Moreover, learning of accounting practices was a part of home education; however, in recent years, the field of education has developed rapidly due to advancements in the extent of human knowledge, and nowadays, an individual comes across numerous fields for his/her profession that offers various benefits and prospects. In this regard, nowadays, universities are offering advanced education in accounting and business fields that has been very beneficial for students in acquiring sound skills of recording transactions, creating balance sheets, planning budgets, etc. Such higher education allows individuals to reach the level of employability and employment in their lives, a significant objective of individuals in the contemporary society for acquiring business and accounting education (Nabi and Bagley, 1998).
For such purpose, educational institutions particularly higher educational educations at university level are playing a crucial role in providing accounting and business education to students that may facilitate them in achieving the abovementioned contemporary form of success in the society. However, experts have indicated that higher educational institutions have not been successful in fulfilling their responsibility in an efficient manner that has resulted in gap between outcomes of universities and prospects of employers in the market scenario (Gush, 1996). In specific, this paper will endeavor to identify and evaluate the role of higher educational institutions in equipping business and accounting graduates with skills required by their prospective employers. In addition, the paper will attempt to identify differences in approach of universities and employers that will allow in better understanding of the topic in critical manner.
Analysis of the literature related to approaches of educational institutions has indicated that a number of researchers are putting their efforts to reduce the gap between