Phasing out Accounting in senior secondary schools could have serious effects on students and the economy. Without it, students miss important skills like budgeting, managing money, and understanding taxes, which are essential for adult life. Example: SA already faces a shortage of accountants, and removing accounting from students could worsen
I grew up going to a high end private school. We had intensive math, science, physics, etc. courses but never had accounting as a separate course. Many of my cohorts went on to becoming very good chartered accountants, some acquiring expertise in even higher specialties. These specialists, now working at the core of economic policies within all stripes of financial and other institutions, have specialized in accounting practices as a basic speciality and have specialized further in industry-specific financial and accounting methods. So I believe apart from a basic understanding of economics and accounting, schools could eliminate accounting as a specific course.
Who proposed this idea? Does it have supporting evidence of phasing out? Well, accounting is one of the subjects that requires mastery, and skills in numbers are boundless abilities of human beings; hence, it implies the loss of potential and opportunity to develop their skills at an early age.
Phasing out Accounting as a subject in senior secondary schools would have significant implications for students, the economy, and the accounting profession itself. Firstly, students would miss out on gaining foundational knowledge and skills in financial literacy, record-keeping, and business management, which are essential for informed decision-making in personal and professional life. This could lead to a decline in the number of students pursuing accounting-related careers, potentially creating a shortage of qualified professionals in the future. Furthermore, the economy could suffer as businesses struggle to find competent financial managers and accountants to handle their financial operations. This could hinder economic growth and development, as businesses would be less equipped to make sound financial decisions and manage their resources effectively. Ultimately, phasing out Accounting in senior secondary schools would have a detrimental impact on the education system, the economy, and the accounting profession, leading to a less financially literate society and a potential shortage of skilled professionals.