Bridging the Gap Between Academic Degrees and Industry Needs

Do you also think that currently, there is a big gap between Academic Degrees & Industry Needs? And in India, the gap between necessary and gained knowledge is growing day by day. Although degrees offer basic theories and information, they don't provide the practical experience that is needed to succeed in the competition of a real-world setting. Not only this, but students often find it difficult to get employment even after receiving their degrees. These days employers' expectations and objectives differ from those of educational institutions.

The emphasis placed by educational institutions on theory and the provision of theoretical inputs and information to students diverges greatly from what companies require such as Plutus Education. To satisfy the demands of the sector, employers search for candidates who can "plug and play." This gap has left many graduates struggling to find jobs that fully utilize their education.

It has become very crucial to realize the fact that professional certifications such as AWS, DevOps,  ACCA (Association of Chartered Certified Accountants) and CMA (Certified Management Accountant) are the need of the hour. In this context, we will talk about the existing divide between industry standards and academic institutions and provide cutting-edge strategies and methods to close the gap.

The Disconnect Between Academic Degrees and Practical Skills

While a degree gives students a strong foundation in their field, it often lacks the practical, hands-on experience that industries are looking for. Most degrees focus heavily on theory, which is important but doesn't always prepare students to handle real-world business challenges.

Finding applicants who can make a seamless transition from the classroom to the workplace is a challenge that many employers face. According to a National Association of Colleges and Employers (NACE) report, 80% of employers said that while having a solid academic foundation is important, they also look for applicants who can start working right away with practical abilities. In fast-paced fields like finance and management, where company procedures and laws are constantly changing and experts must keep current, this mismatch is even more pronounced.

How Professional Certifications Bridge the Gap?

Combine industry-emerging topics with established concepts and pedagogic methodologies. To get the intended results, they must cooperate, communicate, and work together.

This is where professional certifications like ACCA and CMA step in. These certifications go beyond theory and focus on real-world applications. For example, if you have heard about the ACCA certification you will know that the course prepares students for careers in accounting, financial reporting, corporate governance, tax planning, etc. The candidates must go through eligibility criteria to enroll for these courses. The CMA course on the other hand makes the student gain skills in management accounting, financial decision-making, business strategy, etc. Ensure smooth communication and coordination between academia and industry. Currently, both academia and industry live in different worlds and operate on different pedestals in India.

Unlike a traditional business degree, which might only cover the basics of finance, ACCA and CMA certifications dig deep into specific areas, helping students develop expertise in things like financial analysis, risk management, and performance evaluation. For instance, while a student with a business degree may understand financial principles, an ACCA-certified professional knows how to apply these principles in a global business setting—something many employers find incredibly valuable. Adopt team teaching where the educator and the industry expert impart knowledge in the classroom.

These certifications also help the students in learning the tips and handle multiple industry challenges. Also, it prepares them to adapt to rapidly changing business environments. With this practical, up-to-date knowledge, students stand out as strong candidates who can bridge the gap between theory and practice.

Integrating Certifications into Higher Education

In this era, to be able to recognize the importance of professional certifications by many universities is very endearing. They now believe in partnering with organizations such as ACCA and CMA to offer integrated programs. This will allow students to pursue both a degree and a certification simultaneously. Moreover, this will make their education more well-rounded and industry-focused.

For example, some universities have embedded the ACCA syllabus directly into their finance or accounting programs. Students can graduate not only with a bachelor’s degree but also with an ACCA certification, giving them a major advantage in the job market. In other cases, universities are offering elective courses or mentorship programs that help students prepare for certification exams while completing their degree.

These integrated programs allow students to gain the best of both worlds: the broad knowledge of a degree combined with the specialized skills of a certification. And if they can meet the demands of industries that require both academic grounding and practical expertise.

Success Stories

There are multiple success stories of how the combination of having a degree with professional certification is responsible for making a career impact. For instance, some businesses have seen some amazing benefits from hiring candidates who hold both academic degrees and certifications like ACCA or CMA.

There is Priya who is a recent graduate with a degree in business management. However, she realized that her degree wasn’t enough to build her career. She went on to achieve her ACCA certification through which she was able to get a role as a financial analyst. This was all possible because of the specialized skills she learned during her professional training. She's currently headed straight toward a position as a financial controller at a large company.

Even employers, hiring managers, and human resources these days are consistently seeking candidates with certifications that have an edge in job interviews. Often such candidates are considered for promotions faster than those without professional training & certifications. These professionals can bring certain practical skills to the table and this makes them an asset to the company.

Conclusion

It is a known truth that disruptions in skills are currently altering the prosperity of global communities. India has a strategic edge and demographic dividend due to its large youth population. The labor market is evolving, and our approach to education needs to adapt as well. Although degrees offer a valuable academic basis, they sometimes fail to adequately prepare students for the realities of the workforce. In summary, bridging the current skills gap between academics and business requires a concerted effort from all stakeholders, including educators, students, parents, educational institutions, industry, intellectuals, and organizations. Professional certificates that provide the practical abilities that sectors most require, like ACCA and CMA, help close this gap. It is essential to have employable and deployable students.