Course Title: INDUSTRY PRACTICE IN ACCOUNTING & FINANCE

Course Code: ACC4997

Name : Huang Qirui
ID : J13011962
Section : F1

Lecturers name: Mr. RAVINDRAN A/L A.R.C NAIR

Signatures: ___________________________

"I (We) declare that this assignment is my (our) own work entirely and suitable acknowledgement has been
made for any sources of information used in preparing it."
 CONTENT

Introduction--------------------------------------------------------------------------------2

KOLBs Theory--------------------------------------------------------------------------2-3

An evaluation of your current level of skill-----------------------------------------3-6

An analysis of your current skills gaps----------------------------------------------7-10

Personal development plan------------------------------------------------------------10-11

Essential Knowledge in Workplace--------------------------------------------------12-13

Conclusion-----------------------------------------------------------------------------------13

References---------------------------------------------------------------------------------14-15

Appendix-----------------------------------------------------------------------------------16-17

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Introduction

After entering the 21st century, the increased needs of employees has emerged from numbers of
factors and challenges recently such as globalization, technology, cultural diversity, also the
organization and employees themselves. However, the increasing number of employees cannot
match related skills that company required. This situation keeps intense the gaps between
employee and employer and that is the reason why we need to set up our Personal development
plan. In order to develop the personal skills, it is important and necessary for employees to learn
from our experience about our skills so that we can do it better in our future career.

KOLBs Theory

Kolb's model, the specific experience, he defined a specific physical experience things first,
hand. According to my experience, I must be concentrated because learning style emphasizes
concrete experience.
Firstly, it will be the description of Concrete Experience. Specific experience shows your
experience as an individual participant, location, event and event. You should describe your
participation relative to experience, showing learning opportunities. Secondly, Reflection is one
of the important steps. Reflecting on your thinking and handling relative to experience. You
should demonstrate your learning by describing the knowledge, skills, and attitudes that develop
through reflective processes. The third one is Theory. Generalization, principles and theories are
the structure of organizing and guiding academic learning. A typical university curriculum is
built around several theories. At this stage, you can identify and describe generalizations,
principles, and / or theories to showcase your learning outcomes. These learning outcomes are
derived from the analysis and reflection of your experience. Theories should be similar to those
discussed in a typical university course and should match the chosen course description. The last
one is Act. Tests and / or applications indicate situations in which new learning may be used.

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 KOLBs Theory

An evaluation of your current level of skill

I have nine key skills that I will list as following before I go to university, and certainly I have
improved nine key skills during my university.

Self-Management

Self-Management is playing an important role in our study and working, which can be described
as the skill to control our feelings, behaviors and emotions. It can involve setting goals, how to
manage time and so on. Compared with previous study and working experience, I know how to
do planning and I prefer to do planning daily, monthly and long term goals. Just like the last final
exam that I gain a high marks and one of the reasons is effective planning. I did a special study
plan for myself by separated as half semester which aimed at getting higher scores in the exam
paper. I am able to adapt and use a range of academic skills and manage my time better than
before such as I get to class on time and pass assignment on time. (Student Learning Development,
T. 2016)

Self-Awareness

Self-awareness is the ability to get know of ones desires, fallings and habits and so on. The more
you know yourself, the better you will fulfill your requirements and adapt the changes of life. For
the purpose of interacting with people effectively and ones health and well being, it is important
to know ones emotions and how behavior is influenced by emotion. Self-Awareness is an ability

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to judge own performance in different situation. Currently, I can immediately notice that I am
lazy, my parents are worried about me or I am too silent at home. Even though those are all small
issue, it can affect our study and working in the future. Previously, I dont know what are my
strengths and weaknesses; I dont understand the peoples reactions to what I did and I wanted to
be more confident. (Learning Works for Kids. 2015).

Communication skill

Communication skills refer to the process of exchanging information among people who may
come from different regions. The ways of communication are many, for example, emails,
pictures and text. But for the purpose of conveying information easily to understand and clearly,
the better choice is the two way communication, because it is easy to explain and understand the
complex information. I have mastered the skills of nonverbal communication and listening. My
nonverbal communication skills are better and my speech is more vivid through presentation
skills. Meanwhile, I am good at listening to people.

Team Player

Team members are valuable assets of any organization. While very different from the leader,
team members are equally important in helping to drive organizational success. A leader can also
be a team player if he leaves his dominant character behind and becomes part of the group he is
working on. I got an experience as a team leader on an event who needed to in charge of the bar
station but the result is not that good due to serval team members inclusive me made some
mistakes and received one complaint from a customer. After the event I had a small talk with my
supervisor. He pointed out which part I need to improve, which are the communication skills,
teamwork, problem solving skills and also the enterprising. As a waiter and barista, the basic
knowledge of making coffee is necessary but that is not enough because any technology needs
innovation to go further and meet customers need.

Business awareness

A good level if Business or commercial awareness has already became one of the vital sectors
that employers are seeking graduates. And this skill is required us to have a good understanding

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of an occupation and also the business environment. For instance, as a staff in a coffee shop, if I
can find out how the coffee shop operates and what kinds of factor can affect it which we can
call good business awareness skills. However, I dont have any concepts and knowledge about
business, marketing, accounting and finance until I studied in Inti College. Previously I thought
if entrepreneur has enough money and the location is nice then the business should be no
problem but actually there are many factors can affect a business including internal environment
and external environment. My business awareness has been improved and I have acquired a lot
of knowledge on it via corporate financial strategy course in my college.

Business judgment

Decision making is regarded as the think process of selecting a logical choice from competing
options. The reason is that to make quick informed decision could make the company respond to
clients changing requirements rapidly and improve their satisfaction. As my previous working
experience, I was unable to make decision on that event which lead to we could not give nice
service to customer. Some business units will strive to build consensus and staff will make
significant decisions. In other departments, decisions can be made from the top through the
bottom of the manager. Employers want to manage jobs as well as many other places and make
effective decisions. I am able to make judgments based on objectives and facts through analyzing
and learning financial information.

Problem solving and numeracy

Problem solving skill required person to apply what they learn but not just recalling the
information. Different fields, there will be different problem solving skills. Many students think
that studying in school is only about learning the basic facts and simple skills. In reality, most
courses require students to think about the questions raised and provide thoughtful answers.
Mathematically, this problem can be solved in the real world by helping students apply the
principles of the scene. In engineering and computer science, problem solving needs to be
applied to the planning and structure of school learning. More and more employers are looking
for a powerful problem-solving ability. Computers can automate many simple tasks, and

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information is easy to find online. However, in solving the problem of struggle, and with the
corresponding ability of the computer, you can find patterns and solve various problems. As my
usual behavior, I did the easiest questions first and for the difficult question I will easily give up
and sometimes the method I used was not effective which coasted me a long time to solve one
question. And currently, I have the basic knowledge of the steps of problem solving. I have
started to analysis what is the problem, what are the sources of the problem and what are the
methods that I can use. I have improved my numeracy skills through the subject which I picked
up in my college. The course of qualitative and qualitative financial analysis offers us the skill to
read graphs with mathematical skills and solve problems.

Enterprising

Enterprising is the skill that after you know how the companys operating and you stated to
enterprise yourself about how to apply onto it. Enterprising is important especially in our career
path, which give us addition career option of self-employment. I have been understanding
promotion skills further and have business consciousness as well as some communication skills
such as negotiation via taking part in selling activities which is held by college.

Technology appreciation

Technology appreciation skill refers to the usage of online conferencing, presentation software,
computer skills, and statistical package and data bases. For most of the companies, technology
appreciation is a basic and necessary skill, for example, internet information and computer skills.
Before I go to university, I have had certain basic skills and knowledge, and I am able to use
software like excel which is one of the essential office skills through learning subject like
qualitative and quantitative financial. Besides spreadsheets and databases, I also have certain
understanding of these skills and come up with simple analysis method in college.

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An analysis of your current skills gaps

Analyzing current skill gaps is importance as it is from the firms internal we chose which also is
about the skill-shortages before we get hired. Based in the Weaver and Osternan: 2013 said that
the recent skill gaps are no more only the mechanical establishments but also the soft skills. I am
going to pointed the skills that career required and analyze the current skill gaps. The career I
chose for the long term will be the financial manager which after they evaluate their clients'
needs and prove that financial manager, they may sell insurance, investment services, deposits
and / or other financial instruments. These products and services are generally provided by the
work of banks, credit unions and insurance companies, most of which are financed by Financial
manager. In addition, these professionals work closely with potential customers to assess the
development costs and revenues of financial reporting and auditing operations, as well as future
trends. There are some skills required by the firm, which can be referred as below:

Self-management

We need focus on the result of the service to clients and also give them respond for the feedback.
Financial manager need to communicate with clients every day, so I need have a positive,
constructive attitude. In addition, I need remain calm when under pressure, because sometimes
clients may not understand or complained. We need to know how to control ourselves. This is the
gap contrast between my present and the job requirement of self management.

Self-awareness

In the workplace, self awareness is of great importance to a financial manager, for it can help
clearly understand ones own disadvantages and advantages. In addition, self awareness help me
chose right direction. Without self awareness, maybe I will make wrong decision at wrong time,
and make a big problem for the company which I work in. as a result of these, effective self
awareness skills is essential for me who as a financial manger. And now I have confidence and
good self assessment skills, which make my career progress. Maybe others will tell me my
shortcoming at workplace, but they will not instruct me, so I need find solution by myself.

8
Communication skill

Good skills of customer service and communication are required for working with customers and
their finance. Employees job satisfaction can be increased by the effective workplace
communication. Employees will misunderstand information because of cultural shocks and
barriers in multi-cultural working environment. As a finance manager, good sales and marketing
skills also very important. Therefore, as a finance manager, communication skill is one of the
most essential skills needed. My current communication skill is superior over peer in
communication and presentation skill. While there is still a big gap, because I am still unable to
control most of my non verbal communication while talking and I never engaged in any
negotiation before.

Team Player
Actually, not only finance manager but also other jobs, we are not working alone that we must
work with others. In finance department, we need to work with accounting, marketing, human
resource or other departments. Systems that make the completion of tasks efficiently and quickly
can be developed by team. If a task is dealt with an efficient and well trained team, the task will
be done accurately and quickly, which is ensured by the teams work progress. As a result, the
company will acquire more tasks and produce more revenue without hiring more employees.
Cooperation and leadership skills are my current limitation in team.

Business awareness
It is needed for a finance manager to learn advanced enterprise financial management mode and
understand industry trend. Our clients require us to offer a smart economic outlook, so we need
offer suitable financial plan to them. Economic growth in accounting profession will result from
the new financial regulation and legal. Business judgment and business awareness require
economic outlook which influences career prospects. As a finance manager, it is essential to
master business awareness skills to deal with industry performance and trend. In addition, the
good experience in this field is also needed. I narrow the gap by browsing journals and
newspapers in university.

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Business judgment
As the skills required for financial managers, business judgment skills are not surprising. This is
because the financial manager of a wrong decision will lead to major problems in the company.
Finance managers need to observe and identify problems and fraud in the marketplace and then
avoid them. If I had to deal with business judgment correctly, I could only do basic analysis with
my lecturers and then understand and handle them properly, so I had to improve in order to
become a qualified finance manager.

Problem solving and numeracy

In addition, as a financial manager, problem solving and computing skills are necessary skills.
Financial managers are exposed to the majority of figures and charts. Therefore, the financial
manager to have good computing power. As finance major, I learned all the necessary computing
skills. The other is the problem-solving skills. Problem solving is the day-to-day work of finance
managers because they need to solve customer problems and concerns. Therefore, the financial
manager needs to be patient to solve customer problems, but also to adhere to, can not easily
give up. This is with my career has a great relationship.

Enterprising
Employers in the financial industry always want to find enterprising candidates. Enterprising
atmosphere of passion can always inspire all the people in the office. Aggressive techniques also
give courage and positive energy. Therefore, the financial manager needs this skill very much,
because I have to be very confident to accomplish more goals, and accept the challenges in my
success. My gap is self-confidence and competitiveness, because I personally lack self-
confidence.

Technology appreciation
Normally, when companies hire finance manager, they will train their financial products and
services on a regular basis. However, a bachelor's degree in finance or marketing also required a
career as a financial expert. These typical degree programs include economics, marketing,
mathematics and global finance. This skill can be related to the Technology appreciation part

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 which is the basis requirement. And company will prefer the candidate who got these skills then
company no need to speed a lot of time and human resource in training. Innovation can improve
performance, problem solving, and the ability to add value. Knowledge innovation process
depends to a large extent, especially since knowledge on behalf of a state is not a simple data,
information and general logic of deeper. That is the reasons why I cannot get know of all the
software which are applied by financial analysts for browsing financial market.

Personal development plan

PDP is playing an importance role in my career path which the personal development plans provi
de me with a framework to identify areas of your strengths and weaknesses and come up with a g
uide to optimize and leverage their existing skills and abilities. Through this task, I am clearly aw
are of my weaknesses and to overcome them in the personal development plan, such as Numerac
y and Problem Solving Skills and team player skills, and communication skills,and Technology a
ppreciation skills . These four weaknesses are the obstacles to rein the job even in the talent com
petition market; I have to beat them and accordance with the PDP plan to implement strictly. As l
ong as I persevere change and improve myself, I believe I will be getting better and better.

PDP TABLE

What do I What do I have to What support and How will I measure my Target Date
want to do? resources will I success? for
learn? need? Review?

Technology 1. Read and 1. Asked one of my 1. Have no problem to 1/11/2017

appreciation understand the books friend who is good search information via 1/11/201
to learn at IT skills for dark webs. 8
2. Increase the helping 2. Have the ability to
chance of actual 2. Bought IT books create my own apps
operation for reference with the purpose of
3. Participate in 3. Attending IT finance.
training courses class.

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Be a better 1.Know better on my 1. Started to know 1. taking part in team 1/2/2018
team player strengths and how to listen training courses
weaknesses effective without 2. having good team 1/2/2019
2.Be a good misunderstanding practice
communicator or interruption.
2. I shared my stuff
3.Help others and and feeling openly
listen others and wily.
suggestions and 3. Participating
ideas team activities.

Improve 1. Be clear and to the 1. Stared to share 1.have the ability to 1/1/2019
workplace point and talk to my hola at least one -
communicati 2.Tell to people what family position in college club 30/12/2019
on skill I can do rather than 2.Be more open-
what I cannot do mind and positive 2.appraisal certification
3. Empathize with 3.There is a lot of and course assessment
other people by put communication
more understanding course in Subang
on their culture Jaya.
background, lifestyle
and also their
feelings.
Numeracy 1. Have the ability to 1. The math courses 1. The academic score 1/2/2019
and Problem get know of all the in college help of finance is above 65. -
Solving known formulas of doing math 1/7/2019
Skills financial analysis. exercises.
2. The finance
2. Have the ability to courses in college
do complicated math help in giving
exercises, such as insight on formulas.
division, calculus
and algebra.

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Essential Knowledge in Workplace

Professionalism refers to a quality or conduct which is practiced by a professional people or

profession. It is necessary to distinguish between ethical and moral behavior, because when
functioned as professionals, people has wider value obligation than when he resolve his personal
value dilemmas. The specialized knowledge that a professional has should be used to serve these
four entities, society, employers, clients and the profession. Besides the proper consideration of
economic factor and the application of technical knowledge, legitimate moral obligation is also
essential for a professional. In addition, it is also essential for a professional to proper balance the
value obligations of the four entities. He needs to be sensitive to the safety and health of public,
be loyal to the employer, be respectful of the profession and be honest with customers. In
professional ethics codes, values such as sensitive to public safety, loyalty, respect and honest are
essential. For example, the status and reputation of financial manager, loyal and doctor will be
harmed if their ethics are not met. As a result of this, maintaining ethics and professionalism is of
great importance.

Besides ethics and professionalism, understanding an organizations mission and vision is also
essential for the purpose of receiving a job. The purpose and value of an organization are
described by a vision statement which provides inspiration to employees and give directions to
them. In addition, in order to achieve the primary objectives and purposes, employees current
aim is emphasized by mission statement. The responsibility of a financial manager is to organize,
plan, direct and control the capital resources of a company. This function of small business
owners is typically completed by themselves, for all the company resources are in charged by
them. While this function of a larger business will be handled by an accounting or financial
manager. There are several objectives that a financial manager has in a business, and most of the
objectivities serve for providing relevant information of companys business operations with
business owners. Accounting or financial information is often required by a business owner when
making business decisions. In larger business organization, the primary objective of a financial
managers function is risk management. And financial manager has the responsibility to improve
workflow and operational control; they often review information from different department or
divisions.

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Occupational Safety and Health Act (OSHA) As my working experience previously, safety
and hygiene is one of the most importance parts they considered. Some company created some
brochure which list up some the steps how to do when the accident happened so that the people
wont nervous and know how to handle it. Including how to store some toxic and dangerous
stuff. Set a position which called safety coordinator, the safety coordinator should have the
abilities which can summarize what kind of accident happened recently and discuss concerns
about and solutions to further accident prevention. Safety coordinator is very important to a
company, because safety coordinator have the relevant knowledge. Put the right tools at the right
place is very important because when the accident happened, they can faster find it and use it.
Make sure your workplace entrances and exits are fully operational and easily accessible. Which
is an important point, some places the instructions are not clear and the people cannot find the
entrances and exits easily. So the business owner and the employee should make sure the exits
are conspicuously marked and designed to enable quick and unimpeded evacuation of the
workplace.

Conclusion

Above of all, there are 9 key skills are required in the workplace which are including hard skills
and soft skills. Based my previous study and working skills, the analysis between current and
previous skills can be showed the current skill gaps are existed, which is necessary to set up a
personal development plan to set up goals about my career. The knowledge about health and
safety in the workplace, what are the mission, objectives and values of an organization are the
factors that can affect our personal skills. As the career I chose for my long term career path, I
need to start to plan for my future and started from my thinking and daily behavior to improve
the key skills that workplace required.

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Reference

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Appendix

Personal SWOT Analysis

Strengths Weaknesses Opportunities Threats

-Positive attitude that -poor management -Able to learn new -Getting easily
able to motivate others time financial software and distracted can hinder
soft skill the quality of my work
-easily distracted
-Take advantages of -learning new
technology knowledge and
technology

Spider Gram of Previous Skills and Current skills

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Spider Gram of Requirement and Current Skills

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