You may have heard about future-proofing your career, but what does that really mean? To stay competitive in an evolving professional landscape, you’ll need up-to-date resources that we provide you with thanks to our research and insights.
The ‘Role and Mandate of Finance’ report, part of the AICPA® & CIMA® Future of Finance 2.0 series, is about the future role of the finance function and relevant emerging themes within the profession. The research explores the expanding role, directives, essential skills, competencies and ecosystem within which the finance professional must operate. Irena Teneva FCCA, FHEA, MBA, DBA and Lori Sexton CPA, CGMA are co-authors of the 2023 Future of Finance 2.0 emerging themes report. Additional findings to the report will follow. Teneva and Sexton are Associate Technical Directors at the AICPA & CIMA, together as the Association of International Certified Professional Accountants. The Future of Finance 2.0 series builds on the 2018 changing role and mandate of finance report.
The Future of Finance 2.0 research provides a comprehensive picture of the profession through the lived experiences of practitioners. ‘We conducted 96 interviews with leaders representing 92 organisations and 14 countries. We also carried out 92 roundtables with over 640 participants, representing over 445 organisations in over 40 countries’, said Sexton.
The evolving finance role
A prominent theme in the report: Finance is expanding beyond solely crunching the numbers.
Research clearly identified that although traditional technical skills are essential, the finance function’s scope is evolving well past recording and reporting numbers, figures and statistics.
‘Finance activities are no longer linear but form a fluid, iterative and dynamic model. In short, the finance professional is no longer just a “numbers only” expert. We now play a vital role in digital transformation, sustainability and environmental, social and governance (ESG) strategy, and value partnerships,’ Teneva explained.
Become a valued partner and trusted adviser
Finance professionals are increasingly influential in business and industry. As a trusted adviser, the finance role is developing in new areas where our profession can create competitive advantage and drive value.
Continuing professional development for finance experts will require a combination of different skills. A holistic skill set, as part of an ecosystem, will be pivotal for success and should include the following:
Technical skills regarding how the business performs (such as accounting, reporting, planning, forecasting and budgeting, and ongoing digital transformation) — including designing artificial intelligence tools, expected to improve workflow for finance teams.
Leadership and people skills (such as clear communication, emotional intelligence, and collaboration add value to teams and businesses)
A skill set combining technical knowledge and practical experience can propel your status and career in an organisation.
‘We’ve established that some of our members have branched out into other roles like HR, Risk, Governance, Intrapreneurship and Marketing. This is because they can leverage financial expertise, understanding of the business, data analytics and people skills,’ noted Sexton.
Benefits of a holistic approach
Today’s organisational ecosystem requires complex decision making, and management accountants are needed to provide insights and data analytics to leadership.
Technical and interpersonal skills are critical for agile transformations and will help finance professionals deal with challenges such as generating information in real time and reducing reporting times.
Trustworthiness, credibility and reliability are bedrocks of the accounting profession. Lifelong learning that strengthens your technical and leadership skills are needed for a holistic approach.
‘Commercial acumen, leadership and people skills and the seeking to develop strategic vision, while providing unique insights for organisational success is the direction of future travel. And the future starts now,’ Teneva concluded.
Explore further resources on the significant role finance professionals play in digital transformation on topics like data analytics; sustainability; environmental, social and governance (ESG) strategy and value partner partnerships. The Agile Finance Transformation Certificate Series includes resources on technical and interpersonal skills.