The landscape of accounting education is continually evolving and one of the most significant catalysts for this change is having the instructor teaching an introduction to accounting class be an individual with professional experience. These individuals, having either recently transitioned to academia from the professional world or having worked in the industry previously, bring a wealth of current industry knowledge and practical insights.
Having transitioned from the workforce to academia, these professionals possess a unique perspective that is invaluable in the classroom, especially in disciplines as dynamic as accounting. Their firsthand experiences in applying theoretical knowledge to solve practical problems in real-world settings offer a wealth of insights to students.
According to a recent AICPA
Updating accounting curricula with current trends
The accounting profession is characterized by its rapid evolution, driven by changes in legislation, technological advancements, and economic fluctuations. Recent professionals, being active participants in this dynamic environment, bring fresh insights into these ongoing changes. Their involvement in academia serves as a conduit for the latest industry practices and trends to enter the classroom, ensuring that the curriculum remains relevant and reflective of current standards and requirements.
For example, with the increasing adoption of blockchain technology in financial transactions, a professional with recent experience in this area can provide students with an understanding of its implications in the accounting profession. Similarly, insights into the latest software and tools being used in the profession can prepare students to be more effective and efficient in their future roles.
This constant infusion of up-to-date knowledge and practices into the curriculum not only prepares students for what awaits them in the professional world, but also positions them as attractive candidates to future employers. They emerge from their education not only with a solid theoretical foundation, but with an understanding of how to apply this knowledge in practice, armed with awareness of the latest industry developments and technological tools.
This blend of theory and practice, grounded in current trends, ensures that graduates are well-prepared to navigate the complexities of the modern accounting landscape.
Enhanced learning through real-world examples
Having an instructor who has the ability to speak to a topic and help bridge the gap between textbook material and what actually happens in the real world can be invaluable.
There is a plethora of benefits that students gain by applying the basic accounting foundation that they have already built into solving real-world projects and understanding real-world examples. Students can see the relevance of what they are learning in the course and how it applies in the real world, which can in turn cause them to want to have a deeper understanding and appreciation for the subject matter.
This active learning approach aids in developing critical thinking and problem-solving skills, which are two essential attributes for any aspiring accountant.
Networking opportunities
According to the authors experience as instructors, oftentimes if you ask an already-declared accounting student why they want to major in accounting, their answer would probably state that someone in their family or friend group is an accountant and they were influenced into this profession and the opportunities that it includes by talking to this person. This shows that students can be influenced to major in accounting by having an example to follow.
On the other hand, not every college student has an accountant in their family or even outside of their family to influence them. Introducing students to the accounting profession who may be first-generation college graduates or those who do not know any accountants can be a challenge, but there are various steps that an instructor in an introductory accounting course can take to help influence students to the tremendous opportunities that exist in the accounting profession.
Listening to guest speakers and connecting students with current professionals broadens their understanding of the basics of accounting. It can be inspiring to students to have someone come into the classroom and share their academic and professional journey as to how they got to where they are today.
Introducing students to guest speakers can also help to facilitate internships and future job opportunities for students. Salary expectations for any major is something that students would appreciate knowing ahead of time, before they declare their specific major. Having guest speakers openly talk about salary transparency and the increasing starting salaries for accountants can certainly peak students' interests for the accounting profession.
Attracting and retaining top talent
Attracting and retaining top-tier students to study accounting is crucial for the continued vitality and evolution of the profession during a time when most colleges are seeing a decrease in accounting enrollment and the number of students pursuing the CPA. It is instructors' responsibility to identify and discuss with top performing students in an introductory course about pursuing an accounting degree.
Along with those initial conversations with students, below are some ways you can attract students to your college's accounting program.
1. Relevance and application of knowledge. Top-tier students often seek programs that offer not just theoretical knowledge but also practical applications. The ability to bridge theory with real-world practice makes accounting more appealing, as it demonstrates the tangible impact of accounting principles on businesses and economies. This relevance is crucial for students who aim to make a significant impact in their careers. By showing how accounting is the language of business, programs can attract students who are eager to engage in work that is rewarding, secure, and compensated well.
2. Preparedness for the future. In a competitive job market, top-tier students are looking for programs that offer them a competitive advantage. Students who are at the top of their peer group are not just looking for an education, they're looking for a launchpad for future success.
Updating the curriculum with current trends ensures that students are learning the most modern and relevant practices, preparing them to enter the workforce with knowledge and skills that are in high demand. This readiness for immediate contribution and the ability to navigate and lead through emerging challenges are attractive to ambitious students who aim to be at the forefront of their profession.
3. Engagement and motivation. High-performing students are often driven by engagement and challenge. Integrating professionals into the educational process as instructors who can share their experiences and insights creates a more engaging learning environment. This dynamic setting, where education is closely linked to professional practice, motivates students by highlighting the direct impact of their studies on their future careers. It also shows that the college is committed to providing a meaningful education that goes beyond textbooks.
4. Networking and professional growth. Top-tier students often value the networking and mentorship opportunities that can come from interacting with recent professionals in the classroom. These connections can provide invaluable insights into the industry, potential career paths, and even lead to job opportunities. Programs that facilitate these interactions are more attractive to students who are keenly aware of the importance of building a professional network from an early stage in their careers.
