LYCEUM OF THE PHILIPPINES UNIIVERSITY

Capitol Site, Batangas City

CAREER PATHS AWAITING TO ACCOUNTANCY

STUDENTS OF LYCEUM OF THE
PHILIPPINES UNIVERSITY

In Partial Fulfillment for the

Requirement for English 2
(Writing in the Discipline)

by
CABALFIN, Jim Charles
CALLELERO, Whindy
CAMANO, Ma. Reina Niña
CUASAY, Giezel
DE TORRES, Ellah Aica
 Acknowledgments

The researchers would like to extend their appreciation to the persons who

contributed ideas and materials were used significantly in the preparation of this

research paper.

First, to the Heavenly Father who gave them strength and wisdom to finish this

paper. Second, their expression of gratitude is given to people who served as their

inspiration; their family, friends, professors, and schoolmates for their understanding,

love and support and whose encouragement made them more persevere; thus, this

work is a reality.

Their warmest thanks go to Prof. Mylen Palay, their educator on English 2 for her

non-stop support and for sharing her knowledge and being their source of learning. To

their colleagues for the unceasing friendship, their influences undeniably made this

paper complete.
 Chapter 1

INTRODUCTION

Undeniably, a distinguishing characteristic of the accountancy profession is its

acceptance of the responsibility to act in the public interest. Therefore, the obligation of

a professional accountant is not exclusively to satisfy the needs of an individual client or

employer. (Ballada 2015)

An accountant’s job comprises the performance of financial functions related to

the collection, accuracy, recording, analysis, and presentation of a business

organization or company’s financial operations. Accountants usually have a diversity of

administrative rules within a company’s operation.

This study aims to provide students’ knowledge on what they can do in the near

future. Professional accountant is presented with a myriad of opportunities. The demand

for accounting services in the Philippines has increase in number, size and complexity

of business. They may be engaged in areas of public practice, commerce and industry,

government service, or education/academe. As we all know, Lyceum of the Philippines

University- Batangas is the first and only PACU-COA Level IV accredited Accountancy

program in the Philippines. Thus, its graduates is nurtured with the best education they

had, there’s the best career paths.

 Irrefutably, some of the accountancy students procrastinate because of different

dilemmas they face. It may be family problem, financial problem or simply the difficulty

of the program. For this reason, the researchers hope to enlighten their minds to

determine the extent of their capability in accountancy profession. The research paper

expects to aid the interlacement of ever-changing opportunities for accountants in the

business world.

Our goal is to boost the drive of accountancy students in motivating themselves

to the fullest and to see what life they can experience after graduating the 5-year degree

program of Accountancy.

Statement of the Problem

This paper is entitled “Career Paths Awaiting To Accountancy Students of the

Lyceum of the Philippines University- Batangas”. Specifically, it shall find answers to the

following questions:

1. What is the accountancy students dream work in respect with its workplace and

environment?

2. What are the qualities must he/she possess in order to attain his/her dream

work?

3. What are the different areas of accountancy that LPU-B accountancy students

can apply/work with respect to its:

3.1. Qualifications and skills needed

 3.2. Salary

3.3. Specific tasks and duties

4. How can he/she accomplish or achieve his chosen career path?

5. What are the different organizations important to accounting profession when

he/she finished the program?

Significance of the Study

The findings of this research paper shall be of benefit to the following:

New Accountancy students; this will inspire them to strive high to achieve their

chosen career path.

Graduating Accountancy students; it can serve as an overview of what career

opportunities waiting for them when they graduated the program or even passed the

CPA Board Exam.

Future Researchers; it will give them an exemplar for the same endeavor or even

as a reference material for their paper.

Scope of the Study

There is no dearth of good accountant job opportunities. It is considered as one

of the top career choices made by students.

 This paper is capped to the accountancy students of Lyceum of the Philippines

University- Batangas from freshmen to fifth-year students.

It includes different job opportunities, its qualifications, tasks and estimated

salary that were gathered by the researchers. To be at ease, the dollar value of the

accountant’s wage clasped and converted to peso value so that readers of this research

paper will enable to foresee themselves having it.

Definition of Terms

Accountancy.

Auditing. This term means performing an investigation enabling the auditors to

express an independent opinion (auditor’s report) as to the fairness and completeness

of a set of financial statements. (Meigs, Bettner, Whington 1996)

Bookkeeping. Researchers gathered that it is defined as Book-keeping is the science

and art of recording correctly in the books of accounts all those business transactions

that result in the transfer of money or money’s worth. (Carter 1915)

Certified Public Accountant (CPA). In this research paper, it is defined as an n

independent professional accountant licensed by a state to offer auditing and other

accounting services to the clients. (Meigs, Bettner, Whington 1996)

Commerce. In this study, refers to the activity of buying and selling, especially on a

large scale. The system includes legal, economic, political, social, cultural and

technological systems that are in operation in any country or internationally.

Thus, commerce is a system or an environment that affects the business prospects of

economies.

Management Accounting. This is the provision of financial data and advice to a

company for use in the organization and development of its business.

Private Accounting. In this study, refers to the firm that performs accounting services

for the specific company.

Public accounting. This research paper further describe this as a firm that performs

auditing, tax, consulting and accounting services for other businesses, organizations or

individuals.

Tax. It expresses as a financial charge or other levy imposed upon a taxpayer (an

individual or legal entity) by a state or the functional equivalent of a state to fund various

public expenditures.

Chapter 2

REVIEW OF LITERATURE

This chapter established the concepts and studies related to the present study.

Conceptual Literature

As Horngren, Harrison, and Oliver’s book states that there are several

knowledgeable professions, including architecture, engineering, medicine, law and

accounting. To be genuine in a profession, one must pass a qualifying examination, and

professionals are paid quite well.

To toil effectively, the people in organization need information about the amounts

of these resources, the means of financing them and the results achieved through using

them. Parties outside need similar information to make judgments about the

organization.

Although accounting is staff function which accomplished by accounting

professionals within the company the ultimate responsibility for the generation of

accounting information rests with management. Within the division of top management’s

duties, the controller is the person accountable for the needs for management of

accounting information. Therefore, the controller’s office employs accounting

professionals in financial, management, and tax accounting. Accountants design, install,

and execute the information systems required to generate financial reports and tax

returns for the company. (Anthony, Hawkins, Merchant 2003)

Irrespective of the nature and size, accountants are pivotal components of any

business. Even in the recession period, accountants are crucial part of any organization,

for doing bookkeeping, auditing, financial management and such. Individuals pursuing

the accountancy program have the choice of finding accountant jobs in a diversified

industry and companies due to the fact that every company needs help of an

accountant, whether public, private or non-profit.

Research Literature
 The study revealed that accountant job is quite extensive. He/ She is involve in

diversified range of activities like quality management, cost computation, using

information for tracking financial performance, tax strategies mergers and acquisitions.

After finishing the 5 year accountancy program, an accountant graduate can

initially join a company as a junior accountant or trainee. Also, accountants can find

employment in diversified sectors like market research, budget planning, corporations

and consultancies. There is a good scope in teaching field also, where a post-graduate

student can apply for teaching jobs in colleges and universities possibly in Alma Mater,

Lyceum of the Philippines University- Batangas. This sector offers tremendous

freelancer accountant job opportunities, which can be explored at your own

convenience. Table 1 illustrates some of the job titles that may enjoy in the accounting

field.

Job Titles that may enjoy in the accounting field

1. Finance Managers
2. Directors (Finance)
3. Chief Financial Officer
4. Financial Advisors
5. Certified Public Accountant
Table 1

The accounting group consists essentially of two types of people. One is

bookkeepers and other data-employees who maintain the detailed operating records,

and the other one is staff accountants who decide how items should be reported,

prepare the reports, prepare special analyses, design and operate the system through

which information flows, and ensure that the information is accurate.

  All publicly owned companies and many other organizations have their

accounting reports audited by an independent public accounting firm.

 Most independent public accountants are licensed by their state and are

designated as Certified Public Accountants or CPAs.

 Management is the ultimate responsibility for the generation of accounting

information whether financial or managerial.

 Most top officers of many businesses are the controller because of the

management’s responsibility for accounting.

 Within the division of top management’s duties, the controller is the person

responsible for satisfying other manager’s needs for management accounting

information and for complying with the requirements of financial reporting and tax

accounting.

Based on the information gathered by the researchers in the fast- pacing internet,

whichever element of accountancy a graduate chooses to focus on, whether it is

financial accounting, corporate finance, tax audit or assurance, the sector can provide a

rewarding and far reaching career. Prospects within the sector are good with

advancement being a very seasoned and structured process. In order to become an

accountant in the Philippines, you have to pass (or be exempt from) a series of

professional exams and undergo a period of relevant practical training. For this reason,

graduates who begin their careers as accountants will usually start studying

immediately.

This study gathered that graduates often have a pre-conceived misconception of

what a long term career in accountancy can offer. Many believe it is a working life of
number crunching; however recent developments among the major organizations have

changed the true role of the accountant. In the 1990s the Big Four re-evaluated their

offerings, and today they style themselves as providers of professional services, offering

advice and solutions to all their clients' business needs - much along the lines of the

traditional management consultancies. As a result, accountants within these

organizations are expected to have an excellent understanding of their client's business,

and the knowledge to help them improve their effectiveness to achieve their strategic

objectives.

Qualifications and skills needed

According to the information collected, the large accountancy firms are

competing more and more with banks and other financial establishments for graduates.

With each of the Big Four taking on between 350 and 450 graduates a year, they are

prepared to look at individuals from a variety of degree backgrounds. Strong, numerate

graduates who are ambitious, analytical, logical, patient, and persistent are still very

sought after. A graduate’s portfolio would be improved with relevant work experience as

33.5% of employers request this. Successful graduate candidates must also be

prepared to spend long hours studying and working.

 Strong Excel and financial modeling skills

 Good communication skills

 Good written skills

 Excellent presentational skills

Remuneration

In the eighth edition Accounting book by Horngren, Harrison, and Oliver, the

average starting salary in 2007 for a college graduate with a bachelor’s degree in

accountancy was almost $ 44 000 or Php 2 million annually. A graduate with master’s

degree earns about 10 % more to start and Certified Public Accountant (CPA) earn

another 10 %.

There are many accounting firms are established as partnerships, and the

partners are the owners. This partnership is also called as General Professional

Partnerships (GPP) which is non- taxable. It usually takes up 10 to 15 years to rise to

the rank of partner. The partners of the large accounting firms earn from $150,000 to

$500,000 or Php 6,9000,000 to Php 23,000,000 per annum.

Another table from the book of Warren, Reeve, and Duchac 2007 was illustrated

to spectade the salary guide for different accounting jobs. Table 2 is elucidated below.

Accounting Description Career Options Annual Certification

Career Starting
Track Salaries
Private Accountants Bookkeeper ₱1,311,000
Accounting employed by
companies, Payroll Clerk ₱1,420,050 Certified Payroll
government and Professional
(CPP)
not-for-profit
entities. General ₱1,500,000
Accountant

Budget Analyst ₱1,644,500

Cost
Accountant ₱1,729,250 Certified
Management
 Accountant
(CMA)

Internal Auditor ₱1,909,000 Certified Internal

Auditor (CIA)

Certified
Information ₱3,335,000 Information
technology Systems Auditor
auditor (CISA)

Public Accountants Local Firms ₱1,684,750 Certified Public

Accounting employed Accountant(CPA)
individually or
within a public
accounting firm in National Firms ₱2,041,250 Certified Public
tax and audit Accountant
services. (CPA)
Table 2. Source: Robert Half 2006 Salary Guide (Finance and Accounting) Robert Half
International, Inc.

Tasks and Duties

According to Ainsworth and Deines (2007), accountants execute a variety of

services for their clients and companies. We call it private accountant if he works for an

individual company. We call it public accountant if he works for an accounting firm

whose clients consists many individuals and companies. Both classifications of

accountants offer valuable services such as financial accounting and regulatory

accounting.

Important Organizations to the Accounting Profession

Philippine Institute of Certified Public Accountant (PICPA) provides members

with the resources, information and leadership to enable them provide valuable services

to benefit the public, employers, and client. Under PICPA, there are Associations of

Certified Public Accountants (ACPAE), Associations of Certified Public Accountants in

Commerce and Industry (ACPI), Government Associations of Public Accountants

(GACPA), and Association of certified Public Accountants in Public Practice (ACPAPP)

depending on their respective field of specialization. (Rante 2010)

Stairway towards Attaining CPA’s Goal

Valencia (2002) concludes a stairway in attaining CPA’s Goal. First, it states that

he must pursue an accounting education. A student in accounting must be good learner.

He is diligent, persevering, patient, diligent, and hardworking so that he can achieve his

goal to success. Second, he must pass all the subjects prescribed. Do good in minor

subjects such as English and Mathematics; do much better in Accounting, Auditing,

Law, Taxation and Computer subjects. Third, he must be a graduate of the BS

Accountancy because it is one of the admission requirements of the CPA licensure

examination. Then, a formal review for the CPA board exam will go next. Remember

that one who is prepared increases his chances of passing the licensure examination.

After reviewing, the result must be positive. A candidate takes the CPA examination to

pass it, not just experience it. And the goal finally arrives, the accountancy professional

career.

Chapter 3

METHODS

This chapter provides information on the research methods of this paper.

Research Design
 The purpose of this investigation is to determine the careers awaiting for the

Accountancy students of Lyceum of the Philippines University-Batangas. Hence, the

researchers use the evaluative method of research. When in it is type of study that uses

standard social research methods for evaluative purposes, as a specific research

methodology, and as an assessment process that employs special techniques unique to

the evaluation of social programs.

Data Gathering Instrument

In order to collect data, the researchers created a self-prepared, designed

questionnaire. It compromises the questions that related to the problems of this study.

Part 1 which the researchers does not indicate on the questionnaires given to the

students queries for the respondent’s profile, interims of age and gender. Part 2 about

the Accountancy student’s assessment of the program they are taking up. Part 3

provided answers which are answerable with a checkmark.

Chapter 4

RESULTS AND DISCUSSIONS

 Chapter 5

SUMMARY, CONCLUSIONS AND RECOMMENDATIONS

Name: Age:

C/Y/S: Gender:

Listed below are the questionnaires that the researchers need in gathering information

in relation to our research paper entitled “Career Paths Awaiting to the Accountancy

Students of the Lyceum of the Philippines University- Batangas”. Please put a check (/)

in the box that corresponds to your answer.

1. Are you force to take up BS Accountancy?

[ ] Yes

[ ] No

2. What is the primary reason you pick this program?

[ ] It fits my skills and abilities

 [ ] Family/ Parent’s Decision

[ ] Peer Pressure

[ ] In demand

[ ] Others. Please specify _______________

3. What’s the common problem you’ve faced in studying the program?

[ ] Difficulty of the courses

[ ] Managing time and Stress

[ ] Financial problem

[ ] Others. Please specify _______________

4. What is your primary consideration in choosing your job?

[ ] friendly environment

[ ] high salary

[ ] location of the workplace

[ ] related to your specialty/experience

[ ] many benefits and bonuses

5. In what area do you think your strength is?

[ ] communication skills

[ ] analytical skills

[ ] technical skills

[ ] physical capabilities
 [ ] mental capabilities

6. Where do you want to work?

[ ] in my hometown

[ ] in our province

[ ] in the metropolitan area

[ ] abroad

7. Is it necessary for you that your first job will be in line of accountancy profession?

[ ] Yes

[ ] No

8. In what area of profession is your dream job?

[ ] Public Accounting

[ ] Academe/ Education

[ ] Government

[ ] Industry

9. By any chance, do you consider yourself working abroad?

[ ] Yes

[ ] No
10. What is your end goal after finishing the 5-year degree of program of

accountancy?

[ ] To become a CPA

[ ] To have a stable job

[ ] To enter a business venture

[ ] To further study and get a Law Degree

[ ] To work abroad

Thank you for answering the following questions. The researchers ensure utmost

confidentiality concerning your answers. God Bless!

References

http://www.publishyourarticles.net/knowledge-hub/accounting/what-is-book-keeping/175

http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.454.6822&rep=rep1&type=pdf

http://www.jstor.org/stable/42857703?seq=1#page_scan_tab_contents

Anthony, Robert N., Hawkins, Davis F., Merchant, Kenneth A., (2003), International

Edition Accounting Text and Cases, page 6

Horngren, Charles T., Harrison, Walter T., Oliver, Suzanne (2009), Eight Edition

Acoounting, Prentice Hall, Copyright Pearson Education, Inc., page 3

Meigs, Robert, Meigs, Mary, Bettner, Mark, Whittington, Ray (1996), Tenth Edittion

Accounting The Basis for Business Decisions, The McGraw-Hill Companies, Inc., page

28

Ainsworth, Denne, Deines, Dan (2007), Introduction to Accounting An Integrated

Approach, McGraw-Hill Companies Inc., page 4

Rante, Gloria Ardaniel (2010), Fundamentals of Accounting P.1 Accounting Service

Merchandising and Manufacturing 2010 Edition, Millennium Books Inc., page 4 and 5

Valencia, Edwin G. (2002), Basic Accounting Concepts, Principles, Procedures, and

Applications, Valencia Educational Supply, page 2 and 13

Warren, Carl S., Reeve, James M., Duchac, Jonathan (2007), Accounting Chapter 1-13,

The Thompson Learning