Bridging The Skills Gaps In CFO Teams

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Bridging The Skills Gaps In CFO Teams John Macaulay, CMA Chairman Emeritus, IMA Board of Directors Photo 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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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/

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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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16 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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Photo credit: http://pixabay.com/en/surprise-shock-face-man-211505/ What can be done?

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“In a world of unrelenting change, about the only sustainable advantage is learning. Competitors can copy your products, duplicate your technology, and replicate your processes, but as long as your organization is learning faster than theirs, you will always remain ahead.” --David A. Garvin, Harvard Business School Training is a Competitive Edge Image credit: Harvard Business Publishing

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Professionals, employers, students, and academics all play a role in providing the right training that’s needed to succeed in business today. Photo credit: http://pixabay.com/en/puzzle-puzzle-piece-16116/

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Accounting and finance professionals must prepare to become accounting and finance leaders

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What new skills do professionals need?

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Key Skills You Need To Master Now Enterprise Risk Management The Biggest Skills Shortages Exist in the Following Areas: Financial Leadership Skills Planning Business Analytics Internal Controls Information Technology

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Remember... every challenge is a frustrated opportunity "Average organizations put their best people on problems. Exceptional organizations put their best people on opportunities.” Rita McGrath, Columbia Business School Image credit: mosaicodenegocios.com.br 

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Learn more about the Competency Crisis: www.CompetencyCrisis.org