“In the past eight months, I have travelled around the world to engage with members, students and get to know what support they require from CIMA. I have also met with regulatory, academic and business organisations – this has been quite eye-opening and has helped us better understand the emerging business needs and the new skills necessary for management accountants to succeed today and into the future,” said CIMA President Steve Swientozielskyj FCMA, CGMA.
During his visit to South Africa, CIMA President Steve Swientozielskyj, FCMA, CGMA participated in two roundtable discussions, one with employers from various industries and one with academics from universities. Each discussion revealed compelling insights into how the future of finance has transformed the needs of employers and how academics plan to equip students with the skills they need to meet employers’ needs. These topics were examined with challenges such as poverty, unemployment and legacy issues that South Africans currently face.
Technology was identified as the key driver of change, changing the way that finance teams work within a business, especially in Africa. Phenomena like robotics, Artificial Intelligence (AI) and automation greatly simplify finance processes and repetitive tasks.
Because this will have far reaching effects for communities and economies, employers and academics in South Africa and the rest of Africa, the CIMA President and the regional CIMA team met to discuss how students can be better equipped with the knowledge they need to enter the current job market and how professionals can build on the skills they have acquired to remain relevant and employable.
According to South African academics, there is room for stronger engagement among employers, students, academic institutions and CIMA Africa. This is imperative to promoting the CGMA designation and the 2019 Professional Qualification in our region. In addition, participants mentioned that they believed that the updated qualification will arm students with the skills they need to thrive in a digital finance world. Academics view the refreshed qualification as CIMA’s attempt at keeping the qualification fresh and up-to-date. Employers indicated that they would like to see South African firms leverage their global footprint and learnings to bring global solutions to South African challenges.
How can management accountants equip themselves to meet these challenges?
Evolving mindset – finance people need a mindset that enables them to challenge the status quo, ad adapt and make an impact when driving change.
Learn, unlearn and relearn – finance people need a mindset that enables them to adapt through continuous learning.
Updated CGMA Competency Framework – a revised CGMA Competency Framework which defines the technical, business, people and leadership skills and which now contains a fifth knowledge area – digital skills.
CGMA Africa Conference 2019: Finance transformation in the digital world
Join industry experts and explore how finance is changing in a digital world. Renowned speakers will take the stage to discuss how various phenomena like blockchain, robotics, and AI impact the finance function and how this will determine workforce capability for the future. The conference will take place at the Cape Town Convention Centre on 11-12 September. To view our prices, click here.