ASSESSMENT OF FINANCIAL MANAGEMENT SKILLS REQUIRED OF ACCOUNTING STUDENTS IN TERTIARY INSTITUTIONS IN DELTA STATE FOR EFFECTIVE OPERATION OF SMALL SCALE BUSINESS

Abstract

The study assessed financial management skills required of accounting students in Tertiary Institutions in Delta state for effective operation of small scale business. Four research questions guided the study. Descriptive survey design was adopted for the study. The population for the study comprised of 73 Lecturers in tertiary institutions in Delta State offering accounting . There was no sample because the population is manageable. The data were collected using self-structured questionnaire developed by the researcher on a 4-point rating scale of Highly Required (HR) 4 points, Required (R) 3 points, Slightly Required (SR) 2 points and Not Required (NR) 1 point to elicit responses from respondents. The instruments were face validated by two experts; a lecturer from measurement and evaluation department Delta State University Abraka and another from Dannis Osadebay University Asaba. The reliability of the instrument was obtained using test-retest method. The instrument was administered to ten (10) lecturers, five (5) accounting lecturers from Chukwuemeka Odumegwu Ojukwu University Igbariam, and five (5) from Federal Polytechnic Oko, Anambra State. The data collected was analyzed using Pearson Product Moment Correlation to ascertain the reliability of the instrument. The instrument yielded a coefficient of 0.78 which shows that the instrument was reliable. 73 copies of the validated questionnaires were administered and only 72 were retrieved which was used for data analysis. The findings of the study revealed that financial analysis skills, budgeting and forecasting skills, financial reporting skills and financial modeling skills are required of accounting students in tertiary institutions in Delta State for effective operations of small scale business. Based on the findings, it was recommended that Universities and Polytechnics accounting lecturers should endeavour to inculcate on accounting students the necessary skills they require for effective operation as an entrepreneur or employee of small scale businesses.