Personal delelopment in Accounting and Finance Personal Development Essay

Introduction

Personal Development in Accounting and Finance course overall helps me to understand how did my career goal comes about, where do I stand now, and understand the journey and process which I will have to go through in order to achieve my career goal.

2. What did I learn / achieved in PDAF?

In PDAF, Belbin lesson, I understand that a team role is a pattern of behaviour. Different team role have different characteristics and all team roles have both strengths and weaknesses. A person could be having a few team roles at a same time. Through the questionnaire, I manage to identify a few team roles which I will normally adopt at work, which include the specialist, the completer/finisher and the shaper role. I manage to identify what are my strengths and allowable weakness. As I am showing the shaper’s weakness therefore I hope to improve on this area. (See appendix 1).

Through this MTBI personality test, I discovered that the personality type which I belong to is ISTJ (introverted sensing with extraverted thinking), whom is a duty fulfiller. This test also allows me to identify my strengths and weaknesses at work and home. I also realise that possible careers for ISTJ are accountants and financial officers which is what my career goal is. (See appendix 3). It was feedback from my group member that she feels that I’m in the right career path as the ISTJ’s personality described me truly.

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3. My Career journey – thoughts & feelings

Looking back at my lifeline during lesson 2, I feel that whoever I am now depend on the decision which I had made when I was 19 years old. To choose between going to a polytechnic for engineering course or a private school for CAT made my career journey changed. It is also because of great interest on figures and influences from family, that why I decided to choose a private accounting school for CAT courses rather the other. (See appendix 2)

I also feel that all these while in my career journey, I was consider quite lucky. I am lucky in a sense that, I have a lot opportunity to learn new things and gain experience on accounting field compared to the others. I started my first job as Account Assistant with no relevant working experience. Yet I have the opportunity to learn from scratch. I understand that not much company is willing to teach fresh graduate especially when this so called fresh graduate had not officially graduated at that point of time.

My career goal is to be an accountant. After doing some website research on the responsibilities for this role, I realise the main duty for an accountant in Singapore public or private sector is about the same. I believe in term of working experience I should be able to fit in as I have pick up quite a valid experience in this area. But looking at the current market entry requirement, sad to comment, although I have the experience and skills in accounting software, I see myself in a non-favourable position in obtaining this position at the current moment. I will need to upgrade my qualification and that is to take up a degree course so that I can fit into the position. (See appendix 4)

After working in accounting line for so many years, sometimes I do feel that my interest on my job had faded quite a lot. Sometimes I do not have the energy to move on. I feel that this might be due to long working period with no proper break or rest. As my career goal is to be an accountant, so I will not give up this goal so easily. If financially allows, I am considering of moving out of my working life temporary to have a good break while pursuing my degree course. I think by doing so, I can rest and replenish my energy level on my job, and I can place full time concentration on my study.

My follow-up after PDAF

After attending this Belbin lesson, I will like to improve on my weakness by showing more concern on the others. Now I tend to think twice before commenting remarks. Although is hard to do it, I hope I can do in time to be. (See appendix 1). I also hope that I can control my emotion (See appendix 2), by not being so affected when my close colleagues left the company.

I’m happy to know that I am in the right career path and see myself having more strengths than weaknesses being an ISTJ. Being someone whom honored our commitment, loyal and faithful, I hope I can continue this way especially toward my family. There is one weakness which had been around for quite a while and it had been happening quite often at work. It needs a lot of skill and effort in order for me to strengthen it. This weakness is having too strong sense of duty until I had difficult time to say no to others when I was given more work than what we can reasonable handle. I see the need for me to reduce this strong sense of duty image in front of others. I have to control it well so that my sense of duty still exist but yet I know how to say no to them when too much work is being passed down to me. (See appendix 3)

I also realise I do not have a proper written cover letter, the current one which I have now contain only a few lines which does not state any impressive remarks to employers. I also did not amend the cover letter accordingly to fit well to each individual job requirement. Therefore I need to pick up some skills on improving my cover letter. My CV was not updated with my latest experience and skill which I have obtained in my previous company. I need to update it regularly or as and when I have done any special projects or obtain any extra skills.

Appendices – The Group Presentations

Appendix 1 – Team Roles (Belbin)

Presentation content

Through the Belbin questionnaire, the team role which I have normally adopts is the “Specialist” role. Based on the information located from the website http://changingminds.org/explanations/preferences/belbin.htm, specialist’s strength is it has expert knowledge and skills in key areas and will solve many problems while its’ allowable weakness is it can be disinterested in all other areas.

I do agree on the questionnaire that most of the time at work I have been adopting the specialist role’s strength. Example, in my current position, I am handling GL (general ledger) function. Due to job responsibility, I often have to provide knowledge and assistance to other colleagues especially colleagues whom handle Accounts Receivable and Payables on any un-cleared issues or problems.

I do not agree that I have adopted specialist role’s weakness as in not much of showing disinterest in other areas. Example, usually at work I am very concern about other areas as I often have to attend other departments’ queries.

I agreed that another role which I have also adopted successfully is the “Completer/Finisher” role. Example, as my position covered month closing and reporting. I often have to do detail checking on entries for errors and omissions before presenting the data to my superior. Also I tend to worry too much when my colleagues do not finish their areas of work on time.

Reflection

In the Belbin lesson, I understand that a team role is a pattern of behaviour. Different team role have different characteristics and all team roles have both strengths and weaknesses. A person could be having a few team roles at a same time.

Through the Belbin questionnaire, I manage to identify a few team roles which I will normally adopt at work. Beside the contributions side of the specialist and completer/finisher, I realise that sometimes I tend to adopt the “Shaper” role. This role is full energy and action, challenging others to move forwards. This role can be insensitive. Example, at work I often have to push other colleagues and make sure they meet the closing deadline on time, by doing so, I tend to show the shaper’s weakness which is being insensitive. I sometimes tend to comment blunt remarks show poor attitude to the others when jobs were not done in time or properly.

Appendix 2 – Job Motivation

Presentation content

Reasons why I have decided to have accounting as my career choice are because of my interest and influences from my family member. Since I was young, I always like figures and counting, solving problem sums in school. It is also due to my sister’s influences, that why I chose to further my study in accounting and hoping to be an accountant. My sister is the first one who enlightened me. She convinced me to convert my interest into my career since my interest is on figures, and I am always being good at mathematics.

A few values which are important to me, one of which is money. I personally feel that money comes in hand in hand with hard work so with the hard work I have put in; I will want a justifiable amount of salary. Next value is happiness at work and good relationship with colleagues. I feel that in order to achieve happiness at work, we must maintain good relationships with colleagues. By having that, it will help to motivate us to go to work. Finally is appreciation from superior and career advancement. I feel the needs to have good opportunity to learn and do more things, follow-by promotion. I also need appreciation from superior by recognizing my hard work.

Co-workers are the ones whom will influence me at work. Relationship with them often will affect my mood of working. With close and good relationship with my colleagues, I feel happy and more motivated to go to work. As I am a very emotional person. I will feel affected if a close colleague left the company. I know because, in my current job, my mood was greatly affected when my accountant and a close colleague left the company. It is a sense of loss especially toward my accountant as she had given me very good appreciation and opportunity. When she left the company, I feel I have not only lost a good colleague/superior, I also lost my value.

Market requirement will affect my career choice. I always feel that accounting roles are always valuable in the market as all companies have accounts department and therefore accounting staffs will never be jobless.

Reflection

After working for quite a number of years, I realise my interest on my career had faded. My interest on figures is no longer existed. I value my values especially money at work more than interest. I see the important of these values, when my values are being achieve, I tend to be more motivated to move on but when values are not being achieved, it will influence me by affecting my motivation and emotion.

Appendix 3 – MBTI

Presentation content

The personality test located from the website http://www.humanmetrics.com/cgi-win/JTypes1.htm shows that my MBTI type is ISTJ, the duty fulfiller. ISTJ primary mode of living is focused internally, where we take things in via five senses in a literal, concrete fashion. Our secondary mode is external where we deal with things logically. Accountants and financial officers are the one of the possible career paths for ISTJ.

One of the ISTJ’s strength is we are people whom honor our commitment. We are loyal and faithful. We are people who can be depended on to do the right things for our families. Another strength which is, we are stable, practical and down-to-earth. We tend to believe in laws and traditions. We often tend to believe that things should be done accordingly to procedures and plans.

ISTJs have strongly-felt internal sense of duty which lends them a serious air and motivation to follow through on task. Because of this strong sense of duty, ISTJs may have difficult time saying “no” when we are given more work. Another weakness which we have is we will resist putting energy into things which don’t make sense to us.

I agreed the strength about believing that things should be done accordingly to procedures and plan. I usually like to do proper planning before proceeding. Example, I have habit of listing down the works I have to do for month end closing. I will note it as “done” once complete. Sometimes because of too many pieces of work coming in at the same time, I tend to state the items down and do it based on priority. I don’t quite agree to the point that ISTJ tend to resist of putting energy on things which don’t make sense, because perhaps I believe that sometimes at work, things might not be within our control so I often just continue to put in energy even if the things don’t make any sense to me.

Feedback from my group members

One of my team-mate comments that I have performed well in the group presentation. While another feel that I’m in the right career path as I fit truly well in ISTJ personality.

Reflections

Based on the personality test, I feel that I have chosen the right career choice. In term of personality at work, it reflected the very true side of me. It best described what kind of person I am at work or home. It highlighted to me what are the strengths and weaknesses I have.

ISJT has such a strong sense of duty that we may have a difficult time saying no when we are given more work than what we can reasonably handle. Looking at this point, I realise that this had happened quite often in my working life. I never say no to my superior when I was given too much work to do. I feel that there is a need for me to reduce my strong sense of duty image to the others especially to those who had been taking advantage of me.

Appendix 4 – Careers

Presentation content

The job which I have chosen is accountant position. Employers for public sector include local authorities, schools and etc, while employers for private sector range from large multinational organizations to small local businesses.

Accountants in both public sectors and private help to prepare examine and analyze financial statements and other financial reports. They check for accuracy in these records and this allows them to provide a clear picture of the company’s financial activities. They report to the management regards to all the finances issues. They develop, maintain and analyze budgets. They also check and pay creditors’ invoices, collect debts and charge customers for goods and services.

Although the duties for accountants in both sectors are similar, a public sector accountant’s main concern is not raising profit but to make best use of public money. They aim to balance the cost of public services against income. They may carry out internal audits if required. Another difference is as all limited companies must be externally audited therefore accountants for private sector are not allow do audit check.

The entry requirement for accountant is at least a bachelor’s degree in accounting or a related field. In term of skills and abilities requirement, both sectors need the accountant to have a good level of numeric. They should be able to use spreadsheets and specialized finance-related software to analyze and interpret figures and explain them to laymen. Both will need good communication skills, in both spoken and written. They should process good problem-solving skills, and have the ability to work well under pressure.

Reflections

Looking at the market requirement, I feel that my market value had dropped a bit although I do have the relevant experiences. The reason is because entry requirement had changed compare to the past. In the current situation, a degree qualification is a must.

Appendix 5 – Job Adverts

Presentation content

My job ideals is to find a job which is of accountant level and it’s responsibilities should be similar to what I am currently handling, but it should have some extra work which I am able to gain some experience from it.

I have chosen 3 jobs which are all accountant level position. They are accountant, finance for AIC (Agency for Integrated Care), accountant for NTUC (National Trades Union Congress) and accountant for Amanresorts International Pte Ltd. And the one which I have finally decided on is the accountant role for AIC.

This role’s responsibilities match with my current responsibilities. In this role, they are looking for someone whom will ensure timely month end activities as well as submission of financial and management reports. This role also needs to manage cash and banking matters, liaise with audit firms on audit matter and support budgeting and forecasting exercise. In term of skills and abilities, they are looking for someone whom has minimum 2 years experience in full set of account and knowledge of SAP accounting system. I had exposure on full set and SAP in my previous company, and I was there for more than 2 years.

I feel that this job is suitable for me the role responsibilities are scopes which I had handle before and I am comfortable with. In term of accounting system, they are using SAP which I rather preferred. AIC is a private limited company under healthcare industry. It was set up by Ministry of Health but was now under National Healthcare group. In term of benefit, I feel that it should be well too.

Reflections

I feel that in term of experiences, I do have the opportunity to fit into accountant level position once I obtain my degree.

Appendix 6 – Draft CV

How did I choose the format, layout and content of my CV, and what are the specific problems I have had in designing a targeted CV,

The CV format which I have been using is the combination CV. I obtained this format from the website many years ago. The layout for combination CV shows both skills and abilities and employment history. The total pages for current CV I had with me now makes up of 5 pages. In term of contents, I state a bit on my skills on accounting software and Microsoft office, and very detailed employment histories. For the employment history wise, information on the work I had been doing was stated in point form with no strong words to attract interviewer’s attraction. The whole CV also reflected repeated job-scope as I am doing almost the same job-scope for my initial employment. Overall to comment is I find my CV a bit lengthy.

The problem I faced in designing a targeted CV is I am not sure of how to make use of strong wording. Also sometimes I find it hard to describe the effort that we have put on a task on paper so that readers can understand.

Assignment 2 – Application Pack

Introduction

Job Title

I have chosen to apply for the position of Accountant, Finance for Agency for Integrated Care (AIC).

1.2 Requirement of the Job

The responsibilities include handle full set of accounts and ensure month end closing activities. This role needs to handle grant administration, manage cash and banking matters. She/He needs to liaise with audit firms and tax consultants on audit and tax matters. She/He needs to support budgeting and forecasting exercise.

The entry requirement is a recognised degree in Accountancy or equivalent with minimum 2 years experience in full set of accounts. It will be an added advantage if she/he has knowledge of SAP accounting system.

Job Advertisement

This is the job advertisement for the position of Accountant, Finance which I am applying for:

Advertised:23-7-10 | Closing Date:22-8-10

Accountant, Finance

(Singapore)

Responsibilities:

You will report to Manager, Finance.

Handle full set of accounts (GL, AP, AR and Fixed Assets) and ensure timely and accurate month-end closing activities as well as submission of financial, management and statutory reports, implementation and compliance with Internal Controls

Handle grant administration, including prompt claims submission, disbursement and tracking

Manage cash and banking matters

Liaise with audit firms and tax consultants on audit and taxation matters, including preparation of audit and tax schedules

Support budgeting and forecasting exercises

Requirements:

Recognised degree in Accountancy or equivalent with minimum 2 years’ experience in full set of accounts

Knowledge of SAP accounting system will be an added advantage

A team player who is meticulous and able to work independently

Good communication and interpersonal skills

Please do not use the buttons below to apply for the above position.

Kindly forward your detailed resume in MS Word format only, stating full details of qualifications, experience, current and expected salary, to .

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Agency for Integrated Care

5 Maxwell Road #10-00 Tower Block MND Complex Singapore 069110

Website: http://www.aic.sg/

Reasons for choice of job

Through searching for job advertisements from internet, I have set my focus on job advertisements for Accountant role.

Among the advertisement that I have reviewed, I shortlisted 3 which are listed below:

Company – Agency for Integrated Care (AIC)

Job Title – Accountant, Finance

(b) Company – Amanresorts International Pte Ltd

Job Title – Accountant

(c) Company – National Trades Union Congress (NTUC)

Job Title – Accountant

These 3 were shortlisted because the job responsibilities are similar to the current job responsibilities which I am currently handling which is involve in month end closing activities and year end budgeting and forecasting exercise. I feel comfortable to advance my career in this scope of duties.

Of the above 3, I have selected (a) as the one that I will focus on in Assignment 3. The reason for choosing this job is because the responsibilities for this position in AIC is not only something which I am familiar with but it also has some other responsibility which I will like to learn from. This is preparation of statutory reports. I will like to take this opportunity to pick up this skill. This company is using SAP system, which is a well known accounting system. I feel more comfortable using SAP system compare to other software like Accpac (as per stated by Amanresorts International Pte Ltd).

Skills & Attributes – My suitability for the job

Skills

My current accounting role with Volkswagen Group Singapore Pte Ltd includes handling month end closing activities. My duty also includes preparing month end financial reports. In my previous exposure in Hercules Chemical Solution, I handle full set of accounts for both Singapore and India accounts. In both company, I used SAP system.

Personality

Based on the MBTI, I realise that my personality type is ISTJ, which the possible career is being accountant or financial officer. I am someone whom has excellent ability to take on any task given by my superior. I will follow through the task till completion by organizing and planning. I am hard worker, who do now allow obstacles to get in my way of performing my duties.

Motivation

I am currently motivated mainly by values. Value like money is very important to me now. I hope to find a company which not only pay well but also give good staff benefit. Value like appreciation from superior and career advancement is also important to me. I hope to see myself being recognised through my hard work.

Weaknesses – What may hinder me in applying for this job

My limitation for this job opportunity will be I do not have the experience in preparing statutory reports, which I am not sure if the company is willing to train me on this area. I also do not have the experience in working in healthcare industry.

Cover Letter

Name Tay Siew Ling

Address Blk 684B Choa Chu Kang Crescent

#11-330 Singapore 682684

Contact 92975400 (Mobile)

Email taysiewling@yahoo.com.sg

09 August 2010

Agency for Integrated Care

5 Maxwell Road #10-00

Tower Block MND Complex

Singapore 069110

Dear

RE: Application for the position of Accountant, Finance

Refer to your job advertisement on the www.jobstreet.com.sg on 23 July 2010; I will like to express my interest to apply the position of Accountant, Finance.

I am a CAT holder and currently pursuing the Bachelor of Arts in Accounting with University of Bedfordshire. In my current employment with Volkswagen Group Singapore, my responsibilities include handling month end closing and preparation of financial reports. I am also involved in year end budgeting and forecasting. In my previous employment with Hercules Chemical Solution, I am responsible in handling full set of account for both Singapore and India account independently in Singapore with reporting head in Shanghai. Additionally, I have hands-on experiences on SAP system, financial module for more than four years. With these exposures, I am confident that I will be able to perform well in AIC

I greatly appreciate you taking the time to review my credentials and experience. I hope that you’ll find my experiences intriguing enough to warrant a face-to-face meeting, as I am confident that I could provide value to you and your company as a member of your team.

Please feel free to contact me if you have any query. Hope to receive a favourable reply from you.

.

Yours sincerely,

Language Proficiency

Spoken Language: English and Mandarin

Written Language: English and Chinese

Skill Proficiency

Well versed in Microsoft Office Software: Words and Excel.

Proficient with accounting software: SAP system, Accpac Dos Version, Solomon and Incadea.

Proficient with internet online banking: Citi-Direct, Bank of America online banking, Deustche online banking and DBS DEALS

Education Qualification

University of Bedfordshire

Bachelor of Arts (Honours) Accounting (July 2010 to Jan 2012)

The Association of Chartered Certified Accountants

Certified Accounting Technician (CAT) (1998 to 2003)

Fairfield Methodist Secondary School

Singapore-Cambridge General Certificate of Education-Ordinary Level (O-level) (1996 to 1997)

Singapore-Cambridge General Certificate of Education-Normal Level (N-level) (1993 to 1996)

Queenstown Primary School

Primary school leaving examination certificate-PSLE

Employment History Details

Volkswagen Group Singapore Pte Ltd

Account Executive (14 May 2008 to Current)

Handle the full spectrum of General Ledger and Fixed Asset

Ensure proper documentation for all fixed assets and depreciation amount was taken up correctly

Month end journal preparation and posting.

Ensure timely and accurate closing of monthly account

Prepare and review monthly profit and loss statement and balance sheet. Analysis monthly expenses and common cost allocation for respective department.

Prepare inter-company reconciliation and ensure AP Executive to follow-up on any invoices not received

Prepare reconciliation on Receivable and Payable sub-ledger against General Ledger

Prepare weekly cash position report

Prepare monthly bank reconciliation

Prepare monthly audit and closing schedules

Responsible for Fixed Deposit placement and coordinate with AP Executive on any fund transfer and huge payments

Quarterly GST preparation and submission

Involve in bi-weekly COE bidding process

Involve in year-end stock take for vehicle and parts inventories

Assist in year-end budget and forecast

Liaising with external auditors during yearly audit

Assist the Finance Manager in all ad-hoc duties as assigned

Achievement

Back-dated perform bank reconciliation for January to May 2008

Manage to perform reconciliation between Incadea and SAP system, also reconciliation between AP/AR control account against sub-ledger

Involvement in change of chart of account and roll-back project on the accounting system

Energy Market Company Pte Ltd

Account Executive (June 2006 to April 2008)

Handle the full spectrum of Accounts Receivable, Accounts Payable and Fixed Asset for EMC’s operating account

Handle partial spectrum of General Ledger

Ensure proper documentation for all fixed assets and depreciation amount was taken up correctly

Ensure timely and accurate closing of monthly operating account

Ensure timely billings on Industrial Training program fee and seminars

Ensure timely posting of all collections received

Ensure all supplier invoices matches with purchase orders issued

Ensure proper coding of GL code and posting of supplier invoices and staff reimbursement

Ensure timely cheque and telegraphic transfer payments to suppliers and staff reimbursement

Prepare cash position report

Prepare monthly bank reconciliation

Quarterly GST preparation

Submission on Statistic survey for energy industry

Involve in year-end fixed asset checking

Liaising with internal and external auditors during quarterly and yearly audit

Assist the Finance VP and Accountant in all ad-hoc duties as assigned

Achievement

Involvement in change of chart of account and update of accounting system

Successfully roll-out the E-Fixed Asset module

Attended the Microsoft Excel Expert course sponsored by company and was award a Microsoft Office Specialist at the Expert level from Microsoft

Hercules Chemical Solutions Pte Ltd

Account Executive (June 2004 to June 2006)

Handle the full set of account for Singapore and India accounts (up to Balance Sheet and Profit and Loss)

Ensure timely and accurate closing of monthly account for Singapore and India

Ensure timely billings on services fees and royalty income to inter-company

Ensure timely posting of all collections received

Ensure all supplier invoices matches with purchase orders issued

Ensure proper coding of GL code and posting of supplier invoices and staff reimbursement

Ensure timely cheque and telegraphic transfer payments to suppliers and staff reimbursement

Prepare and review monthly profit and loss statement and balance sheet including expenses analysis

Month end journal preparation and posting.

Prepare monthly audit and closing schedules

Prepare monthly bank reconciliation

Monthly Australia VAT preparation and submission.

Quarterly Singapore GST preparation and submission.

Quarterly preparation of reconciliation reports for SOX control requirement

Liaising with external auditors during quarterly and yearly audit

Liaising with tax agent from India on india tax issue

Assist the Financial Accountant in all ad-hoc duties as assigned

Achievement

Involve in moving the manual set of account for India into SAP

Involve in change of bank from Citibank to Bank of America

SNP Corporation Ltd

Accounts Assistant (June 2003 to June 2004)

Handle the full spectrum of Accounts Receivable and credit control

Ensure timely billings on non-stock related items example rental and advertisement

Responsible for proper sort and filing of high volume of tax invoices and credit notes on stock related item

Ensure timely posting of all collections received

Responsible for customer code creation

Prepare month end reports, example sales records and aging reports.

Assist the Senior Accountant in all ad-hoc duties as assigned

Tee Hai Chem Pte Ltd

Accounts Assistant (January to May 2003)

Handle the full spectrum of Accounts Receivable

Responsib