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Preparing Future Accountants for a New Role in a Changing Profession
Professor Petros Lois, Head of tHe dePartment of accounting at tHe university of nicosia (unic), exPLains How students are being taugHt tHe traditionaL and new skiLLs tHat tHey wiLL require in future LeadersHiP roLes and How internsHiPs HeLP tHem convert tHeir academic knowLedge into vauabLe industry skiLLs.
Tell us about the wider importance of the field of Accounting in Cyprus and your commitment to this.
Cyprus is a global accounting services hub and a perfect location to study Accounting, boasting among the world’s highest per-capita rate of Chartered and Certified Accountants. Correspondingly, our commitment to education in Accounting mirrors the importance of the field to the island. Over the years, we have dedicated ourselves to providing top-quality education in the fields of Accounting, Banking and Finance, with a strong focus on instilling in our students the importance of ethics and ethical behaviour in the profession. Today, we consider ourselves one of the top universities for Accounting in the region.
What advantages does an Accounting degree from the University of Nicosia offer?
The UNIC Accounting Programme addresses the individual needs and goals of our students. During their studies, they learn to challenge established thinking, embrace new technologies, develop relevant attitudes and abilities, and continually assess the wider possibilities available in a challenging world. One thing I am certain of is that the future of accounting will continue to be affected by technology. Cloud accounting packages, for example, have made accounting software accessible from anywhere. To that end, Accounting education at UNIC is facilitated through our Accounting Lab, utilising specialised software and offering practical training. Our experienced, professional faculty helps prepare students for leadership roles and for advancement on several exciting career tracks, including accounting services, accounting information systems, taxation, internal and external auditing, corporate management accounting and management advisory. Our accounting graduates are also in an excellent position to pursue professional qualifications (ACCA, ACA, CFA, CIA, ADIT, CMA, ICA) through Globaltraining, our affiliated professional training organization, as well as our Joint Masters Programme in Banking, Accounting and Finance with the Hellenic Open University, and doctoral studies in related fields.
Does the University collaborate with any organisations that provide students with internship opportunities?
We believe that it is essential for our accounting students to have internship opportunities. This is why we introduced a placement opportunity as a course on our accounting pathway this year, with great success. More generally, students may be employed for a set period of time by local accounting and audit firms with which the University maintains close links. Internships are where higher education meets employment, allowing students to gain experience working in an organisation while studying. This is also enabled through our participation in the ERASMUS+ mobility programme. Students benefit greatly from such internship programmes, having made industry contacts, converting their academic knowledge into industry skills, while gaining an unforgettable life experience in the process.
What are the University’s graduates’ career prospects and the opportunities for further professional qualifications?
Our graduates are well-placed to pursue a professional qualification leading to the professional title of Chartered and/or Certified Accountant. I should note here that our Accounting Programme has been assessed by the two major UK professional accountancy bodies (ACCA and ICAEW), and enables graduates to apply for exemptions from the courses offered by these two bodies. The University’s Accounting graduates have very good prospects for their professional careers. They find work within a year of graduating in the accounting profession, governmental and semi-governmental sector, banking and financial services sector, as well as in the private business sector.
How has the accountant’s role changed over the years?
In recent decades, the accountancy profession has evolved considerably. Economic and political developments, combined with technological advancements, such as the advent of blockchain, have helped reshape the accountant’s role. Nowadays, accountants take part in the decision- making process as an important asset to the business. As a ship needs an anchor, a business needs an accountant. Accounting is completely dependent on technology these days. Much of the manual work previously undertaken by accountants is now fully automated on Cloud-based software. As such, accountants have shifted from being information processors to data analysts. In this new landscape, technologies such as Artificial Intelligence and Blockchain have been hailed by ACCA as transformative to the accountancy profession. And, according to ICAEW, using blockchain in the profession provides clarity over ownership of assets and the existence of obligations, dramatically improving efficiency. In today’s world, an accountant analyzes and interprets important information for decision-making, creating added value by utilizing available resources, preparing and communicating the financial results to third parties, while being responsible for the satisfaction of stakeholders’ interests (government, banks, suppliers, clients, etc.), as well as for managing risks and protecting the assets of the company.
Petros Lois
