Benefits of Commercial Awareness in Chartered Accountancy

Being commercially aware about economics boost my desired career in chartered accountancy since a will be equipped with essential skills of reporting, recording, and interpreting financial information. The general knowledge of understanding what comprises of a business or firm successful is denoted as business awareness (Bragg, 2013). With my enrolment to study for an economic degree, I will learn a number of things that will improve my commercial awareness which will include; learning to interact with small scale companies and volunteering to help, by doing so I will be able to learn how different organizations makes money. The second way I will become commercially aware is by listening or by watching business news (Dransfield, 2014). By doing so I will get a good general depiction of economic and financial state all around the world.

To become more commercially recognized by worldwide business personnel’s the essence of networking can be of great help. For starter, an individual who plans to start a firm is advised to be pro accurate when picking a network. Networking refers to the process that adopts my exchange of ideas and information among people or organization that segments a mutual interest (Seth, 2015). My mutual interest may be based on social or professional business purposes. Networking connects different business links through a chain of symbolic contacts and ties. One of my core benefits of networking is that it establishes a steady contact between individuals and organization within which it builds rapport and trust. In my field of economics, networking helps in escalating my value of goods and services as a result of the effect of a network. With regard to sustainability, network economics denotes as multiple professionalisms all working in hand to advance and improve a sustainable and viable product.

Evaluating the right way of coming up with a network elevator pitch theory comes in hand. The theory stipulates that the speech you use to spark attentiveness in your firm should be a persuasive and brief one. In the instance of finding a network a good elevator pitch should incorporate the following: identify your company’s goals, explain what the company is all about, address your unique selling proposition, actively engage in answering any queries and finally show that you are capable of practicing what your elevator pitch stipulates (lee, 2014).

The right network in an organization is a powerful engine for growth and competitive differentiation if you can manage my underlying complexity (Rook, 2013). In today’s business environment, that challenge is multi-dimensional. It spans users, devices, applications, and locations far beyond my corporate walls (Seth, 2015). The more companies network and are involved in environmental networking, production of goods and services becomes easier since they an exchange of ideas and information from one company on how to come up with a suitable product for my market.

The Importance of Networking in Economics

Some of the benefits of networking of becoming more-commercially aware of economics sector as a career degree includes the following; expand your pool of contacts and interaction with different organizations and gives an individual a platform to learn new strategies or acquires new ideas of how to run ones company, position a person for new career opportunities, expands your economic sphere of influence, learn new things that are helpful in growing a person’s career and increase a persons or an organization marketability (Seth, 2015).

Reflecting on networking experiences as attended in economics the following skills are obtained. Communication that brings concisely results to a wide active audience. Another skill obtained is that of critical thinking about my limits an organization can extend its border in my context of socio-economic. It also aids in demonstrating proficiency in quantitative means and computing techniques and acquire skills to use my methods and techniques effectively across a chained network of different organizations.

Despite all my mentioned skills above, they are two other core skills namely listening and asking questions. Networking listening skills need an individual to enthusiastically pay attention to a conversation and appropriately respond with a clear and well thought off question or answer.

This skill helps a person or an organization to develop strategies for expanding their business network which in turn incorporates my development of a close relationship with people and different companies as well as it gives a good platform to exchange information (Dransfield, 2014). Success in networking involves recurrently engaging with contacts in my network to receive and provide information from outside my company.

All cooperates needs to have a finance system that handles all the currency exchange within an organization. A financial direct is a member of a top ranked execute team which has responsibilities of their company’s monetary health. To become a good financial direct you ought to be a good chartered accountancy. With the enrollment to an economic degree the module of financial management is taught. A financial director will be equipped with the following working knowledge; becoming conversant with the current stock control system, having strong technics in handling a financial system and having the ability to meritoriously manage the work and multifarious primacies with simplicity and focus (Cottrell, 2015).

My economic degree gives me learner a wide scope of different career option one of them includes my Chartered Accountant. A Chartered Accountant can be denoted as an accounting title give to accounting professionals. This title proves that I the holder has credentials to file an audit financial statements, business’s tax returns and provide advisory services to customers. In most occurrences, a Chartered Accountant focus on four major areas: financial accounting and reporting, assurances and audit, applied taxation and finance and management accounting (Dransfield, 2014). A company decides where to assign a Chartered Accountant depending on my areas of focus, or May employee them as a freelance to handle secretarial matters for numerous customers.  

Skills for Successful Chartered Accountancy

The following are the importance of my overall degree in economics that will help a Chartered Accountant in developing his career. Economic degree develops a Chartered Accountant with valuable skills which includes; problem-solving skills (Cottrell, 2015). Making recommendations, acquiring information and coming up with conclusions requires a person who is a good problem solver. A chartered accountancy will acquire strong financial technics on how to handle the monetary system of the company. Analytical skills where a Chartered Accountant will acquire skills to analyze data, research methods, recommendations and conclusion on how to file an audit financial statements, business’s tax returns and provide advisory services to customers (Seth, 2015). Communication is another skill that helps to present findings from accounting matters and help in explaining complex data obtained from the research carried out. Economics develops my skill of mathematical numeracy of handling difficult data and applying statistical and mathematical analysis methods.

To become a professional Chartered Accountancy some qualification needs to be achieved. What qualification does a person needs to achieve to become an accountancy is a major question that most aspiring accountants asked myself. Is a degree necessary? My answer to this question is yes, a degree is necessary. A degree impacts use with theoretical skills which give us an up hand when looking for jobs. The first qualification is attaining insurance from the largest professional organization in the world of accountancy management. By studying CIMA a learner develops skills and critical knowledge that workers are foreseeing for and with expectations of functioning with (Dransfield, 2014). This skill involves an individual to be good in numeracy expertise and bring enthusiasm.

My second qualification one needs is Association of Chartered Accountancy (ACCA). These qualifications are renowned globally by finance employers. A certificate in Finance Accounting and Business (CFAB) obliges as a beneficial step. Often many employees train students to become qualified accountancy (Cottrell, 2015). A professional Chartered Accountant ought to have the following qualifications; needs to be good in mathematics, have numeracy skills and Analytical skills where a Chartered Accountant will acquire skills to analyze data, research methods.

By pursuing a degree in Chartered Accountancy will help me to acquire all these professional qualifications. With my impediment of tough competition in my market, applying for autumn terms in my final year to ensure I access one my biggest opportunity of working in an accountancy agency (Cottrell, 2015)

With economic degree providing a wide range of alternate career jobs, chartered accountant is a job I desire to work in. responsibilities of an chartered accountant are to prepare financial information which are used to make a decision by business managers or professional accountants (Seth, 2015). Regardless of my subsequent work experiences and qualifications the following roles are carried out by an accountant technician; preparing of accounts, paying and processing of invoices, submitting and completing tax returns, handling companies payroll and expenses systems that pay salaries and wages, preparing financial reports and assisting eligible accountants with accounts audits (Cottrell, 2015).

Becoming an chartered accountant the following skills ought to be adhered to; excellent in commercial sense, confidence with and competence in mathematics, being a good IT expert predominantly in the use of excel, strong in communication and interpersonal skills, having my capacity to solve complex problems and understanding them and finally having a thoroughly logical and methodical approach to work (Dransfield, 2014).  

Being a chartered accountant, you can progress or be promoted to become one of the following personnel; an auditor, tax analyst, financial controller, directors of financial division and an internal auditor. Reflecting on the interview process I was able to apply my star method to gather relative information concerning accountant technicians and found out to be my career job (Seth, 2015). Some examples from the response to my questions are; with regard to my task of what an accountant technician was required to achieve, my responses were preparing of accounts, paying and processing of invoices, submitting and completing tax returns, handling companies payroll and expenses systems that pay salaries and wages.

Conclusion

In conclusion after learning the module in economic degree, I have reflected myself with respect to Chartered accountant being my desired career, degree in economics gives me a chance to expound my learning and provides with a tremendous large field of different careers. After learning the employability skills in my module I will be having a good chance to secure a job. This skills includes; problem solving skills, communication skill, teamwork/togetherness, enterprise and initiative skills. Based from the above mentioned employability skills am anticipating to improve them for my desired work readiness.

References

Rook, S 2013 my Graduate Career Guidebook: Palgrave Macmillan.

Cottrell, S 2015 Skills for Success: Personal Development and Employability, 3rd Edition. New York: Palgrave Macmillan.

Stanton, N 2014 Mastering Communication, 5th Edition. New York: Palgrave Macmillan

Lees, J 2012 How To Get a Job You Love. Maidenhead: McGraw Professional.

Maslow, A. H. 2015, Motivation and Personality, (2nd Edition), Harper & Row, New York. Some online resources:

Bragg, S. (2013). The wpork of managerial accountant. Hoboken: campbell public library.

Dransfield. (2014). Business economics. london: london routledge.

lee, T. (2014). the development of American public accountancy profession. london: Cambridge Market intelligence.

Seth, s. (2015). Economic . chicago: rose publishing group.