Does the ACCA have any value
Six hypotheses from IMA and ACCA for the future of CFOs
Global study: Corona moves CFOs closer to the role of CEOs
01.10.2020 – 15:21
Institute of Management Accountants (IMA)
Montvale (NJ) / Zurich (ots)
CFOs are becoming more and more important: The COVID-19 pandemic is accelerating a noticeable change in the role of CFOs worldwide. This is confirmed by the current study "The CFO of the Future" by the Institute of Management Accountants (IMA) and the Association of Chartered Certified Accountants (ACCA) among 1,152 members of the ACCA and the IMA around the world.
The study "The CFO of the Future" shows a growing range of responsibilities among CFOs. They are increasingly taking on other corporate management tasks from governance to risk management. The pandemic has given this development even more momentum. 72 percent of the study participants therefore think that the role of the CFO will gain in importance in the next three to five years. With this greater responsibility, however, comes the challenge for companies to secure suitable talent in this area even in the pandemic.
"Today's events have - and will continue to change - a lot in corporate finance, particularly with regard to the CFO," said Raef Lawson, Ph.D., CMA, CPA, IMA vice president of research and policy. "Our study shows that CFOs are currently assuming management responsibility beyond financial issues. They take care of governance as well as risk management, business change projects, resilience and technologies."
IMA and ACCA derive six hypotheses from the results of the study. These describe the opportunities and challenges that the CFOs have to deal with.1. In the future, the CFO will be much more involved with stakeholder and investor management than with the classic tasks of securing finances and reporting. 2. The CFO has a significantly greater responsibility for developing a business strategy and for validating and implementing it. 3. The focus is shifting from conventional, past-oriented cost control to the identification, perception and optimization of growth opportunities. 4. The new role requires a recording and evaluation of all aspects of the strategic company goals. 5. CFOs will add value primarily through forward-looking insights - and not through downstream reporting. 6. CFOs will increasingly take a career step into the role of CEO.
"Today's CFO is looking ahead and well beyond corporate finances," said Clive Webb, ACCA Head of Business Management. "His agenda is broad and he is making a significant contribution to added value, especially in this time of the pandemic, in a way that we foresaw in 2012. The CFOs bring ever more extensive skills with them and will continue to expand them. They are ready to do more Taking on responsibility - including the role of the CEO. "
Further results of the study:- 82 percent of the participating CEOs see an increasing importance of the CFOs - 78 percent of the respondents see a perspective of ethics as an important differentiating factor in interaction with other managers - 68 percent of the CEOs value the strategic knowledge of the CFOs
The full study can be found here.
About the study
The study is based on a survey of 1,152 ACCA and IMA members, CFOs and managing directors who are not members of ACCA or IMA, as well as on several virtual round tables. The survey was carried out in June 2020. Further information on the study can be found here.
ACCA (Association of Chartered Certified Accountants) is the global agency for accountants. It offers business-relevant, first-class educational opportunities and thus attractive support for a career or entry into accountancy, finance and management.
The ACCA has 227,000 members and 544,000 students (including affiliates) in 176 countries. She helps you plan and implement a successful career in accountancy - with exactly the skills that employers want. The ACCA has a network of 110 agencies and 7,571 approved employers worldwide, as well as 328 approved learning providers who ensure the high level of learning.
Because of its public mandate, the ACCA promotes proper accounting regulation - and conducts research to underscore the importance of accounting.
With important innovations, the ACCA ensures that its current and future members operate at the highest level. Since its founding in 1904, the ACCA has always focused on the values of "opportunity, diversity, innovation, integrity and accountability". More information can be found here: www.accaglobal.com
About IMA® (Institute of Management Accountants)
The IMA® (Institute of Management Accountants) is one of the largest international associations for accountants and finance professionals. The IMA® supports accountants, accountants, CFOs, auditors and other experts in the financial sector through research as well as the internationally recognized advanced training for CMA® (Certified Management Accountant) and the CSCA® program (Certified in Strategy and Competitive Analysis). Training to become a CMA is a key factor in a career in finance. Further training opportunities, intensive networking and strict advocacy of ethical business practices are also part of his field of activity.
The IMA has a global network with more than 140,000 members in 150 countries, including around 80,000 CMA carriers. 300 professional chapters are also represented here. The trade magazines The Accountant / International Accounting Bulletin have recognized the IMA as the professional association for 2017 and 2018.
Headquartered in Montvale / N.J., USA, the IMA offers locally specified services in all global regions in which the institute is active (North and South America, Asia / Pacific, Europe and the Middle East / India). In Europe, the IMA currently has over 3,000 members and is represented with its own offices in Amsterdam and Zurich. (As of September 2020)
More information about IMA can be found at www.imanet.org.
Original content by: Institute of Management Accountants (IMA), transmitted by news aktuell
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