Too many Accounting jobs, but very few suitable candidates, why?

Accounting is a field where the scope of improvement never stops. There is no definite level at which one can say that they have mastered their knowledge of Accounting. It is an ongoing learning process. This is one subject which each one of us knows in our capacitation. There are many who use it to the level that is required in their day-to-day activities, while there are others who take up daily recordings of any organization or business unit as a profession doing it for others for a cost.

With the decrease in the students passing out every year owing to increased awareness of education, accounts is no more only for the ones’ who have the passion and academic background for the same. In the current scenario of academics there is an infiltration of non-accounts background students also into the jobs related to accounts. The consequence of this would be that one would not earn as per their expectations .

There are mainly two sets of people analyzed in the accounting related profiles. Of these, you would find atleast 80% complaining for not getting the salary they deserve, the hikes they deserve, the perks they deserve and lastly the profile they deserve.

We shall analyze the two sets to see what goes wrong and where?

The First Set of students in Accounting

The first type of students that you’ll find in accounting are the ones who come from a different academic background, do a small course in accounting and then manage to enter into accounting profile. These are the students who don’t actually know what field they want to be into. They go either because of the peer pressure, flow with the demand in the markets or they don’t really know which domain would be apt for them. They end up doing short course related to accounting as this is the field that is vast and generally absorbs more than other sectors in terms of jobs. However, the remunerations would be compromising. Thereby, the students with half knowledge are unhappy in terms of the salaries.

Problems faced by these students:

• Since they do not have the core knowledge, they generally have a superficial approach to accounts. This half knowledge is always dangerous.
• Anything that would be a daily job can be gradually absorbed, but any deviation from the same is not easy for them to handle.
• These students would not be able to identify any loopholes in the books of accounts  which would make them inappropriate for their jobs.

This is when one would like to say, “The work suits the hands of the one skilled to do it”.

Solution:

There is not much that one can do in this, except that one should keep brushing-up on the basics of accounting. Definitely, they will come across many hurdles to face in the longer run, but gradually one should move to a professional accounting course to fill in the educational gaps.

The second set of students in Accounting

The second set of people are the ones who have all their life studied accounts academically and yet feel that they are not getting remunerations that they deserve.

Generally, these are the students who have done their graduation / post graduation in accounting followed by an MBA or any other accounting professional course. They have all the book knowledge that an accounting student is expected to have. These students are the ones who have scored brilliantly, have the base for accounts, but what they lack is the technique of actually dealing with situations with a twist. The practical approach is missing.

Problems faced by these students:

• These students are definitely better placed compared to the earlier ones. However, they also face various issues due to lack of practical knowledge.
• The basic book keeping should not be a hassle for these students. However, if they are asked to prepare the balance sheet or cash flow of an organization, it may not be a cake walk for them.

So where is the issue?

All the academic courses teach you that 1+1=2, but none will tell you how to apply it practically. All the formulae are mugged up correctly but if one doesn’t know where it has to be applied and how it has to be applied, then what is the point of having such knowledge. Today, the things are very different than it used earlier. Your degrees cannot take you anywhere if you are not aware of the real world problem and solutions to them. It is the practical approach that makes the difference. You may see an MBA student not feeling confident enough in front of a graduate with practical experience.

This is where practical knowledge and training plays a key role.

After all the academic gains, it is very important that students enroll for different courses which teach them how to apply the book knowledge into practical application. A hands-on experience is very essential to be in a position to know how one has to deal with odds in the daily jobs. Different scenarios that are taught or rather say given a demo of, help the students to take the correct steps when they are stuck in their professional moves.

The ones who would master the academics, backed by the practical knowledge, have an edge over the many others who have all of the books into them but no foundation for dealing with daily scenarios / hurdles in professional doings. These students are selected over the others and awarded with better salaries / perks and hikes.

So the solution lies in the very fact that one needs to be polished by hands that have taken market experience, backed by the academics. These experts are those who will be able to share the practical knowledge which is actually needed to deal with odd situations.

EduPristine can provide you with that practical training and knowledge with their Post Graduate Program in Business Accounting and Taxation
that is designed by the top class Chartered Accountants with the only focus of making you a better professional Accountant. 

Below is an infographic that wonderfully summarizes the article.