18 Pages
4467 Words
Introduction : Employment Award Screenshot
Reflective Essay
2.1 Why this job
I have decided to opt for the role of accounting analyst in Bloomberg. I have chosen this job role as these opportunity suites my previous job experiences and it is relevant to my interest area. I want to be part of Bloomberg Company as it provides effective and positive working condition to employs. The work culture in company is focusing towards open communication, adequate coordination and involvement of employees in organizational function. There is high growth rate for employees in the company and it has been identified that employee’s growth rate has been increased to 5.3 % in previous years (Growth opportunity in Bloomberg, 2023). This indicates that working in company will help in developing my existing skills and helps in becoming financial independent. This will be possible as company is offering high amount of salary to employees which help in maintaining their satisfaction level. I have decided for this job as there is high amount of growth opportunities available for employees working as accounting analyst in UK.
2.2 Required skills for completion of accounting analyst job:
Accounting analyst aims at recording all business transaction, focus towards controlling other business processes which includes budgeting and bookkeeping. Accounting analyst also focuses on evaluating all financial processes within organization to identify there compliance with accounting standards (Moldoveanu and Narayandas, 2019). This will also include collection of data from all the department of organization and organized in appropriate manner which will help in determining financial position of company. For effective and efficiently completion of all task employees should possess various skills.
Employees should have strong knowledge regarding the Reconciliation of bank statement which will help in determining gap between cashbook and pass book (Guzmán et al, 2020). It is duty of analyst to maintain sync between both types of books which will help in effective accounting. Employees should posses’ good customer services which will help in appropriate cash and credit collection and maintaining satisfaction level of customers. They should have adequate knowledge regarding GAAP in which further accounting process which will be carry out. Employees should posse’s strong analytical skills and have expertise in using Excel. Good knowledge regarding financial analysis is necessary for effectively carrying out the job role.
2.3 Existing Skills and knowledge:
In university of Westminster I have developed various skills which will be beneficial for effective completion of analyst job role. During the module I have generated knowledge regarding GAAP standards and how this could be implemented in the company. There were assignments in university in which we need to analysis companies to determine whether they are following all the standards and need to identify standards which are not followed by them. During two year graduation I have developed good communication skills as during module we were asked to explain information from financial statement of company to listeners. These skills will used in communicating financial position to investors and other stakeholders and helps in making them understand critical points of financial statements. In two years I have invested my extra time in taking various classes which will help in generating my accounting skills. I have focused toward taking classes for improving my excel skills and focus on using excel in day to day which will help in becoming efficient in using techniques. In periods of 2 year I was gathered with students which are having same level of interest which help in development of various new skills and help in enhancing my level of knowledge.
2.4 Development of competencies for reducing gaps:
During 2 years in university I have developed various skills and competencies which will help in effectively fulfilling the role of accounting analyst. However, there are some skills which I should develop that will help in effective completion of tasks and duties. I have experience of working as accounting analyst in small firm but in Bloomberg I need to coordinate with large departments and many employees. I need to pay attention towards improving my coordination skills. It will be my responsibility to control internal operation of firm and identify the areas where the work is not appropriate. These require the skills of effective analysis and evaluation skills which will help in determining changes in the policies of accounting. Continuous working within organization will help in gaining more experiences in completion of all tasks. I need to create self awareness related to the changes which has been brought in standard principle formed by Association of Chartered Certificate Accountant. Developing these skills will help in reducing the gaps between the completions of accounting assistant job.
3. REFLECTIVE ESSAY:
If knowledge is gained from more experienced person then quality of work and level of knowledge could be enhanced. I have taken part in mentoring program which will help in developing new skills and help in understanding how particular skills could be used in different scenarios.
In the first session of mentoring program I was asked to write all my strength and weaknesses and submit to mentor. I have identified that I am having good time management skill, critical thinking and problem solving skills. My problem solving skills motivates me to conduct continuous research and helps in identify faults in financial statement. On the basis of my strengths mentors provide me various situations and asked to provide different solution to overcome difficulties. From this session I understood that I have not covered all aspects of strengths and I need to work harder to develop that quality. This helps in accurately determine in which field I need to work hard and what are the weakness on which I need to work on. For converting weaknesses into strengths, mentors conduct various activities through which my skill could be developed.
During second session of mentoring we had discussion on importance and role of accounting analyst in the organization. During the session I understood that role of analyst did not end with recording business traction and verifying compliance with accounting principle. Mentoring help in understanding that an effective accounting analyst should developed skill to evaluate the financial statement and able to find out company’s financial position. Mentoring also help in gaining knowledge regarding importance of policy formation by finance department which will impact overall growth of organization.
In third session of mentoring we have discussed on various methodologies and software which could be effectively used by accounting analyst. In this session mentor also share his experience of using particular method in their working period and what was its impact. Through this session I understood that in the field of accountancy self awareness should be created within individual as this will help in understanding various changes which has been occurred in the industry. From the experience of mentor I have understood that before taking any financial decision micro and macro environment should be properly evaluated. This will help in understanding accuracy of decision which will be taken and also helps in determining exact benefits associate with decision.
Mentoring helps in developing greater and better understanding of leadership within organization. Form mentoring I have understood that leadership does not only relate to influencing other and making them works according to our thought process. It is best carried out if employees are provided with environment in which they are happy to complete their work. From mentoring process I have identified that leaders can effectively carry out their roles if they focus on the behavior and belief of employees. I have determined that leadership skills could be generated by effective and efficient carry out mentoring process. Mentors help us in understanding importance of determining other’s emotions and how one should behave according to that. This also helps me in understand that good elders should be able to reduce stress and pressure of employees and always focus on motivating them by appreciating their efforts. By mentoring I understood how mentors patiently carries out their wok and I also focus on evaluating the way by which he is coordinating action of every individual. Mentoring helps in developing my understanding of leadership as this enable me to understand important of sharing experience with other which will help in motivating them towards achieving goals.
Through mentoring I have identified that there are various measures by which leadership skills of an individual could be enhanced. I have identified that I should never distract my focus from the goals as this will help me in constantly finding measures for achieving goals. This will help in enhancing my knowledge and experience in completion of particular task. Mentoring paid focus on developing other skills which could be helpful in development of individual. I have identified that for effectively carry out the job of accounting assistant I should be having adequate leadership skills which will be helpful in influencing and motivating other for completion of particular task. Form mentoring I have determined that financial decision and position of company need to be share with other stakeholders, for this I should focus on effective communication skills. I have also developed my skills of conveying information given in financial statement of company which will help in improving understanding of listener.
4. REFLECTIVE ESSAY
Development of my leadership skills in field of Finance
4.1 Introduction
The characteristic of leadership is that it is pervasive and continuous in the nature. It refers as leadership is required in every field irrespective of size and the nature of work which has been undertaken. This essay involves the importance of leadership in the field of finance and how this will help in taking appropriate decision. It will also focus in the factors which are necessary for the developing effective leadership skill within an individual. Gibbs’ model of reflection will be used to share my experience of developing leadership skills and how this skill has been used to becoming effective (Gibbs model of reflection, 2022). This essay will also reflect on importance and impact of developing leadership skill in my overall development. Various leadership theories and model will also be discussed in essay and how this help in solving various problem exiting in the origination. This essay also focuses on importance of developing leadership skill in maintaining sustainability within firm.
4.2 Main body
Leadership refers to as skill of motivating and influencing other by which particular work could be carried out by them. Leadership plays an important role in effective working of organization as it helps in providing appropriate direction to the employees according to which they could fulfill their task. Leadership helps in coordinating employees within organization which will help in improving firm’s profitability (Eide, , Saether and Aspelund, 2020). Effective leadership is crucial for success of the company as this will help in determining effective ways by which employees in organization could be motivated that leads to timely completion of work.
Effective leadership is important for efficiently carrying out the operation of finance in the company. With changing time there is urgent need for companies to appoint employees with good leadership skills. It has been identified that as an accountant one needs to communicate with other employees and colleagues relating to complex information which is available in company’s statement (Kokina et al, 2021). Financial information need to be shared with investors and other stakeholders for that employees should poses good communication skills which will help in enhancing listener’s understanding. For becoming effective leader one should poses the skill of time management as in financial management it is very important to mange and complete all task on time which will help in carry out further process. Leaders should poses the skills of critical thinking as financial management does not only focus on recording of data rather it also focuses on evaluating and analyzing of financial data. Critical thinking will help in formulation of effective polices which will help in overcoming the entire problem in the organization (Field, Souther and Yore, 2020). In current time leaders should focus on maintaining flexibility in their operation which will help in bringing required changing in planning process whenever needed. Leaders should have capability to take initiative in organization and have courage to take responsibility for its impact.
In current time there are various challenges which financial leaders had to face. Effectiveness of decision could be determined if decision has taken on timely and on regular basis (Challenges in effective Leadership, 2023). This create challenges for leaders as they need to invest more time toward identifying changes which could occur in economy and should focus on timely policy formulation. In existing condition industry is facing high threats regarding cyber security which involve using financial information which will hampers working of organization. It is very difficult for leaders to collect all important and necessary data at particular place which leads to create problem in effective working of company.
Sustainability refers to as reducing the impact of business operation on the environment. This aims at introducing suitable courses of action by which organization could earn efficient amount of profit with no impact on environmental factors (Hamilton, 2019). Leadership plays an important role in maintaining sustainability within organization. It has been identified that effective leaders will emphasis on forming policies and strategies which will aim at suitable growth of organization. Leaders will work with team and guide them regarding their action which will help in carrying out effective results. Leaders pay focus on identifying and analyzing environment on regular basis which help in determine changes which has occurred in industry. Effective leadership aims at adapting such changes in the organization and help in achieving sustainable growth.
During the process of becoming effective leader I have focus on learning and implementing various leadership models and theories. These models and theories helped in effectively implementing leadership in the organization and leads to enhancing my leadership approach. I have understood that team orientation leadership model is best model among all. This aim at motivating employees by understanding their strengths and focus on maintaining coordination between employees. This type of model helps in improving satisfaction, efficiency and productivity of employees. In the field of finance this model of leadership is most effective as finance department need to be coordinate with other department for taking appropriate and important decision. All employees need to be work as a team for identifying correct financial position and determine the sectors which are not working appropriate which lead to reduction in the profitability. I have focused on developing skills which will help in effective carrying out team orientated leadership. I have focus on developing skill of influencing, communicating, critical thinking, adaptability and decision making which will help in effectively carrying out team orientation leadership within organization. I have taken part in various types of development activities and training which helps in developing my leadership skills. This training process includes various games which aim at improving coordination and collaboration within organization.
For overcoming all the challenges prevailing in the finance industry and improving my performance I focus on developing various leadership skills. This will help in improving my communication skills and focuses on development of critical thinking skills which is necessary for evaluating and analyzing all information within organization. At initial stages I will focus on improving my communication skill as it is basic required for the good leaders. Leaders aim at motivating and influencing other, for efficiently carrying out these process leaders should have effective communication skills. I will develop my communication skills by taking part in various seminars and conference which will help in improving my listening skills. I will focus towards carefully listen all parts of seminars and will pays attention on their communication patters. I will try to take part in various story telling session which involve creating own story at that time and convey to others. At starting level it was difficult for me, but with continuous practice I would able to do it. I have understood that I should start story with attractive lines which will help in gathering attention of all listener that will enhance my communication skills.
For developing effective leadership skills I should focus on developing techniques of influencing others. It is very important in the organization to motivate others which will help in carrying out task in most effective and adequate manner. This skills will help in motivating others employees to work with same level of enthusiasm and zest that will lead to effectively completion of goals and objective of organization. For developing the skills of influencing others I need to develop my communication and critical thinking skills. By effective communication I will be able to guide employees regarding the plans according to which they need to work. Critical thinking will help in identifying behavior and beliefs of individual which will help in taking decision that could satisfy them and leads to effective completion of goals.
After analyzing my current skills and strength I have identified that I need to develop my skill of maintaining good interpersonal relationship with employees. For effective leader it is very important to maintain good and effective relationship with employees (Flaig et al, 2020). This will help in understanding their thought process and helps in identifying problem which they are facing. I have understood that leaders which are having genuine, robust and trusting relationship within organization are more efficient in carrying out their work. For developing these skills I have focus on improving my communication skills which will help in understanding beliefs and thought process of employees. I have focus on developing skills of conflict resolution that will led to avoiding unnecessary confusion among employees and effectively carry out leadership process. I have understand that team building activities and games should by conducted within organization that will leads to improving interpersonal relationship among employees.
I have identified that for becoming effective leader I should focus on improving my critical thinking skills. This will help in evaluating existing data and identify variations which need to be done in policies of company. Critical thinking skill is crucial technique which is needed for effectively carrying out leadership process as this will help in finding appropriate measures for existing problems. Critical thinking will help in bringing innovation and creativity within firm which will help in improving productivity of employees (Ilyas, Abid and Ashfaq, 2020). From my previous experience I identified that my critical thinking skill is not effective as there was assignment in which we need to work as a group. I was the leader of the group which involves responsibility to divide appropriate work to each team member. I randomly allocate each task to them without determine their ability which unable them to effectively complete their task. This helps me in understand that I should have focused on evaluating my team members on the basis of their interest level and skills before allocating them Task. This will help in completion of work with utmost accuracy and also help in timely completion of all duties. For developing skills I started with examining and finding all available data and information.
Self awareness is important for developing these skills, as it involve evaluation and analysis all potential aspects of situation before taking any decision. I have developed my analyzing skills which include determine all the possible impact of taking particular decision on different sectors. This will help in determining most appropriate solution for the problem. I focused on communicating with specialized and experienced person who helped in developing and enhancing my knowledge level. This helps me in determining different point of view on particular situation that leads to improve my skills. I have taken part in various activities which aim at determining all possible solutions for particular situation. I have taken part in various training session which will help in developing new skills and eventually help in finding innovative solution for problems.
Efficiency of leadership is determined by identifying the effectiveness of decision being taken by leaders. Decision making is the crucial element for becoming effective leaders as organization’s success is depends on the accuracy of decision which has been undertaken (Garanina, Ranta and Dumay, 2022). I have understood that for becoming effective leaders I need to develop my skill regarding taking decision. This will help in increasing profitability and maintaining stability of organization. In the field of accounting analyst I need to take various decision which involve determine appropriate financial position and identifying ways by which financial position could be improved. As a leader I need to analysis the capability of employees according to which task need to be assigned to them. This will help in improving employee’s efficiency and adequacy of completing particular task. For taking appropriate decision I have started making plan which aim at writing down the initial problem and various solutions which can be used for solving the problem. I used to write all potential advantages and disadvantages which are associated with particular alternative as this will help in determine appropriate solution.
From the experience of previous job I have identified that my adaptability skills in not efficient. I was working as an accountant in the previous organization and the management of company has bought large number of changes in their organizational culture. I found it very difficult to adjust to all the changes which have been bought in company which indicate that I lack the skill of adaptability. In finance field it is very important to identify and evaluate all the changes which have been occurred related to regulatory framework. Form this experience I have understood that for effectively carrying out leadership skill I should focus on the developing skill of adaptability. Company’s rules an regulation should be flexible at initial level which will help employees to adapt changes. I develop these skills by identifying various measures by which change could be applied in finance field. This will help in enhancing my understanding and make it easy to adapt the changes. I have focus on keeping my behavior positive which will help in increasing confidence in adapting all changes.
Conflict is the crucial reason behind reduction in the efficiency and effectiveness of working of employees (Hinze and Sump, 2019). Effective leaders should focus on reducing scope of conflict within organization and aim at identifying measures through which confusion and misunderstanding could be reduced. I have identified that clear instruction should be provided related to responsibility and accountability of each employee which will develop their understanding regarding their roles and duties. By developing skill of critical thinking I will able to determine behavior and thought process of employees which will help in determine the way in which one need to tackle. After identifying mind set of individual I could communicate to them in manner which will help in reducing the scope of conflicts. Biggest reason for conflict is inattentiveness of individual toward speaker which some time leads to wrong interpretation of speaker‘s ideas and result in conflict. I have focus on improving my listening skills by attending various seminars and conference. I have paid attention towards understanding non verbal language speaker which will enhance my understanding. My decision making skill will help in taking appropriate decision which can resolve conflicts within organization.
4.3 Conclusion
It has been concluded from the essay that leadership plays an important role in development and growth of organization. In the field of finance, leadership helps in effective formulation of strategy which helps in achieving goal of organization. Company could achieve sustainability in its operation by availability of efficient leader. It has been identified that company faced various challenges such as inappropriate policy formulation and identifying changes on time which will impact growth of organization. For overcoming challenges, adequate leadership skill should be used in the firm. This has been identified that I have focused on developing leadership by improving communication, critical thinking, and influencing and conflict resolution skills. From my previous experiences I have understood the important of leadership and take various measures such as training and development activities which help in appropriate development of leadership skills.
References
Books and Journals
- Eide, A.E., Saether, E.A. and Aspelund, A., 2020. An investigation of leaders’ motivation, intellectual leadership, and sustainability strategy in relation to Norwegian manufacturers’ performance. Journal of Cleaner Production, 254, p.120053.
- Field, L.C., Souther, M.E. and Yore, A.S., 2020. At the table but can not break through the glass ceiling: Board leadership positions elude diverse directors. Journal of Financial Economics, 137(3), pp.787-814.
- Flaig, J., Alam, A., Huynh, J., Reid-Hector, J. and Heuer, A., 2020. Examining how formal leadership development programs positively influence hospital leaders’ individual competencies and organizational outcomes–an evidence-based literature review. Journal of Healthcare Leadership, pp.69-83.
- Garanina, T., Ranta, M. and Dumay, J., 2022. Blockchain in accounting research: current trends and emerging topics. Accounting, Auditing & Accountability Journal, 35(7), pp.1507-1533.
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- Hinze, A.K. and Sump, F., 2019. Corporate social responsibility and financial analysts: A review of the literature. Sustainability Accounting, Management and Policy Journal, 10(1), pp.183-207.
- Ilyas, S., Abid, G. and Ashfaq, F., 2020. Ethical leadership in sustainable organizations: The moderating role of general self-efficacy and the mediating role of organizational trust. Sustainable Production and Consumption, 22, pp.195-204.
- Katsaros, K.K., Tsirikas, A.N. and Kosta, G.C., 2020. The impact of leadership on firm financial performance: the mediating role of employees' readiness to change. Leadership & Organization Development Journal, 41(3), pp.333-347.
- Kokina, J., Gilleran, R., Blanchette, S. and Stoddard, D., 2021. Accountant as digital innovator: Roles and competencies in the age of automation. Accounting Horizons, 35(1), pp.153-184.
