Academics and Career Advisers Conference 2017

Transcription

1 Academics and Career Advisers Conference 2017

2 Welcome David Rowsby Regional Vice President Europe, Management Accounting Association of International Certified Professional Accountants

3 Opening address David Stanford FCMA CGMA President Chartered Institute of Management Accountants

4 The future of finance in the digital revolution Andrew Miskin FCMA GCMA Chair Association of International Certified Professional Accountants

5 THE FUTURE OF FINANCE IN THE DIGITAL REVOLUTION ANDREW MISKIN CHAIR, ASSOCIATION OF INTERNATIONAL CERTIFIED PROFESSIONAL

6 ENVIRONMENT Business in the 21st Century is a volatile, complex, uncertain place. But it is also rich in opportunity. As competition increases and the rate of technological change only accelerates, business leaders find themselves under increasing pressure. Quality decision making is essential. However, in these circumstances, impulse often substitutes for insight.

7 FUTURE OF FINANCE The world is changing Companies need new and different information to make decisions This requires different skills from management accountants 'Finance' is still the right place for those skills Companies can prepare for this

8 THE WORLD IS CHANGING: A VUCA WORLD

9 THE WORLD IS CHANGING: MEGATRENDS Shift in global economic power Technological breakthroughs Demographic and social change Climate change and resource scarcity Rapid urbanisation Source: pwc.co.uk/megatrends

10 SO, WHAT INFORMATION DO WE NEED?

11 WHAT SKILLS DO MANAGEMENT ACCOUNTANTS NEED?

12 BUILDING SKILLS TO UNDERPIN OUR PRINCIPLES

13 DO WE HAVE THE RIGHT SKILLS IN THE RIGHT ORGANISATION? ANALYSE AND HOLD A POSITION PERSUADE BUT LISTEN IS FINANCE THE SAME AS INFORMATION

14 DO WE HAVE THE RIGHT ORGANISATIONS? Global Management Accounting Principles defines Management Accounting as: the sourcing, analysis and communication of decision relevant information to create and preserve value in organisations Segregation of finance roles: steward, reporter, analyst and influencer? Who else can provide independence, analysis, communication and business insight?

15 COMPANIES CAN PREPARE FOR THS

16 THANK YOU ANDREW

17 CIMA connecting education, skills and jobs Dr Noel Tagoe, PhD, FCMA CGMA Executive Vice President Academics, Management Accounting Association of International Certified Professional Accountants

18 Connecting Education and Employment For education to connect to employment Universities, employers, learners and society must work together

19 Connecting Education and Employment McKinsey Report: From Education to Employment UK Council on Employment and Skills Economists Magazine

20 Connecting Education to Employment Challenges Performance Competencies and mindset Learning Systems

21 Challenges

22 Challenges Uncertainty and risks Changing business models Threat to profitability and survival

23 Finance Performance Inform to Transform Collect, Clean And Connect Information Analyse Impact Insight Enable and Control Influence Communicate

24 Finance Performance

25 Finance Activities at risk from Automation

26 Finance Competencies Highly susceptible. Focus on applying higher level expertise Less susceptible. Focus on analytical skills and judgement Least susceptible. Focus on managing others Less susceptible. Focus on stakeholder interactions

27 Agile mindset Learn Unlearn Relearn

28 Thank You

29 Working with CIMA helping you and your students to succeed Joanne Monkman and Anna Byas Managers - Student Recruitment, Management Accounting, Association of International Certified Professional Accountants Rebecca McCaffry FCMA CGMA Associate Technical Director, Management Accounting, Association of International Certified Professional Accountants

30 Contents Student Recruitment On Campus Activities The Grad Club Partnerships Accreditations

31 Student Recruitment Who we are: Anna Byas Jason Nye Joanne Monkman Chika Odeghe Diane Dickson Sarah Burrows Ruben Nieto

32 On Campus Activity Business Games Lecture Events Presentations Skill Sessions

33 Business Games/Mock Assessment Centres They are based on a typical assessment centre task and gives students a taster of what it is to be CIMA qualified within a variety of business roles and scenarios The session also encourages students to develop their soft skills Business decisions, Ethics, Communication and many more

34 Lecture Events & Presentations We can organise for an employer to come in and lecture on a specific topic You choose the topic The employer brings it to life We can tailor presentations to your needs CIMA talk Employability

35 Skill Sessions Commercial Awareness Leadership CV Skills Mock Interviews Ethics Networking with Impact Presenting with Confidence

36 University Partnerships Through out the UK we have a number of University Partnerships: Reduced exemptions Cert BA exams Cert BA Certificate level Master Gateway

37 Partnerships

38 The Grad Club Blogs study & career advice, industry updates Discussion forum Studying CIMA FAQ s, case studies Video resources Careers Hub job opportunities, employer profiles, networking & events

39 CIMA Research Rebecca McCaffry FCMA CGMA Associate Technical Director, Management Accounting Association of International Certified Professional Accountants

40 A new Association powering an indispensable profession. The Association of Certified Professional Accountants was formed by members of the American Institute of CPAs and the Chartered Institute of Management Accountants (CIMA) to advance the entire profession AICPA and CIMA remain as member bodies supporting CPA, CGMA and other specializations. CIMA continues to fund and support academic research globally. We are driving a dynamic profession that powers trust, opportunity and prosperity for people, businesses, and economies worldwide 650,000 Members and students 179 Countries in our member and student network 150,000 Firms and businesses employ our members 2 Premier designations supported: CPA and CGMA 17 Specialized credentials and certificates offered 35 Office locations

41 Research and Development Department 6 Technical Specialists -Corporate reporting -Risk and governance -Performance management -Future of Finance -Strategy and Sustainability -Public Sector CGMA Thought Leadership CGMA Tools for members 1 Technical Manager 2 Academic Research Managers 1 Research and Development Coordinator Academic Research

42 CGMA Research Underpins the Association s vision to be the most influential body of professional accountants. Ensures that we continue to meet business and employer needs now and in the future. Provides the evidence base for syllabus and lifelong learning. Is relevant, rigorous and robust to guide the future of the profession. 42 North Asia Management Accounting Leaders Summit

43 Some of our recent and upcoming CGMA outputs WHAT Delivery Internal trust: Building alliances from within January 2017 Agile finance revealed: The new operating model for modern finance March 2017 Technology in government performance: Digitalization and open data April 2017 Cybersecurity Tool April 2017 Treasury and cash Management Tool February 2017 Leadership Briefing Q Public Sector Technology Briefing Q Rethinking the Business Model Framework Q Future of Finance Briefings and Tools 2017/18

44 CIMA s Academic Research Programme Bridges Theory and Practice CIMA not only bridges practice and research, it spreads innovative practice, advocates sustainable performance and stimulates debate. Wim Van Der Stede, CIMA Professor Council Work Plan

45 RECENT ACADEMIC RESEARCH REPORTS Financial crisis and changes in management controls in banks Governmental financial resilience under austerity: English local authorities The role of management accounting in servitisation Dealing with the unknown: leading in uncertain times. Risk management in the banking sector: the influence of personality traits.

46 Getting to the heart of decision making. Financial Management Reform in UK Government since 2013 Improvements in management information, reducing bureaucracy and duplication. Value mapping and costing initiatives drive improvements in understanding department spending, connecting outcomes to the business model. Stronger sense of a single finance community across government knowing and trusting other senior finance professionals.

47 CIMA s academic research programme is designed to promote and develop the science of management accountancy, as stipulated in our Royal Charter. WHAT WHEN Funding Calls Topic Specific Calls First half of 2018 We also fund management accounting conferences globally applications Adhoc Grants Available now 8 Sep. first stage cut off close Seedcorn on 31 grants August. for early career researchers and Applications close on 16 June. Feasibility studies 2017 Conference sponsorship Applications close 31 August 2017 Global faculty engagement and support for early career research Centres of Excellence (SE Asia, Australasia, South Africa) Ongoing Ongoing

48 CIMA academic research grant process Applications judged on academic rigour, quality, originality and potential contribution both to CIMA research objectives and to accountants in business Initial sift Shortlist panel GCT panel Proposals vetted by R&D staff (practitioners) Shortlisting panel (practitioners/academics) GCT approval and funding award (practitioners)

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50 Talent management the building blocks for success Rebecca McCaffry FCMA GCMA Associate Technical Director, Management Accounting Association of International Certified Professional Accountants

51 Future Focused Finance in the NHS c.16,000 finance staff employed across 500+ NHS organisations Finance-led 5 year (now extended) programme, est. 2014

52 Future Focused Finance action areas Best Possible Value Efficient Processes & Systems Close Partnering Skills & Strengths Great Place to Work Foundations for Sustained Improvement

53 Talent mismanagement in the NHS

54 What causes talent mismanagement? Wrong mind-set No career conversations Insufficient roles available Absence of goals Over-promotion

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56 The building blocks for success

57 Talent management and CIMA Value to employers: Largest professional body of management accountants Relevance of qualification to business in a variety of roles Syllabus and assessment is developed with employers CIMA code of ethics Commitment to lifelong learning through CPD Value to employees: The CIMA qualification delivers the skills that employers demand CIMA members work in all roles and all sectors Flexibility of study and exam processes Demonstrates a commitment to personal and career development Offers development opportunities even in the smallest organisations

58 HMT Financial Management Review (2013) Internal review drawing on private sector experience Reforms aimed to strengthen financial management by: Building capability Improving financial standards Improving management information Improving financial controls

59 Getting to the heart of decision making (2016) Financial Management Reform in UK Government since 2013 Improvements in management information, reducing bureaucracy and duplication. Value mapping and costing initiatives drive improvements in understanding department spending and how value is created for taxpayers. Stronger sense of a single finance community across government knowing and trusting other senior finance professionals.

60 Getting to the heart of decision making (2016) Improvements in management information, reducing bureaucracy and duplication Value mapping and costing initiatives have driven improvements in understanding department spending Stronger sense of a single finance community across government knowing and trusting other senior finance professionals. Greater willingness to recruit people from other departments has had a positive effect on retention.

61 New initiatives Value mapping High level visual summaries of departmental spend, linked to objectives. RAG ratings Costing projects 6-week investigations of specific areas of high spend, which cut across departments Management information Data sprints looking at complex issues Joined-up systems MI networks Talent management Career development Professional development

62 Talent Management research paper: Thank you

63 An employer s perspective benefits of employing a CGMA Sereena Malkani ACMA CGMA Financial Controller, Sky UK

64 Europe s leading entertainment company Market leading Pay TV and Triple Play provider in the UK Customers: 11m (UK), 21m (Europe) Constant innovation at core of success Broad range of content Market leading customer service Other businesses Bigger Picture Diversity Game of Thrones

65 Key Sky milestones from February 2011 onwards

66 Commercial experience in an exciting and dynamic environment 3 years London based (West / Central) International secondment opportunities Rotations In-role line manager Dedicated staff manager Development & training Grad community / events Wider opportunities Get involved Suicide Squad

67 Studying for your qualification at Sky Full financial support Focused first week course Flexible course selection Study leave Additional support Great working relationship with CIMA Modern Family

68 Sereena Malkani Background Why Sky? Rotations - Sky Media - Sales & Marketing: Retention - Home Service & Supply - European Integration Development Wider roles Moana

69 Breadth of experience and applying CIMA Variety of experience in 7 different roles across 6 years senior stakeholder / exec level management corporate restructure month end and P&L management new product launch support budgeting insight and analysis mentoring and coaching forecasting project management management of a team reporting 3 rd party contracts operating efficiency business case modelling offer and pricing strategy 5YP budget owner of 500m Specific projects Sky Q readiness Sky Creative integration Targeted retention offer strategy Ghostbusters

70 Requirements and application 2.1 degree or equivalent Analytical and commercially focused, hard working, confident communicator Passion and enthusiasm Process Online application Online test Phone interview Assessment centre Working with CIMA Formula 1

71 Check out our website: Look out for us at upcoming events Get in touch Wild Things