Employers’ Expectations for Accounting Graduates in an Era of Disruptive Innovation

Abstract Aim/Purpose: This study aimed to assess the level of employers’ expectations for accounting graduates in an era of disruptive innovation, and analyze differences in these expectations among employers. Introduction/Background: Disruptive innovation, driven by digital technology advancements, has transformed various professions, including accounting, necessitating significant adaptations in skills and practices. As labor markets evolve, educational institutions are crucial in preparing graduates to meet these new demands. Aligning curricula with employer expectations is essential to ensure graduates possess the necessary competencies for the workforce. Therefore, in order to know the expectations of employers, the researcher investigated employers' expectations of accounting graduates, focusing on four key learning outcomes. The first outcome, Knowledge, was divided into General Knowledge (GK) and Accounting Knowledge (AK). GK includes understanding law, economics, finance, marketing, and management, while AK involves expertise in accounting principles, financial statements, internal control, risk management, auditing, and information systems. The second outcome, Skills, comprised Lifelong Learning and 21st Century Skills (LL21CS), such as communication, technology use, planning, creativity, teamwork, critical thinking, and adaptability. It also includes Professional Skills (PS), focusing on applying various disciplines to accounting tasks, data analysis, and using accounting software. The third outcome, Ethics, was split into General Ethics (GE) and Accounting Professional Ethics (APE). GE emphasized discipline, punctuality, and responsibility, while APE highlighted honesty, fairness, independence, confidentiality, and adherence to professional standards. The final outcome, Character, included General Character (GC) traits like courage, politeness, and leadership, and Asia-Pacific International University Character (AIUC) traits like kindness, resilience, and respect for cultural differences. The findings from this study can inform curriculum enhancements for higher educational institutions, ensuring alignment with employer requirements. Methodology: The study surveyed 130 employers operating in the Central Region of Thailand. Data were collected using structured questionnaires consisting of three parts: Part 1: General information about the respondents; Part 2: Employers' expectations of desired characteristics of accounting graduates, consisting of four areas: 1) Knowledge; 2) Skills; 3) Ethics; and 4) Personal characteristics, totaling 70 items, using a Likert rating scale; Part 3: 4 additional questions. The statistical methods used for data analysis included frequencies, percentages, means, standard deviations, independent t-tests, and one-way ANOVA. Findings: The results showed that out of the sample group consisting of 130 individuals, 73% were female. Among the respondents, 32% were aged between 41 and 50 years, and 59% held a bachelor's degree. Additionally, 31% worked in a professional accounting service firm, 54% held a management-level job, and 84% were employed in the accounting field. Moreover, 52% of respondents had more than 15 years of work experience. The analysis of the levels of employers' expectations for accounting graduates revealed that employers placed the highest importance on Accounting Professional Ethics (APE), followed by General Ethics, General Character, AIU Character, Accounting Knowledge, Lifelong Learning and 21st Century Skills, Workplace Skills, Professional Skills, and General Knowledge. Comparative analysis indicated no significant differences in employer expectations based on gender or educational level. However, variations were observed in other factors: employers of different age groups had differing expectations regarding graduates' General Characters and AIU Character. Employers from different business types exhibited differing expectations concerning General Knowledge, Workplace Skills, Accounting Professional Ethics, General Character, AIU Character, Professional Skills, and General Ethics. Variations in job levels influenced expectations related to General Knowledge. Employers' occupational fields significantly affected expectations regarding Accounting Knowledge, Lifelong Learning and 21st Century Skills, Professional Skills, Workplace Skills, Accounting Professional Ethics, General Character, AIU Character, and General Ethics. Additionally, differences in employers' work experiences affected their expectations of Accounting Professional Ethics. Contributions/Impact on Society: This study highlights the critical importance of ethics and personal character in the professional development of accounting graduates. By identifying employers’ specific expectations, the study provides valuable insights for educational institutions to use when revising their curricula. They need to ensure that graduates are well-prepared to meet the ethical and professional demands of workforces, thus contributing positively to business organizations and society. Additionally, this finding offers valuable guidance to high school students in choosing an accounting bachelor's degree program that meets employer expectations, strengthening their qualifications as competitive candidates upon graduation. Recommendations: The study pointed out that employers prioritize the development of accounting ethics in graduates over other areas. Therefore, educational institutions should focus on integrating the development of ethics, professional codes of conduct, and strong personal characteristics into their curricula. This should be balanced with the necessary academic knowledge and skills to produce well-rounded, ethical, and competent professionals who can effectively meet the dynamic requirements of job markets. Research Limitations: The study was limited to employers in the Central Region of Thailand, which may affect the generalizability of the findings to other regions or countries. The focus on accounting graduates also limits the applicability of the results to other fields of study. Future Research: Future research should expand the scope to include educational institutions in other regions to allow for broader applicability of the findings. Additionally, further studies should explore various factors influencing employers’ expectations of accounting graduates to provide more comprehensive insights.