Accounting Professional Survey Report

8/2/2019 Accounting Professional Survey Report

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A market survey was carried out of Accounting and Financial Managementprofessionals within the Highlands and Islands (H&I) with the objective of an analysisof: Continuous Professional Development (CPD) wants, needs and opportunities;preferred modes and methods of CPD programme delivery; a view of the externalmarket for accounting and financial management qualifications within the H&I; andthe key skills, attributes and professional recognition required of accounting andfinancial management graduates.

The survey identified that there are 88 accountants/financial advisors listed within theHighland and Island region. They range in terms of size, but most are small with oneor two accountants within the practise. There are some firms which operate within anumber of locations, but most are within one locality. The total number of accountants cover the full length and breadth of the Highlands and Islands.

The main accounting professional bodies require all members to carry out some formof CPD to meet the professional standards. This can take many guises and can be

recorded and monitored in various ways. Respondents identified that they preferredface-to-face seminars rather than online tutorials, but for those who lived in remotelocations, the online learning was preferable to long distance travel and itsassociated costs.

There are many providers of CPD for professional accountants and they are well-established. ICAS offers most seminars to accountants in Inverness – as long asnumbers warrant. Other organisations offer in-house seminars – particularly for larger firms, and some larger organisations are also able to offer their own accreditedtraining. The smaller, sole trading firm is likely to make use of the online resourcesand is not able to make use of in-house training. Although local provision was seenas a positive factor to attendance at seminars, respondents would rather travel or use

alternative learning support than receive inferior products or services.

The current skills and attributes highlighted by the respondents are those associatedwith ‘transferable skills’ such as interpersonal, communication and problem-solving.An analysis of accounting degree programmes in Scotland and the professionalbodies’ syllabus for chartered status highlights that accounting professionals are notbeing taught these skills, but rather the traditional accounting subjects which willsupply only the technical competence; and that this is going to be detrimental to thefuture development of the profession in a volatile and capricious global environment.

There is scope for the development of accounting programmes which offer a blendedapproach to delivery and also skills – providing the technical competence as well as

the transferable skills. The quality and endorsement of the product is crucial, as thereputation of the competition is sound. To be able to provide local, good quality CPDwould be of great benefit to many accountants within H&I, but whether this couldattract learners from outside the H&I remains to be seen.

Introduction

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As part of a project funded through Cecil II a survey of professional accountants andfinancial managers within the Highlands and Islands (H&I) was commissioned by UHIMillennium Institute (UHI) to ascertain five key areas: Continuous ProfessionalDevelopment (CPD) wants, needs and opportunities; preferred modes and methodsof CPD programme delivery; a view of the external market for accounting andfinancial management qualifications within the H&I; the key skills, attributes andprofessional recognition required of accounting and financial management graduates;and finally the creation of a ‘database of the willing’ in terms of professionals whomight like to be involved in the design and development of professional accountingand finance programmes with UHI.

This survey comes at a crucial time in terms of the UHI’s desire to create aManagement School within the Highlands which would deliver postgraduate coursesand professional programmes, and the results will inform design and delivery.

Also, the accounting and finance professional bodies are all now making CPD a

compulsory component of professional membership. Accountants, although theywelcome the commitment to continuous development, and have always been activelyinvolved in this as part of their professional duty of care to clients, are now moreactively seeking providers of training and development opportunities withinaccounting and finance. The accounting practitioners in the Highlands and Islandsprefer face-to-face delivery of training, however outwith Inverness there is the issueof location and accessibility which is not addressed by the current provision other than through online seminars, which are not interactive.

Finally, many studies of accounting employer requirements of graduates andprofessional membership, have highlighted that most of the degree programmes and,indeed, the professional bodies themselves, tend to stress technical competence

rather than transferable skills. Conversely, employers place more emphasis on thetransferable skills such as interpersonal, communication and problem-solving as justas important, if not more so, than the technical competencies. It should be noted thatthe universities who design the degree structures are hamstrung, to a certain extent,by the need to offer ‘value-added’ courses which offer maximum exemption from theprofessional body membership syllabus. However, not all units need qualify for exemption and there is a degree of latitude which, for many university accountancyprogrammes, is currently not being exploited.

Although many small accounting firms within the Highlands may appear, on thesurface, little affected by the fundamental shifts in organisational behaviour takingplace on a global scale, they need the skills and development opportunities to meet

whatever challenges they may face. There are providers who can meet their needs ata basic level, but they do not understand the unique environment in which many of these accountants operate and they cannot offer the local, face-to-face provisionwhich so many crave. UHI could achieve this.

1.0 Methodology

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1.1 Primary research

All accountants/financial advisors registered in the Highlands and Islands, with theYELL.COM were targeted for this survey. Although the Highlands and IslandsEnterprise (HIE) website was also drawn upon it was found that many of the detailswere out-of-date and no longer applicable. Using YELL.COM allowed for the mostcontemporary list of practising accountants/financial advisors within the Highlandsand Islands region.

The method adopted was an iterative one. Unlike the classic approach, the scope of generalisation for the results was not defined at the outset, but at the end of theprocess (Thietart et al, 1999).

Glaser & Strauss (1967, 61-62) do not indicate the number of observation units asample should contain, however the sample size is determined by theoretical saturation – the diminishing marginal contribution of each additional interview,

whereby the researcher has no need to continue with further interviews when themarginal utility of an additional interview approaches zero (Gummesson, 2000).Unlike the approach taken by Yin (1990) it is impossible to know in advance thenumber within the sample required. Data collection ends when each additional unit of information fails to yield any new elements (Thietart et al, 1999).

A similar method is referred to as purposive sampling . Unlike quota and probabilitysamples where the researcher is trying to gain a sample which is representative of the total population, with purposeful sampling there are no rules. It depends on theresearch questions and objectives – in particular what the research is trying to findout, what will be useful, what will have credibility, and what can be done within theavailable resources (Patton, 2002). Although often applied to case study research,

the technique can also be used to select interviewees that will best enable one toanswer the research questions and meet the desired objectives.

This method was adopted as it was apparent that the sample size would be small,and the focus was to be specific and thematic, the timeframe available was extremelytight and the research was to be illustrative rather than representative (Saunders,Lewis & Thornhill, 2003).

The reason for the small sample size was that although 88 accounting firms hadbeen identified, the timing of the research was such that participants were unwillingto contribute as, within the accounting business, December and January are thebusiest time of year. Thus many refused to speak with the researcher. However, it

became clear, after a number of interviews that theoretical saturation would bereached and, therefore, an illustrative sample would be obtained, and this wouldallow conclusions to be drawn and recommendations made.

1.2 Rationale for chosen method

The decision to use semi-structured interviews, by telephone, was based upon anumber of factors:

1. The study being undertaken is exploratory in nature and therefore lendsitself to qualitative research interviews (Cooper & Schindler, 1998). It is

necessary to understand the reasons for decisions made by the researchparticipants, and semi-structured interviews provide the opportunity to askmore ‘probing’ or complex questions (Easterby-Smith et al, 2002;

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Jankowicz, 2000), so respondents may elaborate on their responses, andthis can add significance to the data obtained and can allow for adiscussion of areas that the researcher had not previously identified. Thisresearch method also allows the order and logic of questioning to bevaried according to the participant and their responses.

2. The study has a very limited timeframe and postal questionnaires relyupon minimum time periods to allow participants to respond, and this wasprohibitive within the time available. Furthermore, postal questionnaireswould not provide the opportunity for respondents to build upon their answers, in the way in which semi-structured interviews can do, and withthe small sample size this would have severely reduced the datagathered.

3. Focusing on the need to gather as much evidence within the small samplesize, semi-structured interviews are more likely to be undertaken byrespondents than a questionnaire (North et al, 1983). Research

participants may choose not to complete a questionnaire for a number of reasons:

• They do not want to provide sensitive or confidential information to an unknown or verified source

• They are reluctant to expand on written answers because time-consuming

• Easier to ignore than an actual personal contact

• Simply too busy and do not see relevance

4. The decision to carry out the interviews by telephone was based upon thepriorities of access, speed and lower cost. Within the timescale concernedit was impractical to visit a valuable sample number for the study to be of any worth – especially when the distance required to travel within theHighlands and Islands is enormous and costly. By conducting telephoneinterviews the researcher was able to gather far more data than wouldhave been possible with face-to-face interviews from a much wider geographical area.

1.3 Disadvantages of chosen method

It is important to identify the possible disadvantages associated with telephone semi-structured interviews, so that they can be mitigated against.

1. Replication of findings

Qualitative research does not allow for generalisations in the same way asquantitative research methods do. However, non-standardised research methods arenot necessarily intended to be replicable since they reflect reality at the time, in asituation which may be subject to change (Marshall & Rossman, 1999), and thisallows for rich, in-depth data to be gathered at any given moment.

2. Interviewer/interviewee biasThis can be overcome by ensuring a number of factors are considered:

Interviewer preparedness & readinessLevel of information supplied to the intervieweeNature of opening comments at the interviewInterviewer’s approach to questioning

Ability to demonstrate attentive listening skillsApproach to recording information (Saunders, Lewis & Thornhill, 2003)

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3. Telephone interviews

• With this method of research, reliability may be reduced as participantsmay be less willing to engage in exploratory discussion, as there is less of an establishment of trust than with face-to-face interaction.

• The researcher is not able to witness the non-verbal communicationexhibited by the respondent and so understanding of the responses maybe reduced.

• The participant is less willing to provide as much time for the interviewand therefore less meaningful data is gathered.

• Gatekeepers within organisations do not allow the researcher access tothe required respondent.

In order to counteract some of these disadvantages, the researcher wrote to all of the

accountants within the sample to explain that they would be receiving a telephonecall from a researcher within the next week to ask them questions concerningaccounting CPD. The letter explained who the researcher was, the purpose of theresearch and the organisation the research was for. It also outlined the areas inwhich questions would be asked.

The letter was sent in order to ‘prime’ participants, and make them aware of theresearch prior to the telephone call. This meant that the researcher was not ‘cold-calling’ and also reduced the amount of time on the ‘phone explaining thebackground and intent of the research being carried out. It also established an initialrapport with the respondent and meant that a better level of trust had beenestablished.

The letter also made clear the amount of time the interview would take, and thishelps respondents to understand the level of commitment they will be required toundertake. This also helped to establish a trust relationship. The researcher was verystrict on adhering to the timeframe specified unless a respondent made it absolutelyclear that they wished to continue talking and elaborate further on answers. Oftenparticipants were keen to talk for longer but they did so on their terms rather thanthose of the researcher.

Based on all the contingent factors it was believed that semi-structured telephoneinterviews would provide the most data-rich source for the completion of the study.

The questions asked were based on extracting the most relevant and pertinentinformation from each respondent within the timeframe.

1.4 Secondary research

In order to construct the semi-structured interview questions and also be able tocomprehend some of the terminology used by respondents, as well as providing vitalinformation for the study, it was necessary to research the accounting professionalbody websites as well as training providers of accounting CPD. It should also benoted that the iterative nature of the research allowed the researcher to broaden their search of secondary data once the interviews were underway, when they werereferred to specific information provided by research participants. Thus the research

process was continuous and adaptive.

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2.0 Findings

Eighty eight accountants/financial advisors are registered in total. There are somefirms which operate within a number of locations, but most are within one locality.The total number cover the full length and breadth of the Highlands and Islands (seetable 1):

Table 1: Number of accounting/financial firms and HIE location

LEC Area No. of firmsCASE 12

INNSE GALL 8

INVERNESS &EH

44

LOCHABER 5

ORKNEY 6

SHETLAND 4

SKYE & WR 6

Of the total within Inverness and East Highland, 28 are located in central Inverness.

In total, 40 accountants/financial advisor firms were contacted, of which 18 agreed totake part in the research. Those who declined to participate did so because they didnot have the time, although many emphasised that they would be willing to take partafter the end of January 2007 when their work commitments had reduced.

Although the sample was small, the researcher is confident that the findings hadreached theoretical saturation and that further interviews would not have contributedin any great capacity to greater original information.

2.1 Professional View of CPD wants, needs and opportunities

There are a range of Professional Bodies for Accountants within the Highlands andIslands, and not all were represented in the sample. These are as follows:

The Institute of Chartered Accountants of Scotland (ICAS)The Institute of Chartered Accountants of England and Wales (ICAEW)The Association of Chartered Certified Accountants (ACCA)The Chartered Institute of Management Accountants (CIMA)The Chartered Institute of Public Finance and Accountancy (CIPFA)The Association of Corporate Treasurers (ACT)

The Actuarial Profession (AP)

Table 2: Professional Body membership

Professional Body % of respondents asmembers

ICAS 56

ICAEW 11

ACCA 22

CIMA 0

CIPFA 11

ACT 0AP 0

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By far the largest membership is within ICAS, and members appeared to be pleasedwith the service they received from this body.

In the last few years each professional body has instigated some form of compulsoryContinuous Professional Development (CPD) for its members. They vary in terms of the amount of time members are required to complete their CPD, however all havestipulated that the CPD undertaken should be identified by the learner themselvesfrom a wide variety of learning/training resources. See table 3 for list of professionalbody CPD requirements.

All professional bodies provide some guidance on what constitutes CPD, and providelists of possible ways to obtain CPD. Provided below are a conglomeration of the liststhe bodies provide:

2.1.1 Potential CPD activities:

Work-based learning and ‘on-the-job’ experience

Coaching and mentoringJob secondmentsUndertaking new projects or assignmentsResearchOn-line trainingIn-house briefings, seminars, coursesExternal training courses and conferencesReading technical reports, journals and general business readingStudying for academic or professional qualificationsDiscussion and networking groupsInterviewing and modelling expertsGiving new presentations

Case studiesObservation and feedback

This list is by no means exhaustive, and the professional bodies are at pains to pointout that it is the individual’s definition of learning and development which is crucial tothe process of CPD.

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Table 3: Professional Accountancy/Financial Services CPD requirements

ProfessionalBody

CPD requirements Number of hours required Recording of CPD Monitoring

ICAS Completion of Professional Development Process: 4 steps – 1. define current & future; 2. decide on training &development needs; 3. developing/undertaking a personaldevelopment or CPD programme; 4. record and reflect onCPD activity

None specified CPD plan/record of own format or one selected by employer – keepevidence

Random selection by ICAS –submission to HO. Some randomsampling in the workplace

ICAEW Reflect ; consider; identi fy ; ac t; impact

None specified Institute’s record form or in MSWord/Excel

November each year – asked if

complied with requirements and tickbox on the members’ profile. Or chosenfor monitoring –upload to www.icaew.co.uk/cpd

ACCA The Professional Development Matrix: achievements;present role; development needs; learning style; personaldevelopment plan; evaluating benefits

21 hours (units) – verifiable; 19 hours(units) – non-verifiable

Maintain CPD evidencerecord/CPD summary evidenceform/online evidence record

CPD online or in paper form on annualbasis – retain evidence for 3 years;audits: asked to provide evidence, or attend an interview

CIMA Professional Development Cycle: ‘Define’ expectations onpresent & desired roles; ’Assess’ development needs &outcomes; ‘Design’ a programme & ‘Act’; ‘Reflect’;‘Evaluate’

None specified

CPD record form or other professional body form, or formdeemed suitable by CIMA

Sample of members selected to submitCPD records on annual basis.No formal annual declaration

CIPFA Level 1: Learning and Development Record ( level 1) ;Portfolio of EvidenceLevel 2: Learning and Development Plan (level 2);Learning and Development Record (level 2); Portfolio of Evidence

120 hours over a 3 year period, withminimum 20 hours in any one year –must be verifiable

L&D plan & record; portfolio of evidence

Annually complete statement of declaration; employer visits; recognitionin the Directory of members on website

ACT Ski ll s/knowledge audit (d iagnost ic tests) ; learningobjectives; development plan; learning; reflection;record/evidence of achievement

None specified Diagnostic tools/developmentplan/record

No requirement to submit evidence toACT

AP Four categories – depending on possession of statutor ypractising certificates: technical; professionalism & other development

Category 1:15 hours – verifiable;category 2: 15 hours either verifiableor personally-assessed activities – 10hours must be relevant to practisearea; categories 3 & 4 – no set hours

Category 1: complete recordswhen applying for practisingcertificate; categories 2, 3 & 4 –CPD form on website

All CPD forms must be submittedannually and will be reviewed. Asample will be subjected to moredetailed review.

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2.2 Professional view of preferred modes and methods of CPD programmedelivery

The professional accountants interviewed referred to a wide range of training wants,needs and opportunities. Location was a factor, with those in more ruralcommunities, requiring more detailed and timuous learning in farming legislation andaccounts, and small business accounting; whilst those in more urban areas providinga more generic accounting function for larger and small businesses.

Accessing this training and learning is also wide ranging, and again is oftendependent on location and size of practise as to which delivery method is preferred.

2.2.1 Non-verifiable CPD

For non-verifiable or personally-assessed CPD all respondents regularly visitedspecific websites such as AccountingWEB (www.accountingweb.co.uk) or Inland

Revenue bulletin pages (www.hmrc.gov.uk/bulletins). Respondents also accessedthe website of their particular professional body, and specific information linesaffiliated to these eg. Taxline (www.icaew.co.uk) for updates. Respondents also readvarious hard copy publications.

2.2.2 Verifiable CPD

Although many of the professional bodies have moved away from prescriptive CPDhours, which allows practitioners, in theory, to undertake CPD at a more independentand non-verifiable level, in reality, many professional accountants choose seminarsas a method for achieving their CPD. However, the form in which these seminarsmight take can vary considerably in terms of delivery, venue and training provider.

Table 4: Preferred learning method for CPD

Preferred learning method Percentage

Classroom/seminar 66

Conference 11

Online 0

Portfolio/work-based 0

Blended 22

Most respondents preferred attending seminars, with comments including:

“[Seminars] they make you go – if it was online I wouldn’t do it”

“I prefer face-to-face..”

Some commented that conferences were useful for networking, but that seminarswere less so as “I arrive two minutes before it starts and shoot off as soon as it isfinished”.

It is most notable that those respondents within easy distance of Inverness preferredto attend seminars, whilst those further a field preferred to attend seminarsoccasionally but made use of the online learning materials, as there was a time andcost implication that Inverness accountants did not have. When asked if seminars

could be provided locally, would they attend, these respondents indicated they wouldstill use the online resources and it would depend on the definition of ‘local’.

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http://www.hmrc.gov.uk/bulletins




2.3 Providers of CPD

2.3.1 Face-to-face Seminars

There are a plethora of training and development seminars available to professionalaccountants. All the professional bodies provide a detailed brochure of their timetabled events throughout each year. In these brochures they introduce thespeakers, explain the topic areas and often provide repeats of each seminar in amultitude of locations and at various times throughout a calendar year. Within theHighlands and Islands ICAS offers many seminars in Inverness and Aberdeen. Other providers tend to require accounting professionals to travel further a field – Glasgowand Edinburgh are the usual most northerly locations.

ICAS is the only provider who offers generic seminars in Inverness, although otherscan offer in-house training. The ICAS programme of seminars in Inverness for 2007is as follows:

•

Common Reporting Problems• An Update on Small Company Reporting

• A Finance Directors Update

• Charities Update - What's New

• Tax Update for the Busy Practitioner

• Current Tax

• An Audit Update for Partners & Senior Staff

• Tax Planning Strategies for Family Companies

• VAT Update

• CGT + IHT Planning

• Acting for Doctors - An Update

• UK GAAP Update 2007

• A Tax Update for Non-Tax Specialists

• Tax Tips for 2007

• Corporation Tax Developments

• The Preparation and Audit of Charity Accounts

ICAS offer many other seminar topics but the venues for these are most commonly inGlasgow and Edinburgh.

Each seminar is usually three hours in duration and is located within a hotel. Theprofessional bodies offer ‘passports’ whereby an accountant can choose to attend 10seminars for around £400 from a huge list available. They are sent a list of seminarsavailable in their course directory and they then choose which ones they would like togo to. According to ICAS, the determining factor for seminars in Inverness are thenumber of accountants who sign up for this location. If only a few subscribe to aparticular session then it is likely the location will be further south to become morefinancially viable. This means that accountants within the Highlands and Islandscould find that they are having to travel to the central belt for a 3 hour seminar, whichis effectively at least a day of work time lost as well as travel and possibly overnightaccommodation costs.

The main training providers (Mercia, Tenon, CCH, Tolley), outwith the professionalbodies, also offer the subscription package system of a certain number of seminarsfor a fixed price. Tolley offer 10 seminars for £425 plus VAT. Mercia offer a ‘flexibleseason ticket’ of 10 courses for £400 plus VAT. Smaller practitioners can get 6courses for £320 plus VAT. Mercia are also delivering some seminars in-house for

the larger accounting organisations within the Highland region. Mercia offer anenormous number of training and development programmes for everything to do with

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accounting and accounting practice management and are spoken of very highly byrespondents who have used them.

Some firms researched are accredited providers of CPD. This means they havemean approved by a professional body to provide in-house verifiable CPD for their employees. Johnston Carmichael have four accounting firms located within theHighland region, and have a dedicated Human Resource department who provideaccredited CPD for their staff. They also hire in Mercia trainers who will run sessionsin Elgin and Inverness. This is of benefit as it means members of these firms do nothave to travel long distances to seminar venues, and the CPD can be tailored to thespecific requirements of the firm and be delivered at a time to suit all. However, itonly works within large firms where there are in-house training providers. Manyaccounting firms within the Highlands are sole practitioners or have two or threepractising accountants and the cost of in-house training would be prohibitive.

The research indicates that the larger the accounting firm, the more opportunities toaccess CPD in-house or at a local level and retain face-to-face interaction. The

smaller firm is looking to seek the most cost-efficient method of obtaining CPD withminimum travel and time away from work, at a time that is most suitable.

2.3.2 Online material

Although many of the accountants interviewed preferred physically being at aseminar, for those away from Inverness, where there are a wide variety of seminarsoffered by ICAS, the use of CD-Roms provided a positive alternative.

As an alternative to attending a seminar in person, many training providers now offer a CD-Rom service. Tolley and Mercia have developed this learning resource and for £50 plus VAT per sole accounting practitioner per CD/online seminar – can access,

on computer, a seminar with the presenter on left and slides on the right of thescreen, plus supporting notes. The obvious advantages of this method of training are:

• There is no need to worry if you can't make the date of a course

• Travelling time and costs are eliminated

• You can view the course when and where it suits you best

• You can use the CD or online course as a reference tool or refresher

• You can allow more of your team access to the training

(www.mercia-group.co.uk/training/cd_online.htm- accessed 18.12.06)

Also, each CD seminar counts as three structured hours of CPD for the professionalbody requirements.

Two respondents had, in previous years, signed up for 10 seminars with Tolley LexisNexis in Glasgow but could only ever get to 6 or 7 due to work commitments. Theywere both choosing the CD-Roms for the next calendar year of CPD, still with Tolley,but would be able to have the seminar on their computer. Both respondents felt thatthere were disadvantages to the new method – mainly the self-discipline of settingaside time to watch the CD; and the isolated nature of the learning experience;however they felt the benefits outweighed the costs as they both lived in remotelocations and were sole practitioners with large workloads.

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http://www.mercia-group.co.uk/training/cd_online.htm-%20accessed%2018.12.06

http://www.mercia-group.co.uk/training/cd_online.htm-%20accessed%2018.12.06



It appears that accounting professionals remain loyal to certain training providers andif they have been happy with the seminars offered by a provider they tend to choosethe same for their online learning.

However, in one particular case, one respondent had used CCH, in partnership with

ICAEW, as their lead CPD provider, but had found that many online tutors/seminar providers had moved to Tolley and that the standard of training had fallen. Thisrespondent’s organisation now used a combination of Mercia and Lexis Nexis toprovide their CPD requirements. This suggests that if the quality of the provision isreduced then accounting firms will seek alternatives and will make use of more thanone provider to meet their needs.

Table 5: Perception of CPD provision offered by training providers

Excellent Good Fair Poor

Quality of CPD offered 78% 16% 0 6%

Delivery method 100% 0 0 0

Relevance/usefulness 100% 0 0 0Accessibility 28% 28% 0 44%

It should be noted that all respondents indicated that the CPD provided by their preferred supplier was graded as either Excellent or Good. Accessibility in terms of face-to-face seminars was the only grade which was regarded as poor, and againthis was in more remote locations away from the Inverness area.

2.3.3 Conferences

The professional bodies usually develop an annual conference around specificlearning themes. Depending on the theme and the level within an accounting firm arespondent is, would determine the relevance and whether they would choose to go.Respondents were far more willing to travel longer distances for a two dayconference than they were for a 3 hour seminar.

2.4 Professional view of external market for accounting and financialmanagement qualifications in the Highlands and Islands

Respondents would like to see more local provision but were unsure if that provisionwould attract accountants outwith the Highlands and Islands region. They felt that theexisting provision was excellent and that to attract individuals from outside their geographical area would mean competing with some very well-established

organisations with seasoned portfolios. When respondents were told that UHI wasplanning to develop a Highland Management School this was greeted mostfavourably, but again it was assumed that this would be to provide local provision tolocal learners rather than those further afield.

The quality of the product is crucial as the competition is fierce. Although the issue of local availability is important to many respondents, they felt that they would rather travel or use alternative learning resources – such as online seminars, rather thanuse inferior products or services.

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2.5 Professional view of key skills, attributes and professional recognitionrequired of accounting and financial management graduates

2.5.1 Survey findings

The respondents indicated that the following were key skills and attributes requiredby contemporary professional accountants:

• Good interpersonal skills – to establish and maintain relationships with clients

• Thorough knowledge of current taxation, legislative and budgetary requirements

• Excellent communication skills – oral and written – especially to non-accountants

• Ability to manage time and prioritise effectively – heavy workload

• Ability to analyse information/data quickly – to reduce time

• Ability to work effectively as part of a team (in the larger accounting firms)

• Good understand of accounting – a pre-requisite of the job

Many of the respondents work for very small accountancy practises and they haveparticular requirements that the larger firms do not. This concurs with the researchcarried out by ICAEW, which identified the particular skills necessary for a smallaccounting business (see table 6):

Table 6: Strategies and skills necessary for accountants to succeed in differentemployment sectors (ICAEW, 1996 in Howieson, 2003)

Small firms

The technical, financial, marketing and business skills to add significant value to their clients' affairs

The broader business and personal skills to be an effective adviser and establish long-term relationships

Long-term continuity of staffing

The ability and integrity to sell on the basis of a strong reputation

Good local knowledge and close involvement in the local business structure

Strong working relationships with other service providers in order to offer a full range of services

The marketing tools (including database software) to target clients with appropriate services

A commercial approach to the types of fees and service levels expected by clients

Practice management skills

2.5.2 Literature findings

It seems, from the findings of this survey, and from employer studies of identifiedprofessional accounting requirements that the skills held in high regard by theaccounting profession are not those necessarily taught to accounting graduates andprofessionals. Increasingly there is an emphasis, in the literature in this field, on not

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merely providing accountants with the knowledge and expertise in accountancy but arecognition that accounting professionals need to be able to demonstrate effectivecommunication, interpersonal and problem-solving skills, and need to be providedwith the learning and development which will allow them to do so (see table 7).

Siegel and Sorenson’s survey of management accounting (1999) askedmanagement accountants to identify the most important knowledge, skills andabilities necessary for success. These were:

• Communication (oral written and presentation) skills

• Ability to work on a team

• Analytical skills

• Solid understanding of accounting

• Understanding of how a business functions

Hassall et al’s comparative research (2005) of employers of managementaccountants in the UK and Spain, identified that the most valued skills by UKemployers were communication skills, a perspective which reiterated Morgan’searlier research (Morgan,1997). Oral and written communication skills were the twofirst items by importance and the ability to listen effectively occupied fifth position.The other group of items highly valued by the UK employers was “pressure and timemanagement” skills. The ability to “select and assign priorities within coincidentworkloads” is the third item in the importance ranking, the ability to “organise theworkloads to recognise and meet tight, strict, and coinciding deadlines” is the fourthand “organise the workloads to meet conflicting demands and unexpected

requirements” the seventh (Hassall et al, 2005, 385).

According to Hassall et al (2005) the employers surveyed felt that the development of these work place requirements should be an explicit goal and should be theresponsibility of educational institutions and their research identified that employersdo not believe that educational institutions pay sufficient attention to the development

of these non-technical skills and knowledge areas.

Other research has identified that accountants should also be encouraged to takedecisions based on their feelings and in order to do this they need to have a moredeveloped level of emotional intelligence (McPhail, 2004).

Also the recognition of knowledge management as an essential part of anaccountant’s education. The IMA (1999, pp. 4–5, 7) views knowledge managementas a ‘transformation of management accountants from scorekeepers to businesspartners’ with the result that these accountants ‘spend the bulk of their time asinternal consultants or business analysts’ performing tasks ‘such as strategicplanning, internal consulting, process improvement, and performance evaluation.’Accountants have a competitive advantage in knowledge management relative tomany other professionals because they tend to understand the interrelationshipsbetween different segments of a business (ICAA, 2001, p. 8 in Howieson, 2003, 84).

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Table 7: Research into importance of ‘transferable skills’ by accountingemployers (Hassall et al, 2005, 384)

Skill Reference Group Result

Communication Gingras (1987) Professional Acc.

82% consider these skills as“very important and 78%indicate that integrateddevelopment within accountingclasses is an advantage

Novin and Pearson (1989) CPAs At least quite important for 90%.

Novin, Pearson and Senge (1990) CMAs At least quite important for 90%.

May, Windal and Silvestre (1995) Academics90% support greater emphasisinto the acc. curriculum for theseskills.

Arquero Montaño (2000) Spanish academics andprofessional accountants Considered to be the highestpriority for skills development

Interpersonalskills

Bhamornsiri and Guinn (1991) AuditorsIncreasing importance as thecareer progresses.

Gersich (1993) AuditorsAre considered the most important intheir job.

Problem solving

skillsNovin and Pearson (1989) CPAs At least quite important for 95%.

Novin et al. (1990) CMAs At least quite important for 97%.

May et al. (1995) Academics96% consider that students must solve unstructuredproblems requiring multiple info sources

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2.5.3 Current Accounting and Finance degree programmes

Most respondents felt that an accountancy degree was more useful than a genericqualification and then taking the professional route. This was because most Higher

Education institutions in Scotland provide up to the maximum exemptions for most of the professional body awards, and this would save time in the long run. They also feltthat accounting graduates would have a better overall grounding in the subjectmatter. They also felt it was far easier to study as a student on a full-time basis rather than once working and balancing work and study as part of the professional award.

The view of the professional bodies is that graduates are not required to haveobtained a degree in Accounting or Financial Management, although they do stressthat some employers will only accept graduates onto their professional developmentprogramme with a degree in a related discipline.

Research indicates that many accounting and financial management courses have

not addressed some of the concerns of the employers who will recruit their graduates. The current state of accounting education according to Howieson (2003)is:

1. Course content and curricula—many stakeholders view accounting curriculaas ‘too narrow and often outdated or irrelevant. [Curricula] are driven by theinterests of faculty and not by the demands of the market’ (Albrecht and Sack, 2000, p. 43).

2. Pedagogy—the teaching of accounting is dominated by a rule basedapproach which promotes memorisation rather than creativity.

3. Skill development—the focus of teaching is upon content rather than the

development of ‘generic’ skills.4. Technology—the emphasis remains on technology as a bookkeeping systemrather than on how ‘technology can be leveraged to make business decisions’

5. Faculty development and reward systems—accounting teachers are largelydivorced from teachers of other business disciplines and businesspractitioners.

6. Strategic direction—most accounting schools have failed to strategically planfor the changes to their environment and as such have lost ground to other disciplines and other education providers.

Universities in Scotland which offer ICAS accredited degrees, and also qualify for alternative professional body exemptions are listed in Table 8:

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Table 8: Scottish University Accountancy degree providers & provision of explicit transferable skills in the curricula

University Qualification Soft skillsUniversity of Aberdeen MA Accountancy – single & joint

honoursL1 – Managing People &Organisations

University of Abertay BA(Hons) & BA (2 year top-up) No dedicated units but commitmentto transferable skills throughout

The University of Dundee BAcc (Hons) & BAcc Not specified

The University of Edinburgh MA Business Studies &Accounting; MA Economics &Accounting; MA Law &Accountancy

Not specified

Glasgow Caledonian University BA Accountancy; BA Accountancywith Finance; BA Accountancy withLaw; BA Accountancy with minor discipline

Not specified

University of Glasgow BAcc (Hons) (Conventional); BAcc(Hons) (Accountancy withLanguage); BAcc (Hons)

(Accountancy with Finance); BAcc(Hons) (Accountancy withInternational Accounting); BAcc(ordinary); BAcc (Joint Honourswith Economics); BAL (Accounting& Law)

No dedicated units butinterpersonal & transferable skillsmethods adopted

Heriot-Watt University MA Accountancy & Finance; BAAccountancy & Finance

Not specified

Napier University BA Accounting; BA Accounting &Finance

Not specified

University of Paisley BA Accounting Not specified

The Robert Gordon University BA(Hons) Accounting & Finance Problem solving & decision-makingskills built-in; only university inScotland to offer 12 month

accounting placementUniversity of Stirling BAcc No core or optional units

University of Strathclyde BA with Principal SubjectAccounting; BSc Mathematics,Statistics & Accounting; BScTechnology & Business Studieswith Accounting

Integrative studies at all levels –particularly at Honours:Communication -Numeracy - IT – Problem solving -Inter-personalskills); Integrative Studies2 (Decision Making,Negotiation, Entrepreneurship);Integrative Studies3 (Strategy, Ethics,Business Environment,Research Methodology)

All are able to offer maximum exemption of the Test of Competence (ICAS) as longas students select the appropriate units on their degree. However, the inclusion of transferable skill development is sometimes made clear and seen as integral,however in many cases there is little or no reference to these learning areas.Strathclyde, in particular, has a commendable approach to transferable skillsdevelopment but it is very much a pioneer in this field. The professional bodies, too,although they have commissioned research to identify employer requirements, arestill requiring the standard knowledge and understanding and not addressing some of the requisites the research has identified (see Table 9).

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Table 9: Four main Professional Body syllabus

ICAS ACCA CIPFA CIMA

Test of Competence

(ICAS accredited degrees can gainexemption from all or part of this stage)

Business Law; Business Management;Finance; Financial Accounting; Principlesof Auditing & Reporting

Part 1

1.1 Preparing Financial Statements1.2 Financial Information for Management1.3 Managing People

Certificate

Financial Accounting; ManagementAccounting; Financial Reporting; FinancialManagement Systems & Techniques

Managerial Level

Management Accounting PerformanceEvaluation; Management Accounting DecisionMaking; Financial Accounting & Tax Principles;Organisational Management & InformationSystems; Integrated Management; FinancialAnalysis

Test of Professional Skills

Advanced Finance; Assurance & BusinessSystems; Financial Reporting; Taxation

A Business Ethics course is deliveredduring the first two years of training

Part 2

2.1 Information Systems2.2 Corporate and Business Law2.3 Business Taxation2.4 Financial Management and Control2.5 Financial Reporting2.6 Audit and Internal Review

Diploma

Audit & Assurance; Leadership &Management; Financial & PerformanceReporting; Accounting for DecisionMaking; Governance & Public Policy;Public Finance; Taxation

Strategic Level

Management Accounting Risk & ControlStrategy; Management Accounting BusinessStrategy; Management Accounting FinancialStrategy

Test of Professional Expertise

Multi-discipline case study

Part 3

Option papers:3.1 Audit and Assurance Services

3.2 Advanced Taxation3.3 Performance Management3.4 Business Information ManagementCore papers:3.5 Strategic Business Planning and Development3.6 Advanced Corporate Reporting3.7 Strategic Financial Management

Final Test of Professional Competence

Strategic Business Management (SBM)Strategic analysis and decision making

Strategic option appraisalStrategic change managementStrategic planning

Finance and Management Case Study

Test of Professional Competence InManagement Accounting

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As can be seen from the four professional bodies represented by the respondents,there is little attempt to bring transferable skills into their professional routes. This,coupled with the degree programmes currently on offer within Scotland, suggeststhat employers and their clients are not getting the best skills required to provide acontemporary professional accountant service. It should be noted that theuniversities who design the degree structures are hamstrung, to a certain extent, bythe need to offer ‘value-added’ courses which offer maximum exemption from theprofessional body membership syllabus. However, not all units need qualify for exemption and there is a degree of latitude which, for many university accountancyprogrammes, is currently not being exploited.

Finally, when researching current CPD provision by the main suppliers within H&I, itis apparent that most are involved in enhancing technical rather than transferablecompetence. Mercia do offer a wide range of programmes as do ICAS, and some of these go beyond accounting updates, however it is obvious that accountants, too, areguilty of assessing their CPD needs in terms of tangible knowledge rather thanintangible skills.

There are currently no seminars planned in Inverness, by ICAS, that address theseissues although they do run plenty of seminars on Management Development (MD)in Glasgow and Edinburgh. It is obvious that these courses are not popular withinH&I as ICAS base their seminar venues on attracting viable numbers. The seminarsinclude:

• Managing Change

• Assertiveness

• Developing and Managing Teams

• Achieving Peak Personal Performance

• Effective Presentation and Delivery

• Managing Individuals

• Writing Skills Workshop• Successful Report Writing

• Mastering Time Management

• Delegation and Empowerment

Respondents in the survey recognise it as a need but can only access it online atpresent, but it also takes second place to the more technical-based training thatinforms their daily business performance. Often transferable skills are seen as an‘added extra’ or ‘luxury’ rather than essential – and the location of the ICAS MDevents would bear this out. However, if there was local delivery more accountingprofessionals would be encouraged to attend.

3.0 Conclusion

The Professional Accounting Survey for the Highlands and Islands has highlightedcertain key themes which need to be further explored and developed. Accountingand Finance professionals within the region have specific concerns which are notnecessarily replicated in the rest of this employment sector, with relation to CPD.

Most accounting professionals, given the choice, would opt for face-to-face seminarsto meet the necessary CPD requirements; and the current CPD providers do offer this facility in Inverness only (ICAS in particular). Larger firms have the resources toaccess CPD training in Inverness, and for many who are located in the city itself, thisis of little hardship, and further afield if necessary. However small firms of soletraders in remote locations within the H&I region find travel and the associated costsprohibitive, and thus turn to online resources to provide their CPD needs. If they

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could access quality, financially competitive, and locally delivered face-to-face CPD,most accounting professionals would do so. However the product must be of anextremely high quality as the current training providers are extremely good at whatthey do and respondents indicated they would rather use good online resources thanattend a poor face-to-face seminar – even if this was easily accessible.

The Highlands and Islands do not offer an Accountancy and/or Finance degree atpresent – other than those which can be accessed through the Open University.Therefore individuals wishing to study Accounting to degree level have to do sooutside the region. In order for accounting professionals to turn to UHI for theprovision of their CPD it is imperative that there is the facility for providing graduateaccountants and a mechanism for achieving chartered status. Only then willprofessionals be assured that UHI has the competence and expertise to deliver aquality product.

Accounting professionals recognise that there are certain transferable skills requiredwithin the modern profession, but the research indicates that these are not being

taught at degree level in many Scottish universities and are not as fully promoted bythe professional bodies as the technical competencies.

Corporate and public accounting firms are working hard to transform themselves intofinance professionals and professional services firms. It is now accountingeducation's turn to transform itself. Failure to do so could be fatal. Seizing themoment to make needed changes could increase our relevance and open new

opportunities for accounting education (Albrecht and Sack, 2000, 66) .

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4.0 Recommendations

1. Face-to-face local delivery

All of the accounting and financial professional bodies require their members to

undertake some form of CPD on a yearly basis. The face-to-face seminars only takeplace in Inverness, and this has proved prohibitive for many professionals in moreremote Highland locations. The preference is for face-to-face seminars at localvenues, and therefore it would be necessary to offer CPD seminars in these remotelocations. Video-Conferencing could be one way of delivering to a number of locations simultaneously, but with minimal cost. However the provision of thismedium would need to be as good, if not better, than the current CD-Roms thatprofessionals have access to.

2. Quality provision is essential

The provision already available is extremely well-received, and has been in place for

a number of years. In order to compete with this market, the quality of delivery andmaterials must be excellent as the competition is fierce and UHI currently has notrack record in this area. Also the cost must be in line with alternative trainingproviders, as for sole traders, in particular, cost is a key factor.

3. Transferable skills

The accounting and finance professionals identify that some of the key skillsnecessary within contemporary accountancy are not available to them as face-to-face seminars. By offering a blend of local technical and transferable skills trainingthis would provide something that is not currently available within the H&I. In

particular the areas of interpersonal skills, communication and problem-solving seemmost required. This would also provide UHI with its unique selling point (USP) in thatit markets these programmes as something unique to the Highlands, which cannot beobtained from another source.

4. Tailored CPD to meet Highland accountants’ needs

Related to point 3 is the issue that accountancy and finance firms within the H&I areoperating with specific client requirements, not easily replicated elsewhere in thecountry. Therefore by developing and marketing programmes which appealspecifically to Highland accountants this, too, provides a USP. By directlycontextualising the technical themes such as taxation, charities reporting and VAT to

the day-to-day Highland accountancy firm, the professional is receiving a specificrather than generic training experience.

5. The possible market is within small rather than large accounting firms

Respondents within the survey who are working within sole-trade or two staff firmshave already adopted a ‘blended learning’ approach to their CPD, as they attendsome seminars and also use the CD Rom resource when they cannot leave theoffice. It is more likely that UHI would be able to attract these individuals, as theyhave limited time and resources available and are looking for local delivery; rather than those in larger firms who are often already located in Inverness and therefore

have access to seminars in their local area. Larger firms, too, have better resourcesand are able to offer their own training or send their staff to the central belt.

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6. UHI needs a BA Accounting and/or Finance

Of the current provision of Accountancy and Finance degree programmes withinScotland, the closest to the Highlands and Islands is in Dundee or Aberdeen.Although UHI currently offers a HND in Accountancy, students have to travel out of

the area to gain an Ordinary or Honours.

6.1 The degree should be with Honours to enhance reputation

In order for UHI to successfully provide CPD for professional accountants it mustoffer a degree (at least Ordinary in the first instance but Honours would be morepreferable) in Accounting and Finance which is recognised by a professional body –most notably ICAS – as providing maximum exemption from stage 1 of theprofessional award.

6.2 Degree with emphasis on transferable skills and a placement

Within this degree should be far more emphasis on transferable skills – usingUniversity of Strathclyde as a model for this; however also offering a placement year (currently only available at Robert Gordon University). This would provide another USP for UHI.

6.3 UHI needs to gain ICAS (or another professional body)accreditation

It would also be necessary for UHI to become a recognised ICAS syllabus provider inorder to offer students full chartered status.

6.4 USP attraction to students outside the Highlands and Islands

This would serve many purposes: it would offer students the opportunity to studyaccountancy and finance from HN through to professional status in one location – bethat remote or central; it would provide the gravitas essential to encourageaccounting professionals to move to UHI as a supplier of their CPD; and it would alsoencourage students from outside of the H&I to come into the area as UHI would beoffering an opportunity to not only study an innovative accounting programme, butwork in an increasingly popular region.

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5.0 Bibliography

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Cooper, D.R. & Schindler, D.A. (2001) Business Research Methods, 7th ed.London: McGraw-Hill

Glaser, Barney. G. & Strauss, Anselm, L. (1967) The Discovery of GroundedTheory. New York: Aldine

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Hassall, T., Joyce, J., Arquero Montaño, J.L. & Donoso Anes. J.A. (2005) ‘Prioritiesfor the development of vocational skills in management accountants: A Europeanperspective’ Accounting Forum Volume 29, Issue 4 , December, Pages 379-394

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Documents

Accounting Professional Survey Report