By Ademola Alawiye

Thursday, 23 Dec 2010

A new research conducted by the Association for Chartered Certified Accountants has shown that there will be increased need for finance professionals in the future.

The research, with a focus on ”the value creation model for business: 2010 and beyond”, sought the opinions of over 500 senior business people in nine countries about the role of the finance professional now and in the future.

According to a statement by the company, more than half of the respondents maintained that finance professionals will form the bedrock on which sound business decisions will be made.

The research also revealed that business leaders believed that accountants would help to improve the ethical standards across an organisation with over half of respondents saying that the guardianship role would become more important in the future.

The statement said that the role of the finance professional was now more visible and more responsible, and that this had been the case since the global economic crisis.

It said, ”Global business leaders expect finance professionals to take on a more strategic role in the future, believing that their ethical integrity will become increasingly important.

“The respondents believe that this visibility and responsibility will continue and grow in the future.”

On oversight and supervision, the research showed that accountants would bring greater strictness in an increasingly global regulatory environment, and help organisations manage risk more effectively.

Two-thirds of respondents placed risk management and internal control among the top skills required of accountants going forward.

The Chief Executive, ACCA, Ms. Helen Brand, said, ”We expect to see a new focus being placed by organisations on how they source and develop the skills and capabilities of their finance employees to create value, not just to their employers but within the wider economy.”

She pointed out that there would be an increased need for highly-talented professionals, particularly in emerging markets.

According to her, organisations need to be prepared to invest in their people to ensure that their finance professionals are seen as leaders in the business and central to decision-making.

She added, ”Sustainability is also a key feature for the finance professional of the future. Fifty-six per cent of business leaders expect the finance professional to be involved, to a greater extent, in sustainability and corporate and social responsibility issues.”

”The finance professional of the future will bring greater oversight. As the global economy returns to growth, we will see the influence of professional accountants in all economies and particular emerging markets, come to the fore.”

 

Source: Punch