Academic or Professional: Which Masters Program Provides the Most Benefit to Finance Professionals? the Changing Scope of Business Activities Undertaken by Finance and Accountancy Graduates Has Also Been Reflected in Their Required Competencies, Which Are Being Continually Reassessed

By Treasure, Graeme | Journal of Banking and Financial Services, August-September 2005 | Go to article overview

Academic or Professional: Which Masters Program Provides the Most Benefit to Finance Professionals? the Changing Scope of Business Activities Undertaken by Finance and Accountancy Graduates Has Also Been Reflected in Their Required Competencies, Which Are Being Continually Reassessed


Treasure, Graeme, Journal of Banking and Financial Services


Accountancy as a profession developed from the medieval commercial practice, as did law and medicine.

Over the past 150 years the content and structure of accountancy has evolved with the development of subdisciplines, in particular: financial accounting, management accounting and finance. The ultimate purpose of all of these is to improve governance.

Without good governance, capital provided by investors may be mismanaged and the opportunity for economic growth lost. The dictum: 'you manage what you measure', highlights the economic importance of sound professional principles and competent professional practice.

Well-educated and well-informed professionals are also well positioned to make a positive contribution to economic growth. Historically, there has been no unanimity, however, on what is generally accepted as 'best practice' in business.

The need for best-practice rules

Recent work has concentrated on creating a conceptual framework, particularly for accounting, through a coalition of national accounting professions: the International Accounting Standards Board (IASB). Developing rules of best practice is hampered by an increased pace of change in the business world involving: shorter product cycles and competitive advantages; increased uncertainty and the explicit recognition of risk; increased regulatory activity; increased complexity of business transactions; and changes in financial reporting and relationships with financial markets and intermediaries.

With greater investment capital flows worldwide and the increasing integration of Australian and New Zealand commerce, it is timely for tertiary institutions to develop programs which offer an advanced understanding of contemporary issues in finance and accounting, beyond purely domestic issues. For example, identification of differences between New Zealand and Australia and among our major trading partners is becoming increasingly important with the increased inflow of both financial and human capital to both countries.

Post-graduate models

There is no one body of knowledge considered mandatory for post-graduate study in professional accountancy or finance practice. Leaders exhibit advanced expertise across a number of disciplines in business: financial reporting; management accounting; finance and selected aspects of business law.

Study at post-graduate level is intended to develop a deeper understanding and application of the principles established at undergraduate level. In part, this requires graduates to challenge received wisdom. A professional masters degree does not require postgraduate mastery of a unique subject area. Rather, the graduate's ability is enhanced by improved expertise in one or a select number of relevant subject areas.

At post-graduate level, a survey of Australasian tertiary institutions has identified four different types of masters education programs:

* 'traditional' masters: consisting of an extension of undergraduate papers plus a dissertation or thesis;

* 'executive' masters: often included in an executive MBA as one of a package of functional skills;

* 'bridging' masters: which takes candidates holding non-business bachelors degrees and offers a bridging course in business subjects to enable students to apply for entry to professional examination programs for membership of professional bodies; and

* 'post-experience' masters: which combines a mixture of traditional, research-based, masters courses together with current, internationally relevant case studies. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Academic or Professional: Which Masters Program Provides the Most Benefit to Finance Professionals? the Changing Scope of Business Activities Undertaken by Finance and Accountancy Graduates Has Also Been Reflected in Their Required Competencies, Which Are Being Continually Reassessed
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.