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ABSTRACT
The study was determined to examine career development in accounting issues and solutions. The survey research design was adopted for the study. The target population of the study consists of all professional and students accountants from Ken Saro-Wiwa Polytechnic Bori comprising of Accounting students in HND II =50, Accounting students in HND I =50. A self-designed questionnaire was used to collect data fron the respondents. The Yaro Yemen’s formula was used to determine the sample size of 80. The simple percentage was used to analyze the response. The Pearson Product Moment Correlation Coefficient wasa used to test the hypotheses. Findings reveal that a factor affecting the choice of accounting career prospects does not significantly affect accounting career development. Based on the findings of the study summary, conclusion and recommendations were made that professional accountants should be conscious of the accounting ethical standard to avoid ethical breakdown in their profession, Professional accountants should avoid operational malpractice in accounting profession, professional accountants should always sensitize students in the accounting major to help them develop passion for the accounting profession, ICAN should always visit tertiary institution to do sensitization programme, that there are solutions to the challenges of career development in accounting profession in Nigeria and accounting students should specialize in their major and it to be superior amongst other majors.
TABLE OF CONTENT
TITLE PAGE i
COVER PAGE ii
DECLARATION iii
CERTIFICATION iv
DEDICATION v
ACKNOWLEDGEMENTS vi
ABSTRACT vii
CHAPTER ONE 1
INTRODUCTION 1
1.1 BACKGROUND OF THE STUDY 1
1.2 STATEMENT OF THE PROBLEM 4
1.3 OBJECTIVES OF THE STUDY 5
1.4 RESEARCH QUESTIONS 5
1.5 RESEARCH HYPOTHESIS 5
1.6 SIGNIFICANCE OF THE STUDY 6
1.7 SCOPE AND LIMITATIN OF THE STUDY 6
1.8 DEFINITION OF TERMS 7
CHAPTER TWO 8
REVIEW OF RELATED LITERATURE 8
2.1 CONCEPTUAL FRAMEWORK 8
2.1.1ACCOUNTING CAREER ROLES/ACCOUNTANTS 9
2.1.2 CAREER PROSPECTS IN ACCOUNTING 11
2.1.3 ACCOUNTING CAREER DEVELOPMENT IN NIGERIA 12
2.1.4 FACTORS RESPONSIBLE FOR ACCOUNTING CAREER DEVELOPMENT 13
2.1.7 ISSUES ASSOCIATED WITH ACCOUNTING DEVELOPMENT 17
2.1.7 RECOMMENDATIONS FOR ACCOUNTINGDEVELOPMENT 21
2.1.8 CAREER DEVELOPMENT IN ACCOUNTING PROFESSION IN NIGERIA 22
2.1.9 CHALLENGES FACING ACCOUNTING PROFESSIONAL CAREER DEVEIOPMENT IN NIGERIA 23
2.2 THEORITICAL FRAMEWORK 26
2.2.1 Utilitarian Theory 26
2.2.2 Kant’s Theory 27
2.2.3Virtue theory 27
2.3 EMPERICAL FRAMEWORK 28
CHAPTER THREE 30
RESEARCH METHODOLOGY 30
3.1 RESEARCH DESIGN 30
3.2 POPULATION OF THE STUDY 30
3.3 SAMPLE/SAMPLING TECHNIQUES 30
3.4MODEL SPECIFICATION 31
3.6 DATA ANALYSIS TECHNIQUES 32
Level of significance: 0.05 level of significance at 95% confidence 33
CHAPTER FOUR 35
DATA PRESENTATION, ANALYSIS AND INTERPRETATION 35
4.1 INTRODUCTION 35
4.2 DATA PRESENTATION AND ANALYSIS 35
TABLE 4.1: ADMINISTERED AND RETRIEVED QUESTIONNAIRE 35
4.3 DATA ANALYSIS 36
Table 4.2: Individuals influence on career development in accounting profession. 36
4.4 TEST OF HYPOTHESIS 40
4.6 DISCUSSION OF FINDINGS 42
CHAPTER FIVE 45
SUMMARY OF FINDINGS, CONCLUSION AND RECCOMMENDATIONS 45
5.1 SUMMARY OF FINDINGS 45
5.2 CONCLUSION 45
5.3 RECOMMENDATION 46
REFERENCES 48
APPENDIX I 52
APPENDIX II 53
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Generally the accounting profession is seen as one that has enough to offer as regards. The Economic growth and Development of any nation (Romanus and Arowoshegbe , 2014). It is seen as a measurement and reporting information system which corners both micro and macroeconomic activities. It consist of various sub systems with related economic event and decision (Ajayi, 1997). These sub-system are know categorically as the various fields of accounting, government accounting, social accounting, auditing and taxation, all of which aid in economic planning , project appraisal, capital formation and so on (Badijo 1997). In the views of the American accounting association, AAA. The function of accounting is to provide qualitative information, primarily financial in nature, about economic activities that is intended to be useful in economic decision. This information allows users to make reasoned choices among alternative uses of scare resource in the conduct of business and economic activities. Career services submit that the accounting industry has must to offer in terms of opportunities, professional development and existing career paths. This skill wise, being successful in the accounting profession demand that the prospect must be analytical, detailed oriented and the ability to work very quick and adeptly with numbers. Moreover, the most successful possess not only strong analytical abilities, but also the ability to systematic size, interpret and develop applicable business strategies utilizing financial data. Thus career services confirms that a career services confirms that a career in accounting offers it’s professional the opportunity to challenge themselves, work closely analyzing financial data and provide significant valve-add to corporations, government and organization around the world.
Romanus and Arowoshegbe (2014) therefore, assert that the need for accounting has arose in response to the desire to make judicious use of scare resource, accumulate wealth and produce high quality of goods and services in competitive economy. To perform these roles, accountants are needed both in number and quality and this is a function of the level of accounting education available (Armstrong 2010). Researchers advocate that for reason of career development an appropriate level of accounting education is needful to be embrace, for the development of the character of the aspiring accountant in such a manner as to engender him or her a strong moral code, a sense of discretion, an almost total commitment to be confidentiality of information or data established as a result of work carried out. An enquiry and analytical mind consistent with providing clients with high standards of professional service; an ability to asses data and situation to prepare reports in such away as to impress upon user of accounting services that their problems have been addressed in way consistent with the highest ideal of a true professional, a sense of dress and carriage designed to develop a confidence in the competence and probity of the practitioner within the profession (Kimmel 1995; maher 2000: Ravenscroft & Williams 2003).
Meanwhile, researchers (Romanus, 2014; Simons, Love and Stout, 2015, Quezeda& Chi 2013) have made various indications that through the profession is one of the most promising career, all is not well with the development of the profession. Quezada & Chris (2013) and Simons, lowe and Stout (2015) both agree in their separate submission that several factors that influences student major in accounting are not unconnected with earning job opportunities or available aptitude and interest in the subject area, and the influence of teachers and parents. The finding to Tan &Laswad (2009) also suggest same
Practically some studies have revealed that the factors that affect career choices in accounting are not only theoretical but has also affected or prompted a decline in the quality of accounting student (Malldin Cram &Maince 2002; Fedoryshn & Tysim 2003). Marshall (2003) also observed that recruiting and retaining accounting staff by accounting firms in recent years has been difficult. Relatively, in recent time the American Institution of certified public accountants (A.I.C.P.A) Sponsored a “student and academic Research study” (Taylor, 2000) to look at the factor associated with the downtime in accounting majors and to make recommendation.
The Taylor’ study examined the perception of the C.P.A among high school and college student ways to encourage student to become C.P. As, and the decision-making process of student as they make choices of major/careers. The study conclude that while high school students view CPAS as professional” and “intelligent” They are generally ignorant of what CPAS do have misinformation about the profession, and associate CPAS principal with “Math and members”.
In nut-shell both theory-based and empirical approaches have attempted to study issues area associated with accounting. The study is design to provide a holistic enquiry to the factor that affect accounting career development drawing for both theoretical construct and empirical finding. The target population consists of selected student of the higher institution (Accounting options) and post primary schools (drawn from selected school Rivers State). A survey developed and used in a previous study by Mallin (2000) was adopted to investigate the influence that certain individuals have on students’ decision to major in accounting. The survey also helped to gather information relating to the career development issues in accounting and possible way forward. The question used for analysis used like of scale items scored from 1 (least influence) to 4 (Mist influence). Opened ended question were also utilized as well as question requiring “yes” or “no” Answers.
1.2 STATEMENT OF THE PROBLEM
Several factors haveprompted this study most is about accounting career development. It is necessary to the present challenges of the profession and suggest the way forward. Previous studies (Malldin, 2000) have tried to investigate the influence that certain individuals have in decision to major in accounting the study found that individuals influence the decisions in accounting this bother the researcher to reinvestigate if this situation is one thing accounting career development is facing in Nigeria. Furthermorepaolilo andEstes (1982) conducted a survey on the factors influencing accountants with those of engineers, medical doctors, the study found various differences the factor among careers.This is also to say that factor determination of accounting career development are not same as other careers.
Additionally there have been observed decline in the enrollment of student to major in account ordinal, this has raised some red flag and call for immediate check into what factor would lead to this drop could this not signify any danger on the practice of the profession.
Apart from the above, in recent times, matter relating to failure in ethical standards practices and professionalism have ruled the air way and all over the press. To a large extend, some are even associated with a dainty and would hamper the growth, development of the profession and by extension disinterest prospect from closing to major it thus, demands that extensive researcher be made recommended corrective measures on how to handle such concern and father and the profession.
1.3 OBJECTIVES OF THE STUDY
The main objective of the study is to examine the issues and solutions of career development in accounting profession. The specific objectives are as follows:
i. To examine the influence of individuals on career development in accounting profession.
ii. To examine the factors that influences accounting career development in Nigeria.
iii. To find the challenges of career development in accounting profession.
iv. To find out whether there are solutions to the challenges of career development in accounting profession in Nigeria.
1.4 RESEARCH QUESTIONS
To further entrench on the study the following research question are set to be asked and answered.
i. What is the influence of individuals on career development in accounting profession?
ii. What are the factors that influences accounting career development in Nigeria?
iii. Are there challenges of career development in accounting profession?
iv. Are there solutions to the challenges of career development in accounting profession in Nigeria?
1.5 RESEARCH HYPOTHESIS
For the purpose of the study the following hypothesis are proposed:-
H01: Factors affecting the choice of accounting career prospects does not significantly affect accounting career development.
H02: Challenges of accounting professionals does not significantly affect accounting career development.
1.6 SIGNIFICANCE OF THE STUDY
This study is of tremendous benefit it first; it will unravel how the factors that affect accounting career prospects and those of the accounting professionals affect career development in accounting generally to this end, the study would be beneficial to:
1. Accounting career prospects who would be reliably informed on the fate of the profession as well as faith to major in the course.
2. Professionals and other accounting stakeholders in search of invaluable analysis on accounting career development and how to certain some of it’s over whelming challenges.
3. Research: first is about the researcher who is willing to contribute to the body of knowledge and future researchers on same or similar topic who would find this episode as a reference tool.
4. The general public who would use this as a guide in career decision.
1.7 SCOPE AND LIMITATION OF THE STUDY
The study is conducted within the accounting environment for analysis, a structure questionnaire is designed and distributed among students in the accountancy department of Ken Saro-Wiwa Polytechnic, Bori, Rivers State.
Theoretically the scope of the study is to give concern to the conceptual framework of accounting career and identify some of the factor that influence the choice prospect to major in accounting. However all above would not sail through easily without some glares. Therefore the study would be affected by the limitation of time finance, respondent co-operation and method and of data analysis. It is believed that data is consistent, hence despite its limitation the study finding will remain unchanged and generation of finding would find this as a reference tool without any reservation.
1.8 DEFINITION OF TERMS
Career: A career is an individual’s journey through learning work and other aspects of life within a period of time
Career Development: Career development is the ongoing process of managing your life, learning and work. It involves developing the skills and knowledge that enable you to plan and make decision about your education, training and career choices.
Development: This is the process in which someone or something grows or changes and become more advanced.
Accounting: It is a systematic process of identifying, recording, measuring, classifying, verifying summarizing, interpreting and communication financial information.
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