In recent times, I have had young people ask me various questions about their desire to pursue a career in accounting. The most dominant of these enquiries have been:
- A. Should one go to the university to pursue a degree before undertaking a professional course or go ahead to start a professional course without an academic degree?
- Is a professional accounting qualification alone or an academic accounting degree alone adequate?
- What are the career paths in accounting – Industry, Practice and Academia?
I am motived by the frequency of these enquiries to bring forth my perspectives and opinions on the subject based on my experiences. This article juxtaposes academic accounting qualification with professional accounting qualification. The question about career paths will be considered in a different article.
Routes to pursuing an accounting education.
There are two (2) main routes to pursuing an accounting education; these are the academic and professional routes.
The academic route
Universities offer various accounting programmes at both undergraduate and graduate levels. Some of these courses include B.Sc. Business Administration (accounting option), Bachelor of Commerce, B.Sc. Accounting, etc. Post graduate courses include Master of Business Administration (accounting option), M.Sc. Accounting and Finance, M.Phil. Accounting, among others.
Presenting myself as a case, I pursued B.Sc. Business Administration (accounting option) at the university after Senior High School (SHS). With the benefit of hindsight, I can confidently say my period at the university:
- Propelled my personal development drive mainly through extra-curricular activities.
- Afforded me the opportunity to develop a strong accounting foundation which enabled me complete the Institute of Chartered Accountants Ghana (ICAG) professional exam within a short period of time.
- Developed my reading, writing and presentation skills. Non-accounting courses such as Communication Skills, Business Communications, and others developed my oral and written communication skills. The numerous PowerPoint presentations before colleagues and lecturers improved my presentation and public speaking skills.
- Computing courses sharpened my computer skills and introduced me to accounting information systems.
However, the accounting modules are not as broad and detailed as they are in professional qualifications.
The professional route
A professional accounting qualification could be pursued from the Institute of Chartered Accountants Ghana (ICAG), Association of Chartered Certified Accountants (ACCA), Certified Public Accountants (CPA), Chartered Institute of Management Accountants (CIMA) and other accountancy bodies around the world. There are many licensed tuition providers available.
I passed the ICAG qualifying examinations in May 2016, and these are a few observations:
- The modules have a much broader and detailed scope compared to academic qualifications.
- Failing a course is considered a norm.
- Requires a lot more effort, commitment and determination to pass.
- Focus on technical, broad and detailed accounting knowledge.
- It is regarded the highest accounting qualification required for certain critical accounting roles in industry.
- The qualification is seen to be prestigious and may propel one’s career to higher heights with the relevant practical experience and other skills.
- Continuous Professional Development (CPD) ensures that members continue to be competent and keep pace with new developments in the profession.
The qualification, however, focuses sparingly on other very important non-accounting skills such as presentation skills, oral and written communication skills, leadership, Information Technology (IT), etc.
Conclusion
I would at this point express my opinion on the first part of the questions asked in the introductory paragraph.
- A. Should one go to the university to pursue a degree before undertaking a professional course or go ahead to start a professional course without an academic degree?
Pursuing an academic degree before the professional qualification may provide a strong foundation to pursue the professional qualification. With a relevant degree, one may be exempted from writing a number of papers at the professional level. Ultimately, you may develop other skills apart from accounting. So, for a young person contemplating on going to the university or pursuing a professional qualification, I would advise you go to the university, and rather pursue professional qualifications later because life at the university has the tendency to help in your personal development and make you a more rounded person. One can also pursue both the professional qualification and academic qualification simultaneously if the required resources are available.
2. Is a professional accounting qualification alone or an academic accounting degree alone adequate?
A professional accounting qualification and an academic degree are not mutually exclusive, but complementary. To become a well-rounded accounting professional, an academic degree is as equally important as a professional qualification. An academic degree alone may not be enough in industry but may be okay in academia. A professional qualification alone is also not enough in both industry and academia. One should, therefore, strive to have both.
A modern-day accountant, apart from strong accounting knowledge and skills; must be IT savvy with experience in using a number of accounting softwares, be a leader, have excellent presentation and negotiation skills, as well as impeccable written and oral communication skills; but not just a numbers-crunching professional because these other skills give you competitive advantage. Irrespective of qualifications, an accountant who does not want to be just an accountant but a business leader should strive to develop and nurture these skills.
About the writer
Samuel Osae-Ansah is a Licensed External Auditor, Accounting Software Trainer and Consultant. He is an entrepreneurship enthusiast who takes keen interest in the growth trajectory of businesses, and provides advisory services in that regard.
E-mail: [email protected]
Tel: +233 249129198
