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The future accountant according to CFOs

Published by Afterschool.my on Feb 07, 2013, 05:00 pm

  • Accountants with broad range of skills, expertise and leadership are desirable in a volatile economy
  • Traditional career routes are changing - new finance roles merge such as shared services or global business operations

A report released by the the Association of Chartered Certified Accountants (ACCA) shows that a majority of Chief Financial Officers (CFOs) looking to appoint new staff for their business believe it is important for each potential employee to possess both finance expertise and capabilities.

The report surveyed 500 CFOs in the United Kingdom, Malaysia, Russia, China and the United Arab Emirates. CFOs were asked what was important to them when it comes to appointing newly qualified accountants; what gives them confidence in their new hires; and what skills enable them to grow their business, particularly since the financial crisis.

Results show that recruiters are looking to hire employees with broader financial skills and expertise.

According to Helen Brand OBE, CEO of ACCA, "Finance functions now have to be excellent in a wide range of capabilities, from supporting business to managing risk, developing effective strategies for growth, driving financial insight, continuing to maintain appropriate levels of control across the organisation as well as ensuring its statutory and regulatory responsibilities are met."

A good understanding of professionalism and ethics were also deemed necessary by CFOs, of which 94 per cent of respondents rated this as important. Management skills scored 73 per cent whereas stakeholder relationship was rated 68 per cent.

Moreover, 80 per cent of respondents said having a complete understanding of the finance value chain - from budgeting to external reporting - and how all this fits together was critical. This is valuable to minimise as well as deal with future financial risks.

The full report available here.

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