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Essay: Personal development plan (accountant)

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  • Published: 15 September 2019*
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  • Words: 1,488 (approx)
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Personal Development Plan – Task 5

Introduction

A personal development plan is ‘A structured and supported process to develop students' capacity to reflect on their learning and achievement’ (Dearing, 1997). In this plan I will be looking at the key requirements for me to achieve a career as an accountant working in professional practice as an auditor. An accountant working in practice as an auditor involves reviewing financial statements to ensure they are a ‘true and fair’ account of past financial performance and current financial position. (ACCA, 2016). ICAS state that there are five key skills that make a successful chartered accountant and auditor, these include communication skills, commercial awareness, ethics and professionalism, analytical skill and team working skills.

I believe I am attracted to a career as an accountant working in professional practice as an auditor, firstly as a result of my skill set being very suited to that required in the profession and secondly as a result of the increased financial benefits of such a career, in comparison to working as a management accountant.

Personal Development Plan

Main objectives:

Goal 1: I want to complete my undergraduate degree with first class honours, allowing me to progress on to do my professional exams and become either a chartered or certified accountant.

Goal 2: I want to achieve a career as an accountant working in professional practice as an auditor.

Goal 3: I aim to work for one of the big 4 (Deloitte, PWC, KPMG, Ernst & Young), and progress through the company to a management position.

Current strengths that will help me achieve each goal:

Goal 1: I’m already achieving high grades in the pieces of work that I have submitted for my degree so far. Therefore, if I can keep all of my work at a consistent standard, I should be on track to graduate with a first-class degree.

Goal 2: I have good team working skills, as well as good leadership skills and ability to take initiative, I am also well organised. I have good public speaking and listening skills. I believe these interpersonal skills would be invaluable in a career as an external auditor.

Goal 3: I am a very objective person, if I set my mind to something then I will strive to achieve it to the best of my ability. By having persistence and objectivity, coupled with completing all work set for me to the best of my ability I believe I would be able to progress through an accounting practice into higher positions in the long-term.

Key areas for development with my goals in mind:

1. I take a bit longer to interpret data sometimes, it can take me a bit longer to process double entry accounts. Therefore, I could improve my knowledge of double entry bookkeeping, as this is a key part of any career in the accounting career field.

2. My skills in computerised accounting will need to be improved as I have only had limited experience with computerised accounting packages such as Sage. I am a proficient user of Microsoft Excel; however, I believe I will need to improve my spreadsheet skills as well in order to be able to be achieve my goals.

3. Communication skills are a key area that I must develop, this is because communication skills underpin all roles in the accountancy career field. Therefore, I will need to develop my communication skills as this is a key aspect required of any professional accountant, especially as an auditor as a result of the requirement to communicate with companies that you are auditing or colleagues that you are working with.

4. One negative piece of feedback I have been given in the past is that I can be quite controlling, which can sometimes alienate people. Therefore, I must improve my team working skills, as it is very important to be able to work with other people as an external auditor, as well as being able to use my leadership skills.

5. In order to get a job working for one of the big four, I will have to perform to the best of my academic ability and will have to excel academically while undertaking my undergraduate degree to obtain the best degree possible to give me a chance to gain employment at one of the big four.

Skills/knowledge/qualifications I need to gain:

Goal 1: Undergraduate degree in accounting & finance

Goal 2: Passing professional examinations

Goal 3: Obtaining work experience in the accountancy field

What I need to do:

Objectives Action 1 Action 2 Action 3

Goal 1 I need to study hard, and attend as many lectures and seminars as I possibly can so that I can grasp the concept of all the material I am presented with I need to pass all of my modules with high grades, either 2:1 or firsts, so that I have the best possible chance of obtaining a good traineeship. I need to gain some work experience before my final year of university, so that I have something to set me apart from other potential applicants when applying for traineeships with different accounting firms.

Goal 2 I need to gain a good traineeship, so that I can gain experience and do my professional exams, in order to become an accountant working in professional practice as an auditor. I need to develop my interpersonal skills, so that I can display I have what it takes to become an auditor. I need to improve my computerised accounting skills so that I am proficient in using at least basic packages.

Goal 3 I need to develop all of my skills (interpersonal skills, communication skills and analytical skills) to the highest possible level, so that I will be able to gain employment at one of the best accounting and auditing firms. I need to be able to demonstrate professionalism and ethical practice in all senses, particularly adhering to the IESBA code. I need to develop my leadership skills, so that as I progress through the company I work for, I will be able to show that I have what it takes to occupy a management position.

Date I’ll achieve each goal:

Goal 1: 01/09/2019

Goal 2: 01/09/2021

Goal 3: 01/09/2030

Progression:

Objectives What I’ve achieved so far Roadblocks I’ve faced What I need to improve

Goal 1 So far I have passed all of the pieces of work I have submitted to a high standard, and have either gained a 2:1 or first for all of my work. I have an inability to focus in dull situations and have a tendency to zone out due to my pragmatist working style. I must improve my time management, as it can have negative effects on my work load, and the quality to which I produce my work at.

Goal 2 I have started to develop the basic skills that an accountant working in professional practice must possess e.g. interpersonal skills and analytical skills It can take me longer to process and interpret data and therefore I require more time to understand some more difficult topics. My knowledge of double entry bookkeeping and my ability to use computerised packages such as SAGE.

Goal 3 I’ve grasped a basic understanding of accounting terminology and accounting theory so far. I’m still studying for my degree, therefore time is currently against me as the accounting sector is currently at a peak in terms of the number of graduates being employed, as when I graduate this number could possibly of decreased. I need to improve my knowledge of the accounting system and more advanced topics, in order to be able to graduate my degree in the best possible position to start a career in accounting.

Conclusion

Overall, I have set myself one short term goal, one medium term goal and one long term goal in my personal development plan. I believe that all the goals I have set are more than achievable as long as I commit myself to my studies and work hard throughout my degree and into my accounting traineeship. The plan sets out a number of objectives I have set for myself as well as roadblocks I must overcome; In order to become an accountant working in professional practice as an auditor I must adhere to the plan I have set out and continue to develop my skills and competencies.

Bibliography

ROLFE, A., 2015. Personal development plan template [viewed 6 January 2017]. Available from: https://www.reed.co.uk/career-advice/personal-development-plan-template/

ANON., n.d. Role: External auditor [viewed 16 October 2016]. Available from: http://yourfuture.accaglobal.com/global/en/your-career/sectors-industries-roles/external-auditor.html

FULLERTON, S., 2016. Infographic: Skills of a successful CA [viewed 16 October 2016]. Available from: https://www.icas.com/education-and-qualifications/the-skills-of-a-ca-student-blog

IESBA, 2016. Handbook of the Code of Ethics for Professional Accountants 2016 Edition. New York, NY, USA: International Ethics Standards Board for Accountants [viewed 25 November 2016]. Available from: http://search.proquest.com/docview/1824557055/fulltextPDF/94A4DE8B48224045PQ/1?accountid=13969

CONTRIBUTOR, Pestle., 2015. Why SWOT analysis is essential in personal development [viewed 19 December 2016]. Available from: http://pestleanalysis.com/swot-analysis-in-personal-development/

ANON., n.d. [viewed 19 December 2016]. b]. Available from: https://www.scribd.com/document/290988455/AGR-2015-Annual-Survey-FINAL-1

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