Are colleges focused too much on preparing students for public accounting and not enough for their later corporate careers?
CFOs are already on record with their views on the personal traits of young people entering the accounting workforce today: too often lacking in drive and determination, gripped by a hunger for constant praise, and disturbingly prone to job-hopping at the first wisp of unhappiness.
But some senior finance executives are also frustrated with the low level of practical knowledge exhibited by new talent hired out of college or, more often, public accounting firms. This shortcoming is blamed in large part on schools' lopsided focus on audit, compliance, and tax — the work of public accountancies — at the expense of content that will prepare students for the corporate work that will be the ultimate career direction for most of them. In those jobs, they'll need strong backgrounds in such areas as budgeting, forecasting, internal controls, risk and performance management, and leadership development.
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