Gap in demand and availability of quality accountants

Accounting jobs are one of the most appreciated professions in the world. The field of accounting is always prevailing in demand as it is the pillar of every business entity. There is a high demand for accountants nowadays, but only a handful of the candidates meet the required expectation of skills and experience.

Why practical skills and knowledge training has become an inevitable factor for a successful career

After the achievement of academic qualifications like B.Com, M.Com, MBA Finance etc., it is very important that the students should enroll for a course which focuses on to how to apply the knowledge they gained from academics in real situations. If the students gain theoretical and practical knowledge before joining a company, then they can take corrective steps when they are stuck in their professional growth. The students backed by the academic as well as the practical knowledge will be selected over the others and awarded with good remuneration, perks and hikes. Every organization needs people who have academic and practical knowledge for the better long run of their business. If you are a person with good academic and practical knowledge then you can prove that you are the best for that position, and the organization will retain you in the organization and it will be easy for you to get promotion and other benefits. By providing adequate practical knowledge to the students, the gap in demand and supply of accountants will be reduced.

The main reasons for the gap in demand and supply of accountants can be analyzed by categorizing students based on their academic background, theoretical knowledge, and practical knowledge.

Categories Academic Background Theoretical Knowledge Practical Knowledge
Category I X X X 
Category II X

Let’s understand each of these categories in detail:

Particulars Category I Category II
Who are they? They are students with a non-commerce academic background. They usually attend a basic accounts course but will not have adequate practical application skills, which are required to enter an accounting profession. They have a commerce academic background but have not received any training in practical accounts.

Theoretical knowledge and its practical application  are like two sides of a coin

Possible reasons for choosing accounts profession They opt for accounts as a profession either due to peer pressure or market demand They opt this course due to the following reasons:

1.      Employment opportunity

2.      Job security

3.      Superior Prospects

4.      Good remuneration

Skills they lack (Practical skills and knowledge) The students belonging to this category do not have both theoretical knowledge and practical application skills This category includes the students who have completed their graduation and/or post-graduation in accounting, thus having the required theoretical knowledge related to accounting

The main issue here is lack of practical skills and experience

Experience They will have no practical experience in accounting Less experience
Struggles faced by them during the interview and Group discussion stage They may find it difficult to attend the interview with confidence as they do not have strong knowledge in fundamental concepts of accounting They will be able to understand the questions asked by the interviewer and also they can actively participate in group discussions. But if the interviewer ask them to act on a real business situation, they may find it very challenging
Career growth they can expect Most probably they will be stuck in a junior role for a long time and may not have a linear career progression Once they achieve their practical knowledge, they will have a linear career progression
Solution to their struggles They should continuously improve their knowledge and practical skills or attend a well-designed professional accounting course to get the competitive advantage. After completing your academics join a practical training institute where you can explore the real world of accounting. If you gain good practical knowledge then you can easily enter into the accounting field and can earn good remuneration.

Practical training in accounting software/ERP like Tally, Quickbooks or SAP will help them immensely to launch a successful accounting career

CBAT course by Finprov is one of the best options which help you to gain a good practical experience in Business accounting, Taxation and professional skills.

Finprov offers you the best practical training and knowledge with their,

  1. Certification in Business Accounts & Taxation course (CBAT),
  2. SAP FICO Intensive Training Programme and
  3. Accounting Software Certification course on Tally & QB

Which are designed by experienced industry professionals with the one and only aim of making you a better professional accountant.[/vc_column_text][/vc_column][/vc_row]

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