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Significant gaps exist between the skills employees have and the skills businesses need, particularly in accounting and finance. Accounting is in the top 10 hardest roles to fill for the fourth year in a row. So, what is contributing to this Crisis of Competency? What can employers, management accountants, academics and students do to confront the issue?
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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/
“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
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/
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/
This is true in many fields, including technology, but also accounting and
financial management.
Is there really a skills gap in accounting and
finance?
Significant Gaps Exist Between the Skills Employees Have and
What Skills Are Needed
Photo credit: http://pixabay.com/en/suspension-bridge-bridge-238519/
Accounting is in the top 10 hardest roles to fill for the fourth year in a row.
The New Value Integrator, Insights from the Global Chief Financial Officer Study, IBM, 2010
Effectiveness Falls Short of Importance
Where Is Finance Most Dissatisfied With Its Current Capabilities?
Photo credit: http://pixabay.com/en/business-office-chef-170645/
CFOs need to raise the competency of
their teams
So, what is contributing to this crisis of competency?
College accounting curricula do not cover in enough depth the critical skills needed on corporate finance
and accounting teams
14
There exists a skills gap at all levels, including the business
analytical level
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More planning and analysis capabilities
are needed in organizations
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16
It is a challenge to identify “advanced” or high potential
finance and accounting staff who can fill a strategic business partner role...
Image source: Strategic Finance Magazine, February 2014
