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Introduction: “Changes only constants in this world” Each and every aspect has some changes over a period of time. This same principle applies for our professional life also. All the areas such as Accounting, Taxation, Costing, Laws etc. will be going on change day by day. The objects of all these changes are getting the best practices & outcomes among available alternatives & equip our systems & procedure according to the changing economic & financial conditions globally. As a Finance & Accounts professional, update our knowledge is very important to survive in the field. In this article I would like to discuss about the importance of the knowledge updating & their impact in our career growth.

1. Why we need update:

a. Getting opportunities: For getting professional success, getting opportunity is very important; opportunity will come only, when we are well versed with the latest updation in the field. So getting opportunity also knowledge updation is very important.

b. Professional success: Simply having a professional qualification will not give any value for our career. In current changing scenario, we need to have updated knowledge about the field. Qualification gives you the some basic eligibility, but update knowledge in that field gives you the value addition for your career. So every professional getting their success, depends upon their update about the latest changes in their professional field.

2. Problems facing for updating:

a. Time factor: After becoming professional, we are very much busy with their works which is assigned to us and feeling very difficult to manage their time. In these circumstances we forgetting what is latest changes in the field. So whatever busy schedule, make yourself for sometime free to get update in your professional life. It will give the refreshment for you.

b. Sector factor: After entering in to a particular field or area, our interest will be limited to the particular sector only. If you are employed or engaged in the manufacturing of steel sector. All our focus will be only provisions related to steel sector & their changes only. This will lead us to avoid or ignore other information. So do not keep you in a small circle to know about only one area, at least try to know about the knowledge in broad manner.

c. Unrelated circle: Some of professional might have locked in the circle which is totally not related to their professional field or wrongly chosen their career. This will lead to difficulty in getting knowledge updation. So please make your circle to help to update your professional knowledge. In case you are not getting in your working area, try to make outside in forums and knowledge sharing activities.

d. Lack of awareness: Most of people do not aware about how to update and where to update and what is the impact of not updating the latest changes. So visit regularly the institute and other knowledge portal and get the information about where you can update your knowledge.

e. Losing the continuity : Some of them they know very well about the field, due to some sudden changes in their professional life or personal life, they might have lost the continuation in updation and after some period feeling very difficult to get back the position. So try to come out yourself and get involved in professional discussions with your friends and read the latest journals & books.

f. Lack of knowledge sharing: Lack of knowledge sharing is very important reason. Most of us did not know about the advantage of Knowledge sharing and some people have fear about to share their knowledge. Knowledge sharing is the very best method of update our knowledge in any field. While sharing our knowledge, it will be checked by others and will be corrected if anything wrong. So try to share the knowledge with other it will be  helpful to improve yourself as well as other also

Conclusion: As I mentioned above, we need to update our knowledge to get opportunities and professional success. Also our survival in the professional field based on our latest knowledge, otherwise we cannot survive in the field and there is no career growth also. In simple words “If you are not updating your knowledge, then you will become outdated from the field” So please decide yourself you are updated or outdated.

Good luck.


CMA Ramesh Krishnan

Published by

CMA Ramesh Krishnan
(Cost & Management Accountant)
Category Career   Report

8 Likes   59 Shares   19020 Views


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