NEW YORK--(BUSINESS WIRE)--Most finance teams and professionals are not evolving their skills fast enough to account for the impact of artificial intelligence, robotic process automation and other technologies according to a new report released today by the American Institute of CPAs (AICPA).
The report revealed that a majority (over 50 percent) of finance leaders globally believe the competencies of their teams must “change significantly” over the next three years as new technologies take over traditional tasks. The upside: businesses expect a stronger focus on value creation with the automation of repetitive tasks. Expertise in areas such as data analytics, cyber risk management and business models will facilitate the shift. Supporting this will also be the need for a shift in mind-set to constantly learn, unlearn and relearn new skills to deal with complexity and operating in an increasingly agile environment.
Other key findings from the report include:
- 61 percent of finance professionals expect over 20 percent of finance tasks will be automated in next 3 years.
- Over half (55 percent) have already seen a move toward ‘somewhat’ automated processes.
- Yet hindsight reporting, for instance, still makes up 65 percent of a finance team’s report outputs.
The report is based on insights from a study of more than 5,500 finance professionals across 2,000 organizations in 150 countries. The study was conducted by the Association of International Certified Professional Accountants (the Association), the global member organization formed by members of the AICPA and the Chartered Institute of Management Accountants (CIMA).
“Technological advancements such as cloud computing, robotic process automation and AI are radically changing our world and the way business is conducted,” said Ash Noah, CPA, CGMA and managing director of CGMA Learning, Education & Development at the Association. “For finance professionals, this means there is an imperative to move beyond their comfort zones to develop digital intelligence to meet the new demands of business.”
The research released today complements additional research launched this month by the AICPA, CIMA and Oracle, which found that 90% of finance leaders do not believe their teams have the skills to support an organization’s digital transformation and help the business to grow and make better corporate decisions.
To help finance professionals develop the skills and competencies to future-proof their careers, the AICPA offers a library of learning tools and leading-edge resources focused on technology. They include:
- The updated Charted Global Management Accountant (CGMA) Competency Framework, which provides employers and professionals with a roadmap to identify the necessary skills and competencies and assess where there are gaps. The updated framework includes a new area of digital skills to the four core existing knowledge areas of technical, business, leadership and people skills.
- The CGMA Finance Leadership Program, which offers an on-demand, personalized learning journey to guide finance professionals to develop a mastery of the technical, business, leadership and people skills required for business today. The program will be updated later this year with learning to help finance professionals enhance their digital skillset.
- The Go beyond+ disruption learning series, which includes certificate programs, courses, webcasts and podcasts in areas such as blockchain, data analytics, cybersecurity, artificial intelligence, robotics process automation and more.
- The Human Intelligence Series, which includes a new e-book and library of videos to help professionals develop must-have competencies such as people management and decision-making.
For more information about the future of finance research and to download a copy of the report, visit cgma.org/future-finance-white-paper.
About the research
Over the course of 18 months, the AICPA and CIMA consulted with more than 5,500 finance professionals from over 2,000 public and private organizations of all sizes in 150 countries through face-to-face interviews, roundtables and a global survey. The goal was to bring together different organizational views, to understand the role finance professionals play in business, identify competencies and skills employers expect, and map how these are changing in a digital world.
The findings of the future of finance white paper Re-inventing finance for a digital world will help the AICPA and CIMA guide organizations through an extraordinary time of change, and ensure it provides members and students with the right skills and competencies to meet the needs of the modern business world.
About the Association of International Certified Professional Accountants
The Association of International Certified Professional Accountants (the Association) is the most influential body of professional accountants, combining the strengths of the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA) to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 667,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. With broad reach, rigor and resources, the Association advances the reputation, employability and quality of CPAs, CGMA designation holders and accounting and finance professionals globally.
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 431,000 members in 137 countries and territories, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession. The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.
Media representatives are invited to visit the AICPA Press Center at www.aicpa.org/press.
About the Chartered Global Management Accountant (CGMA) designation
The CGMA designation is the most widely held management accounting designation in the world. It was established in 2012 by the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA) to elevate the profession of management accounting globally. It distinguishes more than 150,000 accounting and finance professionals who have advanced proficiency in finance, operations, strategy and management. In the U.S., the vast majority are also CPAs. The CGMA designation is underpinned by extensive global research to maintain the highest relevance with employers and develop competencies most in demand. CGMAs qualify through rigorous education, exam and experience requirements. They must commit to lifelong education and adhere to a stringent code of ethical conduct. Businesses, governments and non-profits around the world trust CGMAs to guide critical decisions that drive strong performance.