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Usha MistryLondon School of Business and Management

Four Drivers of Employability: PACE

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Four Drivers of Employability: PACE - Accounting degree

Contents1. Introduction

2. Employability Skills Support model – PACE BA AFM

3. Literature Review

4. Research Method

5. Research questions, findings and recommendations

6. Conclusion

7. References

1. Introduction Widening participation of higher education. Increase in graduate numbers since the early 1990s. A brilliant first degree may not be enough to secure

employment. Importance of employability skills also known as (ICAEW, 2013) soft skills, personal skills, transferrable skills, behaviours and competencies.

Government recognised importance of employability:Embedding employability into the core of higher education will continue to be a key priority of Government, universities and colleges, and employers. This will bring significant private and public benefit, demonstrating higher education’s broader role in contributing to economic growth as well as its vital role in social and cultural development. (HEFCE, 2011)

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Students should not wait to consider career development till they graduate.

Photo source from: http://www.wolaver.org/animals/ostrich.htm

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Students can stand out from the crowd in employment market with continuous development.

Photo source from: https://blog.slideshare.net/2014/05/26/finding-the-only-in-your-presentation-narrative

2. Embedded Employability Skills Support Model - P.A.C.E. BA AFM

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Simple model understood by all. Demonstrates how LSBM supports students in gaining employability skills to diverse students bodies including mature students who may be going through career change.

PSRBFree student membershipBusiness Games/WorkshopsAccreditation

AcademicKey support link in developing. Technical/soft skills Internship module Reflective PracticeSage and ExcelSTAR/PAL/Societies

CareersWeek 2 & 9 sessions Myers Briggs, PDP Template, CV, Cover letter, Interview, Internship, Graduate Employment

EmployersEntrepreneursCharities, PSRBVolunteering,InternshipGraduate EmploymentSkills comparison

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Lord Bilimoria Cobra Oliver Everett CEO of Commonwealth Enterprise

CIMA Business Game

Orrin Thomas ACCALarry Shaw CILEx

Jason Nye CIMAThe Student Lawyer

Accounting for Law

Employers - Extramural Lectures

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In. Risk Management

RNIB

Institute Of Directors

OXFAM Symposium Human rights

Paula Lewis CIPD

Carol Husband CMI Philip Preston CIM

Employers - Extramural Lectures

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‘Thank you for giving us such a fantastic opportunity to meet Lord Bilimoria and have the opportunity to listen to his very inspirational speech. It was the best choice! Thank you!’

[Student 1]

‘It was an awesome lecture and to be honest it is a good opportunity for every student.’

[Student 2]

‘I would like to mention my appreciation for the hard work you are doing in organising these event which can enhance our employability.’

[Student 3]

3. Brief literature review• Dearing, (1997) linked employability to the acquisition of

skills for life. Four key skills identified for successful graduates: communication, numeracy, IT, learning how to learn.

• A number models and definitions of employability skills over last 20 years, ranging from Knight and Yorke, (2006) USEM (Understanding, Skills, Efficacy beliefs, Metacognition) model of employability to Watts, (2006) DOTS Employability Model (Decision learning, Opportunities awareness, Transition learning, Self-awareness) Pool and Sewell’s, (2007) Career EDGE model (Career, Experience, Degree, Generic skills, Emotional Intelligence) to CBI and Universities UK, (2009) model with focus on enterprise education – skills for wider economy. www.lsbm.ac.uk

CIMA Competency Framework, (2015)CIMA (2015) Mind the skills gap (a Europe-wide survey of 1,700 finance professionals) revealed that an alarming proportion of graduates that financial managers hire are inadequately prepared for work. They possess inadequate technical knowledge, inadequate soft skills, lack professionalism, and lack basic numeracy and literacy.

Source: CIMA Certificate in Business Accounting 2017 Syllabus

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AGR Skills and Attributes, (2016)

Source: Association of Graduate Recruiters (AGR) response to 2015 Higher Education Green Paper consultation

The last four skills are easily developed on the course, BUT Most skills are developed through life and work experience over time.

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Conclusion of Literature Review• Several definitions of employability. • Several Support models - not restricted to one size

fits all – PACE model. • Employability skills are a continuous development

and growth throughout life –lifelong skills.• Most employers desire graduates who have

developed soft skills as well as technical skills.

4. Research Method CIMA Business Game – separate conference presentation. Free CIMA student membership to Level 4 and 5 students. Observe and evaluate services used between October to

December 2016 via questionnaire. 20 students filled in the questionnaire (14 from Level 4 students

and 6 from Level 5 representing 61% and 75% completion rate). Two focus group meetings to make students aware of services. Addresses the following questions:

1. What services are offered by CIMA student membership?2. What services did the students access?3. What did students gain from access to services in terms

of their employment skills development?4. What recommendations were made by students to

improve CIMA student membership services?

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PSRB

5. What services available and student accessed?

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Services Interpretation of the resultsBlogs Developing future employment plans, writing motivational

letter, knowledge of company background for the job interview

Discussion forum Feedback and interaction with other members is important.

Webinar Excel and Sage useful for studies CV and Presentation on social media to be of use for future job application.

Student & Member Event Network

Awareness of networking opportunities Attended or will attend events to develop both personally and professionally.

Case Studies Reading about peoples experiences in employment gave an insight on how to plan personal career.

Ethics tools and content

Awareness of importance of skills such as honesty, integrity, unbiased, application of knowledge in assignment.

5. What did students gain from access to services in terms of employment skills development?

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Services Interpretation of the resultsCIMA My Jobs

Awareness range of skills - internship to graduate job postings to fully qualified accountant.

Skills students identified as important are: ‘Communication, listening, team work, time management, problem solving, commercial awareness, planning and organisation, technical skills, analytical skills, flexibility, all-around IT skills, logical, ability to work on your own initiative, motivated, lifelong learning, previous experience, focused and ambition. Realised importance of upper class honours.

Proactive actions taken by student –- Posted CV on CIMA website - Included CIMA student membership details on CV, - Will be volunteering, - Applying for internships- Attended/will attend external CIMA events

Planning ahead.

5. What did students gain from access to services in terms of employment skills development?

5. Student recommendations of CIMA student membership service

• One student wanted voluntary placement to be posted in order to gain work experience due to competition of gaining paid work placement.

• Another student wanted the FM App to be more efficient.

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6. Conclusion• PACE model recognises importance of offering a wide range

of experience outside the academic syllabus. Extra-curricular achievements will positively contribute to graduate employability.

• This research highlights importance of PSRB student membership. All the students valued the free CIMA student membership and attended the CIMA in house events, received CIMA student packs and joined the CIMA graduate club.

• The feedback from CIMA bloggers, discussion forum, job posting has become LSBM students feedforward i.e. it has aided students to be aware, take stock, and plan ahead (PACE) in gaining employability skills and not leave development until graduation.

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7. ReferencesAssociation of Graduate Recruiters Response to 2015 Higher Education Green Paper, https://www.agr.org.uk/write/Documents/HE_Green_Paper_AGR_Submission_-_Jan_2016.pdf[Accessed 17th December 2016]

Bennett, Roger (2002) Employers' Demands for Personal Transferable Skills in Graduates: a content analysis of 1000 job advertisements and an associated empirical study, Journal of Vocational Education & Training, 54:4, 457-476, DOI: 10.1080/13636820200200209http://www.tandfonline.com/doi/pdf/10.1080/13636820200200209?needAccess=true[Accessed 17th January 2017]

Business Dictionary, http://www.businessdictionary.com/definition/employability-skills.html [Accessed 17th December 2016].

CBI/NUS Working towards your future report (CBI 2011) http://www.nus.org.uk/Global/CBI_NUS_Employability%20report_May%202011.pdf [Accessed 27th September 2016]

CBI/Pearson Education and Skills Survey 2016, The Right Combination http://www.cbi.org.uk/cbi-prod/assets/File/pdf/cbi-education-and-skills-survey2016.pdf[Accessed 28th December 2016]

Chartered Global Management Accountants (CGMA) (2014) report, Addressing the Employability Crisis, Reconnecting Education, Skills and Jobs http://www.cgma.org/resources/reports/downloadabledocuments/cgma-employability-report.pdf [Accessed 27th September 2016].

CIMA Mind the Skills Gap (2015) http://myjobs.cimaglobal.com/article/mind-the-skills-gap/ [Accessed 20th September 2016].

CIMA Certificate in Business Accounting 2017 Syllabushttp://www.cimaglobal.com/Global/2017%20Cert%20BA/Syllabus%20doc/Cert%20BA%20Syllabus%202017.pdf(Accessed 22nd December 2016)

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7. ReferencesCreswell, J.W., (2013), Qualitative Inquiry and Research Design. Choosing among five approaches. 3rd Ed. London: Sage Publications.

Dearing, R., (1997), Higher education in the learning society: Main Report, The National Committee of Inquiry into Higher Education http://www.educationengland.org.uk/documents/dearing1997/dearing1997.html#01 [Accessed 27th September 2016].

Department for Business and Innovation and Skills, Graduate Labour market Statistics 2015, published 2016https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/518654/bis-16-232-graduate-labour-market-statistics-2015.pdf[Accessed 17th December 2017]

Global risk Forum 2014, 9th Edition, World Economic Forum http://www3.weforum.org/docs/WEF_GlobalRisks_Report_2014.pdf [Accessed 27th September 2016].

Harvey, L. & Knight, P., (2005), Briefings on Employability 5: Helping Departments to Develop Employability. London. ESECT.http://www.employability.ed.ac.uk/documents/Staff/HEABriefings/HEA-Briefing5-Helping_depts_develop_employability.pdf[Accessed 28th September 2016].

HEFCE (2011) Opportunity, choice and excellence in Higher education: http://www.hefce.ac.uk/news/hefce/2011/strategy.htmlhttp://www.hestem.ac.uk/sites/default/files/hefce_opportunity_choice_and_excellence_in_higher_education.pdf Accessed 28th

September 2016

Institute of Chartered Accountants in England and Wales, (2013), A world leader of the accountancy and finance professionfile:///D:/My%20Documents/Downloads/employability%20skills%20general%20presentation%20(2).pdf[Accessed 28th January 2017].

Poole, L. D. & Sewell, P., (2007), The key to employability: developing a practical model of graduate employabilityhttps://www.sheffield.ac.uk/polopoly_fs/1.18900!/file/UCLAN-model-of-graduate-employability.pdf [Accessed 28th September 2016].

Oxford Dictionary, https://en.oxforddictionaries.com/definition/feedforward[Accessed 30th December 2016].

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7. ReferencesQAA Quality Code Part B (2013). Chapter B1: Programme design, development and approval. QAA [online]. Available at: http://www.qaa.ac.uk/en/AboutUs/Documents/quality-code-B1-Programme-Design-Development-And-Approval-17-February-2015.pdf [Accessed 20th September 2016].

QAA Subject Benchmark Statement 2016, http://www.qaa.ac.uk/en/Publications/Documents/SBS-Accounting-16.pdf, [Accessed 27th September 2016].

Robles M M, (2012) Executive perceptions of the top 10 soft skills needed in today’s workplace. Business Communication Quarterly https://www.researchgate.net/publication/258126575_Executive_Perceptions_of_the_Top_10_Soft_Skills_Needed_in_Today's_Workplace(Accessed 24th December 2016)

UKCES, www.ukces.org.uk [Accessed 27th September 2016].

Watts, A G Career, (2006), Development Learning and employability, The Higher Education Academy https://www.heacademy.ac.uk/system/files/id592_career_development_learning_and_employability.pdf (Accessed 30th December 2016)

World Economic Forum, 2016, The 10 skills you need to thrive in the Fourth Industrial Revolutionhttps://www.weforum.org/agenda/2016/01/the-10-skills-you-need-to-thrive-in-the-fourth-industrial-revolution/[Accessed 17th December 2017]

Yorke, M and Knight, P (2006), Embedding Employability into the Curriculum. Learning and Employability Series One. York: Higher Education Academy. https://www.heacademy.ac.uk/system/files/id460_embedding_employability_into_the_curriculum_338.pdf[Accessed 28th September 2016].

Thank You!Any Questions?