QUANTRI-QUANLY
INVESTIGATING STUDENTS' INTENTION TOWARDS TAKING FOR THE CERTIFIED
PUBLIC ACCOUNTANT (CPA) EXAMINATION IN VIETNAM
• NGUYEN THUY AN
ABSTRACT:
The smdy's purpose is to identify the factors affecting the attitude of accounting and auditing students affect their intention towards taking the CPA examination based on the Theory of Reasoned Action (TRA) and the Theory of Planned Behavior (TPB). By adopting quantitative research, the study applies Exploratory Factor Analysis (EFA), Gonfumatory Factor Analysis (CFA), Structural Equation Modeling (SEM) in exploring the drivers of students' intentions towards taking the CPA exam in Can Tho University and Tay Do University. The outcome reveals that career factor has positively associated with attitude. Moreover, altitude as well as support from university has a significant impact on students' intention on taking the exam. The sludy finds no positive relationship between the level of risk acceptance and the intention. The study also gives further suggestion for future research to examine the change of influences on the intention of takmg the CPA examination.
Keywords: Certified PubUc Accountants Certificate, Vietnam, Theory of Reasoned Action, Theory of Planned Behavior, Structural Equation Modeling (SEM).
1. Background
It is beheved thai becoming Certified Public Accountants (CPA) will expose many career opportunities for accountants and auditors around the world. One of objectives of accounting and auditing strategy of Vietnam to the year 2020 is how to boost accounting and auditing services development in Vietnam and in foreign countries.
That requu"es numbers of CPA need to be increased in Vietnam context these days. Therefore, the accounting profession and the educational institutions are facing with the task of teaching and encouraging them to participate the CPA exam and getting the professional certificate. While most Vietnamese students majoring in accounting and auditing lack of skills and experiences as well as
information of CPA certificate that shared from educational institutions, so this seems to be a complicated task for academic institutions and policy makers.
It is obvious that little empirical evidence has been done eonceming the attitude of Vietnamese students towards persuading the CPA certificate and the influence of such altitude on intending lo sit for the exam II is due lo there have been no studies that explore intention of students in Vietnam to be certified public accountants and potential factors affecting the intention. However, this issue has been seriously concerned by inlernational authors who have explored influencing factors to the intention of students in foreign nations context.
Hence, these research would give belter
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understanding for both profession and academic staff if this accounting professional certificate attract more students to lake the exam in the future.
Consequently, the main research aim of this study is to recognize the factors indicating the altitudes, subjective norms and perceived behavior controls of students affect their perceptions towards sitting for the GPA exam. The research focuses on students who are studying accounting and auditing tn Gan Tho University and Tay Do University in Can Tho eily in order lo identify the important factors driving the Intention of taking the exam.
2. Literature Review and hypotheses 2.1 Theoretical background
The Theory of Reasoned Action (TRA) is proposed by AJzen and Fishbein (1980) and the theory of planned behavior (TPB) are adopted in forming a conceptual research framework in this study. Specially, TRA is a behavior model which is well-developed and widely applied focusing on personal interest and subjective norms influencing personal behavior. While TPB has been widely adopted in examining behavior that are controlled by intentions, and in tum, there are three factors including atiiludes, subjective norms, and perceived behavior controls affecting intentions (Churchman 2013; Coe, 2014; Hammour, 2018).
A number of previous studies have applied the framework provided by the TPB to explain students' intension in Indonesia, Austiaha, the United Slates .. For instance, Coe (2014) shows that the TPB can significantly give better understanding of the factors influencing accounting students' intentions lo sil for the CPA exam. As the result, he finds a strong relationship between students' attitudes, subjective norms, and perceived behavior control and the intention to pursue a particular career. Hammour also (2018) indicates that TPB components including altitudes Fig. 1 Ttte conceptual research framework
and subjective norms affect students' intention to pursue accounting profession for their careers.
Therefore, some hypotheses below are indicated in this study:
HI: Regulations of the CPA exam in Viet Nam is positively affected with students' attitudes towards sitting for the CPA exam.
H2: Self-efficacy is positively associated with students' attitudes to-wards siting for the CPA exam H3: Career factor is positively associated with students' attitudes towards sitting for the CPA exam
H4: Attitudes is positively associated with students' intention towards sitting for the CPA exam.
H5: Perception of university's support is positively associated with students' intention towards sitting for the CPA exam.
H6- The level of risk acceptance is positively associated with students' intention towards sitting for the CPA exam.
2.2 Research methodology 2.2.1 Collecting data
There were 246 questionnaires collected by interviewing in the year 2019. The sample includes the students who are studying at Gan Tho University and Tay Do University in Can Tho City.
The questionnaire consisted of 25 items which relates to the constructs of the research model thai is shown in table 1. The participants were asked to indicate their viewpoints on a five-point Likert scale basis, in which 1 stands for strongly disagree lo 5 which refers lo strongly agree for each item.
Besides, Structural model was computed by using IBM SPSS analysis and AMOS. Two steps were involved lo explore the structural model, including Confirmatory Factor Analysis (GFA) and the Structural Equation Model (SEM). The SEM measures the relationship between the factors including both observed and latent variables (Hair etal., 2009). (Fig.l).
( The ievel of nsk acceptance
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3. Empirical results and discussions 3.1 Empirical results
Table 1 presents the value of Cronbach coefficients (a) of all scales in the research model.
Il is supported that a stricter minimum requirement for scale reliability is 0.70 but in some cases, a liberal minimum requirement of
0.60 is also accepted as well (Nunnally and Bernstein, 1994). Besides, the value of Corrected item-lolal correlation is required higher than 0.3 (Hair el a l , 2009) Therefore, after processing reliability test, tiie variable EXPE3, EXPE4 of Expectation scale are eliminated to ensure the reliability level In the scale.
Table 1: The values of Cronbach's Alpha for the constructs and the result of EFA Item
Requirements
Self-effica<^
Careerfador
Attitude
Universit/s support
Cronbach's Mpha
0.680
0 680
0.722
0.717
0.752
Measurement Items
[REQU1 ] Regulation about working time of experience is suitable.
[REQU2] Subjects of the exam is suitable.
[REQU3] Objects of sitting for the CPA exam is suitable [EFFII] You can manage to solve difficult problems related to time management, English skills...
[EFFI2] You are confideni to deal with unexpected problems efficiently.
[EFFI3] You take the exam and get the certificate, it would be because of my competence.
[EFFI4] You take the exam and get the certificate, it would be because you try hard enough by yourself.
[CARE1 ] You are in charge of my own career.
[CARE2] You take responsibility for my own career development [CARE3] Career success means you have a high level of freedom and autonomy in your own career
[CARE4] Career success means you deal wiih problems in any situations flexibly
[ATTI1] Sitting for the GPA exam is very necessary because the CPA credentials is very important for accountants and auditors.
[ATri2] The CPA certificate information should be introduced widely in order to boost participants to taking the exam as soon as possible.
[ATTISj You are excited when receiving and/or shanng the CPA certificate information.
[ATTI4] You are satisfied with the CPA exam's regulations.
[UNIS1] Accounting lecturers at your university have encouraged you to take the CPAexam.
[UNIS2]Accounting lecturers at your university indicate how course content relates to the CPAexam.
[UNIS3] Accounting lecturers at your university give assignments that should be helpful when taking the CPAexam.
Factor loading 0.774 0.770 0.660 0.822
0.760
0 561
0 557 0 871 0.813 0.558
0.517
0.613
0.878
0 818 0.357*
0.709
0.885
0.812 New items
after EFA
REQU
Deleted
CARE
ATTI
UNIS
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Item
Risk acceptantx
IntenSon
Cronbach's Alpha
0.606
0.816
Measurement items [RISK1] You accept bad results when failing the CPAexam.
[RISK2] You are ready to re-participate in preparation course, [RISK3] Overall, you are easy to get over sadness when failing the exam
[INTE1] You will sit for the CPAexam as soon as you are eligible [INTE2] You intend to take the CPAexam as soon as possible.
PNTE3] You plan to take the CPAexam
[INTE4] You plan to introduce the CPAexam to these others
Factor loading 0.856 0.442- 0.798 0.805 0.847 0.843 0.716
New items after EFA
RISK
INTE
The results of Exploratory Factor Analyses for two sub-models by adopting Principal axis factoring with Promax Rotation are also shown in the table 1.
There is a mixtore of two variables including EFFI3 and EFF14 joining in CARE construct. The reason may be explained in case of whether participants could misunderstand the questions related to their perception on self- efficacy and career attimde.
Also, ATTI4 and RISK2 are eliminate because the value of factor loading of this item is lower than 0.5 (Hair etal, 2009).
* Confirmatory Factor Analysis (CFA) and Structural Equation modeling (SEM).
After EFA is processed, the data was computed using AMOS for the Confirmatory Factor Analysis (CFA). In this analysis, all the 6 constmcts with their 20 items were treated as latent constructs. All items in this model after using CFA have standardized regression weight of higher than 0.5 (Hair et al., 2009), 20 items remained for the SEM.
As a result, the model had fit values.
This sludy uses the method of the maximum likelihood in SEM was employed to test the proposed research model and hypotheses. This analysis involved the model specifications between the constructs of CARE, REQU and ATTI as well as the relationship of ATTI, UNIS and INTE that based on the theoretical justifications. The model obtains more rehable relationships between exogenous constructs and inler-construet correlations (see fig.2). As the fig.2 also shows that the constructs have quite fit values of x^ = 304.063, (df) = 159, x^/df = 1.912 and p = 0.000, with GFI (Goodness of fit index) = 0.895, GFI (Comparative fit index) = 0.912, TLI (the Tucker-Lewis index ) -
0.895 and RMSEA (Root mean square error of approximation) = 0.061. These value suggests there is a fit model in this analysis. The significant statistics imply that the model fit is perfect in the population. Figure 2 also shows the standardized path estimates of proposed models.
Table 2: Standardized Regression Weights Relationship
ATTI ^ REQU ATTI<-CAFRE
INTE <-ATTI INTE ^ UNIS INTE ^ RISK
Estimate 0.080 0765 0.609 0.418 -0.110
P 0469
...
...
0.230 Squared Multiple Correlations (SMC)' ATTI =0.669; INTE = 0 615
Note: Significance al: '- p<001
The table 2 shows that Career factor (CARE) is found to have significant relationship with ATTI at the standardized regression weight of 0.765 (p = 0.000). This means that H3 is supported, however the model also proves that HI and H2 are rejected due lo p value is higher than 5%. The ATTI squared multiple correlation (SMC) is 0.669, indicating that the predictors of ATTI explain 66.9 percent of its variances. In the second relationship, it is assumed that both social influence and attimde have impact on intention while the level of risk acceptance is found lo have no positive relationship with the intention to sil the CPA exam. Particularly, attitude towards sitting for the GPA exam has a positive 150 So 20-Thang 11/2019
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Fig. 2 The result of SEM
^i^
*@—H
^^^ * @ - *
'^^ * @ — (g>—K
@-K
@-K
CARE1 Iv CARE2 L
3i^
CARE3 U CARE4 H EFFI3 h*
EFFI4 V^
Hff
REQU2 f ^
52
REQU3 [^
29
REQU1 p*
\ «
^_^Js\
^y"/
\_^68
^j^^
Chi-square=304.063 ; d!^159 ; P=.000
;Chi-square/d^1.912
;GFI=.895 ; TLI=.895 ; CFI=.912
;RMSEA=061
relationship with intention at the standardized regression weight of 0.609 and the support from university also influence positively on intention al the standardized regression weight of 0.418. As a result, it indicates that H4 and H5 are supported and there is 51.5 percent of variances explained while H6 is rejected.
3.2 Discussions
The relationships of attitude, subjective norms and intention towards sitting for the GPA exam are found in this study which is going lo extend the current literature in Vietnam context. Firstly, the study indicates career factor has a significant impact on attitude towards participating in the CPA exam while there is no significant association among CPA exam regulations, self-effieaey and attittide. It is obvious that person who have a strong responsibility and their strong capacity with their choice of career, he or she will have a positive attitude towards the professional certificate. Follow
that, attitude affect their intention towards sitting for the exam. This result is in hue with Coe's sludy (2014) that indicated students' career viewpoint affects their intention. Il is also consistent with the previous studies in confu-mation of a positive relationship between the attitude and the intention (Churchman, 2013; Wen el al., 2015; Hammour, 2018). Besides, this study's finding indicates there is no considerable impact of Vietnamese CPA exam regulations on students' attitude. The reason for thai can be explained by the Vietnamese regulations related lo the GPA exam seems to be difficult in students' belief in this sample.
Moreover, the sludy explores a positive relationship in which the intension could be influenced by subjective norms that supporting from university construct used in this research. In fact, students who receive more useful instruction and strong encouragement from their lecturers at academic institutions have a higher attitude for
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accounting professional certificate. Thus, they are more likely to have more motivation to participate in the exam and towards decision to take Ihe exam.
The result is consistent with the other studies such as Solikhah (2014), Coe (2014). As the result, the outcomes support for the application of TRA and TPB and that relationship was also proved by Churchman (2013), Coe (2014), Wen et al., (2015), Haramour(2018).
However, this sludy fails lo find evidence for supporting the relationship between perceived behavioral controls which is reflected as the level of risk acceptance construct and intention to enter the exam. It can be explained that students who are second -year students and third-year students think that h is too early lo think about the CPA exam.
Therefore, accepting lo receive bad resuhs may have no effect on their intention. This is the same with Hammour's stiidy (2018) in indicating that there is no relationship between perceived behavior controls and intention.
4. Conclusions
The empirical sludy explores the factors influencing attitude and intention of accounting and auditing students lo sil for the CPA exam.
Overall, the relationship between career factor and attitude, among attitude, university's support and intention towards taking part in the exam are
recognized. Predominantly, the research highlights the positive relationship between attitude towards behavior, subjective norms, particularly, support from university and intention lo participate in the exara have a significant relationship. More importantly, the study supports for the importance of the application of TRA and TPB which are sufficient for investigation of personal behavior. This study's findings can contribute lo the literature of examining of students' behavior towards professional certificate in Vietnam. Overall, the sludy brings valuable outcomes for validation some significant factors affecting on students' intention to sit for the exam and towards decision to lake the exam in the future. However, there is also limitation arising from this study. For example, the study has used small sample size students from Tay Do University. Particularly, the sample consists of a majority of students of Can Tho university and not focusing on other students from other universities in Can Tho City and other cities in Viet Nam, and accountants and auditing assistants as well.
Therefore, further studies need lo be done with larger sample size of students, accountants and auditing assistances to explore significant factors affecting the intention of participating in the CPA exam •
REFERENCES:
1. Churchman, R. J. (2013). Attracting the best and brightest: An examinadon of the factors that influence students' intenl lo enter the accounting profession. (Order No. 3579633. Anderson University). ProQuest Dissertations and Theses. 127.
2. Coe, M, (2014) Factors That Influence a Student's Intention to Sit for the CPA Exam. Western Illinois University 3. Hair. J.Fetal., 2009. Multilvariate data analysis, Englewood Cliffs, Prentice-Hall International.
4. Hammour, H, (2018) Influence of die attitudes ofEmirali students on their choice of accounting as a profession.
Accounting Education, 27(4): 433-451, OOP 10.1080/09639284.2018.1490913 5. Nunnally, J.C and Bernstein. l.H. (1994) Psychometric Theory. New York: McGraw-Hill.
6. Solikhah. B.. (2014). An application oftheoiy of planned behavior towards CPA career in Indonesia. Procedia - Social and Behavioral Sciences. 164:397- 402.
7. Wen. L. Hao, Q., & Bu. D.. (2015). Understanding the Intenlions of Accounting Students in China to Pursue Certified Public Accountant Designation. Accounting Education, 24(4): 341-359. DOI:
10.1080/09639284 2015 1051561.
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Receiving date: 30/9/2019 Reviewing date: 8/10/2019 Accepting date: 21/10/2019
Author's informations:
MA. NGUYEN THUY AN
College of Economics, Can Tho University
KHAO SAT Y DINH CUA SINH VIEN DOI VCfl VIEC THAM GIA KY THI KE TOAN VIEN,
KIEM TOAN VIEN TAI VIET NAM
• Tins. N G U Y I N THUY AN Khoa Kinh te, Tradng Dqi hoc Can Thd
TOM TAT:
Muc tieu cua nghien ciJu nay nhkm xac dinh cac nhan to' lidn quan den thai dp, tieu chu^n chu quan va kiem soat hanh vi nhan thti'c cua sinh vien nganh Ke loan va Kid'm loan tac dong den diT dinh cua hp do'i vdi viee dif thi lay chi?ng chi ke toan vien va kid'm loan Viet Nam diJa trdn ly thuye't hanh vi hpp ly va thuye't dif dinh hanh vi. Bang vide ap dung phSn tich nhan to kham pha, phan tich nhan lo'khlng dinh va mo hinh ca'u true tuye'n tinh de xac dinh cac nhan to anh hu'dng dd'n dif dinh hanh vi eua nhdm sinh vien Trifclng Dai hpc Can ThP va Tnfdng Dai hpcTay Do cua Ihanh phd'Cin Thd. Ket qua cho Iha'y, yeu to'nghe nghiep eo lae ddng lich cifc tdi thaidpeua viec diflhi;nh^nl6'lhai dp vasifho trp tif Tru'dng Dai hpc CO anh hu'dng lich cifc den dif dinh dd thi cua sinh vidn. Ngoai ra, nghien ed^i khong tim thay du'pc mo'i quan he giila mij*e do chap nhan rui ro va dif dinh hanh vi dif thi. Tae gia cung de nghi hu'dng nghien eiJu tiep theo dd' danh gia sif thay ddi cua cac nhan to' tac dong de'n dif dinh nay.
Tii khoa: Chd'ng chi kd' toan vien va kiem toan vien Viet Nam, ly thuye't hanh vi hdp ly, ly thuye't dif dinh hanh vi, md hinh hoi quy cau true.
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