Abstract
University accounting education is a competitive market, and business schools face a great deal of financial pressure to employ huge numbers of students (Howcroft, 2017). So, practical experience, as one of the vital international accounting education standards, is considered highly important because it plays a vital role in improving and developing graduate competencies in the accounting profession within Jordanian business markets. Consequently, the paper aims to discuss the importance of the practical experience requirement and its role in improving the work performance of accountants in the labor market. A Statistical Package for the Social Sciences (SPSS) approach was used for the analysis of the study. The article had a randomly selected sample of professional accountants at the Amman Stock Exchange (ASE). According to the findings, the axis of practical experience related to technical competencies in the field of accounting, business, economics, and information technology has a significant and positive impact on improving professional accountants’ work performance in the labor sector so that they become qualified professionals in the financial markets. The current paper is one of the few studies that have been carried out in a developing country like Jordan; the study outcomes may help higher education institutions in other developing countries to evolve the concept of practical experience for accounting graduates.
Highlights
With the increasing request from employers of recent graduates comes an expanding necessity for a better understanding of graduate competency requirements (Pang, Wong, Leung, & Coombes, 2019)
Even though the employed statistical tools can handle a small sample size, the sample size has been disclosed as a limitation that could be an avenue for future research
Participation in training practices allows accounting graduates to gain extensive technical knowledge in accounting, business, and finance and enables them to acquire more skills required by labor markets
Summary
With the increasing request from employers of recent graduates comes an expanding necessity for a better understanding of graduate competency requirements (Pang, Wong, Leung, & Coombes, 2019). As indicated by IAESB (2017), practical experience gives trainees a lot of practical technical knowledge in order to help them become qualified professional accountants. The development of soft skills competence among university students must be an urgent priority to ensure its graduates optimize opportunities in the job market (Chiu, Mahat, Rashid, Razak, & Omar, 2016). In 1952, the American Accounting Association (AAA) recognized the value and significance of practical experience incorporated into accountants‘ academic preparation (Schmutte, 1986). Universities in many countries such as Australia, England, New Zealand, and South Africa confront significant pressure from governments, as funders, to produce qualified graduates who are equipped to work in the markets (Willcoxson, Wynder, & Laing, as cited in Tan & Laswad, 2018). In 2003, the University of Zimbabwe formally provided an internship in the Bachelor of Accounting degree program, wherein all categories involved benefit for a student, university, or employer (Warinda, 2013)
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