Introduction

During the last decades, globalization and technological development stand out as determining factors for changes that are becoming increasingly fast and transcendental. As indicated by ^{Delors (1996)}, in order to achieve an adequate adaptation to said changes, the job market demands professionals that are highly qualified in three complementary areas: cognitive ("knowing"), procedural ("knowing how to do") and attitudinal ("knowing how to be and do"). In this situation, the university system has been forced to react, carrying out a structural reform that allows approximating the academic offer to the demands of present society, increasing the employability of its graduates. It is in this regard that competence-based learning surfaces (^{Martínez and Echeverría, 2009}), a term that encompasses the set of knowledges, skills and values, ethics and attitudes that determine the capacity of a person to adequately respond to the demands of a specific job position (^{Biemans, Nieuwenbuis, Poell, Mulder and Wesselink, 2004}).

The objective of this research is to delve into the analysis of the competence-based training in the specific area of Public Accounting and Finance (CPF) for the specific case of Mexico, where there is a gap in the previous empirical literature (^{Montoya, Farías, and Mancina, 2013}). To this end, we proceed in the following manner. Firstly, we select a set of knowledge, skills and values, ethics and attitudes that the international standard and the previous literature have highlighted as important for the adequate professional performance in these disciplines. Below, we will compare the points of view of the market, represented by practicing professionals (employers), and that of the university, represented by the academics who work in the Higher Education Institutions (professors) and by the people who are currently studying in University at a bachelor degree level (students). The purpose of making this differentiation is to determine if there is a gap in the perceptions of the three groups regarding the three areas that comprise the competence term.

The empirical study carried out is based on a mixed research methodology, which combines a first quantitative stage with a subsequent qualitative one. Firstly, an internet-based survey was done by the professional members of the Mexican Institute of Public Accountants (IMCP for its acronym in Spanish) and the Mexican Institute of Finance Executives (IMEF for its acronym in Spanish), as well as by the professors and students of Public Accounting and Finance (LCPF for its acronym in Spanish) of several Mexican universities. Below, and in order to enrich and add value to the interpretation of the collected information, we present a focus group in which the representatives of the three surveyed groups participate.

Among the main results obtained, it is important to highlight the existence of a consensus regarding the greater significance that the three studied groups give to values, ethics and attitudes, above skills and, above all, knowledge. However, some significant differences are identified; mainly, intergroups, which reveal certain deviations between the level of training offered by the university and that required by the current job market. With this study, we contribute to the scarce empirical literature that exists in Latin America, in general, and particularly in Mexico, and has three practical implications both in the academic and managerial areas.

The remaining of this work is structured in the following manner. After this introduction, it briefly describes the theoretical bases that, at both the standard and empirical levels, serve to contextualize the subject at hand. Below, the methodological aspects of the research are more broadly explained. The fourth section analyzes the results obtained. Finally, the main conclusions are presented along with the limitations and future lines of research that are derived, as well as the bibliography that was consulted.

Standard framework and previous literature on competencies in CPF

In order to achieve the professional success of university graduates in a job market that has become increasingly more global, changing, and dynamic since the last century, some experts began promoting the relevance of the competence-based training approach (^{McLagan, 1997}; ^{Bennett, Dunne and Carré, 1999}), and more particularly, in managerial practice in the administration of companies (^{Varela, 2003}). In the CPF, the disciplines that are the subject of this work have been built on an important referent at a global level, the International Education Standards (IES), issued by the International Education Standards Board (IAESB) of the International Federation of Accountants (IFAC).

This standard framework defines competence as "the ability of a person to do a task in compliance with a specific standard in real work environments". Similarly, it defines capabilities as "the set of knowledge, professional skills and values, ethics and attitudes required to demonstrate competence" (^{IFAC, 2014, pp. 20-21}). These two definitions convey that in order for a professional to be competent, then they need to be trained in three different and complementary areas: cognitive (-technical- knowledge), procedural (abilities -skills-) and attitudinal (values, ethics and attitudes -behavior-).

In this regard, ^{IFAC (2014)} offers a series of orientations on the specific aspects that should be noted for these three areas. These is done in the documents that are indicated below, which along with the previous cited literature were then used as reference when elaborating the information collection instrument for the quantitative research of this work:

Regarding the academic aspects of this line of research, works concerning the determination of the objectives and functions of universities as Higher Education Institutions have proliferated in order to clarify what society can and should demand of them (^{Rubio, 2005}). In this regard, there is consensus agreeing that one of the main tasks of the university is to contribute to the employability of the graduates, which entails developing and strengthening the competences that are considered necessary in each discipline (^{Caballero, López, and Lampón, 2014}). Focusing on the general area of business administration, and more specifically regarding CPF, there is sufficient and diverse empirical evidences at an international level that supports the idea that employers in the job market are of the opinion that university graduates are not sufficiently prepared in the different areas of the required competences.

Within the English-speaking world, in Australia, ^{Kavanagh and Drennan (2008)} state that employers manly indicate the lack of a better knowledge of the real world and businesses, as well as a good understanding of the basic accounting concepts and greater analytical skills as a weakness. ^{Pan and Perera (2012)} provide evidence of the need to promote a better understanding on how accounting must be interpreted and how it can be used to improve a business, as well as a greater capacity to solve problems and manage time. ^{Tempone, Kavanagh, Segal, Hancock, Howieson and Kent (2012)} demonstrate that employers especially value the ability of graduates to communicate, work in teams, and self-manage. Similarly, in the United States, ^{Lin, Krishnan and Grace (2013)} indicate that employers demand graduates to have a greater capacity to communicate verbally and in writing, as well as greater interpersonal abilities to relate to others. Lastly, in the UK, ^{Senik, Broad, Mat and Kadir (2013)} reveal a lack of training in the basic understanding and use of specific software related to accounting, auditing, and taxes.

In the Ibero-American context, in Spain, ^{Arquero (2000)} and ^{Arquero, Donoso, Jiménez and González (2009)} provide evidence on important educational deficiencies in several nontechnical abilities, especially oral and written communication and problem-solving. ^{Marzo, Pedraja and Rivera (2009)} state that there is a greater deviation in the practical education received by university graduates. Furthermore, these have major shortcomings in skills such as initiative and oral communication (social areas), the practical application of knowledge, creativity, the ability to adapt to new situations and the implementation of standards and regulations (methodological abilities), the building of relationships with senior positions, negotiation and the ability to motivate others (participative abilities). ^{Pujol-Jover, Riera-Prunera and Abio (2015)} state that employers find shortcomings concerning the ability of graduates to adequately manage time, adapt to changes, communicate, work in teams and have an entrepreneurial vision. ^{Bartual and Turmo (2016)} emphasize the relevance given by employers to generic competences. Nevertheless, value differences are found according to the type of company. Similarly, there is a deficit in some relevant respects such as practical training and initiative, analysis or organizational abilities. In Colombia, ^{Cabeza, Castrillón and Lombana (2012)} find that the competences related to information technologies and communication, criticism and self-criticism, abstraction capacity, analysis and synthesis, risk and time management, the confrontation of new situations, commitment with the environment, and openness to international contexts must be developed. For their part, ^{Castrillón, Cabeza and Lombana (2015)} identify the five generic and specific competences that are most important for employers in the administration discipline. As generic they indicate the following: ethical commitment, commitment to quality, ability to make decisions, ability to identify, formulate and solve problems, and team work. As specific: development of tactical, operational and strategic planning, the use of leadership to achieve the goal of the organization, manage and develop human talent in the organization, identify and optimize the business processes of the organizations, and interpret accounting and financial information for decision-making. Furthermore, they state that employers consider that the identification and optimization of the business processes of the organizations and the detection of opportunities to carry out new business or develop new products must be improved.

Methodology

To obtain the necessary information, it was considered appropriate to use a mixed research methodology, so a structured and self-applied survey was implemented (quantitative) to a focus group (qualitative).

Results analysis

Skills

Table 4 presents the results obtained with regard to the skill level of a recent CPF graduate with respect to a total of 30 skills in order for them to be able to properly carry out their professional activity. The data are divided according to the source of opinion, market (employers of the IMCP and the IMEF) or university (professors and students) and are organized from a greater to smaller difference in means between both groups.

It is indicated that the 30 skills considered in this research have significant differences between the level of demand of the market and the training level of the universities. Except for the case of "Use of technology to communicate", the mean scores are superior in the market area. Again, this result shows certain shortcomings in Mexican universities regarding training in CPF, specially concerning aspects such as the "Use of technology to solve problems", "Command of Spanish and English", "Command of Spanish, English, and another language", "Written communication", "Time management", "Continuous learning", and "Logical thinking".

However, it is necessary to indicate that when structuring the mean scores of the skills regarding market and university, the resulting classifications are very similar in all cases. The only skills in which a greater distancing is identified are "The use of technology to communicate", "Self-managing", "Written communication", and "Oral communication".

Qualitative analysis

Figure 1 serves as a first approximation to the results of the focus group, which presents the terms that were more frequently used during the session. Concretely, the words "knowledge or conocimiento" and "values or valores" are the more referenced, followed by "skills or habilidades", "student or estudiante", and "attitudes or actitudes".

Source: own elaboration with data from NVivo v. eleven.

Figure. 1 More specific terms by the focal group 

Regarding the first matter presented to the focus group, the three employers agree with the results of the survey regarding the order of importance given to the three areas of competence: in the first place, values, ethics and attitudes, followed by skills and thirdly, knowledge. These are some of the more interesting considerations made by them with regard to this subject:

"I have always said that attitudes are more important than skills, because attitudes are what give you the ability to develop skills: to arrive early to work, to avoid being just thinking that it is almost six o'clock and that I have to leave work already, and instead, to think about finishing my work and doing it better every time; if I do not know something, then I ask; etc." (Employer 1).

"New graduates have this idea that when they finish their studies they are the kings of the world, and that they can do whatever they like. And most of the problems are in these attitudes taken, that is, their values. It is a fact that hierarchies are not respected, and everyone is seen the same way, the language with which they express themselves also says a lot, because often they behave as if they were still in school" (Employer 2).

"Of course, academic education is very important, but having the right attitude is even more important because you will learn throughout your life. It is not only what you learn in University what you will use, but what you learn in practice that will add to what you have already learned, and you will increase that knowledge. But, to have a position with more responsibilities, or to achieve any objective that you have, you will need the sum of all we have mentioned: attitude, skills, and knowledge. And I believe that they go in that order" (Employer 3).

During their turn to speak, one of the professors made the following comment:

"Well, first of all, I agree on the importance of attitude. Although I do consider it convenient for there to be a balance, since, in our field, there are evaluations with different employers that are brutally technical" (Professor 2).

Now, regarding the formation in values, ethics and attitudes, and linking this to the second matter presented to the focus group, there is a certain discrepancy regarding whether the university should be responsible. For example:

"Attitudes and values are more family related, or rather, they are inherent to every person" (Employer 3).

"I do not 100% agree that it is not the responsibility of the University to educate students on values/attitudes and skills. Indeed, I do agree that family is fundamental and that everyone has their own personality, but I also believe that, as professors, it should be our responsibility to combine our efforts to reinforce the students through examples and communication, and make them aware that if they have not developed these values (ethics, professionalism, delivery, honesty, etc.), they will not make it far." (Professor 3).

"Values shape us. They are originally acquired through our family, of course, but as a university we also need to promote them and make sure they are always present" (Professor 1).

"The academic institution should do a little bit more to reinforce values and attitudes, since we have knowledge, which is sometimes a little vague, that was acquired through memorization" (Student 3).

With regard to this last point mentioning memorization for the acquisition of knowledge, it seems appropriate to highlight the following observation:

"I think that what we sometimes forget is to make them understand what is being taught, planting the seed, and once the seed is there, it will start to grow with the skills and values that we develop" (Professor 1)

Once the employers were asked about what they look for when incorporating new graduates to their team works, these were some of their comments:

"For them to have a degree that is relevant to the field with an acceptable qualification, along with extracurricular activities and for them to have international experience, not only regarding languages, but for them to have cultural experience from other countries" (Professional 1).

"I would look for someone balanced. Also, for a person with the ability to think, analyze and interpret situations on their own, and can solve situations and problems in this manner" (Professional 2).

"I coincide with that. We look for people who have a balance in the three components that were mentioned. And I believe that it depends on the position that you are contracting, as the stronger characteristics of the person required for the job will change" (Professional 3).

Conclusions

This work contributes to the scarce previous empirical literature on the study of competences that are relevant to the professional performance of the CPF in Latin America, and particularly for the case of Mexico (^{Montoya, Farias and Mancina, 2013}). In the same line of previous research, the results obtained are indicative of a considerable gap between the educational offer of universities and the demands of the labor market in terms of knowledge, skills and values, ethics and attitudes. In this way, a better knowledge of the current situation is provided, which leads to important practical implications, both at the academic and managerial levels.

Firstly, this work is of interest to those responsible for designing academic programs in universities, as well as to the professors teaching within them, as it provides information that can serve as a guide for them to review training strategies and actions to meet the current needs of labor practice. On the other hand, from a business standpoint, this work is relevant for organizations such as IFAC, at the international level, and the IMCP and IMEF, at the national level of Mexico, with a view to reviewing and adapting the different regulatory frameworks that regulate training for the practice and professional performance of the CPF.

In this regard, it is fundamental to achieve a greater approximation and dialogue in the university-enterprise binomial, in order to avoid information asymmetries between the two spheres and mismatches related to the employability of graduates such as those shown in this study (^{Frecka and Reckers 2010}; ^{Hancock, Howieson, Kavanagh, Kent, Tempone and Segal, 2010}). Furthermore, it is necessary to encourage the acquisition of practical experience during university studies (^{Paisey and Paisey, 2010}), as well as greater implementation and use of active teaching methodologies, such as Project Oriented Learning, Problem-Based Learning or Case Studies, which favor the development of competences by giving students a greater role and demanding more autonomous work (^{Stoner and Milner, 2010}); ^{Robledo, Fidalgo, Arias and Alvarez, 2015}). All of this would make it possible for universities to have better prepared graduates, and companies and professional firms to receive people with a profile that are more in line with their employment needs in their recruitment processes (^{Apostolou, Dorminey, Hassell and Rebele, 2015}).

The interpretation of all of the above should be done with due caution. The results of the survey are based on the opinions of a sample of IMCP and IMEF members, on the professional side, and of a number of professors and students from some Mexican universities, on the academic side. Consequently, these results may not be extrapolated to other countries, other similar groups or other types of professional activities in which a person with university studies related to the CPF could fit. Future work along these lines could be extended to other Latin American countries, including other groups, such as the authorities responsible for regulation in the academic and professional fields. In addition, further research should be carried out into the most appropriate active teaching and learning methodologies for the training of relevant skills in these areas, so that university graduates are better prepared for their job placement.