It is a long debated issue. Both sides are shouting from their ends yet fail to bridge the gap. There will be no perfect bridge but at least we need to build one that we can comfortably pass thru. Academicians live in a world where PhD matters more than professional qual for their career development. At my university we do have a good number of lecturers with prof qual and with more than 3 years audit/tax experience. Not sure whether it is a wise decision they made as most later struggle career wise. Maybe it is a sacrifice they made leaving the lucrative salaries offered by the corporates. At our end, we have tried to bridge the gap by having PT lecturers from industry (unfortunately not many are willing to take part - bz is the common reason heard), organise biz talks/forums, write cases to make things relevant, industry attachment scheme for lecturers, even introduce a fellowship scheme for practitioners (salary equivalent to a professor for a senior fellow - which may not yet attractive to many). Honestly donno the effort from the other end.
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