Introduction - Cengage



The Potential Usefulness of Accounting Portfolios for Entry Level Accountants and Accounting Programs – A Concept Paper

Sharon L. Bell

Assistant Professor—Accounting

UNC Pembroke

PO Box 1510,

Pembroke, NC 28372

(910)738-8727

FAX (910)521-6750

Sharon.bell@uncp.edu

Ollie G. Bishop

Assistant Professor—Accounting

UNC Pembroke

PO Box 1510,

Pembroke, NC 28372

(910)521-6468

FAX (910)521-6750

Ollie.bishop@uncp.edu

Stephen J. Bukowy

Associate Professor—Accounting

UNC Pembroke

PO Box 1510

Pembroke, NC 28372

(910)738-8727

FAX (910)521-6750

Stephen.bukowy@uncp.edu

INTRODUCTION

During 1990, the American Accounting Association in Position Statement Number One developed the Objectives of Education for Accountants. The composite profile of capabilities needed by accounting graduates included general knowledge, intellectual skills, interpersonal skills, communication skills, organizational and business knowledge, accounting knowledge, accounting skills, and personal capacities and attitudes. The Accounting Education Change Commission’s Perspectives on Education: Capabilities for Success in the Accounting Profession (Big 8 White Paper) describe similar characteristics for success in the accounting profession. More recently the American Institute of Certified Public Accountants’ CPA Vision Project has defined the top five core competencies for accountants: communications and leadership skills; strategic and critical thinking skills; focus on the customer, client, and market; interpretation of converging information; and being technologically adept.

While the foregoing deal specifically with accountants, similar desired competencies appear to be held by employers in general. In a survey among employers conducted by the National Association of Colleges and Employers, employers indicated “…they preferred candidates who offer a combination of skills, including technical, leadership, and interpersonal skills.” Ray and Stallard note that although “No specific set of criteria for business employment is available; … the literature includes common themes. The most prevalent theme encompasses communication skills … human relations skills, problem-solving skills, and work experience.” Pool continues to echo this common thread by saying, “…knowledge of content is vital, but students need a stronger connector to specific skills. These skills include human relations skills, analytical skills, team-building, and problem solving skills.”

Thus, aside from the obvious technical skill differences, many common skills are desired and/or required of new-hires across the board. The question remains, however, as to whether or not graduating seniors, particularly accounting majors, have these desired skills. Accounting education literature hypothesizes that graduating accounting majors may have the technical accounting knowledge, yet lack the skills necessary to succeed in the “real world.” For example, J.R. Rebele stated “Research indicates that current accounting majors may not be developing the skills required to succeed in the practice environment.” Rebele further expressed concern about the capabilities of accounting programs by asking, “Can accounting programs adequately develop skills (e.g. oral and written communication skills) considered important for future success? If so, what approaches are most effective at developing these skills?”

CONCEPT

During a recent curriculum assessment, the accounting faculty at UNC-Pembroke developed a checklist of the recommended competencies. We employed this checklist to determine in which course(s) specific competencies were covered. As we aligned the student capabilities and skills suggested by the AAA, AICPA, and other professional associations with the various courses in our current accounting curriculum, the concept of an accounting portfolio emerged. Other disciplines have used portfolios in the past but the concept has had very little exposure in the business school arena. For example, Riegle and Shackleford noted, “While artists, photographers, and architects typically have used portfolios to display their best works and demonstrate their strengths, student portfolios are a newer phenomenon.”

Portfolios can demonstrate value-added skills that students have gained and that the accounting program has imparted. The accounting portfolio may also indicate where further improvement in the program is needed. According to Riegle and Shackleford, “The student portfolio enables individuals to share the documentation of learning accomplishments with others. It need not include just their best work, but can be used to show improvement over time.”

The accounting portfolio would be similar to those used by the arts and education in that it would contain examples of students’ work in terms of papers, projects, etc. Therefore, instead of just ascertaining whether a student has been exposed to various skills/competencies (the faculty’s portion of the education process), UNC Pembroke students would use accounting portfolios to document and to provide evidence of their mastery of the recommended skills/competencies (the students’ portion of the education process).

Adding support to this concept, are the results of a study by Fintel, which found that “some employers believe that portfolios more accurately measure a student’s achievement than standardized tests and relate more directly to workplace skills than grades and courses taken.” Mathies and Uphoff, in their study, found “Employers who read an applicant’s portfolio before and interview believe that the interview is more effective and that the applicant is more confidant during the interview.”

As accounting educators, one of our primary functions is to assess our own outputs, i.e. the students that we graduate.

“Another approach to research on outcomes assessment is to consider how inputs can be modified to create desired outcomes. Such research may include exploring alternative measures of teaching effectiveness, alternative methods of content delivery (e.g., case, lecture), matching content delivery method to student learning style, and altering existing, traditional curricula. Ultimately, a primary goal of outcomes assessment research is to discover reliable assessment mechanisms for connections between a program’s mission, teaching effectiveness, and outcomes.” (J. E. Rebele)

Portfolios have proven useful in several other professions such as architecture, art, education, journalism and mass communication. Similarly, an accounting portfolio may prove beneficial for entry-level accounting graduates during initial job interviews and later for possible advancement, if the portfolio is updated. In addition, the portfolios should assist the accounting faculty in revising and improving their courses to match the changing expectations of the accounting profession.

BENEFITS

The Accounting Portfolios should provide two sets of benefits: Student Benefits and Program Benefits as set forth below:

Student Benefits

A. The portfolio preparation provides an occasion for students to reflect upon their academic growth, (e.g., what have they mastered) and to think about their futures (i.e., what concerns do they still have and how are they going to eliminate those concerns).

B. The portfolio provides the students with an opportunity during interviews to demonstrate their growth in the depth and breadth of the skills and core competencies that they have mastered.

1. In many cases, the portfolio will provide talking points for students during the interview process by showcasing their best work;

2. This “aid” is likely to increase the student’s self-confidence during interviews.

C. Instead of having only a line on the résumé, the portfolio will give graduating seniors a means to highlight and expound upon special activities in which they participated or achievements and awards that they received during college with results similar to those noted above.

D. Reviewing their academic progress and achievement through the portfolio process as well as future updating of the material may stimulate an interest in and acceptance by the student toward concept of lifetime learning.

Program Benefits

E. The portfolio process will allow the faculty to assess whether or not the accounting program is meeting its goals

1. With respect to our University’s mission;

2. With respect to our School’s mission.

F. The portfolio process will also enable the School to document and demonstrate the program’s effectiveness in providing the needed skills required for accreditation and later re-accreditation purposes.

G. The portfolio process will provide input for the modification of our program. If desired skills are not currently being taught or are being ineffectively taught, we can use this information to revise our curriculum through

1. Course modifications;

2. Course additions; or

3. Course deletions.

H. The portfolio process may help build better teacher-student relationships. As students assemble their portfolios, they may better understand what their teachers were trying to instill in them and why their instructors pushed so hard for them to master the material. This may lead to a greater appreciation by the students for the efforts of the teachers.

I. The portfolio process provides a means for the faculty to assess our teaching techniques, such as

1. Employing effective teaching strategies;

2. Enhancing awareness of effective teaching methods;

3. Showcasing a teacher’s skills growth and range;

4. Considering alternative methods for teaching and evaluation;

5. Promoting professional dialogue about teaching and growth towards an active teaching community.

By examining the portfolios, we, as instructors, may be able to determine how much of our efforts have bore fruition. If the portfolios are lacking in some areas, we should look to our classes to see whether or not we need to change our methods or our emphasis in relaying these concepts to the students. Conversely, if the portfolios have excellent examples of what were considered to be desired items (e.g., spreadsheet usage), then we can continue performing as we have been.

J. Successful application of this process is expected to provide additional material for recruiting purposes

1. Graduates using the portfolio will be more successful in landing better entry-level positions;

2. Having graduates hired for better positions, improves the likelihood of the School enrolling more students, furthermore, those that are enrolled will have better qualifications.

PILOT TEST

We conducted a preliminary test of the accounting portfolio concept by having students in the senior auditing class prepare portfolios rather than the usual writing assignment. The purpose of the portfolio and its potential benefits with regard to employment interviews was explained to the class. Students were given the instructions found in Appendix A, along with a matrix of all required courses and possible areas of competencies that may have been covered and acquired in those courses. A sample of this matrix is in Appendix B.

Initial student reaction was mixed. While the opportunity to skip writing a 15-20 page auditing/ethics paper was relished, the prospect of putting together a portfolio was frightening to some, as they had never done anything like this. Others complained about having to do a portfolio based on the fact that they already had a job. It was pointed out to these students that a) it was a requirement for the class and b) it may help them get a better job later on or a raise at the job they now held.

The portfolios were submitted on the last day of class and the results were generally gratifying. A few students delivered a rather hurried job, much as they had done on other assignments. Most students had excellent examples of their work from a number of classes exemplifying their competency in research, writing, critical thinking, analysis, as well as computer skills such as spreadsheets, databases, Power Point, and Webpages. Some of the students even provided videotapes of presentations that they had given in Business Policy classes. The best indication of the Accounting Portfolio’s potential benefit came during an exit interview with a student who said, “I didn’t realize all that I had done or learned until I started putting this portfolio together.”

FUTURE PLANS

We will conduct a survey of our recent graduates to determine if the portfolios did assist them in improving their marketability to employers. We also plan to implement the portfolio process at the beginning of the students’ accounting curriculum so that they have an opportunity to preserve more material for their portfolios. One obstacle that the students in our initial group kept facing was that they hadn’t saved all of their projects and papers from previous years. Informing students earlier about the accounting portfolio should alleviate this problem.

References

Accounting Education Change Commission. American Accounting Association. (1990) Position Statement Number One, Objective of Education for Accountants, September 1990, Appendix B.

The American Accounting Association Committee Special Report on the Future Structure, Content and Scope of Accounting Education. (1986) Future Accounting Education: Preparing for the Expanding Profession, Issues in Accounting Education.

Anonymous (1999) What employers really want, Journal of Accountance, vol. 188, Issue 23, 15, 18.

Arthur Andersen & Co., Arthur Youn g, Coopers & Lybrand, Deloitte Haskins & Sells, Ernst & Whinney, Peat Marwick Main & Company, Price Waterhouse, and Touche Ross (1939) Perspective on educational capabilities of success in the accounting profession (Big-Eight White Paper ) New York.

Bonk, Curtis, Jay & Smith, G. Stevenson, (1998) Alternative Instructional Strategies for Creative and Critical Thinking in the Accounting Curriculum. Journal of Accounting Education. Vol. 1, Issue 2, 261-1293.

CPA Vision Project (1998) American Institute of Certified Public Accountants. New York.

Edgerton, Russell, Hutchings, P., Quinlan, K. (1991). The Teaching Portfolio: Capturing the Scholarship in Teaching. American Association for Higher Education, Washington, D.C.

Fintel., J. (1995) Portfolios. National Business Education Association Newsletter, Keying In, 5.5.

Mathieas, B. & Uphoff, J. K. (1995) The Use of Portfolio Development in Graduate Programs. Paper presented at the annual meeting of the American Association of Colleges for Teacher Education, San Antonio, TX.

Pool, Steven W. (2001) Designing and Measuring Educational Outcomes Utilizing Student Protfolios for Business Management Education. Journal of Instructional Psychology, Vol 28, Issue 1, 50-59.

Powell, K. S. Jankovich J. L (1998) Student Portfolios; A Tool to Enhance the Traditional Job Search, Business Communications Quarterly, Vol. 61, Issue 4, 72-82.

Ray, Charles M. & Stallard, John J. (1994) Criteria for Business Graduates Employment: Human Resource Managers’ Perceptions. Journal of Education for Business, Jan/Feb94, vol. 69, Issue 3, 140-145.

Rebele, J. E., Apostolou, B. A., Buckless, F. A. Hassell, J. M. Paquette, L. R., Stout, De. E., Accounting Education Literature Review (1998) Part II: Students Educational Technology, Assessment, and Faculty Issues, Journal of Accounting education, Vol. 16, No 2, 199, 212.

Riegle, P. & Shackleford, R. (1994) Student portfolios. Paper presented at the 14th annual Lilly conference on College Teaching, Oxford, OH.

Siegle, Gary & Sorensen, James co-sponsored by The Institute of Management Accountants (1994) What Corporate America Wants in Entry-Level Accountants.

Appendix A

ACCOUNTING PORTFOLIO FORMAT

Guiding Principles

For a portfolio to be effective, it must be informative and well organized. The American Association of Higher Education suggests that a portfolio should be structured, representative, and selective. The portfolio should communicate organization, creativity, thoroughness, and neatness. Assembling a portfolio is a creative act and expresses the author’s abilities and style. The contents of your portfolio are not limited to just paper items, you may include disks, websites, videos, etc. Remember, this is your portfolio, we are only giving you guidelines.

While being comprehensive, it must also be concise. This means that one or two items should be sufficient to demonstrate each of your competencies. You do not need 40 spreadsheets to show that you know how to do a spreadsheet. Choose a couple of your best spreadsheets that demonstrate your knowledge of the various commands available in a spreadsheet format. The same holds for writing assignments, presentations, etc. You should balance the presentation of past achievements with the demonstration of learned patterns of skills and behaviors that demonstrate future potential to prospective employers. .

Your Portfolio should contain at a minimum:

1. Title page (e.g., Accounting Portfolio, name, address, telephone number, picture)

2. Table of Contents (Each item should be identified as to what it is and what competency it demonstrates that you have mastered, e.g., Accounting Information Systems’ Access Project—Shows capabilities with Databases.)

3. Résumé

4. One or two self-reflection essays (This should be a well written essay or two concerning your thoughts on a particular subject, e.g., Ethics, Future of Accounting Profession, etc.)

5. Evidence—The AICPA and the AAA have indicated that new accountants should possess the following Interpersonal and Communication Skills:

a. Team Building

b. Interaction with others

c. Decision-Making

d. Oral Communication

e. Written Communication

f. Presentation Skills

The attached course/skill matrix indicates courses where you may have demonstrated some of these skills. You will need to provide sufficient and competent evidence that you have mastered these skills.

6. An evaluation letter—This will be provided by the Accounting Faculty after reviewing your portfolio

Appendix B

Sample of Course/Skills Matrix

|COURSE |PROJECTS/PAPERS |POSSIBLE SKILLS |

|ACC 331 |Formal Business Proposal and Presentation|Logic |

|Cost Accounting | |Ethics |

| | |Analysis |

| | |Leadership |

| | |Research & Writing |

| | |Public Presentations |

| | |Public Speaking |

| | |Group Work |

|ACC 413 |Access Project |Logic |

|Accounting Information Systems |Case Presentations |Ethics |

| |Small Projects |Analysis |

| |Data Flow Diagrams |Access Database |

| | |Leadership |

| | |Research & Writing |

| | |Public Presentations |

| | |Public Speaking |

| | |Group Work |

| | |Data Flow Diagramming |

|ACC 421 |Consolidated Statements |Logic |

|Advanced Accounting |Research Papers |Ethics |

| | |Analysis |

| | |Leadership |

| | |Research & Writing |

| | |Internet |

| | |Spreadsheet |

| | |Group Work |

|MGT 303 |Oral Presentations |Research & Writing |

|Business Communications |Writing Assignments |Public Presentations |

| |Group Projects |Group Work |

|MGT 466 |Cases |Logic |

|Business Policy |Discussions |Ethics |

| | |Analysis |

| | |Synthesis |

| | |Leadership |

| | |Public Presentations |

| | |Research & Writing |

| | |Internet |

| | |Group Work |

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