Strategic leadership development for accounting graduates in management

Leadership and Employability

Report on Accounting and need of Strategic Leadership

Accountants at the management levels can be depended upon to have technical accounting expertise to give organizations the financial knowhow they need to fulfill statutory reporting requirements. However, management accounting also entails supporting the enterprise. Management accountants can combine analysis and accounting skills with their business understanding, making them able to give reliable performance metrics and forward looking, evidence-based management information. Management accounting skills are very much in demand. We are aware of many others who are not fortunate in this context. About 75 million young people are not employed, whilst employers still cannot find individuals with the right skills to grow their businesses (CGMA Report, 2014). This report aims to inform and make young accounting graduates aware of ways to become effective accounting department team members and to eventually grow into future finance directors within businesses. A firm can acquire several benefits by employing qualified accounting graduates, such as (GRB Team, 2015):

Tested or proven return on investments

The ideas and skills of accounting graduates can make significant impacts on a firm's basic finances. Graduates add about £1 billion of value to the British economy on a yearly basis, based on research done by the Association of Graduate Recruiters (AGR).

Ready to mould

Organizations have the opportunity to shape these graduates to their requirements, so that they become part of the culture. Modern accounting graduates have developed a habit of learning constantly, so even in employment situations they will seek to acquire updated knowledge. They are frequently seen as a "blank canvas," fully open to new ways of working, ideas, and experiences.

Robust business skills

Studying assists students to develop basic transferable skills such as oral and written communication, presentation, problem-solving, data analysis and organization. Technical graduates also have the latest technical and specialist skills gained in the learning process. Many will also have the experience of applying academic knowledge gained through work placements and internships maybe whilst at competitor companies.

New viewpoints/perspectives

Graduates contribute new ideas and apply up-to-date thinking skills from academia. Recruiting graduates can also increase a work team's diversity.

Speed to value

Graduates have the potential to learn more quickly and to provide more immediate financial returns. They are often more willing and enthusiastic to take on challenges. Graduates do understand and have the ability to adapt to change.

In summary, recent college students and graduates definitely have the capacity to absorb, comprehend and implement new training and instructions at much faster rates than older employees. And, because they are fast learners and many with the ability to multitask, students have proven to be better hiring options for a wide range of businesses. They are often ready, eager and looking to quickly prove their worth to their superiors, offering organizations the willingness to do quite a number of odd types office jobs. Moreover, current students and recent graduates are often more willing to assist their co-workers when needed (McLean, 2015).

I recommend that, of the many benefits of hiring a recent graduate, his or her readiness and eagerness to learn should definitely be considered. After several years of study, graduates are usually very excited to join the world of work and to learn new practical skills in a different environment. These students will absorb anything that one teaches them like a sponge and will be able to execute tasks with the kind of energy that might be lacking in more experienced professionals. It will be better to hire an individual who is ready and willing to learn, who will put their best foot forward and work hard in every task, than hire a highly knowledgeable and experienced person who is work shy. A fresh graduate will also have a greater potential of work flexibility. With experience comes a lot of stubbornness. A worker who has been employed for many years on a job will think there is only one way of doing a job and may not be willing to try out any new methods. Every business executive is aware that to succeed in business, an enterprise cannot be static. A fresh graduate has the flexibility to move forward with your business as it tries new ideas (Little, 2014).

Table of Contents

Introduction 6

Accounting and critical understanding of associated leadership and employability issues 7

Positive Impact of strategic leadership on strategic and financial management decision-making 8

Traits to be an effective team member 10

Research methods 11

Conclusion 12

Recommendations 13

Appendix 13

References 16

Introduction

Accounting is known is many circles as the "language of business." Accounting delivers through financial statements (the end products) information to different stakeholders. Accounting is a method or means through which data and information about a business organization is communicated (Accounting verse, 2015). Moreover, as Dwight D. Eisenhower noted, leadership is the art of influencing those having enough potential to complete the desirable task by convincing them to do it. Leaders help themselves and other people to do the right things. Leaders build inspiring new visions, set the direction and create new paradigms. Leadership is all about mapping out where one needs to go to win as an organization or as a team; and it is exciting, dynamic and inspiring. Even though leaders show the direction, they must also utilize management skills to show the people they are leading the right destination, in a smooth and efficient manner (Manktelow & Mind Tools Team, 2015).

Additionally, employability also entails achievement skills, personal attributes and understanding that make graduates highly likely to gain employment and to be successful in their chosen careers, which benefits the workforce, the community, the economy and themselves (Yorke, 2004). Furthermore, employability entails much more that a person's capacity to secure their first job. It involves have the potential to network and market oneself and to move through a career progression path and remain employable throughout their life. It entails the ability to acquire new skills, ability to ask questions, flexibility, identify and evaluate options, take initiatives and to adapt successfully to changes (Rehman & Mehmood, 2015).

This report's objective is to show the benefits of hiring accounting graduates, matters linked to modern leadership and employability, impact of strategic leadership on decision making in financial management and ability to be an effective team member. It also entails suitable recommendations and a conclusion for better understanding.

Positive Impact of strategic leadership on strategic and financial management decision-making

Strategic leadership, as defined in the appendix is an important part of any business. In the current business world, financial rigor and strategic insight must be tightly linked together. Increasingly, chief financial officers and other financial managers need to play key roles in creating and executing strategy within their business, partnering with CEOs to brainstorm, identify and leverage on growth opportunities. More than ever before, in the history of business, strategic financial leadership is imperative (Wharton Team, 2015). Strategic business managers must adopt dynamic rather than passive approaches towards financial leadership. This will involve more time about in the organization and networking with managers from related public authorities and those within the organization rather than restricting oneself to the desk (ACCA, 2013). Additionally, Employees attention will then focus on the same strategic job; priorities will become less diffused and scattered which increases the likelihood of getting the best thinking. Every staff is clear about the start and end of the task as defined by the instrument; they will then not be wasting time on determining what is the beginning or the end of a task. Then the interaction and participation increases as every employee's ideas and solutions are made clear through the structure, and all stakeholders are utilizing the same language in carrying out their task; terms are defined within the context of the instrument that promotes understanding. The task then no longer becomes personal; it is about following the instrument's process to achieve organizational success; it is not about any single person's agenda, those who need a lot of structure to work comfortably have it, those individuals who require permission to be open and honest, they too have it. A structured process gives them that permission (Gill, 2014). A strategic and rational decision making process can help reduce uncertainty. Some business enterprises are risk averse while others encourage risk taking. For example, on one hand Richard Branson, the owner of Virgin Airlines thrives on risk taking, while on the other the Nationwide Building Society, which has a responsibility to safeguard its members' finances, adopts a slightly more cautious approach. High-performing enterprises utilize the skills of their employees to make sure they make effective decisions (CIMA, 2015).

Traits to be an effective team member

Even though working on teams can be rewarding, it can also be frustrating. To create a successful team as a manager or a leader in the organization effective communication is key (Manning,2015). First, always communicate; if there is a problem team members should talk to each other about it. Secondly, do not blame others; there will be loss of respect and control if one is always blaming others at tem meetings for not playing their part. Thirdly, support other group member's ideas; if a team member suggests an idea one should always think about it and consider it. Fourthly, there should be no bragging; over-celebrating one's successes may create tension within the group. Fifthly, listen actively; one should look at the person who is speaking to him or her and acknowledge the points being made by paraphrasing them when asking questions. One should even ask questions if a point is unclear, to get more clarifications. Effective communication is crucial to every team. Sixthly, get involved; one should share ideas, solutions, suggestions and proposals with other team members (YourMeetingExperts,2004).

Research methods

Research will determine the types of research methodologies you utilize to underpin your work and the approaches you will use in order to collect data. If one wishes to collect quantitative data, he or she is probably verifying existing theories and determining variables. Quantitative data are also collected based on certain research models and underlying research objectives. Even the provision of numbers is based on the types of questions asked of the subjects, so it is basically subjective, even though it seems less so than qualitative research data. Qualitative research, on the other hand, is done when we wish to comprehend meanings, to describe and understand experience, beliefs and values or other intangibles. Also, utilizing both quantitative and qualitative research methods together is a usual approach and helps one 'triangulate' i.e. To back up one set of results from one type of data collection provided by one methodology, with another different methodology provided by another methodology (Palgrave Study Skills, 2015).

Conclusion

Financial accountants interpret and report financial transactions that give crucial information with regards to how a business is performing (Targetjobs Team, 2015). The report concludes that accountants have many instruments at their disposal to help them improve productivity levels for businesses (Mills & Kleiner, 1992). Above everything else, strategic leadership is important and can help in financial management decision-making process. Being a financial leader is about relating what is occurring financially in an organization with what is occurring to the members themselves. It is the capacity to present financial information to company boards themselves in such a manner that the board is made fully aware of what they are seeing (CEO Services, ASAE & The Center for Association Leadership, 2008).

Recommendations

Skilled financial experts who can lead people and think strategically are invaluable. So those are the kind of financial leaders that should be chosen for public organizations, since they are armed with a blend of management, strategic thinking and financial skills.

Appendix

Strategic leadership: this is a manager's potential to show a strategic vision for the firm, and to motivate others to acquire that vision. It can also be defined as using strategy in the management of workers.

Functional strategic leadership is all about perception, inventiveness, and planning to assist an individual in achieving his goals and objectives. This is a list of some of the traits that can lead to a better performance (MSG Team, 2013).

Loyalty-effective and powerful leaders show loyalty to their vision in both acts and deeds.

Keeping them updated-effective and efficient leaders keep themselves informed about what is happening in their businesses, through both informal and formal sources of information within the organization.

Judicious utilization of power-strategic leaders make wise use of the power they have. They must skillfully play the game of power and push their ideas forward gradually.

Motivation-strategic leaders ought to have a zeal for work that goes beyond power and money and they should have the inclination and vigor to achieve their goals with determination and energy.

Compassion-strategic leaders ought to understand the feelings and views of their staff, make decisions while incorporating those ideas.

Social skills-strategic leaders also ought to be social and friendly.

Readiness and willingness to delegate and authorize-these leaders are proficient at delegation. They also recognize that delegating and authorizing their workers to make decisions will highly motivate them