Aligning Accounting Education with Industry Demands: Bridging Competency Gaps for the Future of Auditing and Financial Services

Abstract

Purpose—This study aims to evaluate and compare the competencies required for accounting professionals, specifically focusing on intellectual, technical, organizational, interpersonal, and personal competencies, as well as the effectiveness of current learning methods used in universities. By identifying the gaps between the competencies required in the industry and the learning methods applied by higher education institutions (HEIs), the study intends to highlight areas for improvement to better prepare accounting students for the professional world.
Design/methods/approach—A quantitative descriptive method was used, involving a survey distributed via Google Forms to practitioners in accounting, finance, and auditing. The analysis compares competencies taught in university courses with those demanded by the industry. Data from syllabus reviews, practitioners' feedback, and a literature review of relevant frameworks were utilized to assess the alignment of educational practices with industry needs.
Findings—The study found that while HEIs effectively cover intellectual and technical competencies, there is a gap in organizational and management skills. Additionally, the methods used by universities, particularly lectures and group discussions, do not fully align with industry expectations. Practitioners emphasize the need for more case-based and project-based learning to improve practical skills, with leadership and time-management competencies identified as areas needing improvement.
Research implications/limitations—The research is limited by the sample size and the reliance on survey data from practitioners in specific fields. The findings may not be generalizable to all accounting education systems. Future research could explore the impact of specific teaching methods on student competencies and expand the sample to include more diverse industries.
Originality/value—This study contributes valuable insights into the alignment of accounting education with industry needs, particularly in the context of the changing business environment. The recommendations provide a framework for adapting curricula to better equip students with the competencies necessary for the future of accounting and auditing. Future research could further investigate the integration of innovative teaching methods into accounting education.