There is this controversy between we the economics students and our counterparts in accounting department due to a statement made by our economics lecturer when he said that banking sector is backsliding due to wrong hands at deck andd when we ask him why he said so he gave us the following reasons:
He said that banks are more of a profit making organisation than ordinary cash receiving and keeping organisation and therefore need works that is beyond that of an accountant which is recording transactions and balancing of accounts.
He further said that banks being a profit making organisation need the work of economists who will not only record transactions and balance accounts but will profer solution on how to minize cost/expenses, maximise profit and manage risk.
And that includes suggesting when to invest, how to invest and where to invest because of what is called short-run, long-run and very long-run in the economy.
I want to know your view about this, should banks hire more of economists than accountants?
He said that banks are more of a profit making organisation than ordinary cash receiving and keeping organisation and therefore need works that is beyond that of an accountant which is recording transactions and balancing of accounts.
He further said that banks being a profit making organisation need the work of economists who will not only record transactions and balance accounts but will profer solution on how to minize cost/expenses, maximise profit and manage risk.
And that includes suggesting when to invest, how to invest and where to invest because of what is called short-run, long-run and very long-run in the economy.
I want to know your view about this, should banks hire more of economists than accountants?