Academics’ and Career Advisers’ Conference 2017

Welcome

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

Opening address

David Stanford FCMA CGMAPresidentChartered Institute of Management Accountants

The future of finance in the digital revolutionAndrew Miskin FCMA GCMA ChairAssociation of International Certified Professional Accountants

THE FUTURE OF

FINANCE IN THE

DIGITAL

REVOLUTION

ANDREW MISKIN

CHAIR, ASSOCIATION OF INTERNATIONAL CERTIFIED

PROFESSIONAL ACCOUNTANTS

@MISKINANDREW

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.

ENVIRONMENT

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

THE WORLD IS CHANGING: A VUCA WORLD

Shift in global economic power

Technological breakthroughs

Demographic and social change

Climate change and resource scarcity

Rapid urbanisation

THE WORLD IS CHANGING: MEGATRENDS

Source: pwc.co.uk/megatrends

SO, WHAT INFORMATION DO WE NEED?

WHAT SKILLS DO MANAGEMENT ACCOUNTANTS NEED?

BUILDING SKILLS TO UNDERPIN OUR PRINCIPLES

ANALYSE AND HOLD A

POSITION

PERSUADE BUT LISTEN

IS ’FINANCE’ THE SAME AS

“INFORMATION”

DO WE HAVE THE RIGHT SKILLS IN THE RIGHT ORGANISATION?

• 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?

DO WE HAVE THE RIGHT ORGANISATIONS?

COMPANIES CAN

PREPARE FOR

THS

THANK YOU

ANDREW MISKIN

@MISKINANDREW

CIMA – connecting education, skills and jobs Dr Noel Tagoe, PhD, FCMA CGMAExecutive Vice President – Academics, Management AccountingAssociation of International Certified Professional Accountants

Connecting Education and Employment

• For education to

connect to

employment

Universities,

employers,

learners and

society must work

together

Connecting Education and Employment

• McKinsey Report:

From Education to

Employment

• UK Council on

Employment and

Skills

• Economists

Magazine

Connecting Education to Employment

Challenges Performance

Competencies

and mindset

Learning

Systems

Challenges

Challenges

• Uncertainty and

risks

• Changing

business

models

• Threat to

profitability and

survival

Finance PerformanceInform to Transform

Information

Insight

Influence

Impact

Collect, Clean

And Connect

Analyse

CommunicateEnable and

Control

Finance Performance

Finance Activities at risk from Automation

Finance Competencies

Highly susceptible.

Focus on applying

higher level expertise

Less susceptible.

Focus on analytical

skills and judgement

Less susceptible. Focus

on stakeholder

interactions

Least susceptible. Focus

on managing others

Agile mindset

Learn

Unlearn

Relearn

Thank You

noel.tagoe@aicpa-cima.com

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 CGMAAssociate Technical Director, Management Accounting, Association of International Certified Professional Accountants

Contents

• Student Recruitment

• On Campus Activities

• The Grad Club

• Partnerships

• Accreditations

Student Recruitment

Who we are:

• Anna Byas

• Jason Nye

• Joanne Monkman

• Chika Odeghe

• Diane Dickson

• Sarah Burrows

• Ruben Nieto

On Campus Activity

• Business Games

• Lecture Events

• Presentations

• Skill Sessions

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

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

Skill Sessions

• Commercial Awareness

• Leadership

• CV Skills

• Mock Interviews

• Ethics

• Networking with Impact

• Presenting with Confidence

University Partnerships

Through out the UK we have a number of University

Partnerships:

• Reduced exemptions

• Cert BA exams

• Cert BA Certificate level

• Master Gateway

Partnerships

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

CIMA Research

Rebecca McCaffry FCMA CGMAAssociate Technical Director, Management Accounting Association of International Certified Professional Accountants

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

Research and Development Department

6 Technical Specialists

-Corporate reporting

-Risk and governance

-Performance management

-Future of Finance

-Strategy and Sustainability

-Public Sector

1 Technical Manager

2 Academic Research Managers

1 Research and Development Coordinator

CGMA Tools for members

Academic

Research

CGMA

Thought

Leadership

North Asia Management Accounting Leaders’ Summit

Underpins the Association’s

vision to be the most

influential body of

professional accountants.

Provides the evidence base

for syllabus and lifelong

learning.

Ensures that we continue to

meet business and

employer needs now and in

the future.

Is relevant, rigorous and

robust to guide the future of

the profession.

CGMA Research

42

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 Q3 2017

Public Sector Technology Briefing Q3 2017

Rethinking the Business Model Framework Q4 2017

Future of Finance Briefings and Tools 2017/18

Council Work Plan

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

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.

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.

CIMA’s academic research programme is designed to promote

and develop the science of management accountancy, as

stipulated in our Royal Charter.

We also fund management accounting conferences globally – applications

close on 31 August.

WHAT WHEN

Funding Calls

• Topic Specific Calls

• Adhoc Grants

• Seedcorn grants for early career researchers and

Feasibility studies

First half of 2018

Available now – 8 Sep. first stage cut off

Applications close on 16 June.

2017 Conference sponsorship Applications close 31 August 2017

Global faculty engagement and support for early career

research

Ongoing

Centres of Excellence (SE Asia, Australasia, South Africa) Ongoing

Initial

sift

• Proposals vetted by R&D staff

• (practitioners)

Shortlist panel

• Shortlisting panel

• (practitioners/academics)

GCT

panel

• GCT approval and funding award

• (practitioners)

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

http://www.cimaglobal.com/Research--Insight/

http://www.cgma.org/resources.html

http://www.cimaglobal.com/Research--Insight/Research-Funding/

Talent management –the building blocks for success

Rebecca McCaffry FCMA GCMAAssociate Technical Director, Management Accounting Association of International Certified Professional Accountants

‘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

Future Focused Finance action areas

• Best Possible Value

• Efficient Processes & Systems

• Close Partnering

• Skills & Strengths

• Great Place to Work

• Foundations for Sustained Improvement

Talent mismanagement in the NHS

What causes talent mismanagement?

• Wrong mind-set

• No ‘career conversations’

• Insufficient roles available

• Absence of goals

• Over-promotion

The building blocks for success

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

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

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.

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.

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

Thank you

Email: rebecca.mccaffry@aicpa-cima.com

Talent Management research paper: http://bit.ly/2s17RDN

An employer’s perspective –benefits of employing a CGMA

Sereena Malkani ACMA CGMAFinancial Controller, Sky UK

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

Key Sky milestones from February 2011 onwards

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 involvedSuicide Squad

Modern Family

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

Sereena Malkani

Moana

• Background

• Why Sky?

• Rotations

- Sky Media

- Sales & Marketing: Retention

- Home Service & Supply

- European Integration

• Development

• Wider roles

Breadth of experience and applying CIMA

• Variety of experience in 7 different

roles across 6 years

• Specific projects

– Sky Q readiness

– Sky Creative integration

– Targeted retention offer strategy

Ghostbusters

corporate

restructurebudgeting

forecastingbusiness case

modelling

reporting

senior stakeholder /

exec level management

month end and

P&L

management

insight

and

analysis

offer and

pricing strategy

3rd party

contracts

new product

launch support

project

management

5YP

operating

efficiencymanagement

of a team

mentoring

and

coaching

budget

owner of

£500m

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

Wild Things

• Check out our website:

https://careers.sky.com/starting-

out/graduate-opportunities

• Look out for us at upcoming

events

• Get in touch