ASEAN Economic Community and its Effects on University Education and Job Market: A Case Study of Skill Verification by the Means of Professional Certification Examination

Abstract

The objective of this research is to study the implication of AEC on university education system and the job market after its implementation in 2015. This study reveals that lack of unified standard in university education system is the key challenge faced by universities in the AEC. Uniformity in standard is defined as a standard acceptable to all member countries. This study rejects the idea of harmonization of education in the AEC. AEC is a common market comprised of ten member countries. Each country has its own education system, and it embodies the history, culture and the political will of the people. It is rigged with national sentiment and is closely guarded by all state governments; therefore; any attempt of harmonization of education is a failed idea in the AEC. This paper proposes a practical model that establishes a uniform standard in the university education system in the AEC. Such model is based on standardization through professional certification examination by chartered professional associations, such as the ACCA for the accounting profession, CFA for the finance profession, and ICPM for the management profession. The data of this research comes from the quantitative survey conducted among group of students, professors, employees, corporate officers and HR managers from different private universities and business centers in Bangkok. This research proves that professional certification examination establishes uniformity in the standard; as it verifies the skills of the graduates, despite diversity in the university education system in the AEC. The result is considered significant as at 95% confidence level.