J13014144

Title : Individual Assignment ACC4997

Name : He Jiahua
ID Number : J13014144
Session : F1
Subject : Industry Practice in Accounting and Finance
Lecturer : Mr Ravi

I declare that this assignment is my own work entirely and suitable acknowledgement has been made
for any sources of information used in preparing it

(3876 words)

1
Introduction
With the passage of time, the society is constantly changing. The social pressure of
competition is also increasing. For graduating students, this is a difficult to overcome
difficulties, but also have to cross it. In order to better face the problem. Graduating
student can from these aspects to find their own advantages and disadvantages,
through before entering the university and compared during three years of college,
what kind of new skills did you get during the 3 years. Compared with your ideal
work found that what is insufficient, through careful analysis, and briefly specially for
next three years of personal development plan, therefore, the ideal position is more
close to or achieve job requirements. At the same time, for the graduating student,
essential knowledge is very important in the workplace.

Kolbs theory

Learning is the process whereby knowledge is created

through the transformation of experience (Kolb, 1984, p.
38).

The theory put forward by the learning cyclical model of formation of four stages, as
shown in the figure below.

Figure 1: The Experiential Learning Cycle of Kolbs theory

An effective learning needs through the four stages of the cycle, which is called
Concrete Experience, Reflective Observation, Abstract Conceptualization and Active

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Experimentation. Simple means: after with a concrete experience you need to observe
and think about what the experience allows you to learn, to get more from this
experience. And try to test the experience in future scenarios, resulting in new
experiences. In the figure shows the four steps are important, the lack of any one will
let learners can not get effective learning. Because of these four steps are linked
together. Furthermore, you can start use it from these four steps any one of it and
through the order cycle. Which means both of them may become the first step of your
learning. it will not be limited to the you have to start from the one step. (McLeod,
2010)

Part A:
Before I started university, I have these skills, which will list respectively in the nine
key skills. During the university, I have certain improve in these skills.

The abilities of controlling our activities, feelings and emotions can be called self
management skills. And this kind of skill nearly the most difficult to learn and
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essential skill in personal life, business and workplace. (Business skills & software,
2015)

For the self management skills, self-confidence and stress management techniques are
what I had before. The reason why confident is one of skill of mine is I look at life
and things always hold a positive attitude to face it, and I better get rid of negative
thoughts in our mind. In college my time management skill is better than before, the
main reason is that the university has more free time to do what you want to do, in
order to do so, I made a time plan table to make more reasonable arrangements for my
time and arrange the time to improve the skills what I lack.

Self-awareness refers to ability to understand ones habits, needs, feelings desires and
so on. When you know yourself more, you will feel more adapted changes of life, and
suit your requirements better. It is essential to know ones own emotions and how
emotions affect behavior in order to interact with other people effectively. Meanwhile,
it closely relate with ones well-being and health. (Klosowski, 2014)
For self awareness, I know what is my strengths, but not very good in the face of own
weaknesses. During this period in the university, I not only to better understand what
kinds of advantages I have, but also better know my own shortcomings. This is
mainly because I gradually accepted the opinion that classmates and teachers give me,
let me better to know my own shortcomings and advice me how to solve it .

The most crucial skill of ones life is communicating effectively. Communication is

simply about conveying information which is written, vocally, non-verbally or
visually. The development of communication skill helps a lot in ones life, no matter
social life or personal life. Ability of communicating information clearly and accurate
is of great importance and cannot be overlooked. Improving ones communication
skill is through ones life and it will improve ones life quality. (Communication
skills, 2015)
I have master the skills of listening and nonverbal communication which is about the
communication skill. I'm good at listening to other people's. Even if there is not
understand, I will strive from other ways to know what they want to explain. Through
the course presentation skill, I better use of nonverbal communication skills and make
my speech more vivid.

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A team player refers to one can work with other people well and put aside personal
interest, for the common target, he can do anything he could do. That has many
differences with a leader. A team player plays an equal role in contributing an
organizations success. (Brounstein, 2015)
For a team player, I can promise myself to the completion of the work can be serious
and really do it. I can support and respect for others. In a team, each team member is
very important, if you are not respect others, then your team will because you to
become fragmented or not to complete the task well. Through campus trafficking
activities, I learned more active to communicate with others and listen to the opinions
from others. At the same time, I also learned to compromise the views of others,
because not all of your team members have the consensus of opinion, our leader
through group collective discussion to concluded that the final decision and we are
good completed the activity. A good team player can compromise his point of view in
the support for the others.

Business awareness includes many abilities about business activity and wider
environment that you familiar with. Employers pay much attention on employees'
business awareness which is one of the essential abilities, while a lot of graduates lack
of business awareness. (Business awareness what is it and how do I get it?,
2014)

In college I absorbed a lot of knowledge about this aspect, which mainly through the
course of Corporate Financial Strategy. The lecture mentioned if you want to assess
your level of business awareness you may ask the questions such as How can a
business build and maintain its reputation? Etc. It is helpful for understanding your
business awareness level. And I listen to the lecture advice understand the business
environment from Newspapers and journals, like the Financial Times and Business
Insider, to improve my business awareness.

The business judgment rule refers to a presumption that directors of a company can
act in honest belief, on an informed basis and in good faith when making business
decision. and the action will interest the company best.
For the business judgement, situation in general is similar with business awareness,

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that the main reason is that these skills are more professional, need professional
knowledge to acquire these skills by learning. Through this period of learning of
Analysing Financial Information and read newspapers and journals I mentioned
above, I can better make judgments based on facts and objective data rather than
others.

Strong skill of solving problem could have a big influence on ones career. The
crucial of defining a good problem is to ensure dealing with the real problem instead
of the symptom of problem. For instance, if your performance is not up to standard in
your department, you may attribute the problem to the person who submits job.
Nevertheless, when you think a little deeper, you may find the real problem may be
lacking training or other problems. (wrote, 2015)
About Problem solving and numeracy, among financial courses will give us the
financial problems about the company. The lecturer not always give us solving
problem first, according the research we may get the more experience of these case
study. At the same time. Through the course Qualitative and Quantitative Financial
Analysis, my numeracy ability is better than before, the reason is in this subject
provide a lot of question about data analysis with company. I have accumulated more
based on solving the problem of financial and numeracy.

Enterprise is one of the crux to success, it makes your think creative and take the
opportunity to develop and learn new skill. Employers would like to recruit graduates
who have enterprise and may contribute on moving their company, even though you
haven't think about starting your own business. (Enterprise and entrepreneurial
skills: Seizing opportunities and seeing them through, 2014)

About the Enterprising, I clearly analysis the priority order of things. Relying on
knowledge and experience to solve the problems. Through join the selling activities
held by the college, I had further understanding in promotion skills, at the same time,
I have a business with consciousness and some communication skills such as
negotiations. Which is also important to enterprise skills.

Technical appreciation skills are abilities and knowledge required in accomplishing

scientific, mathematical, engineering, computer related tasks and other specific duties

6
relates with technology. technical skills cover a large number of knowledge in
finance, for example, quantitative analysis, computer abilities and a lot of stock
market foreseeing technique. advanced mathematical skills in nature are needed in
technical analysis in order to make model trend and chart which facilitate dating back
historical information and predicting future trends.
For the technology appreciation, This as a basic skill for most of the company as
necessary. Such as computer skills, Internet information these before the university
life start I had certain basic knowledge and skills of these. Through learning from
subject such as Qualitative and Quantitative Financial, I can use excel this kind of
software which is one of the essential skills in the office. In addition to the databases,
spreadsheets. In college I also have a certain understanding and the production of
simple, analysis method for these skills.

Part B:
As career choice what I will chose is finance manager. What employers seek is self
motivation, good written and oral communication skill, initiative, commercial
awareness and the ability of working as a part of a company. (Ledger ch2
competenciesrequired, 2012)
The enterprise for nine key skills have certain requirements. Especially
communication skills, self-awareness, business sense, Technology appreciation, team
player and problem solving ability. Of course, the rest of three skills also necessary in
the workplace which are self management, business judgment and enterprising. From
the overall, my abilities and skills are not meet the requirements of the financial
manager. But through the analysis of myself disadvantage and shortcomings. In
addition, to create a reasonable personal development plan and indeed to complete it,
I believe the gap will become shorten. (Newell, 2015)

Self management

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Finance manager want to be profitable, one should manage effective. What one need
do is meeting deadline, scheduling time effectively and getting you need from others
in time for completing projects successfully. The time management on the study or
my personal life, I can easily to plan it. However, I might not good at detail
processing. It also caused me some procrastination in dealing with things. This is my
present gap contrast on the job requirements of self management.

Self awareness
The responsibility of a financial manager is to provide support and financial advice to
customers and colleagues so that they can make wise decisions. A financial managers
role is multifunctional rather than only accounting. Financial manager should be know
of business comprehensively in order to adequately support and advise chief
executives decision making as well as ensue the profitability and growth of the
company. Therefore, self consciousness becomes quite important to financial
managers. If you are not good at self-awareness skill, it will easy to make mistake on
the assessment of the importance and feasibility of things, resulting in the loss of the
company. I always self motivated and pro active in seeking out answers, this is what
the enterprise need. I can be very good control emotions; However, I need someone to
give me the right advice on disadvantages to let me constantly improved. On
workplace, other people may tell me what kind of shortcoming I have, but they may
not to give me instruction, I need to find ways to solve it by myself.

Communication
Financial managers should not only do well in crunching numbers, but also have
strong skills of presentation, speaking and writing. People would like to support you
succeed in the condition of they like and trust you as well as you respect them. About
the communication skills, I can listen and nonverbal communication, and give some
feedback. However the career require not only about these skills, but also need very
strong expression ability, speaking and writing ability. Through superior
communication skills to win the trust of customers and subordinates, better feedback
problems, Suggestions, etc. (Six Key Skills Every Manager Needs, 2015)

Team player
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Financial manager implements cash management strategy and organizations long
term goals as well as oversees direct investment activity and the preparation of
financial report. As usual, there is one or more financial managers in a government
agency, company or other organizations. About team player, the job requirement of
finance manager may ask the person can work with diverse group. From my ability to
see clearly now I can do it. However, the gap is work experience could be affect my
ability in this regard, and I do not have a clear goal and good leadership skills, this
mainly is because during the university I didn't have enough experience on competent
team leader.

Business awareness
As a financial manager, business awareness is undoubtedly one of the very important
skill. In order to improve the working effect and efficiency of the financial
department, and improve the value of the company by financial management. This
need to understand the trend of the industry, learn the advanced enterprise financial
management mode. By browsing the Newspapers and journals in university life, let
me have a certain foundation on the market consciousness. But I still lack of enough
experience to ensure that under my decision making is correct.

Business judgment
Business judgment is also an important skill for financial managers. At the same time
it also working experience is required to ensure the accuracy of its judgment. In the
university learning only let me have a judgment according to the data base. I'm not
comprehensive and according to the experience from several aspects to make the right
judgment. I need to learn from predecessors in the company, absorb enough
experience to get more progress.

Problem solving and numeracy

Encountering problems is often happen in any job, it is important to have problem
solving skills and can solve problems rather than crack under pressure. Wherever you
work, it is essential to master computer software and hardware as well as new
programs related with job quickly. When you know more functions, shortcuts,
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programs and keys in Excel, you will be better in finance. Fortunately, I was in
university for study and application of excel with enough, it is of great help to me in
numeracy. Clear that I'm handling of the problem, knowledge and skills gained by the
university did not have great help to me. Although I learn a lot of knowledge about
the company's problems handling. But is only an armchair strategist in the face to
solve, not the actual experience. (Grizzle, 1985)

Enterprising
In the financial industry, companies always want to look for a person who have the
Enterprising. This is mainly because going beyond your competitors and colleagues,
having competitive personality, stamina to long hour work and passion for work are
all important in succeeding in finance. At the same time it also need a strong ability to
adapt, but this is my shortcomings, I will take a long time to adapt to the new
environment to achieve their best.

Technology appreciation
In today's society, you need to make sure you have enough technology to attract the
attention of the enterprise. And in the financial industry needs you to master enough
computer technology. This is mainly because the financial aspects of the things most
pegged to the network, and there are a lot of financial software. Compared with the
work skills such as excel I know how to use it but not entirely. I very familiar with
communication software but not very good at marketing software tools. These is
about the Technology gap in appreciation.

Part C(PDP)
Through the understanding of my existing skills and compared with job requirements,
I found the gap between I and what kind of skills I need to improve. Then I will work
out a plan for the three years of personal development to achieve more in line with
10
their work requirements, or get better than job requirements of development. In the
three years I will focus on developing the four skills, and set clear goals and
completion time.

What do I What do I have What support How will I Target

want to to do? and resources measure my Date for
learn? will I need? success? Review?
Communicat -To participate -The contact -successful 4/12/2017
ion skill in the way of the completion of
communication excellent the training 31/11/201
skills training training and course 8
coach book
-Through -read a lot of
reading and -Financial books financial
communication and knowledge and
in finance books communication good
to improve their skills books communication
communication skill
ability -Idle time to
simulate a
-Think much, dialogue with
often to simulate others
each other's
psychological
activity to
improve their
communication
and strain
capacity
Team player -to participate in -Sign up for -Complete 1/12/2017
skill team training team training team training
courses courses course 30/11/201
-read books -Buying books -Have a certain 8
about leadership about leadership understanding
11
 -Participate in about
team activities leadership
-Have a better
team practice
Problem -Attend the talk -Pay more -Can quickly 1/12/2018
solving and on problem attention to the better think of
numeracy solving lecture of problem 30/6/2019
skill -More practice problem solving solution
for data analysis -From the book -Have deeper
which is about understanding
problem solving on data
skills analysis and
-Sign up for in effective with
data analysis some simple
data
Technology -Learn to apply - Download to -Be familiar 4/12/2017
appreciation market software use Eviews, with the
skill tools SAS, SPSS, R, application of 31/12/201
-Learn more and VBA VBA these 9
about the software
financial might -Can through
use tools the financial
instruments
more easily to
get information
what I want

Part D
Business ethics is about moral standard which applies in behaviors in and out of
business organizations and some related institutions. If companies behave unethically
which is not resulted from little things but from complicated relations with
organizational culture, individual and group. it will have bad effect on environment
and people, and bring short term benefit to a corporation. Meanwhile, shareholders
supports will also be harmed in the long term. When looking at newspaper, you may

12
find nearly every day there is business scandal that a company disturb the behavior
standard and rule which is accepted by society. To represent a better balance sheet
instead of the actual sheet, corporation finance are manipulated. Members promotion
or employment from a particular group are prevented by discriminatory rules, children
labor are employed to assemble products, toxic waste are permitted flowing into river
and bribes are sent for business order. We can use business ethic to evaluate business
institutions influence on environment and people. Firstly is problem of human
resource, which relates with equal treatment of the potential or current employee.
Regarding unethical behavior, it includes unfairly treatment of employees due to their
background, gender, ethnic, sexuality, religion and skin color. Secondly is ethical
problem resulted from interest conflict. For example, if someone has personal
relationship with organization or individual, he will be offered special treatment.
When giving bribes to the contracting institutions management team, a cooperation
will have lucrative interaction not due to its quality of proposal. Thirdly is ethical
problem involving customers confidence. Other examples involve false
advertisement of service or goods, for example drug whose bad effect are obfuscated
or concealed.
The responsibility of a financial manager is keeping health of an instituation, directing
investment activities, producing financial report and developing long term objectives
as well as plan and strategy of a company. The duties of financial manager are mainly
preparing business activity report and financial statement, monitoring and forecasting
financial details in order to meet legal needs, reviewing financial report of a company
to find ways of reducing cost, supervising employees budgeting and financial report,
helping management make financial decision, analyzing market trend in order to seek
opportunity of expanding or acquiring other firms.
Workplace health and safety which is short for WHS is usually known as OSH which
means occupational health and safety, it is enacted by Congress in order to help
employers and employees reduce death, work accidents, medical illness and injures.
The act is named as Occupational Safety and Health Act of 1970, which was enacted
by the Occupational Safety and Health Administration whose aim is to help business
and corporation protect their employees and decrease the number of death, medical
illness and workplace injure. (Workplace health and safety, occupational health,
2014)

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The fact is that corporations can reduce insurance cost and compensation medical
expanses of their employees as well as reduce faulty product and lower cost of injured
workers job accommodations when workers are healthy and safety. OSHA comply
with Strategies whose aim to help employers and their workers with decreasing
death , illness and workplace injures while working are quite a few. The strategies that
OSHA involves are as following, cooperating with partnerships and alliances via
various of voluntary programs, helping train and outreach program of all the
employees and employers. One can protect oneself by learning that, and it also affects
ones employees and other people.

Conclusion
Summarized, through careful analysis of their existing skills and job requirements and
the skills of the comparison. I got to know what kind of skills now I have, at the same
time, I also know my own shortcomings. However, it is good to know my own
shortcomings. On the nine skills has certain gap compare from what kind of skills I
have and the demand of professional skills. Such as I can not handle detail steps, I
need someone to point out my shortcomings and advise me how to make up for the
inadequacy of or improve it. I don't have adequate experience and ability to act as
team leader and so on.
Kolb's theory will help me understand through four stages of learning process, and
experience to understand the importance of new ideas. It is like Kolbs theory going
on, learning is a process of circulation. I'm glad through analyzing my personal skills
I have, and compared with their ideal job after graduation, finally got the feedback
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from my own shortcomings. It shows my own status quo. And I have carried on the
three years of a personal development plan to seek for more learning and experience
to meet this cycle. However, for three years to develop nine skills is unlikely. So I
choose nine skills development emphatically in the four skills, which is the
Communication skill, Team player skill, Problem solving and numeracy skill and
Technology appreciation skill. There is a saying well, It's never too old to learn.
Constantly improve the skills of the four at the same time, I will continue to find new
shortcoming. But, life is such, you need to be in the growth of their own lack of
learning. So as to achieve a new level.

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Reference
Brounstein, M. (2015) Ten qualities of an effective team player. Available at:
http://www.dummies.com/business/human-resources/employee-
engagement/ten-qualities-of-an-effective-team-player/ (Accessed: 17
November 2016).

Business awareness what is it and how do I get it? (2014) Available at:
http://www.ed.ac.uk/files/imports/fileManager/Business%20Awareness
%202014l.pdf (Accessed: 17 November 2016).

Business skills & software (2015) Available at:

http://www.businessphrases.net/self-management-skills/ (Accessed: 17
November 2016).

Communication skills (2015) Available at:

https://www.mindtools.com/page8.html (Accessed: 17 November 2016).

Enterprise and entrepreneurial skills: Seizing opportunities and seeing them

through (2014) Available at: https://targetjobs.co.uk/careers-advice/skills-and-
competencies/344302-enterprise-and-entrepreneurial-skills-seizing-
opportunities-and-seeing-them-th (Accessed: 17 November 2016).

Klosowski, T. (2014) The importance of self-awareness, and how to become

more self aware. Available at: http://lifehacker.com/the-importance-of-self-
awareness-and-how-to-become-mor-1624744518 (Accessed: 17 November
2016).

McLeod, S. (2010) Kolb - learning styles. Available at:

http://www.simplypsychology.org/learning-kolb.html (Accessed: 17 November
2016).

Newell, S. (2015) Business ethics - QFINANCE. Available at:

http://www.financepractitioner.com/business-ethics-best-practice/business-
ethics?page=1 (Accessed: 17 November 2016).

Workplace health and safety, occupational health (2014) Available at:

https://ishm.org/rundown-workplace-health-safety-occupational-health/
(Accessed: 17 November 2016).

wrote, Z. (2015) What is problem solving? Available at:

https://www.mindtools.com/pages/article/newTMC_00.htm (Accessed: 17
November 2016).

Grizzle, G.A. (1985) Essential skills for financial management: Are MPA
students acquiring the necessary Competencies?, Public Administration
Review, 45(6), p. 840. doi: 10.2307/975359.

Ledger ch2 competenciesrequired (2012) Available at:

http://www.cgma.org/Resources/Reports/DownloadableDocuments/ledger-ch2-
competenciesrequired.pdf (Accessed: 17 November 2016).

Six Key Skills Every Manager Needs (2015) Available at: https://mce.eu/six-
key-skills-every-manager-needs/ (Accessed: 17 November 2016).

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Appendix

Personal SWOT Analysis

Strengths Weakness
-Time management -Poor ability to use common software
-Learning ability and adaptability -Lack of confidence

Opportunity Threats
-Accept change at work -Fear of failure
-Willing to communicate with others to -Unable to close the skills gap between
exchange view chosen career

Spider Gram of Previous Skills and Current skills

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 Current skills Previous skills level

Technology appreciation
Enterprising 10 Self-management

5
Problem solving and numeracy Self-awareness
0

Business judgement Communication

Business awareness
Team player

Spider Gram of Requirment and Current skills

Technology appreciation
Enterprising 10 Self-management

5
Problem solving and numeracy Self-awareness
0

Business judgement Communication

Business awareness
Team player

Current skills level Skill requirements

19