Sem) GPA-1.20 Academic Scholar Full (S.Y. 2013-2014 1st Sem) GPA-1.20 Academic Scholar Partial (S.Y. 2013-2014 2nd Sem) GPA-1.3 Academic Scholar Partial (S.Y. 2013-2014 2nd Sem) GPA-1.3

2006-2010 St. Anthonys Academy (SAA) Poblacion Norte, Carmen Bohol

1st Honorable Mention

2000-2006 Central East Elementary School

Poblacion Sur, Carmen Bohol

Valedictorian

WORK EXPERIENCE/SPECIAL TRAININGS

April 21-May 30, 2014Cavite Manufacturing Co., Inc. (CAMANCO, Inc.)

Rosario, Cavite

On-the-job Trainee

Accounting

SEMINARS ATTENDED

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December 10,2014 ASEAN Integration 2015 Imus Institute City of Imus, Cavite

December 03, 2014 Echo Seminar: CFA, 4th Accountancy Congress Imus Institute City of Imus, Cavite

November 23, 2014 4th Accountancy Students Congress Enchanting Events Place, Enchanted Kingdom, Sta. Rosa City,

Laguna

March 12, 2014 How to Start a Business Imus Institute, City of Imus, Cavite

February 2014 Cooperative Management Imus Institute, City of Imus, Cavite

September 29, 2013 3RD Accountancy Student Congress Enchanting Events Place,Enchanted Kingdom, Sta. Rosa City,

Laguna

August 11, 2013 Integrity, Initiative and Involvement to Serve the Region and the Nation De La Salle University-Dasmarinas, Cavite

March 7, 2013 Leadership for Student Leaders Imus Institute, City of Imus, Cavite

February 25, 2012 Fiber to Home and Understanding WIFI Technology St. Jude College, City of Dasmarias, Cavite

February 23, 2012 Revitalization of Imus Institute Core Values Imus Institute City of Imus, Cavite

February 22, 2012 Equipping Students for Improving Behavior and Developing Skills Imus Institute City of Imus, Cavite

January 12, 2012 What It Takes to be An Entrepreneur Imus Institute City of Imus, Cavite

SELECTED ACHIEVEMENTS/AWARDS

December 08, 2013 2nd Runner Up-Group Category

3rd Sotero H. Laurel (SHL) Cup Accounting Quiz Bowl Level 2

Lyceum of the Philippines, Laguna

November 20, 2013 2nd Place

4th Paulo Gala Macasaet (PGM) Cup Level

San Pablo Colleges, Laguna

December 6, 2012 5th Place

2nd Sotero H. Laurel (SHL) Cup Accounting Quiz Bowl Level 1

Lyceum of the Philippines, Laguna

November 12, 2012 5th Place

3rd Paulo Gala Macasaet (PGM) Cup Level I

San Pablo Colleges, Laguna

August 05, 2012 5th Place

National Federation of Junior Philippine Institute of Accountants

(NFJPIA) Accounting Quiz Bowl

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Laguna

August 02, 2012 1st Place

3rd ASTRA Accounting Quiz Bee Level 1 The Elite

First Asia Institute of Technology and Humanities, Batangas

AFFILIATION

2013-2014 Secretary, Junior Philippine Institute of Accountants (JPIA)

Imus Institute

2011-present Member, National Federation of Junior Philippine Institute of

Accountants (NFJPIA)

Member, Cavite Junior Philippine Institute of Accountants

(CaJPIA)

202-2013 1st Year Representative, Junior Philippine Institute of Accountants

(JPIA)

Imus Institute

SKILLS

Basic accounting

General ledger and monthly journal entries and adjustments

Annual and quarterly financial reports preparation

Tax laws

Cost accounting

Microsoft Office/ Open Office

GNU Cash Program

Communication

CHARACTER REFERENCES

Mrs. Emelita C. Bunyi, C.P.A., M.B.A, Chairperson

Imus Institute, Imus, Cavite

(0916) 550 9814

Mrs. Catherine Aquino, C.P.A., Faculty

Imus Institute, Imus, Cavite

(0917) 526 9942

I hereby certify that the above information are true and correct according to my

knowledge and belief.

HEZELL LEAH B. ZARAGOS

Knowledge, Skills and Values of BSA Graduates

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