There has been a lot of buzz lately around an “employability crisis.” The recent report released by McKinsey & Company shows that employers are having difficulty finding the right talent. Expectations from employers are evolving with growing concern among finance professionals about fulfilling their changing demands.
Whether this gap comes from a slowly evolving educational system, a rapidly changing business world or a combination of both, the AICPA and CIMA’s CGMA Competency Framework is aimed at closing this gap. Through a series of face-to-face interviews, roundtables and an online survey conducted by CIMA and validated by AICPA, employers around the world were asked about the skills they are looking for in management accountants. The results led to the CGMA Competency Framework.
So how exactly can finance professionals meet employers’ expectations? What are the competencies they need to enhance their careers and be in demand in our fast-paced business world? The newly released CGMA Competency Framework is designed to help management accountants understand the broad range of skills that finance professionals need in both current and desired roles.
The framework consists of four knowledge areas: technical accounting and finance skills, business skills, people skills and leadership skills. There are identified competencies and skills that are relevant to each knowledge area and categorized by four proficiency levels: foundational, intermediate, advanced and expert.
The competency framework is the foundation of the CIMA professional qualification syllabus. It is being provided to CGMA designation holders as a resource to help them in career planning, skills identification, training and development.
We also hope you find other practical uses for the framework. It can be used to develop job descriptions and profiles. You might even use it as a starting point to develop your own company-specific competency framework.
In today’s highly competitive and complex business world, it is essential to understand the direction of the market and be equipped to address the demands. To this end, the framework is made available to all for download and use.
Guest blog post written by:
Nancy Marc-Thrasybule, CPA, CGMA
Technical Manager, Management Accounting, AICPA