Bridging the Skills Gaps in CFO Teams
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BRIDGING THE SKILLS
GAPS IN CFO TEAMS
John Macaulay, CMAChairman Emeritus,
IMA Board of DirectorsPhoto credit: http://www.flickr.com/photos/30691679@N07/2891697636/sizes/o/in/photostream/
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“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
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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/
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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/
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This is true in many fields, including technology, but also accounting and
financial management.
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Is there really a skills gap in accounting and
finance?
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Significant Gaps Exist Between the Skills Employees Have and
What Skills Are Needed
Photo credit: http://pixabay.com/en/suspension-bridge-bridge-238519/
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Accounting is in the top 10 hardest roles to fill for the fourth year in a row.
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The New Value Integrator, Insights from the Global Chief Financial Officer Study, IBM, 2010
Effectiveness Falls Short of Importance
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Where Is Finance Most Dissatisfied With Its Current Capabilities?
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Photo credit: http://pixabay.com/en/business-office-chef-170645/
CFOs need to raise the competency of
their teams
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So, what is contributing to this crisis of competency?
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College accounting curricula do not cover in enough depth the critical skills needed on corporate finance
and accounting teams
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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/
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More planning and analysis capabilities
are needed in organizations
Photo credit: http://www.flickr.com/photos/davidr_/4724105788/sizes/o/in/photostream/
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It is a challenge to identify “advanced” or high potential
finance and accounting staff who can fill a strategic business partner role...
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Image source: Strategic Finance Magazine, February 2014
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