Focusing Accounting Curricula on Students Long Run Careers: Recommendations for an Integrated Competency Based Framework for Accounting Education

Transcription

1 Focusing Accounting Curricula on Students Long Run Careers: Recommendations for an Integrated Competency Based Framework for Accounting Education IMA MAS Curriculum Task Force MAS Mid year Meeting Saturday, January 12, 2013 (10:30 a.m. Noon) 1

2 Motivation The Pathways Commission (2012, 67) has challenged the accounting community to define the body of knowledge that is the foundation for accounting s curricula of the future. The joint IMA/MAS Curriculum Task Force has responded to this challenge by developing a comprehensive integrated accounting educational framework. 2

3 Recommendations Regarding Accounting Curricula Summary Accounting education should be reoriented to include a greater focus on a curriculum oriented toward longterm career demands. The knowledge, skills and abilities (KSAs) of an accounting education should emerge as integrated competencies integrated within and between each other. Accounting curricula should embrace how accountants today add organizational value in a variety of organizational settings, including content on strategy formulation and analysis, planning, and execution. These recommendations lead operationally to a plausible educational framework 3

4 Need to Move from a Short term to a Long term Focus Professional accounting organizations, accrediting bodies, and accounting educators have invested substantial effort defining entry level accounting and business core competencies for accounting students. Much less attention has been given to: explicitly defining the competencies accounting need for their long run careers, clearly distinguishing these competencies from the determinants of entry level demands, and helping to develop these long run competencies within the formal accounting curriculum. 4

5 Short term Focus of Accounting Education Our instruction has become first job vocational. Accounting majors are treated to a litany of rules and even tutoring in how to look up additional and newer rules. Beyond that, a vast amount of the curriculum is arguably aimed at preparing the student for an initial job The vocational focus is overwhelming. Initial jobs are, of course, important, but so are the ones that follow. Demski (2007) 5

6 Integrating Competencies Within enterprises of all types, the role of the accountant is evolving. Accountants are increasingly assuming the role of business partner in an enterprise s top management. The increasingly integrative nature of accounting is occurring both in the U.S. and internationally. 6

7 Strategy Formulation and Analysis, Planning & Execution Although a variety of options and perspectives exist, one view is that accounting curricula should be developed from information about how accountants pursuing a wide range of career paths that add value to organizations. Accountants are expected to be more involved in a wide variety of business decisions, including those directly related to strategy formulation and implementation. 7

8 Continuum of Entry Level and Long Term Competency Development and Integration Examples of Competency Areas Integration of Formal Coursework and Professional Development Preparation for Initial Job Undergraduate Education Grounding in accounting and business knowledge and foundational skills Further Development of Life Long Competencies Early Career and/or Additional Education Deeper expertise in area of chosen career path; increasing integration across subject matters and focus on organizational value Long Term Career Deeper integration across subject matters; greater focus on ability to gain new knowledge and skills over time to enhance organizational value Integration of Accounting and Broad Business Knowledge Limited integration across accounting and broad business knowledge Considerable integration of accounting and broad business knowledge Integrate accounting and broad business knowledge in highly uncertain and evolving situations; develop new ways to apply business knowledge as an accounting professional Integration of Foundational Competencies Develop foundational competencies for a business major Use foundational competencies to enhance cross functional work Use foundational competencies effectively to anticipate and adapt to changing circumstances 8

9 A Proposed Integrated Competency based Framework Three main (and interconnected) tiers: 1. Foundational Competencies, 2. Broad Management Competencies, and 3. Accounting Competencies 9

10 Competency Integration: Accounting, Management, and Foundational Competencies A Proposed Framework for Accounting Education Competency Integration Accounting Competencies External Reporting & Analysis Decision Making, Planning and Control Taxation: Compliance and Planning Accounting Information Systems Assurance & Internal Control Accounting Core (Accounting Fundamentals) Broad Management Competencies Leadership Ethics Strategy Formulation & Implementation Process Management & Improvement Enterprise Risk Management Business Core Communication Foundational Competencies Analytical Thinking & Problem Solving Interpersonal 1 Quantitative Technological 10

11 Next Steps Working on two additional projects: Preparing Accounting Students for Long Run Career Curricular Requirements: Recommendations on the Role of Management Accounting within an Integrated Competency Based Framework for Accounting Education A Cognitive Developmental Approach for Teaching and Learning Management Accounting Competencies 11

12 We need your help! What are your views of our recommendations? Curricula for a long term career focus? Integration within and between each competencies? Curricular approaches for strategy formulation and analysis, planning and execution? What are your views of the proposed integrated competencies framework? Foundational, Broad Management and Accounting? Contact us: Raef Lawson (rlawson@imanet.org) 12