ACCA unveils competency framework for complete finance professionals

Association of Chartered Certified Accountants (ACCA) introduced an interactive checklist of competencies recently, which business leaders require from aspiring finance professionals. Based on a survey conducted with more than 500 Chief Financial Officers (CFOs), the report titled ‘The complete finance professional 2013: Why breadth and depth of finance matter in today’s finance function,’ identifies the key areas that CFOs look for in the finance function.

Noted as the first ever online competency framework of the association, the report highlights the 10 key competencies finance professionals must have if they are to succeed in business and their career. The recognised competencies are: professionalism and ethics, governance, risk and control, stakeholder relationship management, strategy and innovation, leadership and management, corporate reporting, sustainable management accounting, financial management, audit and assurance, and taxation.

The competency framework will enable employers, teaching providers, current and potential students to see the key competencies which must be inculcated to become successful in the market. ACCA Chief Executive Officer Helen Brand commenting on the report and its relevance within the association noted that: “The ACCA qualification, addresses all the key competencies required by finance professionals, from performance and financial management and taxation, to Islamic finance; and the principles of integrated reporting.”

Brand also added that: “The Competency Framework highlights the abilities which aspiring finance professionals must have if they are to meet the requirements of potential employers. ACCA has always been committed to ensuring that its qualification meets the needs of every sector in every region of the world, and the competency framework brings these together.”

Today, finance professionals face multiple demands as partners to business operations; apart from the need for accounting professionals to behave and act ethically and professionally, financial management and financial analysis were seen as particularly high-impact areas, followed closely by governance risk and control, strategic management accounting and corporate reporting. Internal audit, tax advice and planning were also widely considered to have considerable impact.  Taking account of the bigger picture, the competency framework identifies, the need for finance professionals to be informed in the area of stakeholder relationship management, so that they can manage expectations, support the alignment of the organisation with stakeholder needs, and ensure relevant information is communicated.

It also places at its heart the concepts of professionalism and ethics, understanding the complex challenges individuals can face at any level within an organisation and providing ACCA professionals with clear principles for determining appropriate ethical behaviour.

Endorsing this initiative, ACCA Sri Lanka Head Nilusha Ranasinghe stated: “For ACCA students and members, the competencies are inbuilt into the ACCA qualification system, which enables them to forge ahead with no need for extra learning exercises. The framework has been prepared so that finance professionals, employers and tuition providers are also clear about the key skills demanded in an increasingly globalised and rapidly changing business environment and has been designed to equip aspiring finance leaders with the skills and expertise they need to succeed.

“As they work through the successive stages of the ACCA qualification, aspiring finance professionals develop the full range of competencies to be able to deliver maximum impact and value in their businesses.

The syllabus covers all key knowledge areas required by finance professionals working in business and addresses everything that a CEO might reasonably expect a finance leader to be able to handle, and potentially more.” The framework not only serves as a checklist for students but as a clear demonstration to employers that those with the ACCA qualification are ‘Complete finance professionals.’