| | 8 DECEMBER, 2024HIGHERReviewK PMG, a leading accounting firm, has declared that it has decreased its audit workforce based in the USA by about 330 positions, under 4 percent of its around 9000 audit employees. The main focus behind this decision is the firm's shift to align its employees with the present market requirements.In the current scenario, accounting students are entering a world where a lot of transformation has already occurred with advanced technology, rising demand for financial decision-making and the surge in the intricacy of the regulatory environment. Consequently, this change serves as a wake-up call for students in accounting programs to upgrade their skills, which is essential for industry and helps them prepare for future roles.Continuous LearningThe accounting industry keeps changing, and students must keep updated with the latest trends, which require continuous learning and adaptability. Accounting standards don't remain fixed and frequently updated; advanced technology keeps reshaping how accounting activities are carried on. From an accounting student's point of view, it is imperative to take an extra step for continuous learning to ensure that they are familiar with the comprehensive concepts and latest technology. Nowadays, education institutions offer specific valuable certifications to keep them competent in the industry. Nevertheless, it would significantly impact them if they could go for additional courses to add value to the industry.For instance, London Business School provides continuous learning courses in accounting, which help students broaden their account concepts and apply them to the industry. These courses allow them to handle financial complexities and contribute well to companies."For staying competitive in industries such as healthcare, information technology, and engineering, where the pace of change requires continuous learning and skill updating", says Prof. Ashutosh Pandey, Chair ­ Corporate Relations & Placement at Fore School of Management, New Delhi.Critical ThinkingThe accounting domain is shifting more towards a strategic focus, and the need for critical thinking ability is pivotal for accounting students to develop well before entering the industry. Moreover, problem-solving skills can help better deal with industry-related concepts. In this complex accounting landscape, future accountants are anticipated to examine substantial financial data, assess risks and develop solutions that align with the firm's objectives. To WAKE-UP CALL FOR ACCOUNTING STUDENTS TO BROADEN THEIR SKILL SETSFOCAL POINT FOCAL POINT
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