Australian Financial Research says ‘studies can be useful’

  • May 12, 2021

The Australian Financial Services Association says its research shows studying skills can be helpful in areas such as planning, marketing and accounting.

It also said some subjects could benefit from the use of “a few extra” study skills.

The AFSA’s research was published online ahead of the National Academy of Engineering (NAE) meeting on Tuesday.

AFA’s chair, Dr Paul Wilson, said there were more studies to come on the value of study skills in finance.

“There are lots of areas where there are gaps and there are still lots of work to be done,” he said.

Dr Wilson said some areas could benefit, particularly in accounting.

“We know a lot about how to do it right,” he told ABC Radio Melbourne’s Business Morning.

“You know you’ve got to be able to write your taxes, your invoices and your bank accounts and do all the paperwork that goes along with that, and you’ve also got to have a good understanding of finance.”

You don’t need to be a genius to do that.

Dr Michael McPhee from the University of Adelaide’s School of Business said there should be more focus on the human aspects of studying. “

The value of that is we are not just paying people to do a job that they really aren’t good at, we are paying people for the skills they have that they may not necessarily have,” he added.

Dr Michael McPhee from the University of Adelaide’s School of Business said there should be more focus on the human aspects of studying.

“When we look at the way people are paid and the value they are getting for their time and their effort, there’s a very good correlation with the number of study points they get,” he explained.

“So there are really good reasons to pay people to study and there’s some value in paying people that way.”

Professor McPherson said there would also be “big” opportunities to increase the number and variety of study topics.

“In finance we see a huge amount of people getting really passionate about the things they do, and so we need to get the balance right, and there will be a lot more work to do,” he predicted.

Dr McPherson said the focus on learning would be a good way of making finance more accessible for people with disabilities.

“That’s the way to do things that have been done in the past, that are done to a greater degree in other areas of the economy, but have never been done to the extent that they have in finance,” he suggested.

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