The challenges, opportunities and action plan
In many organisations finance is supporting the business to meet its strategic objectives and building a sustainable business model so taking it beyond its more traditional role of finance stewardship and operational responsibilities. In these forward-looking organisations, finance is evolving from a focus on the transactional and cost efficiency areas through an analytical and decision support stage to a real strategic focus where it can make real impact.
This expansion has impacted the capabilities that finance managers across the function need to demonstrate and bring to the organisation. It also highlights opportunities for the management accounting community, in leveraging the management accountant’s unique skills to add value to the organisation whilst progressing their careers.
These trends may be impacting on the skills, experience and behaviours required by finance staff across all levels, but specifically for the management and leadership roles. Understanding the changing remit and mandate is important for the management accountant to remain fit for purpose and for those who wish to progress into management roles during their career.
CIMA and the AICPA conducted global interviews and senior roundtables to capture the changing requirements in skills, experience and behaviours needed to progress within finance and into the wider business. The insights from the senior professionals that have participated in this programme, together with our own research, have allowed us to identify the challenges and opportunities for CGMA designation holders and an action plan that developing management accountants should consider for progression.