The missing link: integrating industry-relevant financial skills into hospitality education

Purpose This research aims to determine the overlap between the financial competencies taught in hospitality management programs and those required by practitioners in the industry, with the aim of uncovering the gaps in the curriculum and proposing practical measures to introduce financial competencies that are relevant to the industry in hospitality management teaching. Design/methodology/approach Using the methods of a qualitative and interpretive phenomenological approach, the study organized focus group discussions with 36 participants who represent the three stakeholders' groups (industry professionals n = 12), hospitality educators (n = 12) and students (n = 12). Findings The results of the analysis produced five salient themes, namely tensions between practical and theoretical orientations; barriers to integration of technology; lack of communication and integration competency; concerns on curriculum responsiveness and professional development imperatives. Research limitations/implications The localized perspective, hotel-based approach and qualitative research limit the amount of generalization that can be made about these findings. However, the lessons provide a beneficial background to the curricular calibration with the essential significance of the industry partnership, technological integration and practical learning. Originality/value The use of a competency-based paradigm has potential in nurturing the industry-academic associations required in the development of professional hospitality programs. This article provides new empirical data on perceptions toward financial competency requirements by stakeholders in hospitality management, which in turn facilitates such partnerships and contributes to the competency-based education discussion on the topic.