Knowledge, Skills and Values of BSA Graduates

CHAPTER 1
THE PROBLEM AND ITS SETTING
INTRODUCTION
The last decades have been marked by changing environment characterized by
series of globalization, voluminous transactions, changing technology and regulation, and
growth of the world economy. These changes have increased the level of competition
among organization and triggered for quicker and more decisive action by management.
As employers supposed that employees play an important role and give the company a
sustainable competitive advantage, they are seeking and expecting a diverse range of skills
and attributes in its human capital. The job of the accountant seems to be at the heart of
this logic. A fundamental aspect of the accounting profession is that accounting
information is important for business decision making. In virtually all companies,
accounting information is recorded, managed and often analyze. The accounting profession
worldwide has come under close scrutiny. Changes had expanded the roles of accountants
and at the same time expanded the qualities expected in the accounting work
It has been argued however that graduates are not being adequately prepared for
employment in the modern business environment. This mismatch occurs because the
jobseekers, in general, are not seen by employers as having the necessary skills for
employment. Graduates lack many of the attributes required by employers, partly because
educators fail to promote their acquisition. This perceived mismatch between the attributes
which employers expect and attributes graduates display, give rise to what researchers have
labeled an expectation-performance gap. From prior literatures different reasons have
been identified for accountancy graduates not possessing knowledge, skills, and values as
per employers expectations, namely; differences in the expectations of accountancy
academics and employers and students perception of the employers expectations to them.
While the requirements of professional bodies have been highlighted and several
studies examine the views of employers and practitioners in terms of the skills and
attributes they require in entry level graduates, there are few studies which acknowledge
the views of the students about to enter employment. The question is: are accountancy
students generally aware of the new skills currently expected for future accountants in this
1
highly changeable global business context. Accountancy students are key stakeholders in
the whole process, employers expectations may shape the accounting student motivation
and implementation of a rigorous strategy that facilitate the acquisition of skills and
attributes (through internships) from his passage by the college.
This study examines perceptions of graduating BSA students about the knowledge,
skills and values they consider expected by the employers in BSA graduates. The study
also examines the knowledge, skills and values expected by employers and explores gaps
between student perceptions and employer expectations.
THEORETICAL/CONCEPTUAL FRAMEWORK
In order to investigate the relationship of employers' expectations and graduating
accountancy students' perceptions, the underlying research conceptualizes the notion of it
as similar to the notion offered by Bui and Porter. (2010, p.4)
Actual
competencies
of the
Graduates
Educators
performance
Performance Gap
Competencies
expected by
educators
Students
perception
Competencies
desired by
educators
Competencies
expected by
employers
Institutional
Gap
Constraints Gap
Expectation Gap
Expectation-Performance Gap
Expectation gap: reflecting the perceptual differences in the expectations of

accountancy academics and employers.
Constraints gap: exists as an exacerbating agent to performance gap, representing

the factors that are assuming to limit the ability of accounting educators in the
development of the skills and knowledge to students.
Performance gap: reflecting ineffectiveness of teaching practices.
STATEMENT OF THE PROBLEM

This study aims to compare employers expectations in the knowledge, skills and
values of Bachelor of Science in Accountancy graduates and graduating accountancy
students perceptions on these expectations. Specifically, answers to the following
questions are sought:
1. To what extent are the following knowledge, skills and values are expected by the
employers on the BSA graduates:
1.1 Knowledge
1.1.1
General Knowledge
1.1.2
Organizational and Business Knowledge
1.1.3
Information Technology (IT) Knowledge
1.1.4
Accounting and Finance Knowledge
1.2 Skills
1.2.1
Intellectual Skills-Analysis
1.2.2
Intellectual Skills-Problem Solving
1.2.3
Intellectual Skills-Strategic/Critical Thinking
1.2.4
Interpersonal Skills
1.2.5
Communication Skills
1.3 Values
1.3.1
Professional Ethics
1.3.2
Integrity
1.3.3
Objectivity and Independence
1.3.4
Professional Competence and Due Care
1.3.5
Confidentiality
1.3.6
Professional Behavior
1.3.7
Moral Values
2. To what extent are the following attributes of BSA graduates expected by the
employers.
2.1 Knowledge
2.2 Skills
2.3 Values
3
3. To what extent are the following knowledge, skills and values are perceived by
the BSA students as expected by the employers on the BSA graduates.
3.1 Knowledge
3.1.1
General Knowledge
3.1.2
3.1.3
3.1.4
3.2 Skills
3.2.1
Intellectual Skills-Analysis
3.2.2
3.2.3
3.2.4
3.2.5
3.3 Values
3.3.1
Professional Ethics
3.3.2
Integrity
3.3.3
3.3.4
3.3.5
Confidentiality
3.3.6
3.3.7
Moral Values
4. To what extent are the following attributes of BSA graduates perceived by the
BSA graduating students as expected by the employers.
4.1 Knowledge
4.2 Skills
4.3 Values
5. Is there a significant difference between the extent of expectation of the employers
and the extent of expectation of the employers at the perception of the graduating
students in each of the following items:
General knowledge

4
Intellectual skills-Analysis
Interpersonal skills
Communication skills
Professional Ethics
Integrity
Confidentiality
Moral Values
6. Is there a significant difference between the extent of expectation of the

employers and the extent of expectation of the employers at the perception
of the graduating students overall in each of the following:
Knowledge
Skills
Values
SCOPE AND DELIMITATION

The current study is a small, indicative one with a limited sample size and scope.
There are 17 universities/colleges situated around Cavite that offers Bachelor of Science
in Accountancy course. Out of which, 14 universities/colleges have graduating BSA
students which can be explained by the new 5 year course curriculum. These 14 schools
have a total graduating students of 355 and due to time and cost considerations, the study
was conducted to only 60 students convenient to the researcher.
Another limitation of the study is that limited number of employers agreed to
participate in answering the research questionnaire.
SIGNIFICANCE OF THE STUDY

The papers findings are of interest to several different parties, primarily the
professional accounting body, universities/colleges and students. The paper describes an
empirical study, which provides a better understanding of new knowledge, skills, and
values expected with greater extent for future accountants in this changing business
environment. Employers expectations may shape the accounting student motivation and
implementation of a rigorous strategy that facilitate the acquisition of skills and attribute
from his passage by the university/college.
DEFINITION OF TERMS
The government has undertaken efforts to improve the entry-level qualification
requirements for the Filipino CPAs by releasing the well-defined set of competencies, Core
Competency Framework for Entry Level to the Philippine Accountancy Profession. The
core competencies for accountants identify the knowledge, skill, and professional values
that new CPAs need to have in order to successfully face the challenges of todays changing
environment and the future.
Knowledge
General knowledge of emphasis here are gaining an understanding of the different

cultures in the world and developing an international perspective.
Organizational and Business Knowledge core knowledge in areas such as

economics, quantitative methods and business statistics, organization behavior,
marketing and operations management and conversant of the international business
and have an understanding of how the global business system works.
Information Technology (IT) Knowledge conversant with IT concepts for

business systems and sound knowledge on internal control in computer-based
systems, development standards and practices for business systems, management
of the adoption, implementation and use of IT, evaluation of computer business
systems, and managing the security of information.
Accounting and Finance Knowledge core knowledge related to accounting and

related areas and proficiency in the international accounting and auditing standards,
6
cost management and the latest concepts in management accounting, recent tax
laws and business and commercial laws. It also includes knowledge of corporate
finance and the Philippine capital markets, professional ethics and environmental
accounting and reporting.
Skills
Intellectual skills ability to carry out abstract logical thinking and understand
critical thinking. It also includes creative thinking or the generation of new ides;
visualization or seeing things in the minds eye, and reasoning skills or the
discovery of a rule or principle underlying the relationship between two or more
objects and applying it when solving a problem.
Interpersonal skills ability to work in groups and being a team player. It includes
the skills to participate as member of a team and contributing to group effort;
teaching other new skills; working to satisfy clients expectations; negotiation skills
and working with diversity or working well with men and women from diverse
backgrounds.
Communication skills active listening skills and the ability to communicate

effectively ones points of view, both orally and in writing, at all organizational
levels; being able to justify ones position, deliver powerful presentations ad to
persuade and convince others.
Values
Professional ethics include integrity, objectivity and independence, professional

competence and due care, confidentiality, and professional behavior.
Moral values able to discern between what is morally right or wrong.
CHAPTER 2
RELATED LITERATURE
This section reviews the literature that addresses the perceptions of various
stakeholder groups (graduate, employers and academics) on the attributes of graduates.
Perceptions of Students
Students are a key stakeholder group when it comes to examining views about
developing skills and attributes to equip them for a career in the accounting profession.
Students rated continuous learning as the most important skill to future careers and
in terms of the Jones and Sin (2003) model, were focused on developing routine technical
expertise, oral and written communication skills, analytical and problem solving skills and
appreciative skills including decision making and critical thinking. Indicative of their stage
of life, students focused on ongoing development of personal skills such as professional
attitude, self-motivation, leadership and the ability to work in a team.
Perceptions of Graduates
The debate over the desired type and level of skills expected of accounting
graduates has been motivated by the shifting role of accountants as knowledge
professionals in the international business environment (Howieson, 2003). A better
mixture of skills is seen as necessary to address the diversity of business challenges. For
instance, Daff et al., (2012) suggest that Emotional Intelligence (EI) is a desirable quality
in accounting graduates as it is allows accountants to excel in strategic decision-making,
teamwork, leadership and client relations. They contend that in the quest to find the best
employees, employers have focused on EI whereas accounting faculty has placed less
emphasis on EI skill development and a greater emphasis on generic skills
Prior studies have indicated that the successful acquisition of particular skill sets
within a tertiary degree is related students perceptions of the importance of generic skills
in the work environment (Rainsbury, Hodges, Burchell and Lay, 2002). De Lange et al.
(2006) found that graduates perceived that there needed to a greater emphasis on
interpersonal and communication skills in their undergraduate studies. The perceived skills
8
gap in this study, were also identified as having the highest degree of difference between
emphasis given and emphasis that should have been given to the skill. Similarly, Jackling
and de Lange, (2009) found that graduates perceived their accounting courses were directed
towards attainment of technical skills with less emphasis on generic skills. Of interest to
the present study is that the Jackling and de Lange (2009) study indicated that in their
accounting studies graduates perceived that in terms of generic skills, the greatest emphasis
was given firstly to written communication, followed by team skills interpersonal skills
and oral expression. Stone and Lightbody, (2012) provide further important evidence of
the need for accounting students to develop listening skills as part of their skill set. . In an
earlier New Zealand study, Wells et al. (2009) found that the two key areas for
improvement based on graduate perceptions were teamwork and application of learning to
real world situations.
Perception of Employers
Prior research demonstrates that often employers and graduates have different
perspectives about the skill set required for an accounting professional studies have
specifically investigated employer perceptions of accounting graduates employment
capabilities. For instance, Bui and Porter (2010) via a series of interviews found that
employers considered communication skills to be essential as well as presentation skills.
All employers interviewed in Bui and Porters study considered teamwork skills essential
for accounting graduates and emphasised the importance of accounting students engaging
in work experience during studies to develop such skills. Bui and Porter did however find
some differences between firms of different size in terms of the expectation of accounting
graduates. For instance, medium-sized firms appeared to have high expectations of
graduate capabilities and expected them to take on senior roles within one year. The Big
4 firms were interested in research skills being well developed in accounting graduates.
Similarly, employer interviews in Jackling and de Langes (2009) study showed that team
skills were most frequently mentioned as desirable skills in graduates. Other skills
emphasized by employers were leadership potential, verbal communication and
interpersonal skills. There was evidence from the Jackling and de Lange (2009) study of a
clearly identified gap in graduate perceptions of skills acquired in their university studies
9
and employer expectations of the skill set of accounting graduates. Velasco (2012), argues
that the perception by graduates that employers values higher grades, when employing
students is a misconception since the study indicates that employers value, more aspects
related with personality and other personal qualities of young graduates. The study further
shows that soft skills are more important in the selection process and higher grades are
valued more in the public sector. Similarly Bouyer (2011) in outlining the expectations of
Big 4 firms in terms of graduate recruitment, indicated that employers favour accounting
graduates with a global mindset i.e. able to work in diverse teams including being able to
to interact with people from different cultural backgrounds. In the ALTC Accounting for
the Future project, the changing graduate skill requirements were investigated (Hancock
et al., 2010). Through interviews with 47 employers the broad skill categories more
frequently referred to be interviewees were: communication and presentation; teamwork
and good interpersonal skills; self-management; initiative and enterprise; problem solving;
technological competence and planning and organizing skills. These capabilities emerged
as discriminators for professional success and consistent with Velasco (2012) demonstrate
that employers put less emphasis on academic success.
The literature on employer expectations suggests that there is an overall
expectation-performance gap. Although it may be unrealistic to expect new graduates to
immediately meet the requirements of employers, there is evidence that the expectations
of employers requires a greater level of attention to be given to the graduate employment
capabilities being incorporated and delivered in accounting courses. Employers also appear
to focus on what may be termed as higher order personal and interpersonal skills including
ability to engage clients, negotiate and act strategically (Hancock et al., 2010).
Perception of Academics
Various studies have found that the views of academics about the subject-matter
taught in universities differ from the views of practitioners. It was found that academics
teaching financial accounting believed that they should focus on technical aspects in the
course while practitioners preferred a much wider coverage of topics. Watty (2005) in a
study of academics from 30 universities in Australia, found that accounting educators
10
considered accounting education to be compliance-driven and largely prescribed by

accreditation requirements of professional accounting bodies.
More recently the study of Bui and Porter (2010) illustrated that accounting
educators viewed that the principal role of university education as the development of
students intellectual capabilities, which is reflected in written communication skills and
analytical skill as primary learning objectives. Of the six accounting academics interviewed
in Bui and Porters study, three were of the view that universities have a role in educating
students to become good citizens by encouraging them to develop holistically. This view
was encompassed in a broader view that universities should enable students to think
independently and develop skills of adaptability as well as becoming ethically aware.
Overall Bui and Porters study provides evidence of the expectation gap between
employers and educators, as there were clearly identified differences in expectations of the
skills and capabilities between the two stakeholder groups.
In summary from the literature review there appears to be a lack of uniformity in

the views of the stakeholders in terms of the skill set that is required of accounting
graduates entering the profession.
With this, the following research hypotheses are addressed:
Ho: There is no significant difference between the expectation of employer of the
knowledge, skills and values of the BSA graduates and the perception of the BSA
graduating students of these expectations.
Ha: There is significant difference between the expectation of employer of the
knowledge, skills and values of the BSA graduates
11
CHAPTER 3
METHODOLOGY
RESEARCH DESIGN
This study used the action research employing the quantitative approaches since it
aimed to produce reliable data that tells about the knowledge, skills, and values expected
by the employers. All the responses were statistically analyzed using non-parametric tests
because of the ordinal nature of the likert scale data.
RESEARCH PARTICIPANTS
The researcher conducted a study involving data collection from 60 graduating
BSA students in seven colleges/universities in Cavite and 60 employers across
organizations in PEZA, Cavite.
EMPLOYERS
There are 397 operating registered enterprises in the Philippine Economic Zone
Authority that are located in the Cavite economic zone. Using the slovins formula to get
the sample size, there were 200 questionnaires distributed to different organizations. Of the
200 questionnaires distributed, 60 were returned completed. In total, a 30 % response rate
was achieved. It is acknowledged that the response rate is relatively low, but the researcher
deemed that such unanswered questionnaires were generally because the organization did
not employ BSA graduates.
BSA GRADUATING STUDENTS

There were 17 colleges/universities in the Cavite that offers Bachelor of Science in
Accountancy course. Out of these 17 schools, only 14 schools have graduating BSA
students which can be explained by the new 5 year curriculum implementation. The total
population of the graduating students are 355, out of which, only 60 were successfully
surveyed.
12
TABLE 1
DEMOGRAPHICS OF STUDENT RESPONDENTS
College/University
Gender
EAC
UPHS-M
RC
AUP
OCT
PCU-D
TOTAL
Men
22
Women
26
Total
10
10
50
TABLE 2
DEMOGRAPHICS OF EMPLOYER RESPONDENTS
CEZA Employers
Experience
Total Number of Respondents
Less than 5 years
17
Between 5-10 years
11
More than 10 years
22
Total
50
RESEARCH INSTRUMENT
The researcher made used of questionnaire to gather data which was being
administered both to graduating accountancy students (studying last level in Bachelor of
Science in Accountancy) and employers during the period January 2015 to March of the
same year.
Survey sheets were prepared to gather answers about the knowledge, skills and
values expected by the employers and perceived by the graduating accountancy students
to be expected by the employers.
The individual items for knowledge, skills and values were based on the Core
Competency Framework for Entry to the Philippine Accountancy Profession released by
the government which were individually defined as stated in the definition of terms which
allows the researcher to compile a list of 16 items divided into 3 categories under
knowledge expected: (1) general knowledge, (2) organizational and business knowledge,
13
(3) information technology knowledge and (4) accounting and finance knowledge; under
skills expected: (1) intellectual skills-analysis, (2) intellectual skills-problem solving, (3)
intellectual skills-strategic/critical thinking, (4) interpersonal skills and (5) communication
skills and under values expected: (1) professional ethics, (2) integrity, (3) objectivity and
independence, (4) professional competence and due care, (5) confidentiality, (6)
professional behavior and (7) moral values. Thus, respondents were asked to rate each
item on a scale ranging from 1 (no extent) to 5 (very great extent) and the Likert five-point
scale was used to analyze respondents answers.
14
CHAPTER 4
PRESENTATION AND INTERPRETATION OF DATA
Respondents express the extent of expectation on different knowledge, skills and

values by the industry on the view of employers and students. Median values expressed by
study groups for each attribute were used to test the statistical difference and relationship
of the opinion of different groups.
EMPLOYERS EXPECTATIONS
TABLE 3
KNOWLEDGE, SKILLS, AND VALUES OF BSA GRADUATES EXPECTED BY
THE EMPLOYERS
KNOWLEDGE
MEDIAN
DESCRIPTION
VGE
General Knowledge
GE
GE
GE
MEDIAN
DESCRIPTION
VGE
Intellectual Skills Analysis
VGE
Intellectual Skills - Problem Solving
VGE
Intellectual Skills - Strategic / Critical Thinking
VGE
VGE
MEDIAN
DESCRIPTION
Confidentiality
VGE
Integrity
VGE
SKILLS
VALUES
15
Moral values
VGE
Objectivity and independence
VGE
Professional behavior
VGE
Professional competence and due care
VGE
Professional ethics
VGE
Description: (5) Very Great Extent, (4) Great Extent, (3) Moderate Extent, (2) Slight
Extent, (1) No Extent
Table 3 lists the knowledge, skills and values for entry level qualifications as
provided by the Core Competency Framework with corresponding extent of expectations
by the employers in the order of value among them. In answer to research question 1, the
table shows that with median score of 5, employers have very great expectations of the all
the skills and values listed: intellectual-analysis, intellectual-problem solving, intellectualstrategic/critical thinking, interpersonal and communication and values: professional
ethics, integrity, objectivity and independence, professional competence and due care,
confidentiality, professional behavior and moral values, as well as in the accounting and
finance knowledge. It can be observed that the rest of the proposed knowledge are expected
with great extent only such as, general, organizational and business, and information
technology with median score of 4.
TABLE 4
OVERALL ANALYSIS-EMPLOYERSRANKING
Categories
Median
Remark
Cronbach's Alpha
Skills
VGE
0.92
Values
VGE
0.96
Knowledge
GE
0.79
After conducting tests for individual items, the researcher try to make intercategory analysis as shown on table 4. In this context, to answer research question 2, it is
noticeable that skills and values received important overall median of 5 which means very
16
great extent. This shows that employers recognize the importance of these attributes. On
the other hand, though rank last, knowledge is recognized as greatly expected. In addition
Table 4 shows that the Cronbachs alpha was satisfactory (between 0.79 and 0.96) which
demonstrates that the items share a common understanding and validate the reliability and
the internal consistency of the measure.
STUDENTS PERCEPTIONS
TABLE 5
KNOWLEDGE, SKILLS, AND VALUES OF BSA GRADUATES PERCEIVED AS
EXPECTED BY THE GRADUATING STUDENTS
KNOWLEDGE
MEDIAN
DESCRIPTION
GE
General Knowledge
ME
ME
ME
MEDIAN
DESCRIPTION
GE
Intellectual Skills Analysis
GE
GE
GE
GE
MEDIAN
DESCRIPTION
Confidentiality
VGE
Moral values
GE
VGE
VGE
Integrity
GE
SKILLS
VALUES
17
GE
Professional ethics
GE
Description: (5) Very Great Extent, (4) Great Extent, (3) Moderate Extent, (2) Slight
Extent, (1) No Extent
Table 5 enumerates the knowledge, skills and values for entry level qualifications
as provided by the Core Competency Framework with corresponding perceived extent of
expectations of the graduating BSA students sorted by value among them. In answer to
research question 3, the table displays that different categories of values received median
score of 5 namely: confidentiality, professional behavior and professional competence and
due care. This shows that students recognizes employers very great extent expectations on
these values. Students also stress employers great expectations on accounting and finance
knowledge, different skills and values while knowledge on organizational and business,
information technology and information technology were believed to be moderately
expected.
TABLE 6
OVERALL ANALYSIS-STUDENTSSRANKING
Categories
Median
Remark
Cronbach's Alpha
Skills
GE
0.84
Values
GE
0.92
Knowledge
ME
0.77
Table 6 shows ranking of attributes in order of importance among students. In

answer research question 4, it is evident that skills and values received important overall
median of 4 considered as great extent. This means that students believed that employers
expect with great extent these attributes of graduates. On the other hand, knowledge is
recognized as moderately expected. In addition Table 4 shows that the Cronbachs alpha
was satisfactory (between 0.77 and 0.92) which demonstrates that the items share a
common understanding and validate the reliability and the internal consistency of the
measure.
18
COMPARISON
INTER-CATEGORY ANALYSIS
TABLE 7
COMPARISON OF EMPLOYERS EXPECTATIONS AND STUDENTS
PERCEPTIONS-INTERCATEGORYANALYSIS
MEAN
General
GE
77.02
ME
43.98
809.0 -5.51 0.000
SD
GE
77.67
ME
43.33
770.0 -5.79 0.000
SD
GE
77.85
ME
43.15
759.0 -5.90 0.000
SD
VGE
77.78
GE
43.23
763.5 -5.85 0.000
SD
Organizational
and Business
Information
Technology
Accounting and
Finance
SKILLS EE
Intellectual
MEAN
RANK
SP
RANK
MEAN
RANK
RE-
EE
RANK
SP
MEAN
KNOWLEDGE
MARK
REMARK
VGE 70.1
GE 50.90
1224.0 -3.36 0.001 SD
VGE 74.77
GE 46.23
944.0
Strategic / VGE 68.62
GE 52.38
1313.0 -2.81 0.005 SD
Interpersonal VGE 72.88
GE 48.12
1057.0 -4.42 0.000 SD
Communication VGE 68.97
GE 52.03
1292.0 -3.08 0.002 SD
Analysis
IntellectualProblem Solving
-5.06 0.000 SD
Intellectual-
Critical Thinking
19
VALUES EE
Professional
MEAN
RANK
SP
MEAN
RANK
REMARK
VGE 67.88
GE
53.12
1357.0 -2.68 0.007 SD
Integrity VGE 65.71
GE
55.29
1487.5 -1.85 0.064 NSD
GE
53.78
1396.5 -2.40 0.017 SD
ethics
Objectivity and
independence
VGE 67.23
Professional
competence and VGE 64.6
VGE 56.40
1554.0 -1.49 0.138 NSD
VGE 56.68
1571.0 -1.38 0.169 NSD
VGE 55.83
1519.5 -1.70 0.088 NSD
GE
1393.5 -2.45 0.014 SD
due care
Confidentiality VGE 64.32
Professional
behavior
VGE 65.18
Moral values VGE 67.28
Legend:
53.73
(EE) Employers Expectations

(SP) Students Perceptions
(U) Mann-Whitney U
(P) Asymp. Sig. (2-tailed)
(VGE) Very Great Extent, (GE) Great Extent, (ME) Moderate Extent, (SE)
Slight Extent, (NE) No Extent
(SD) Significant Difference, (NSD) No Significant Difference
20
GRAPH 1
PERCEPTIONS-KNOWLEDGE
Information Technology (IT)
Organizational and Business
General Knowledge
0
Students' Perceptions
Employers' Expecations
GRAPH 2
PERCEPTIONS-SKILLS
Communication
Interpersonal
Strategic
Problem Solving
Analysis
0
21
GRAPH 3
PERCEPTIONS-VALUES
Professional Ethics
Integrity
Professional Competence and
Confidentiality
Moral Values
0
In this section, the researcher used Mann Whitney U test to verify if there is a
significant difference between employers expectations on the different knowledge, skills
and values of BSA graduates and students perceived expectations. The results shown in
Table 5 indicate that even though there are differences between employers expectations
and students perceptions, similarities remain. In fact, students have recognized in the same
way as employers the knowledge and skills that are expected more, however the rate given
for each item was different. In answer to research question 5, the Mann Whitney U test
shows significant difference in all items of knowledge and skills and some values such as
professional ethics, objectivity and independence and moral values as z < 1.96 which is
confirmed by the fact that P value is less than 0.05. The result also show that there is no
significant difference.
22
OVERALL ANALYSIS
TABLE 8
PERCEPTIONS-OVERALL ANALYSIS
CATEGORY
EE
Knowledge
GE
MEAN
SP
RANK
MEAN
RANK
REMARK
79.35
ME
41.65
669.0
-6.17 0.000
SD
Skills VGE
69.38
GE
51.63
1267.5 -3.14 0.002
SD
Values VGE
67.69
GE
53.31
1368.5 -2.62 0.009
SD
(EE) Employers Expectation
Legend:
(SP) Students Perception

(U) Mann-Whitney U
(P) Asymp. Sig. (2-tailed)
(VGE) Very Great Extent, (GE) Great Extent, (ME) Moderate Extent, (SE)
Slight Extent, (NE) No Extent
(SD) Significant Difference, (NSD) No Significant Difference
GRAPH 3
PERCEPTIONS-OVERALL KNOWLEDGE, SKILLS AND VALUES
5
0
Knowledge
Skills
Values
23
After conducting tests for inter-category item analysis, the researcher tried to make
an overall analysis of the knowledge, skills and values expectation-perception differences
in answer to research question 6 and to addressed the hypotheses, as shown in table 8. The
results show that skills and values of the graduates are expected with very great extent by
the employers but known to students as expected with great extent only while knowledge
is expected with great extent and moderate extent, respectively. Furthermore, statistical
data show that there is a significant difference between expectations and perceptions on the
overall knowledge, skills and values as z < -1.96as confirmed by the fact that the P value
is less than 0.05 thus rejecting the Ho and accepting Ha.
24
CHAPTER 5
SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS
SUMMARY OF FINDINGS
This study aimed to analyze employers expectations on the knowledge, skills and
values of the BSA graduates and students perceptions on these expectations. To achieve
this goal, a sample of 60 employers and 60 graduating students was invited to participate
in the study on the period from January 2015 to March 2015. A three-page questionnaire
was developed with different knowledge, skills and values based on the Core Competency
Framework for Entry to the Philippine Accountancy Profession released by the
government. Respondents were asked to rate on the extent to which those attributed are
expected by the industry. Data gathered were analyzed using non parametric tests, Mann
Whitney U test to compare the differences between the two groups. The result of the study
show that on an overall basis, skills and values are expected with very great extent while
different views can be found in the students perception which indicates that these are
expected with great extent only. Values on the other hand were expected with great extent
by the employers but moderate extent at the perception of the students perception. The
study also suggests that overall, there is a statistically significant difference with z < -1.96
and p < 0.05 in the knowledge, skills and values expectations of the two groups.
CONCLUSIONS
The study provides insights on the expectations of the employers and the perception
of the graduating students on these expectations. The respondents feedbacks from the
survey help identify differences of ideas from employers and students. According to the
results, the researcher arrived at the following conclusions:
a)
In an overall analysis, there is significant difference between the level of
expectation of employers on BSA graduates knowledge, skills and values and

the perceptions of the BSA graduating students on these expectations.
Employers expectations on the overall knowledge, skills and values are higher
than what the graduating students perceived.
25
b) Except for values namely integrity, professional competence and due care
and professional behavior, there is significant difference between the
expectations and perceptions of employers and BSA graduating students,
respectively on every knowledge, skills and values. Employers expectations
on every attribute are greater than the perceptions of the BSA graduating
students. This means that students are unaware of the high expectations.
c)
Students are aware that employers place more importance on the values and
skills than knowledge of the BSA graduates. However, oblivious to the level of
expectations on these attributes. Employers have a very great expectations on
the values and skills which is perceived as expected with great extent by the
BSA graduating students. Knowledge on the other hand is expected with great
extent by the employers but believed by the students as moderately expected.
d) Students are aware on the kinds of knowledge, skills and values expected
by the employers for BSA graduates but unaware of the extent of expectations.
They know that among the knowledge, accounting is most important to
employers. They recognize also that all skills are expected equally by the
employers but unaware that all values are expected with same extent as well by
the employers.
RECOMMENDATIONS
From the perspective of the author of this paper, given the differences on the extent
of expectations of the employers and the perceptions of students on these expectations, a
much higher level of attention needs to be given to the knowledge, skills and values being
prioritized and delivered in accounting programs if accounting graduates are to survive in
todays global business environment. This study was limited to small sample, it would be
highly recommended to have extension of this research that should include greater sample
to facilitate the generalizations of the results. Further studies on the employers perception
on the performance of the graduates already employed in industry and academics and
professional bodies who play a huge and very important role in producing curriculum to
help develop these skills in future accounting professionals.
26
References
Bouyer, K. (2011) Firm panel: How are students transitioning?, Fourth Annual
Conference on Teaching and Learning in Accounting (CTLA), American Accounting
Association, Denver, USA, August.
Bui, B., & Porter, B. (2010). The Expectation-Performance Gap in Accounting
Education: An Exploratory Study. Accounting Education: An International Journal, 19(12), 23-50. http://dx.doi.org/10.1080/09639280902875556
Daff, L., de Lange, P. and Jackling, B. (2012) A comparison of generic skills and
emotional intelligence of accounting education, Issues in Accounting Education, August.
De Lange, P., Jackling, B. and Gut, A. (2006). Accounting graduates perceptions
of skills emphasis in undergraduate courses: an investigation from two Victorian
universities, Accounting and Finance, 46, 365-386
Hancock, P., Howieson, B., Kavanagh, M., Kent, J., Tempone, I. and Segal, N.
(2010) Accounting for the Future. In E. Evans, R. Burritt & J. Guthrie (eds.), Accounting
Education at a Crossroad in 2010 (pp. 54-62). Sydney: The Institute of chartered
Accountants in Australia.
Howieson, B. (2003) Accounting practice in the new millennium: Is accounting
education ready to meet the challenge? British Accounting Review, 35(2), 69-104.
Jackling, B. and De Lange, P. (2009). Do accounting graduates' skills meet the
expectations of employers? A matter of convergence or divergence. Accounting Education:
an international journal, 18(4), 369-385.
Jones, A. and S. Sin, 2003, Generic Skills in Accounting, competencies for students
and graduates. Prentice Hall, Frenchs Forest (NSW).
Rainsbury, E., Hodges, D., Burchell, N. and Lay, M. (2002). Ranking workplace
competencies: Student and graduate perceptions. Asia-Pacific Journal of Cooperative
Education, 3, 8-18.
Stone, G. and Lightbody, M. (2012) The nature and significance of listening skills
in accounting practice, Accounting Education: an international journal. 21(4)363-384
27
Velasco, M. S. 2012. More than just good grades: candidates perceptions about the
skills and attributes employers seek in new graduates. Journal of Business Economics &
Management, 13, 499-517.
Watty, K. (2005). Quality in Accounting Education: What Say the Academics?
Quality Assurance in Education, 13(2), 120-131.
28
APPENDIX A
Imus Institute
College of Accountancy
Survey Questionnaire- Students
Dear respondent,
This questionnaire is designed to collect information on Knowledge, Skills and Values of
Bachelor of Science in Accountancy Graduates: A Comparison of Employers'
Expectations and Graduating Accountancy Students' Perceptions. The information
provided is purely for academic purpose and will be treated with utmost confidentiality.
In order to accomplish this study, you are kindly requested to complete this questionnaire.
Your kind cooperation is highly appreciated.
Please do not leave any item unanswered.
Very truly yours,
Hezell Leah B. Zaragosa
Researcher
-----------------------------------------------------------------------------------------------------------PART A: Profile of the Respondent
Age:
__________________
Gender: (please check)

o Male
o Female
PART B: Profile of the school

Name of school:
________________________________________________________________________
29
PART C: Knowledge, Skills and Values Perceived by Students as Expected by

Employers
Direction: Below is the list of knowledge, skills and values. Please check ( / ) the number
that corresponds to your rating on the extent to which the following knowledge, skills and
values are expected by employers on accounting graduates. Use the following rating scale.
Scale
5
4
3
2
1
Interpretation
Very great extent
Great extent
Moderate extent
Slight extent
No extent
KNOWLEDGE
Extent Perceived
5 4 3 2 1
General Knowledge
SKILLS
Extent Perceived
5 4 3 2 1
Intellectual Skills - Analysis

VALUES
Extent Perceived
5 4 3 2 1
Professional ethics
Integrity
Confidentiality
Moral values
Thank you for your time
30
APPENDIX B
Imus Institute
College of Accountancy
Survey Questionnaire-Employers
Dear respondent,
This questionnaire is designed to collect information on Knowledge, Skills and Values of
Bachelor of Science in Accountancy Graduates: A Comparison of Employers'
Expectations and Graduating Accountancy Students' Perceptions. The information
provided is purely for academic purpose and will be treated with utmost confidentiality.
In order to accomplish this study, you are kindly requested to complete this questionnaire.
Your kind cooperation is highly appreciated.
Please do not leave any item unanswered.
Very truly yours,
Hezell Leah B. Zaragosa
Researcher
-----------------------------------------------------------------------------------------------------------PART A: Profile of the Respondent
Age:
__________________
Level of Experience:
o Less than 5 years
o Between 5-10 years
o More than 10 years
PART B: Profile of the Company

Name of company:
________________________________________________________________________
31
PART C: Knowledge, Skills and Values Perceived by Students as Expected by

Employers
Direction: Below is the list of knowledge, skills and values. Please check ( / ) the number
that corresponds to your rating on the extent to which the following knowledge, skills and
values are expected by employers on accounting graduates. Use the following rating scale.
Scale
5
4
3
2
1
Interpretation
Very great extent
Great extent
Moderate extent
Slight extent
No extent
KNOWLEDGE
Extent Perceived
5 4 3 2 1
General Knowledge
SKILLS
Extent Perceived
5 4 3 2 1
Intellectual Skills - Analysis

VALUES
Extent Perceived
5 4 3 2 1
Professional ethics
Integrity
Confidentiality
Moral values
Thank you for your time
32
APPENDIX C
ZARAGOSA, HEZELL LEAH B.

Blk. 2 Lt 74 Palm Grove Village
Brgy. Buhay na Tubig
City of Imus, Cavite
hez_jyx@yahoo.com
(0936) 844 3715/ (046) 543-0292
Objective:
To enhance my working capacities, professional skills, business efficiencies
and to serve my organization in best possible way with sheer determination and
commitment.
EDUCATIONAL BACKGROUND
2011-present
Imus Institute College Department

Nueno Ave., City of Imus, Cavite
Bachelor of Science in Accountancy
Academic Scholar Full (S.Y. 2012-2013 1st Sem) GPA-1.2
Academic Scholar Partial (S.Y. 2013-2014 2nd Sem) GPA-1.3
Academic Scholar Partial (S.Y. 2013-2014 2nd Sem) GPA-1.3
2006-2010
St. Anthonys Academy (SAA)

Poblacion Norte, Carmen Bohol
1st Honorable Mention
2000-2006
Central East Elementary School

Poblacion Sur, Carmen Bohol
Valedictorian
WORK EXPERIENCE/SPECIAL TRAININGS

April 21-May 30, 2014Cavite Manufacturing Co., Inc. (CAMANCO, Inc.)
Rosario, Cavite
On-the-job Trainee
Accounting
SEMINARS ATTENDED
33
ASEAN Integration 2015

Imus Institute City of Imus, Cavite
December 03, 2014 Echo Seminar: CFA, 4th Accountancy Congress
November 23, 2014 4th Accountancy Students Congress
Enchanting Events Place, Enchanted Kingdom, Sta. Rosa City,
Laguna
March 12, 2014
How to Start a Business
Imus Institute, City of Imus, Cavite
February 2014
Cooperative Management
September 29, 2013 3RD Accountancy Student Congress
Enchanting Events Place,Enchanted Kingdom, Sta. Rosa City,
Laguna
August 11, 2013
Integrity, Initiative and Involvement to Serve the Region and the
Nation
De La Salle University-Dasmarinas, Cavite
March 7, 2013
Leadership for Student Leaders
February 25, 2012
Fiber to Home and Understanding WIFI Technology
St. Jude College, City of Dasmarias, Cavite
February 23, 2012
Revitalization of Imus Institute Core Values
February 22, 2012
Equipping Students for Improving Behavior and Developing
Skills
January 12, 2012
What It Takes to be An Entrepreneur
December 10,2014
SELECTED ACHIEVEMENTS/AWARDS
December 08, 2013
November 20, 2013
December 6, 2012
November 12, 2012
August 05, 2012
2nd Runner Up-Group Category

3rd Sotero H. Laurel (SHL) Cup Accounting Quiz Bowl Level 2
Lyceum of the Philippines, Laguna
2nd Place
4th Paulo Gala Macasaet (PGM) Cup Level
San Pablo Colleges, Laguna
5th Place
2nd Sotero H. Laurel (SHL) Cup Accounting Quiz Bowl Level 1
Lyceum of the Philippines, Laguna
5th Place
3rd Paulo Gala Macasaet (PGM) Cup Level I
San Pablo Colleges, Laguna
5th Place
National Federation of Junior Philippine Institute of Accountants
(NFJPIA) Accounting Quiz Bowl
34
August 02, 2012
Laguna
1st Place
3rd ASTRA Accounting Quiz Bee Level 1 The Elite
First Asia Institute of Technology and Humanities, Batangas
AFFILIATION
2013-2014
2011-present
202-2013
Secretary, Junior Philippine Institute of Accountants (JPIA)

Imus Institute
Member, National Federation of Junior Philippine Institute of
Accountants (NFJPIA)
Member, Cavite Junior Philippine Institute of Accountants
(CaJPIA)
1st Year Representative, Junior Philippine Institute of Accountants
(JPIA)
Imus Institute
SKILLS
Basic accounting
General ledger and monthly journal entries and adjustments
Annual and quarterly financial reports preparation
Tax laws
Cost accounting
Microsoft Office/ Open Office
GNU Cash Program
Communication
CHARACTER REFERENCES
Mrs. Emelita C. Bunyi, C.P.A., M.B.A, Chairperson
Imus Institute, Imus, Cavite
(0916) 550 9814
Mrs. Catherine Aquino, C.P.A., Faculty
Imus Institute, Imus, Cavite
(0917) 526 9942
I hereby certify that the above information are true and correct according to my
knowledge and belief.
HEZELL LEAH B. ZARAGOS

35

Knowledge, Skills and Values of BSA Graduates

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CHAPTER 1

THE PROBLEM AND ITS SETTING

Expectation gap: reflecting the perceptual differences in the expectations of

Constraints gap: exists as an exacerbating agent to performance gap, representing

Performance gap: reflecting ineffectiveness of teaching practices.

STATEMENT OF THE PROBLEM

Organizational and Business Knowledge

Information Technology (IT) Knowledge

Accounting and Finance Knowledge

Intellectual Skills-Problem Solving

Intellectual Skills-Strategic/Critical Thinking

Objectivity and Independence

Professional Competence and Due Care

Organizational and Business Knowledge

Information Technology (IT) Knowledge

Accounting and Finance Knowledge

Intellectual Skills-Problem Solving

Intellectual Skills-Strategic/Critical Thinking

Objectivity and Independence

Professional Competence and Due Care

Organizational and Business Knowledge

Information Technology (IT) Knowledge

Accounting and Finance Knowledge

Intellectual Skills-Problem Solving

Intellectual Skills-Strategic/Critical Thinking

Objectivity and Independence

Professional Competence and Due Care

6. Is there a significant difference between the extent of expectation of the

SCOPE AND DELIMITATION

SIGNIFICANCE OF THE STUDY

General knowledge of emphasis here are gaining an understanding of the different

Organizational and Business Knowledge core knowledge in areas such as

Information Technology (IT) Knowledge conversant with IT concepts for

Accounting and Finance Knowledge core knowledge related to accounting and

Communication skills active listening skills and the ability to communicate

Professional ethics include integrity, objectivity and independence, professional

Moral values able to discern between what is morally right or wrong.

considered accounting education to be compliance-driven and largely prescribed by

In summary from the literature review there appears to be a lack of uniformity in

BSA GRADUATING STUDENTS

Total Number of Respondents

Less than 5 years

Between 5-10 years

More than 10 years

Respondents express the extent of expectation on different knowledge, skills and

Accounting and Finance Knowledge

Information Technology (IT) Knowledge

Organizational and Business Knowledge

Intellectual Skills Analysis

Intellectual Skills - Problem Solving

Intellectual Skills - Strategic / Critical Thinking

Objectivity and independence

Professional competence and due care

Accounting and Finance Knowledge

Information Technology (IT) Knowledge

Organizational and Business Knowledge

Intellectual Skills Analysis

Intellectual Skills - Problem Solving

Intellectual Skills - Strategic / Critical Thinking

Professional competence and due care

Objectivity and independence

Table 6 shows ranking of attributes in order of importance among students. In

809.0 -5.51 0.000