Studying accounting at advanced/intermediate level requires the development of organisational skills, comprehension of texts, numerical calculations, logical reasoning, analysis of situations and value judgement. Learning the subject assists in the development of financial literacy, a very useful tool needed to manage personal and organisational resources autonomously and efficiently.
Two main areas of accounting are covered at both levels. Financial accounting is concerned with the recording of transactions and the preparation of financial statements of a number of different business organisations. Cost and management accounting focuses on cost analysis and ascertainment, planning and control, decision making and performance appraisal. Whilst financial accounting draws upon previous knowledge of accounting studied at SEC level, cost and management accounting shall be introduced at advanced/intermediate level.
Having a SEC certificate in accounting is beneficial and recommended. However, we also accept students who have not studied the subject at secondary level. Past experience shows that students without a SEC certificate will also complete the course successfully provided that they are committed to work hard. If you intend to choose accounting at advanced/intermediate level, it is advisable that you become familiar with the subject prior to the start of the academic year. Prior knowledge recommended includes: knowledge of the double entry system up to trial balance and basic knowledge of the preparation of financial statements of a sole trader.
Having a good grade in mathematics is beneficial but not a must. Whilst it is crucial that students of accounting have basic numeracy skills and aptitudes, there are no complex mathematical computations involved. The use of calculators assists students of accounting throughout, even during assessments.
Accounting at advanced/intermediate level involves both a theoretical component and numerical questions. The theoretical aspect is assessed by means of short questions and comprises 25% of the total mark in formal assessments at intermediate level and 30% of the total mark in the case of advanced level. Thus, the need to be able to express yourself competently in English. The main component of learning time and assessment focuses on numerical questions which comprise the remaining 75% of the total mark in formal assessments at intermediate level and 70% in the case of advanced level.
Accounting is a subject which requires incremental learning, meaning that a learner is able to proceed learning the next topic, only if and when, s/he has a good understanding and working knowledge of the prior topic. This implies that learners need to be assessed on an ongoing basis so that lecturers can evaluate whether students are ready for the next topic. This procedure assists learning by identifying the strengths of the student and pointing out where further understanding and work is required. This system helps students to gauge their performance just in time so that requests for assistance are prompt and effective. Assessment marks earned through continuous assessments are integrated within the final mark acquired in the subject each academic year.
We at the accounting department assess our learners on an ongoing basis and employ a number of different assessment procedures to make sure that assessment becomes a tool for learning. Assessment procedures used include participation during lectures, class-based homework, departmental assignments, tutorial work, class-based and departmental tests and a final examination.
Every year the department of accounting organises a seminar which involves the participation of higher educational partners as well as accounting and audit firms. The aim of this seminar is to provide second year advanced level students with an overview of the educational paths available for accounting students. Accounting and audit firms provide students with insights on issues revolving around contemporary accounting practices as well as a taster of the experience of being an accountant or an auditor. It is crucial to point out that this seminar serves to illustrate the multidimensional role of accountants who may specialise in different aspects of the profession such as advisory services, taxation, audit and assurance and financial reporting. During these seminars, accounting and audit firms continue to stress every year that the demand for accountants is consistent and on the rise, highlighting the plentiful and diverse career prospects for upcoming accountants.
Studying accounting at advanced level does not in any way constrain you to become an accountant or an auditor, it actually broadens your horizon. You will benefit from studying accounting at advanced/intermediate level both on a personal and professional level. On a personal level, studying the subject equips you with the necessary understanding and skills to manage personal/household finances efficiently whilst providing an understanding of organisational, national and global financial issues. Our students generally find learning accounting a very fulfilling enterprise as it is an engaging subject which rewards hardworking students.
Career-wise, studying accounting at advanced/intermediate level is also useful to students who intend to become entrepreneurs themselves, students who intend to combine a career in business and information technology, prospective lawyers who specialise in finance, prospective teachers of accounting and related business subjects, students who intend to pursue a career in banking or insurance, prospective managers…. Actually, the list of careers benefitting from studying accounting at this level is endless!
The list of recommended textbooks shall provide you with an idea of the books that you may be asked to purchase during the course of studying accounting at the college. It is strongly recommended that you wait until your encounter with your respective accounting lecturer/s prior to purchasing your accounting textbooks. Different lecturers may actually use different text books and resources.
