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Bridging the Skills Gaps in CFO Teams

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Significant gaps exist between the skills employees have and the skills businesses need, particularly in accounting and finance. Accounting is in the top 10 hardest roles to fill for the fourth year …

Significant gaps exist between the skills employees have and the skills businesses need, particularly in accounting and finance. Accounting is in the top 10 hardest roles to fill for the fourth year in a row. So, what is contributing to this Crisis of Competency? What can employers, management accountants, academics and students do to confront the issue?

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  • -Welcome everyone. Great to be here and see so many interested individuals in a subject and a certification near and dear to my heart.
    -Want to talk about what is needed in today’s CFO teams and more importantly tomorrow’s team members
    - Talk a bit about your background
  • Multiple research studies, including IMA’s own research and studies by the Economist Intelligence Unit, IBM, E&Y, Accenture, among others show that:
    Finance and accounting college curriculums serve as a good theoretical grounding in business skills, but often do not develop in enough depth the skills needed on the job
    CFOs see a competency gap on their teams, particularly in the areas of planning and analysis
    Senior finance managers need sorting devices for the purpose of hiring and advancement
  • Transcript

    • 1. BRIDGING THE SKILLS GAPS IN CFO TEAMS John Macaulay, CMA Chairman Emeritus, IMA Board of Directors Photo credit: http://www.flickr.com/photos/30691679@N07/2891697636/sizes/o/in/photostream/
    • 2. “In the post-capitalist society it is safe to assume that anyone with any knowledge will have to acquire new knowledge every four or five years or else become obsolete.” --Peter Drucker Image Source: Druckerpath.com
    • 3. The world we live in is one where knowledge has become the means of production. Photo credit: http://pixabay.com/en/pens-colored-pencils-school-93177/
    • 4. Knowledge creates value through productivity and innovation. And what we know today becomes obsolete very quickly. Photo credit: http://pixabay.com/en/step-steps-path-direction-shoes-163948/
    • 5. This is true in many fields, including technology, but also accounting and financial management.
    • 6. Is there really a skills gap in accounting and finance?
    • 7. Significant Gaps Exist Between the Skills Employees Have and What Skills Are Needed Photo credit: http://pixabay.com/en/suspension-bridge-bridge-238519/
    • 8. Accounting is in the top 10 hardest roles to fill for the fourth year in a row.
    • 9. The New Value Integrator, Insights from the Global Chief Financial Officer Study, IBM, 2010 Effectiveness Falls Short of Importance
    • 10. Where Is Finance Most Dissatisfied With Its Current Capabilities?
    • 11. Photo credit: http://pixabay.com/en/business-office-chef-170645/ CFOs need to raise the competency of their teams
    • 12. So, what is contributing to this crisis of competency?
    • 13. College accounting curricula do not cover in enough depth the critical skills needed on corporate finance and accounting teams
    • 14. 14 There exists a skills gap at all levels, including the business analytical level Photo credit: http://www.flickr.com/photos/buhsnarf/2534278930/sizes/o/in/photostream/
    • 15. More planning and analysis capabilities are needed in organizations Photo credit: http://www.flickr.com/photos/davidr_/4724105788/sizes/o/in/photostream/
    • 16. 16 It is a challenge to identify “advanced” or high potential finance and accounting staff who can fill a strategic business partner role...
    • 17. Image source: Strategic Finance Magazine, February 2014
    • 18. Photo credit: http://pixabay.com/en/surprise-shock-face-man-211505/ What can be done?What can be done?
    • 19. ““In a world of unrelentingIn a world of unrelenting change, about the onlychange, about the only sustainable advantage issustainable advantage is learning. Competitors canlearning. Competitors can copy your products, duplicatecopy your products, duplicate your technology, and replicateyour technology, and replicate your processes, but as long asyour processes, but as long as your organization is learningyour organization is learning faster than theirs, you willfaster than theirs, you will always remain ahead.”always remain ahead.” --David A. Garvin,--David A. Garvin, Harvard Business SchoolHarvard Business School Training is a Competitive Edge Image credit: Harvard Business Publishing
    • 20. Professionals, employers, students, and academics all play a role in providing the right training that’s needed to succeed in business today. Photo credit: http://pixabay.com/en/puzzle-puzzle-piece-16116/
    • 21. Accounting and finance professionals must prepare to become accounting and finance leaders
    • 22. What new skills do professionals need?
    • 23. Key Skills You Need To Master Now Enterprise Risk Management The Biggest Skills Shortages Exist in the Following Areas: Financial Leadership Skills PlanningBusiness Analytics Internal Controls Information Technology
    • 24. Remember... every challenge is a frustrated opportunity "Average organizations put their best people on problems. Exceptional organizations put their best people on opportunities.” Rita McGrath, Columbia Business School Image credit: mosaicodenegocios.com.br
    • 25. LEARN MORE ABOUT THE COMPETENCY CRISIS: www.CompetencyCrisis.org