Anjan Chatterjee, India
1) In what ways will emerging internationalization impact students entering the accounting field?
In this day of globalization, all the economies of the world are combining to derive mutual benefits. The last few decades have seen investors looking for alternative opportunities across the globe to maximize returns. These days we have analysts comparing the performances of companies located in opposite corners of the globe. However, the commonality in comparing the recorded performances of these companies lies in evaluating the financial statements of these companies. Accounting hereby is presented with its biggest challenge ever in integrating the financial statements of various countries and bringing them to a common paradigm. Present as well as future accounting students should recognize this as an opportunity that is being churned out progressively. They should be proactive in understanding what has to be done to prepare themselves accordingly.
2) What should students do to be better positioned to succeed in international competition?
Accounting students should have interest in and knowledge of economics. This should help them in keeping abreast with the economic developments around the world in an educated manner. Another benefit would be to learn a foreign language like Spanish and French which is spoken in multiple countries. That will greatly leverage their candidatures when they seek jobs in this competitive industry. Another aspect that I would like to emphasize is that the students should be willing to travel throughout the world in order to maximize the opportunities presented to them.
3) What can the Jon M. Huntsman School of Business and/or the School of Accountancy do to prepare students better for these challenges?
The School of Accountancy can play a very critical role in orienting the students and making them aware of the opportunity that is being coming their way. Students should recognize this opportunity as soon as possible and the SOA can act as a facilitator in that regard. One way would be to include an international language as part of the accounting curriculum, in either the undergraduate or graduate level.
4) What have you learned in your international experiences that you would like to share with our students?
I am from India, which is as culturally diverse as one could possibly imagine. Hence, being from there and having traveled quite a bit around India, I have been exposed to various cultural diversities. However, coming over to the US was a whole new experience for me. I have understood the differences in the basic thought processes of the inhabitants of a particular region. My endeavor to find and understand the reasons for those differences has been a revelation and each day has been a great learning experience for me. As I learn to know more about the American culture and its people and try to integrate with them, I have better understood our cultural differences. There is definitely a common string that binds all cultures across the world.
5) What is unique about the business environment in the countries you are most familiar with?
India, along with China, is one of the fast developing nations of the world. The opening up of the economy in 1991 started a new journey on the path of growth for India. Since then, investors have flocked the country and as a result foreign direct investment to India has increased exponentially every year. However, India has a lot of infrastructural developments that are yet to be put in place. That is one of the key drivers as far as India is concerned. The diversity of India has a lot to contribute to the business culture of the country. With so many different regions speaking different languages, it is not easy to run the machinery. As far as accounting goes, the Indian accounting principles essentially follow the British method of accounting. However, the need to integrate with the world has resulted in the process of continuous changes that are effecting the accounting environment in India. India’s edge in the IT sector has produced a lot of software giants who are listed in NYSE and Nasdaq. That has opened up opportunities for people with knowledge in US-GAAP, in India.
Brief Bio:
I am currently enrolled in the MACC program at USU with specializations in accounting and finance. I got a bachelor’s degree in commerce (accounting) and a master’s degree in finance (CFA) from India. I also have considerable work experience that I gathered in India which included a stint with a foreign bank in their foreign exchange division and a research assignment at India’s number one business school.