The impact of simultaneous technological, organisational and funding changes within the public sector brings new challenges for the finance function. The need to focus beyond scorekeeping requires a more commercial edge. Finance professionals in local government are increasingly using their knowledge and skills to analyse data and forecast trends, to carry out detailed investment appraisals which balance risk and return, to set up new trading companies and to build relationships with external partners.
Finance professionals in local government organisations are embracing a new, more strategic role - but employers face competition for talent.
Transformation requires skills in three key areas, which align well with the CGMA Competency Framework:
- technical and professional skills (i.e. finance, procurement, tax, governance)
- strategic skills, including commercial awareness
- soft or smart skills, including communication and behavioural skills.