Chief financial officers (CFOs) looking to recruit new talent only want candidates who are complete financial professionals.
According to a report by the Association of Chartered Certified Accountants (ACCA), more than 80% of nearly 500 CFOs in the UK, Malaysia, Russia, China and the UAE believe it is “critical” for staff to possess both management and financial skills in order for business and personal development.
“Finance functions now have to be excellent in a wide range of capabilities, from supporting businesses to managing risk, developing effective strategies for growth, driving financial insight, continuing to maintain appropriate levels of control across the organisation as well as ensuring its statutory and regulatory responsibilities are met,” Helen Brand, chief executive of ACCA, said.
This is important as finance teams have to be able to manage challenges brought about by the post-crisis global economy, which is more volatile, complex and competitive.
The report also found 96% of respondents expect newly qualified finance professionals to understand financial management, and 94% said it is important they have a good understanding of professionalism and ethics.
Nearly three quarters of CFOs also expect new professionals to possess management skills and and 89% believe understanding links between all areas of finance allows them to better minimise future risks and challenges.
“Traditional career routes within the finance function are changing – we are seeing new types of finance roles emerging for example in shared services or global business service operations,” Brand said.