TOP 3 ACCOUNTING MYTHS DEBUNKED ACCOUNTING IS PROBABLY NOT WHAT YOU THINK IT IS. LEARN WHAT’S CHANGED AND WHERE THE INDUSTRY IS HEADED.
TOP 3 ACCOUNTING MYTHS DEBUNKED ACCOUNTING IS PROBABLY NOT WHAT YOU THINK IT IS. LEARN WHAT’S CHANGED AND WHERE THE INDUSTRY IS HEADED. By Michael F. Peters, PhD Chair, Accounting & Information Systems and the Alvin A. Clay Professor of Accounting Villanova School of Business For the past several years, the business world has undergone a period of unprecedented rapid change. The pandemic further accelerated the pace of change, as organizations adapted to new ways of doing business. It seems every day we are hearing new stories about how the digital revolution and, specifically, areas like artificial intelligence and machine learning are changing our world. I have nearly 30 years of professional and academic experience in accounting and it’s safe to say that the industry is nothing like it was when I first entered the field. At the Villanova School of Business (VSB), as we prepare our students for the current – and future – business environment, we also tackle some outdated notions about accounting. Here are the top three accounting myths that exist today:
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MYTH #1: Accounting is a boring, isolating desk job that mainly involves number-crunching.
REALITY: Accounting is not an occupation but rather a multi-faceted skill set.
Virtually every aspect of business has accounting
On any given day, an accountant may be called
implications. Each business transaction has
upon to utilize any combination of these skills.
a corresponding effect on an organization’s performance and overall financial health;
Accountants are invaluable members of an organization who need to understand the different
therefore, individuals in any business field need to understand the basics of accounting and have foundational accounting skills.
processes that come together to make an organization run effectively: the relationships and interdependencies between functions, how business
The continued adoption and integration of
transactions result in accounting entries, and the
technology into the accounting field, particularly
associated risk and internal control requirements
through artificial intelligence and process
of each business. This broad understanding, with
automation, means that today’s accountants need
accounting at the foundation, sets up students and
– and are expected – to have a much broader
professionals with accounting skills to contribute
array of skill sets than ever. This includes diverse
to an organization in many unique ways.
business skills such as proficiency in data, analytics, technology, business ethics, financial analysis, and project management. Equally important are qualitative skills such as leadership, communication, teamwork, critical thinking and problem solving.
Instead of just crunching numbers, today’s accountant serves as a trusted business partner who offers strategic insights and informs decisionmaking regarding planning, risk, controls, process improvement, financial transparency, and more.
ACCOUNTING FRAMEWORK FOR THE NEW BUSINESS PROFESSIONAL
BUSINESS STRATEGY, GLOBAL BUSINESS ACUMEN & AWARENESS BUSINESS CONTEXT & FOUNDATIONAL SKILLSETS
Business Skills: Business Ethics, Technology, Data/Analytics, Financial Analysis, Project Management
Interpersonal Skills: Leadership, Communication, Teamwork, Critical Thinking, Problem Solving
STRATEGIC, OPERATIONAL & FINANCIAL LEADERSHIP ACCOUNTING CONTEXT, FOCUS AREAS & RELATED SKILLSETS
AUDITING
TAX
CONSULTING
Governance and Risk Management
Digital and Cyber Security
Deals
Forensics
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MYTH #2: Demand for accountants is decreasing with increased automation.
REALITY: Demand for accountants is higher than it’s been in years.
Automation has streamlined many basic accounting
At VSB, not only are we preparing accounting
functions but it has not eliminated the need for
students to meet today’s needs, but we are also
humans by any means. In fact, with access to new
anticipating where the industry is headed over the
and larger volumes of data, increased regulatory
next several years. We are equipping our students
and reporting requirements, and an increased
with the knowledge, skills and competencies to
need for digital and cyber security surveillance,
meet the challenges of the digital revolution,
accountants are in great demand. Those with the
combining fundamental accounting skills and
diverse skill sets mentioned earlier are in even
higher-level technological skills. We introduced
higher demand. Skilled accountants are needed
new elective courses at the undergraduate
to analyze and interpret data, offer insights into
and graduate levels to address changes in the
the cost-benefit analysis of technology adoption,
marketplace related to governance and risk
evaluate risk and provide expertise in financial
management, particularly in the areas of digital
reporting.
and cyber security, merger and acquisition
There are many areas of accounting that require
activity, and forensics.
a strategic perspective of the company, an
An additional area that is expected to drive
understanding of the markets in which each
significant demand for accounting skills is potential
company operates and the risks that are specific
new guidelines for environmental, social and
to each organization. The ability to address the
governance (ESG) reporting. To best prepare
many accounting-related areas that require
our students for where the industry is headed, in
judgement and the ability to consider a multitude
this and other areas, we developed new learning
of assumptions and areas of interpretation are skills
modules and have formed a strategic task force
that cannot be automated. As businesses become
that leverages the expertise of external companies
more complex, these areas requiring human insight
and alumni experts.
and expertise will continue to grow. 3
MYTH #3: Career opportunities in accounting are limited.
REALITY: Career opportunities in accounting are endless.
Many people have an outdated view of the career
CAREER PATHWAYS FOR ACCOUNTANTS
opportunities that are available to accountants. With so much change in the industry and the increased demand for diverse skill sets, accountants can now explore career paths that go well beyond
• CEO
the traditional tax and audit pathways. Economic
• Chief Financial Officer
factors, changes in regulations and reporting
• Chief Operating Officer
requirements, increased mergers and acquisition
• Forensics Expert & Consultant • Investment Banker • Internal Audit Leader
activity in the marketplace, and heightened focus
• Digital & Information Officer
on digital and cyber security, financial crimes and
• Chief Risk Officer
forensic activity all have created new and exciting
• Tax Attorney
• Financial Planning & Analysis Leader
• Audit Professional Partner
• Information Security Officer
• Tax Professional Partner
• Business Development Executive
opportunities for accountants. Today’s accounting graduates that enter the workforce with versatile and well-rounded skills will have career options across many disciplines.
• Chief Ethics & Compliance Officer
I work on carve-outs and mergers for large companies and organizations. I love the variety in my work from using analytics software, data visualization tools, to reading deal contracts and forming lasting relationships with my co-workers. The deals field is so dynamic that your opportunities and experiences grow right along with the business world. Working in deals is also exciting because you get to have a hands-on role in major financial transactions that everyone will be reading about in the news in the months to come.
During my internship, I worked on two anti-corruption and bribery cases. One of my projects involved a potential bankruptcy fraud where I was tasked with looking for inconsistencies in financial statements and investigating whether this company had any clear incentives or opportunities to commit fraud. Being an accounting major provided me with the foundation I needed to analyze the company and understand the investigation and it was great to see topics I learned in the classroom come to life.
EMMA WATSON ’22 VSB (Accounting), ’23 MAC Area of focus: Deal Advisory Services
SOPHIE SIMONE ’22 VSB (Accounting), ’23 MAC Area of focus: Investigations and Forensics 4
WHY YOU SHOULD CONSIDER AN ADVANCED DEGREE Now that we’ve debunked some of the top
you to acquire the higher-level, diverse skills the
accounting myths, hopefully you’ve gained a better
industry is seeking to meet the demands of today’s
understanding of the dynamic changes in the
business environment. These skills also increase your
industry and exciting career opportunities available
marketability across multiple business disciplines.
to accounting students. One of the most rewarding aspects in my role at VSB is the opportunity to talk with students about their future plans. While many students are eager to enter the workforce right away and get started on their CPA, I encourage them to keep a longer-term view and consider a graduate degree as an investment in their future.
At VSB, we offer two graduate accounting options: a Master of Accounting with Data Analytics (MAC) and a Master of Business Taxation with Data Analytics (MBT). Both programs give students the opportunity to expand their knowledge and acquire more in-depth technical and analytical skills. Students can apply classroom learning to real-world
At the undergraduate level, you are learning
experiences, through complex case studies and
important accounting and business fundamentals.
opportunities to work with outside companies.
However, with a graduate degree in accounting you will build upon this strong foundation and take things to the next level, learning how to apply those skills and gain a deeper understanding of how different business concepts interact with each other.
Investing in a graduate degree, especially in pursuant of the CPA, will set you up for future success with diverse skill sets that lend themselves to a variety of exciting career paths. You will not only be prepared for the challenges of today’s
Studies show that an advanced degree in
fast-changing business environment, but will
accounting leads to higher promotion rates,
be well-positioned for success for many years
improved CPA exam performance, and preferential
to come.
hiring by recruiters. A graduate degree allows 5
For more information about graduate accounting programs at the Villanova School of Business, visit villanova.edu/gradaccounting.
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