Skills and Learning Statement Acca

Skills and Learning Statement Here, I will be discussing my experience, which I have gained while working on the project: ? Things learnt during the meetings with Project Mentor – Mr Raj My meetings with project mentor became a key success factor for my project. He showed me the direction from where I could start my project and reach to conclusion. Most of the meetings were held personally, which proved more effective than other sources of communication. I also managed to secure his personal contact number, which enabled me to contact him from time to time helping me solve my confusion relating to research. First meeting On our first meet I did not have a clear idea with what am I going to discuss with him. I was confused, rather lost with a couple of options/ideas in terms of the project, but my mentor immediately caught my uneasiness and he himself initiated the discussion. He asked me some questions regarding my interest and objectives for choosing the particular project an d spotted the ideal topic on which I should research and write a report on. This was the time when he gave me basic outlines on how should I approach the subject, the ways I should analyze it and so on. It was quite basic, but it was our first meeting, he didn’t want to put pressure on the first day. From above, I learnt that planning should be the initial stage of any topic or subject. Even before the meeting, if I had only planned everything in advance, it would have been more productive. †¢ Second meeting On this occasion I was much more organized and had a clearer idea of what I was going to talk about with him. I was more confident, which helped me initiate the discussion and ask more questions that further helped securing his trust in me. But, during the meeting, he realized that I was deviating from my subject area. Therefore he gave me certain suggestions through which I was able to draft a report structure, so that I do not go off topic yet again. Some other recommendations include approach to report, critical evaluation and conclusion. From this meeting, I learnt how to design a project structure and how to approach the subject area, concentration being the key. †¢ Third meeting This is the time when I made my first presentation, when I showed first draft through a slide show to my mentor and a group of people (mentor’s colleagues). My familiarity was limited to my mentor, which made me nervous and gradually affected my presentation in front of unfamiliar group of people. But, I managed to give my best and eventually ended up answering most of the questions asked by audience. Since beginning, I found it too hard to make judgements and reach to conclusions from the information I gathered. As a result, project was redrafted so many times that it became very frustrating for me. Further, my mentor kept stressing on a point that is to be critical to what I wrote from the beginning to the end. He believed by being critical one can improve one’s own work, which I later realized was true. This was a good learning part of my project, from which I learnt: -How to present yourself in front of others. -How to be confident when we are dealing with questions asked by audience at the time of a presentation. -How to attract other people’s attention and make them more interested in one’s topic. ? Personal performance on project objectives: In the event of data collection process, I was hoping that I have answers to all questions, but from actual analysis I realized that sometimes reality is different than what you think it is. The preliminary source of data was the company’s annual report. The information presented in financial statements is only a summary of company's operations and financial performance, which is normally related to events, which took place in the past. Ratio analysis was used to analyse the information contained in financial statements. Both of the companies being public ltd. companies, the research question was answered in greater depth as I got access to required information on non financial indicators, corporate governance structures and the likes. While some best practices are only included in company’s internal documents such as internal audit reports, I did not have access for the same, which I believe was one of the drawbacks I faced while working on this project. What I got was external and past information of the companies and on those bases I did the assessment of their decision. But, I am sure that internal information may have been more helpful. I believe that the quality of RAP would have been much better, if only the data collection was successful i. e. if I could get precise information, e. g. I could not manage to secure data for overall airline industry i. e. the overall financial ratios, which could be used to compare with the chosen companies. Attempts were made to gather data through calling and e-mailing, BA and Iberia, but all in vain. Also initially, I didn’t take referencing concept seriously. But through out my research review by different people especially by my mentor I found out how important referencing of data was. Now, I understand the necessity of referencing, corresponding to data gathered. Finally, as per the information availability, the amount of research I elieve was reasonably enough to cover whole aspect of the project. I constantly strived to get the best answers, making my project worthwhile. This was the best practice for my research to make it more objective than subjective. ? Demonstration of my interpersonal and communication skill: As suggested by my mentor I gathered my thoughts together before I started writing my report or even a to pic. It helped me enhance my skills from structuring my report to keeping it in a flow, which I feel I acquired through my ACCA papers. During the initial stages, the most prominent problem I faced was the mis-communication, may be due to the communication gap between me and the people with whom I worked till the finalisation of report, especially with my mentor. This I feel is very natural, when you are not meeting your mentor everyday and if there are some doubts, one has to email the other, leading to mis-communication. Also, every person has a different thought process, viewpoint and lookout. Some agree to it, while others don’t. To be honest even I didn’t like some of the comments and suggestions given by my mentor. This led to some complications in my project, i. e. basing on different opinions. But, to solve the problem, adequate steps and efforts were put in to reduce the communication gap. Presentation stage – This was the most dreaded part of my project as I have never made a presentation in my life in front of a group of people. I had to practise hard to improve my presentation skills, for which I made some presentations from a mirror to my family and friends. I tried to learn from negative feedback, while positive comments were taken well into consideration basing it as my strengths for presentation. Overall from each meeting, Mentor suggested that things could be better if I work on my verbal communication skills, which he said could be improved by interaction with more people. Mentor also suggested me to stick to one point to reduce any confusion. Interpersonal skills, which I developed with time, helped me in a manner where I communicated with different people in regards to my project. I learnt how to respect other’s opinions and views but at the same time how to exchange my views in an appropriate manner. As I mentioned earlier, my mentor was very critical, which helped me learn a lot from him. I realised that if I control my ego, then I can probably interpret in more efficient way. I learnt that the change in my attitude will help me enhance myself and my skills for my further professional career. ? Impact of project in my accountancy studies and employment career From this project report I found other sources of gaining knowledge other than lectures in college. This project was a learning curve for me, which improved my adaptable learning skills, which I feel will definitely help me in my future professional encounters, where I will have to be flexible at every stage. The techniques to study and analyze the project are all related to my past and current studies and future career. In my past education system, I often relied on understanding the techniques and models to solve case studies, but the current project report improved my critical thinking skills, which I believe will not only be supportive to my further ACCA papers but also to my career. The project provided me the knowledge i. e. what does each and every model I used meant and how was it implemented, in the real world? Furthermore, improvement in my writing style would help me score good marks in my exams. Since, there was a word limit for RAP, through this project I enhanced my writing skills i. e. to write to the point and not beat around the bush. The project did help me to consider time limit, which improved my organisational skills that should be helpful for my future career. Time management is important to meet deadline for any project. By this time I feel I have became more capable to plan and organize my further ACCA papers. My research work also improved my reading skills, which I believe would lead me to finish my exam in a limited period of time provided. The project work made me interested into reading newspapers, different kinds of articles, business pod casts and magazines, from which I will gain more knowledge and it may also be helpful for my future career. Through out this research I identified my strengths and weaknesses along with my personality, which will lead me to beat my drawbacks and enhance my skills in my accountancy profession.