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Keeping Higher Education Aligned with the Requirements and Expectations of the Knowledge-Based Economy

Abstract

Paper describes the procedure for developing academic programs which are properly aligned to the requirements of the knowledge-based economy. The paper also addresses the continuous quality improvement (CQI) process with the CQI loop closing on the program level and the course level. This process is needed to make continuous adjustments to an academic program, so that the program is always aligned to the constantly-changing needs of the economy. Paper also discusses the system of mutual dependency between the academic program and external partnership like local industry, secondary schools, local government, local community, regional business incubator center, other educational institutions, alumni and industrial advisory council. The ongoing collaboration with external partners allows the program to prosper and grow.

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Level of Financial Literacy of Academic Youth from Rural Areas in the Visegrad Group Countries

Abstract

The aim of the study is to determine the level of financial literacy of academic youth from rural areas in the V4 Group countries, as well as to compare the results obtained with the level of financial literacy of young people from cities. The source of data used for analysis and inference were primary information obtained from own research (PAPI method, 900 people). The research used a set of questions to assess the level of financial literacy of adults proposed by the OECD INFE. In addition to primary sources, secondary sources were also used to achieve the goal. The measures of descriptive statistics and one-way analysis of variance (F) were used. The level of financial literacy was determined at the medium level, which may indicate the low effectiveness of financial education measures implemented at different levels of education. The component of financial literacy where students from rural areas had the lowest scores was basic financial knowledge. Only 43% of people from rural areas achieved the minimum target score.

Open access
Migration of Graduates Within a Sequential Decision Framework: Evidence from Poland

Abstract

The aim of this paper is to identify the main drivers of highly skilled migration between regions. We argue that the spatial mobility of individuals should not be considered in terms of one-off displacements, but rather as a sequence of migration decisions within a certain time period. The important context of the research is provided by the economic transformation of Poland, accompanied by the growing demand for education, and the lack of well-established patterns of graduate mobility. By applying multinomial logit modelling on a unique database of Polish graduates, we find that all the tested migration strategies can be explained in terms of structural factors, human capital characteristics or aspirations/capabilities related variables.

Open access
Financial Education of Children and Youth

Abstract

More and more individuals are becoming overindebted and facing difficulties in managing personal finance. On the other hand, financial products are becoming more and more complex, with numerous concealed risks. The level of financial literacy of youth and children is unsatisfactory both in the region and globally. Such a situation could lead to personal problems (financial distress), aggravated financial stability, with reverse adverse implications on economic growth. Many international studies have also confirmed these hypotheses.

The aim of this paper is to point to the importance of financial education of youth and children, as well as to give some guidance on how to develop a national programme for increasing financial literacy. The paper develops a five-step programme with the main topics covering the drafting of a national strategy for developing financial literacy of youth and children and its implementation.

Open access
The Educational Role of the Accountants Association in Poland (AAP) After the Deregulating of the Profession

Abstract

Due to the commonly perceived need to specialize in one professional activity, the role of education is increasing. This includes accounting specializations which are important as professions of public trust. In connection with such expectations, the role of education among professional groups of accounting professionals at all levels is increasing. The article presents the educational requirements for the professional specialization on accounting against the IFAC International Education Standards and in the context of the deregulation of the accountancy professions in Poland. As a solution to the problems of appropriate education, the role of the Accountants Association in Poland (AAP) was pointed out, based on the courses provided by it, aimed at not only improving the qualifications of the individuals who are involved in accounting professionally, but also on the supporting ethics. The courses taught were analyzed in across-section of their participants in the years 2013-2016. The method adopted to achieve the intended purpose was the analysis of the available literature, the laws in force and the sources provided by the AAP. On the basis of the research, it was found that despite the absence of mandatory professional certification for accounting and bookkeeping, the professionals in this area do see the need for continuous education and take diverse action to raise the quality of the services they provide.

Open access
Protection of Personal Data in the System of Modern Accounting in the Context of the Implementation of the Regulation of the European Parliament and of the EU Council 2016/679 of 27 April 2016

Summary

This article is an attempt to analyze the existing solutions in the field of the protection of personal data. Training and advisory materials on this subject prepared by numerous law firms (32) were analyzed, providing a valid explanation, understanding and implementation of the new obligations in the field of data protection. In addition the author conducted pilot interviews in accounting offices (17) concerning the protection of personal data to indicate the approach of service providers to the performance of the tasks in the field of personal data protection. The key findings of the study are: noticeable increase in the interest of the contracting parties in data protection issues, as well as presenting their positive aspects along with possible problems in their practical application. An important contribution of the author is also the presentation of the key points of agreements which the parties should pay attention to in order to avoid misunderstandings.

Open access
Return on investment in education. Case study on education in Romania

Abstract

The aim of this study is to develop, test and validate based on a conceptual research model, the influence of education on the GDP/capita, starting from relevant theories and empirical models from literature or implementing additional impact models and variables. Building on the model developed by Mincer (1995) on the yield rates of investment in education, we applied econometric models for Romania, for the period 1960-2010. The results led to a main conclusion, namely, the importance of investment in education is undeniable, it has positive effect on the economic growth of Romania.

Open access
The Place of State Higher Vocational Schools (SHVS) from the Lublin Voivodeship in Local and Regional Development Strategies

Summary

Subject and purpose of work: The objective of this elaboration is to specify the place of state higher vocational schools from the Lublin voivodeship in development strategies of various territorial levels.

Materials and methods: The method of document research was applied within this elaboration, which consists of analysing the content of strategies and development plans. Within the study the induction method was also used (stage of literary studies), analysis and synthesis (stage of empirical research), deduction method (conceptual stage).

Results: References to state vocational schools occur more frequently in diagnostic segments than the programming ones of these strategic documents. Territorial self-government units (TSU) of the Chełmski subregion consider to a larger degree and thus, appreciate the functioning and public functions of vocational schools than it is the case with the Bialski or Zamojski subregions.

Conclusions: Within the regional strategic documents of the Lublin Voivodeship, statements referring to higher education refer rather to general matters. Within the local strategic documents, one may more frequently encounter more direct and literal references to the methods of possibilities of cooperation and co-action between TSU and business with state vocational schools for the benefit of local territorial arrangements.

Open access
Soft Skills of Czech Graduates

Abstract

Finding a job is easier for people who are better equipped with soft skills, as they are more productive. Therefore, this article deals with the evaluation of soft skills of graduates from Czech public universities. The results show that the same soft skills are required from university graduates as from the population as a whole (only problem solving is more pronounced with them), but the required level of these skills is 42% higher in the case of graduates. Unfortunately, employers perceive the level of graduates’ soft skills insufficient as their level is by 16.46 to 31.15% lower than required. A more detailed analysis showed that, in terms of the development of soft skills, Czech universities provide a very homogenous service. Graduates of universities have nearly the same level of soft skills, while they can also identify similar strengths and weaknesses. These findings suggest that Czech universities should pay more attention to the systematic development of soft skills.

Open access
Foreign Direct Investment and Human Capital Formation

Abstract

Objective: The main objective of this paper is to reveal the relationship between foreign direct investment (FDI) and human capital.

Methodology: The analysis consists in a presentation of main achievements in the literature regarding the contribution of human capital to the attraction of FDI.

Findings: The investment in human capital formation has leaded to the increase of labour productivity. This will ultimately result in economic growth. Education has the most important role in the process of human capital formation.

Value added: FDI has an important role to play in human resource development through its ability to enhance new skills, information and technologies in multinational enterprises. In this way, FDI becomes a determinant factor for education and professional training, because it is the link between the immediate reality based on creation, introduction of new skills, new technologies and provision of a wide range of information and initial training direction.

Recommendations: The economic policies should focus on the attraction of FDI that ensures the improvement of human capital quality. On the other hand, the education policies should focus on a better connection of the human resources to the requirements of the labour market and to offer acknowledge and practice that will help the graduates to correspond to the expectations of foreign investors.

Open access