Blogs - Finance and Accounting Services Outsourcing
| Finance of the future: Three skill sets that finance professionals must acquire |
| By Rick Sturge on 2/8/2010 12:58:42 AM |
We recently concluded a quarterly business review (QBR) with a client. As with any QBR, this session had its moments. After the last discussions were over, and we wrapped up for the day, we all headed to a nearby restaurant for dinner.
As we finished the starters and were about to order the main course, I overheard the client executive say to my colleague “the recession has changed the finance profession dramatically. Given the pace of change, it is imperative that newcomers to the finance profession have a commitment to learn on the job.”
It’s quite true - today, finance is much more critical to business performance. Finance professionals must be qualified not for yesterday's jobs, but for tomorrow's roles.
What are the skills required of finance executives in this decade?
Here are three skill sets that I believe future finance professionals need to develop -
An inquiring mind: Many finance professionals are comfortable accepting data as is from a system when they should be challenging, comparing and questioning that data. The future of the finance profession is dependent upon the ability of executives to look for correlations among data, and to understand how this information can be used to create value. Finance professionals must develop a sense of curiosity and inquisitiveness to counteract the image of bean counters.
A deeper knowledge of business: Today's focus might be on gaining technical expertise, but in the future, finance professionals must possess a more well-rounded understanding of their organization's business. For example, if a finance exec is in the widget manufacturing industry, you must know learn how a widget is manufactured, used, and marketed. This means honing skills not just in the fields of finance, but in business management, strategy development, leadership management, and employee development.
Ability to communicate: Going forward, the finance professional must be able to communicate with people at all levels of the business, not just finance. He or she must empathise with its challenges and issues and then draw on technical /analytical skills to formulate appropriate action plans to help drive the business. These softer skills will increasingly play a huge part in taking sound decisions and will underpin the success of the business.
As the world becomes increasingly complex and globalized, finance must adapt. Many of the finance skills required in the future cannot be taught in a traditional business school system. They must be learned on the job. Therefore, companies must create a conducive environment - one of learning and continuous professional development. Only then will finance professionals be equipped to add value along the way. |
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