Post-graduate career initiation in professional firms : the challenges faced by accountants

Abstract

Purpose: This study seeks to understand the areas of the accountancy profession which graduates struggle the most with following the successful completion of their accountancy education and their embarkment into the workplace at a professional accountancy firm. It also investigates if and how these challenges vary according to the educational background, with specific focus on the differences between those with a full-time university background compared with those coming from a part-time course background, and also according to the size of the firm one joins postgraduating. Lastly, it also investigates the measures taken by educational institutions and professional firms to ease this transition with the aim of understanding if there is more to be done to improve the situation. Design: The study was conducted using a mixed methodology method. An online questionnaire was distributed amongst the Big 4 firms and SMPs, receiving a total of 83 valid responses. Also, interviews were conducted with 10 participants across 8 professional firms and a further 2 participants from the University of Malta and an ACCA academy. Findings: The most challenging aspects which graduates seem to find when transitioning into working with a professional firm seem to be related to a lack of confidence, which manifests itself in the communication and emotional intelligence aspect of the profession, and also intellectual skills which seem to be lacking overall. The study also found that the main difference between the accountancy courses available is the work experience which part-time courses offer, from which the latter benefit in many ways. Lastly, it was also found that whilst firms go to great lengths to train their employees, the internship programme of the Big 4 firms doesn’t offer enough of an experience compared with what is offered at smaller firms. As a result of these findings, the study recommends a restructuring of the educational system and the introduction of more practical experiences to students enrolled in the University accountancy course. Conclusion: These findings have shown that there might be an imbalance in the skills prioritised at an educational level which is manifesting itself upon career commencement. Firms also need to take on a level of responsibility to be of support in the transition from education to the workplace. Value: This study has created a better understanding of the challenges faced postgraduation and the role all parties play in easing the transition into professional firms.