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

Photo credit: http://www.flickr.com/photos/buhsnarf/2534278930/sizes/o/in/photostream/

More planning and analysis capabilities

are needed in organizations

Photo credit: http://www.flickr.com/photos/davidr_/4724105788/sizes/o/in/photostream/

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