Seven principles to ensure future-ready accounting graduates – a model for future research and practice

Abstract

Purpose The business environment is changing and education at university business schools does not appear to keep pace. This paper aims to identify principles to guide educators in preparing accounting students for automation and artificial intelligence and sets an agenda for future research. Design/methodology/approach The seven principles are derived from an extensive literature review and the analysis of qualitative data from focus groups, thought leader discussions, interviews and workshops. Findings The derived seven Cs model includes: critical, conceptual thinking and the spirit of enquiry; complicate, grapple and fail; create, innovate and experience; concise communication; collaboration; consciousness, respectfulness and ethical fibre; and curiosity, lifelong learning and specialized generalists. An inclusive list of future research topics related to the seven Cs model is provided to aid researchers’ agendas. Research limitations/implications Although every attempt was made to base this study purely on expert opinions, as reflected in journal articles, conference papers, interviews and focus groups, it is impossible to prevent author biases from slipping into the interpretation and reflection involved in creating the model. Readers will also find some overlap in terms of the accounting business competencies development model’s seven Cs, due to the inter-related nature of the concepts and because the various definitions of concepts have some habits of the mind and social competencies in common. Practical implications The seven principles will help business schools and higher education policymakers guide future education developments with a focus on new competencies and reframed skills, as opposed to new knowledge. The model ensures that scholars and graduates have insight into the essential knowledge, attributes and skills that apply to the diverse nature of accounting vocations and can adapt to unanticipated changes. Social implications This new model can be used by business schools to ensure that graduates can fully contribute to a society impacted by automation and artificial intelligence by entering the workplace with the requisite skills. It also responds to critics’ fears about the role of business schools in preparing graduates for the future of work. Originality/value The paper contributes in two ways. First, rather than focussing on particular issues or the shortcomings of current education, it identifies broad-based principles from a literature review, interviews, focus groups and workshops. Second, it sets an agenda for future research.

New technology and desired skills of early career accountants

“…ECAs must be digitally literate, understanding how new technologies work and ways they can be embedded to improve workflows and processes. Consistent with other research (De Villiers, 2021), the accountants’ role has shifted to strategic advisor to clients and internal stakeholders, requiring professional judgement, a holistic understanding of business operations, rather than excellence in simply “managing the numbers.” They must also visualise and consider ways that complex technology may underpin and drive the application of accounting standards in different settings and scenarios. Appreciation of the important role of communication along with the centrality of lifelong learning have also become essential.…”

“…The relatively limited emphasis on working effectively with others defies the accountant’s important role as a key collaborator and communicator across functional areas and hierarchies (Kastberg and Siverbo, 2016) and may undermine the future capacity of accountants to successfully operate as business advisers. The lack of mention of ethical behaviour in the responsibility and accountability cluster also raises concerns given its close association with disruptive technologies, which are heavily used by the profession (Marrone and Hazelton, 2019; De Villiers, 2021).…”

“…Emotional intelligence is fundamental for self-management , enabling empathy in challenging situations and when collaborating with others (De Villiers, 2021). Resilience and confidence are other important aspects of this skill cluster, aiding ECAs to manage change amid rapidly evolving technology (Accenture, 2018).…”

“…Employee skill development and deployment contributes to an individual’s human capital, which is one way of highlighting valued differences among those in the labour force (Becker, 1964). In addition to technical skills and knowledge, important skills include communication, critical thinking, teamwork and analytical skills (Kavanagh and Drennan, 2008; De Villiers, 2021). These are critical for the contemporary accountant who often has wide intra-organisational networks and provides an important link between cross-functional teams and different levels of seniority (Daff and Jack, 2018).…”

“…Universities’ success, however, is impacted by crowded curricula, accreditation requirements and expertise for innovative and effective teaching (Jackson and Meek, 2021). Consequently, stakeholders remain concerned that accounting graduate talent is not keeping pace with labour market demands, thereby highlighting a divergence between graduate skills and employer expectations (De Villiers, 2021; Jackling and De Lange, 2009; Freeman and Wells, 2015; van Mourik and Wilkin, 2019).…”