1 Accountants for Business The complete nance professional 2013 . Why breadth and depth of nance capability matter in today's nance function Contents ACCA and Accountants for Business 3. Foreword by Helen Brand 4. The ACCA Competency Framework 5. Executive summary 6. 1. The importance of understanding the entire 8. value chain of finance in the corporate sector 2. The ascent of balanced finance leadership 10. to achieve sustainable growth 3. The growth in finance priorities 12. 4. The changing face of finance operations 13. 5. Earning the partnering mandate 14. 6. The future of finance careers 15. Conclusion 18. About the CFO survey 19 Abstract This report discusses the future of the finance function and outlines why broad-based finance qualifications remain valuable and why businesses need finance skills and capabilities across the entire finance value chain.
2 ACCA and Accountants for Business About ACCA About Accountants for Business ACCA (the Association of Chartered Certified Accountants) ACCA's global programme, Accountants for Business, champions is the global body for professional accountants. We aim to the role of finance professionals in all sectors as true value creators offer business-relevant, first-choice qualifications to people in organisations. Through people, process and professionalism, of application, ability and ambition around the world who seek accountants are central to great performance. They shape business a rewarding career in accountancy, finance and management. strategy through a deep understanding of financial drivers and seek opportunities for long-term success.
3 By focusing on the critical Founded in 1904, ACCA has consistently held unique core values: role professional accountants play in economies at all stages of opportunity, diversity, innovation, integrity and accountability. development around the world, and in diverse organisations, ACCA. We believe that accountants bring value to economies in all seeks to highlight and enhance the role the accountancy profession stages of development. We aim to develop capacity in the plays in supporting a healthy global economy. profession and encourage the adoption of consistent global standards. Our values are aligned to the needs of employers in all sectors and we ensure that, through our qualifications, we prepare accountants for business.
4 We work to open up the profession to people of all backgrounds and remove artificial barriers to entry, ensuring that our qualifications and their delivery meet the diverse needs of trainee professionals and their employers. We support our 154,000 members and 432,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills needed by employers. We work through a network of over 80 offices and centres and more than 8,400 Approved Employers worldwide, who provide high standards of employee learning and development. THE complete FINANCE professional 2013 3. Foreword by Helen Brand As the global body for professional accountants with almost 600,000 students and members, ACCA recognises the important role finance professionals play in the worldwide economy.
5 In a period of sustained volatility and growth challenges, ACCA will continue to champion the skills accountants bring to support businesses in wealth creation. We also recognise that this new environment Through the ACCA Qualification, our requires finance professionals to bring a goal is to ensure we support organisations much broader range of finance skills to across the world in developing finance the table. The challenges faced by finance professionals who can bring the requisite functions in supporting businesses are breadth and depth of finance and business not constrained to a particular accounting capabilities needed. From corporate or finance discipline. To strive to become reporting, financial management and world class, finance functions must excel in a management accounting through to broad range of capabilities, from supporting law, tax, audit, governance, risk and businesses to manage risk, developing financial control the ACCA Qualification effective strategies for growth, driving is uniquely designed to provide the financial insight, continuing to maintain breadth and depth of fundamental appropriate levels of control across the finance and management skills required.
6 Organisation as well as ensuring its statutory and regulatory responsibilities are met. This report brings together insights from existing ACCA research, and launches new findings from a recent global survey with CFOs on the skills and capabilities they see as most relevant. The complete finance professional 2013 summarises our thinking on why businesses need finance skills and capabilities across the entire Helen Brand OBE. finance value chain. Chief executive THE complete FINANCE professional 2013 4. The ACCA Competency Framework The ACCA Qualification has been uniquely Corporate reporting Preparing high quality business reports to support stakeholder understanding designed to develop the full range of and decision making.
7 Competencies finance professionals need Leadership and Managing resources and leading organisations effectively and ethically, in the corporate sector today. Here is a management understanding stakeholder needs and priorities. summary of those competencies. Strategy and innovation Assessing and evaluating strategic position and identifying imaginative options to improve performance and position; implementing strategies to ensure cost effective and innovative business process improvement and change management. Financial management Implementing effective investment and financing decisions within the business environment in areas such as investment appraisal, business re-organisations, tax and risk management, treasury and working capital management, to ensure value creation.
8 Sustainable Assessing, evaluating and implementing management accounting and management accounting performance management systems for planning, measuring, controlling and monitoring business performance to ensure sustainable value creation. Law and taxation Understanding laws and regulation relating to business; understanding taxation, regulation and systems, to establish tax liabilities for individuals and companies, and minimising these liabilities using tax planning. Audit and assurance Providing high quality external audits; evaluating information systems and internal controls, and gathering evidence and performing procedures to meet the objectives of audit and assurance engagements. Governance, Ensuring effective and appropriate governance; evaluating, monitoring and risk and control implementing appropriate risk identification procedures; designing and implementing appropriate and effective internal audit and control systems.
9 Stakeholder Managing stakeholder expectations and needs; aligning the organisation to relationship management their requirements; engaging stakeholders effectively and communicating relevant information. Professionalism and ethics Understanding and behaving in accordance with fundamental principles of ethical behaviour and personal ethics; ensuring implementation of appropriate corporate ethical frameworks. THE complete FINANCE professional 2013 5. Executive summary In today's finance function, ensuring a balance of skills across the and executive team to help drive the across the value chain, and the application organisations' strategy. But this must of finance principles in a much broader entire finance value chain is essential.
10 Broad-based professional be balanced with their need to exercise business context. They demonstrate the finance qualifications such as the ACCA Qualification, which independence as the gatekeeper of the value complete finance professionals, who provide an entire understanding across financial and management organisation CFOs recognise that long- hold a broad range of finance and business term value cannot be created or sustained skills, can bring to today's finance function. accounting disciplines, as well as more specialised learning unless the business is appropriately in audit, tax and law, provide a vital grounding in developing controlled, its risks managed effectively, 4. The changing face of finance its funds protected and maximised, and operations the skills that businesses need.