Abstract:

This paper describes a theoretical framework for developing competency based models that have the potential to create economic value. Core competencies in accounting arena must be judged in the context of legal reliability and in this respect should meet professional criteria.

In order to be able to demonstrate our research hypothesis we have conducted an interview based on mixed questionnaire with closed and open questions. The results of our study provide a competency framework development for business reference that further can be extended in the entire economic arena. Our goal was to stimulate and create awareness among Romanian economic environment regarding on the competence based approach and further to the professional accounting education. A competence based system can have the potential to create economic value as far not only the qualification requirements are the central key. Our study also generates potential lessons for accounting educators and professional accountancy bodies involved in the accounting education process since general competencies are highly contributing to the creation of economic value of firms but none of the above focus on this particular area in the educational process of accountants.

The investigation of our country’s experience has the potential to provide also a momentum to alert about the necessity of reflection on the strategies and share these within the professionals and calls also for a greater dialog among all the participants in professional accounting education to develop an appropriate competence-based approach.

Keywords:

Core competencies, general competencies, accounting firms.