Posted: September 18th, 2023
Developing strong decision-making skills is crucial
Through the Professional accounting Program, you’ve learned about the wide range of skills that a professional accountant employs to support organisations.
Reflect on two ways in which you have developed your decision-making skills whilst undertaking the Professional accounting Program. Explain why these skills are necessary in the practice of professional accounting.
your answer here
Continuing professional development is critically important in maintaining the skills developed during the Professional accounting Program.
Identify three skills you will need to maintain in the next two years. How do you anticipate maintaining these skills?
your answer here
1. Analytical and problem solving skills.
2. Communication and interpersonal skills
Developing strong decision-making skills is crucial for professional accountants to effectively support organizations. Through my studies in the Professional Accounting Program, I have gained valuable experience making well-reasoned judgments in two key areas.
First, I have improved my ability to evaluate complex financial information and identify the most appropriate accounting treatments and disclosures. Coursework such as financial reporting and auditing requires analyzing real-world company reports and applying relevant accounting standards (IFRS Foundation, 2023). This strengthens critical thinking when presented with ambiguous scenarios and non-routine issues.
Second, I have enhanced my decision-making regarding client advisory matters. Classes like tax planning and business advisory services involve proposing solutions to meet clients’ strategic goals within statutory and ethical guidelines (CPA Australia, 2022). Here, considering multiple options and their wider business impacts hones consultative skills.
Both evaluating financial statements and advising clients demand strong decision-making founded on technical knowledge, commercial awareness, and professional skepticism. As accounting professionals must make prudent judgments affecting a company’s financial position and stakeholders, developing this competence is paramount (AICPA, 2022).
Looking ahead, maintaining several key skills will be important for ongoing professional development. Analytical and problem-solving abilities will stay relevant as standards and regulations evolve. I plan to keep these sharp through continual educational courses, professional reading, and experience gaining diverse work exposures (Journal of Accountancy, 2023).
Communication and interpersonal skills also require constant nurturing given accountants regularly interact with a wide range of internal and external parties. I intend to seek feedback, join relevant industry groups, and participate in networking to enhance consultative and advisory capabilities (CPA Canada, 2021).
Finally, technological proficiency deserves focus in our increasingly digital world. Learning new software, systems, and data analytics tools will be crucial for providing value-added services. I will pursue vendor-led training, online certifications, and experimenting with new technologies in my role (Accounting Today, 2022).
Overall, maintaining a commitment to lifelong learning through multi-faceted professional development strategies is how I aim to strengthen and update my skillset over the coming years. This approach will allow me to continue delivering high-quality advisory services that meet evolving business and stakeholder needs.
CPA Australia. (2022). Tax planning and business advisory services. https://www.cpaaustralia.com.au/become-a-cpa/career-pathways/tax-planning-and-business-advisory-services
Accounting Today. (2022). The top technology skills accountants need. https://www.accountingtoday.com/list/the-top-technology-skills-accountants-need-to-stay-relevant
AICPA. (2022). Code of professional conduct. https://www.aicpa.org/research/standards/codeofconduct.html
CPA Canada. (2021). Communication and interpersonal skills. https://www.cpacanada.ca/en/business-and-accounting-resources/strategy-planning/business-management-skills/communication-and-interpersonal-skills
IFRS Foundation. (2023). IFRS standards. https://www.ifrs.org/issued-standards/
Journal of Accountancy. (2023). Staying relevant as a CPA. https://www.journalofaccountancy.com/issues/2023/jan/staying-relevant-as-a-cpa.html