Benefits of Certified Practicing Accountings and Institute of Chartered Accountants - Literature review Example

Running Header: CPA ICA Student’s Name: Instructor’s Name: Course Code: Date of Submission: Executive summary Lack of skilled accounting professionals and lack of future aspirations are seen to be the barriers of delivering effective accounting standards in most organizations. This reason has therefore resulted to most managers introducing the study of accounting and also providing training of workforce to become potentially valuable in the organizational setup. Students were sampled and examined about their career aspirations and the relative importance of school, family, personal and psychological variables used in predicting their educational and vocational aspirations. More students should be encouraged to take up CPA program as it is more advantageous even to the entire nation as this improves management aspects therefore building a good and better business environment. ICA on the other hand broadens engagement with contemporary arts. ICA also offers exhibitions that are accompanied by a program of events for the entire student body and the community. Table of Contents Executive summary 2 Table of Contents 3 Introduction 4 Benefits of Certified Practicing Accountings (CPA) 4 Benefits of Institute of Chartered Accountants (ICA) 6 Recommendations 6 Conclusion 7 CPA ICA Introduction The recent development of management skills in most work place have resulted to many managers and students taking up the accounting career as its competition has increased in the job market and as a result of the effects of globalization, climate change, and improved technology. In evaluating the benefits of accounting, a sample was followed through 2 years after high school and the results showed that sex and race were the major predicted educational and vocational aspirations of most students. The educational aspiration was seen to be more robust than the occupational aspirations regardless of sex or race. Farag (2009) describes that according to race, the Asian Americans were seen to have the greatest increase in educational aspirations and females had higher educational and vocational aspirations. This study investigates two accounting bodies, which include Certified Practicing Accountings (CPA) and the institute of Chartered Accountants (ICA), and shows how the students would benefit from each program offered by the institutions. Benefits of Certified Practicing Accountings (CPA) Learning CPA Program enables students to stand out and develops their technical accounting, strategic. Leadership and decision making skills. Students are also able to find out how they can get noticed better by employers therefore enabling them to excel in their career. In a highly competitive job market, students are able to acquire better more advantages having taken up the CPA programs. Farag (2009) shows the benefits of joining these organisations as a student include promoting accountability for example in the public sector. CPA programs also enable managers and other students to revive their financial and accounting strategies in order to lead towards success in times of change. With the recent increase in globalization, managers are encouraged to boost their financial knowledge through CPA programs in order to be in a position of formulating better and competitive strategies. This enables the firms they work in secure a better position in the market for the new products. Firms have also improved their job requirements for example by putting the knowledge about finance and accounting as an important minimum requirement in securing a position in the firm. According to Oldroyd and Dobie (2008) CPA program enable students to enhance their knowledge and to excel in their segment exams. The program is preferred by many as it has segments where a learner does not have to complete the entire course at once. These segments are effective as they give learners time to evaluate their knowledge and skills and reflect on their weaker and stronger section. This is also necessary, as they are able to determine which department they would work well at and what career path is necessary. Students are also capable of exploring the major challenges faced by practitioners in years to follow. The knowledge acquired from the programs enables its learners to be able to tackle any business challenge since the programs offer a working experience that works in all aspects of management (Lloyd 1999). It is for these reasons that highly trained and experienced professionals are from around the world are encouraged to study CPA programs and in Australia, for example where the country offers migration assessment. The department provides a service where qualified accountants are provided with advice on how to apply for skills assessment. The core knowledge areas required to qualify for CPA Australia include Accounting systems and processes, financial accounting, mandatory knowledge in management accounting and accounting theory (Oldroyd and Dobie 2008). Benefits of Institute of Chartered Accountants (ICA) According to Lloyd (1999) the benefits of studying ICA program include gaining more knowledge about ethics and good governance, strategic management accounting, financial reporting and global strategy and leadership. The dynamic, artist led programs also provides opportunities for investigations and discussions to both students and the management department. According to Elliot and Elliot (2004) ICA learning strives to build sustainable relationships with in the school environment. It also links various colleges and communities where students are able to meet students from a different race and those who poses different values and beliefs. These nurtures interest and enable students to appreciate creative process. ICA manages various family oriented events and workshops where families are invited to explore new ways of using and imagining ICA and its benefits. ICA benefits students by providing work experience therefore enabling participants to acquire practical insight into working as an accountant or in any other department of a different firm. The students are able to gain confidence and experience in the work environment by learning how to cope with work challenges and also by interrupting with their colleagues. Workplace at ICA is usually open form Westminster unemployment and disability schemes (Elliot and Elliot 2004). Recommendations My students’ professional aspirations include having their way though Chartered Accounting career and getting advice on the right subjects as school and university. They also aspire to get accredited education, work experience and have a much better life in future. Students also aspires building a better professional career through Chartered Accountant programs. The organisation is currently working for a partnership with Depaul UK which is the UK’s largest charity for the young and homeless people. This is part of the organizational broadening horizons scheme and it involves shadowing ICA staffs into technical, theatre and work. Students should ensure they follow their career aspirations for example by evaluating their strengths and weaknesses and being ready to improve. Conclusion Both the accounting bodies seem to have the same benefits both to the individual and to the entire community and therefore students should be encouraged to take up both CPA program as well as ICA. However, ICA as it broadens engagement with contemporary arts it also offers exhibitions that are accompanied by a program of events for the entire student body and the community. The entire nation therefore benefits from improved management aspects acquired form the accounting bodies. The program also offers effective financial management and good governance. It also develops leadership skills and management training where students are trained how to become better leaders in future therefore improving their skills and able to attain their goals. References Elliot, B & Elliot, J 2004, Financial accounting and reporting, Prentice Hall, London. Farag, M 2009, The accounting profession in Egypt, Its origin and development, University of Illinois, p. 7. Lloyd, E 1999, Principles of Accountancy, Goodyear-Marshall Publishing.  Oldroyd, D & Dobie, A 2008, Themes in the history of bookkeeping, The Routledge Companion to Accounting History, London. Read More