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Academics’ and Career Advisers’ Conference 2017
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Welcome
David Rowsby Regional Vice President Europe, Management Accounting Association of International Certified Professional Accountants
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Opening address
David Stanford FCMA CGMAPresidentChartered Institute of Management Accountants
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The future of finance in the digital revolutionAndrew Miskin FCMA GCMA ChairAssociation of International Certified Professional Accountants
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THE FUTURE OF
FINANCE IN THE
DIGITAL
REVOLUTION
ANDREW MISKIN
CHAIR, ASSOCIATION OF INTERNATIONAL CERTIFIED
PROFESSIONAL ACCOUNTANTS
@MISKINANDREW
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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
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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
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THE WORLD IS CHANGING: A VUCA WORLD
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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
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SO, WHAT INFORMATION DO WE NEED?
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WHAT SKILLS DO MANAGEMENT ACCOUNTANTS NEED?
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BUILDING SKILLS TO UNDERPIN OUR PRINCIPLES
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ANALYSE AND HOLD A
POSITION
PERSUADE BUT LISTEN
IS ’FINANCE’ THE SAME AS
“INFORMATION”
DO WE HAVE THE RIGHT SKILLS IN THE RIGHT ORGANISATION?
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• 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?
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COMPANIES CAN
PREPARE FOR
THS
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THANK YOU
ANDREW MISKIN
@MISKINANDREW
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CIMA – connecting education, skills and jobs Dr Noel Tagoe, PhD, FCMA CGMAExecutive Vice President – Academics, Management AccountingAssociation of International Certified Professional Accountants
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Connecting Education and Employment
• For education to
connect to
employment
Universities,
employers,
learners and
society must work
together
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Connecting Education and Employment
• McKinsey Report:
From Education to
Employment
• UK Council on
Employment and
Skills
• Economists
Magazine
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Connecting Education to Employment
Challenges Performance
Competencies
and mindset
Learning
Systems
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Challenges
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Challenges
• Uncertainty and
risks
• Changing
business
models
• Threat to
profitability and
survival
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Finance PerformanceInform to Transform
Information
Insight
Influence
Impact
Collect, Clean
And Connect
Analyse
CommunicateEnable and
Control
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Finance Performance
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Finance Activities at risk from Automation
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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
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Agile mindset
Learn
Unlearn
Relearn
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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
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Contents
• Student Recruitment
• On Campus Activities
• The Grad Club
• Partnerships
• Accreditations
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Student Recruitment
Who we are:
• Anna Byas
• Jason Nye
• Joanne Monkman
• Chika Odeghe
• Diane Dickson
• Sarah Burrows
• Ruben Nieto
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On Campus Activity
• Business Games
• Lecture Events
• Presentations
• Skill Sessions
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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
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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
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Skill Sessions
• Commercial Awareness
• Leadership
• CV Skills
• Mock Interviews
• Ethics
• Networking with Impact
• Presenting with Confidence
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University Partnerships
Through out the UK we have a number of University
Partnerships:
• Reduced exemptions
• Cert BA exams
• Cert BA Certificate level
• Master Gateway
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Partnerships
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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
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CIMA Research
Rebecca McCaffry FCMA CGMAAssociate Technical Director, Management Accounting Association of International Certified Professional Accountants
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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
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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
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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
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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
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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
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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.
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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.
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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
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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
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http://www.cimaglobal.com/Research--Insight/
http://www.cgma.org/resources.html
http://www.cimaglobal.com/Research--Insight/Research-Funding/
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Talent management –the building blocks for success
Rebecca McCaffry FCMA GCMAAssociate Technical Director, Management Accounting Association of International Certified Professional Accountants
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‘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
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Future Focused Finance action areas
• Best Possible Value
• Efficient Processes & Systems
• Close Partnering
• Skills & Strengths
• Great Place to Work
• Foundations for Sustained Improvement
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Talent mismanagement in the NHS
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What causes talent mismanagement?
• Wrong mind-set
• No ‘career conversations’
• Insufficient roles available
• Absence of goals
• Over-promotion
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The building blocks for success
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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
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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
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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.
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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.
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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
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An employer’s perspective –benefits of employing a CGMA
Sereena Malkani ACMA CGMAFinancial Controller, Sky UK
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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
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Key Sky milestones from February 2011 onwards
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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
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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
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Sereena Malkani
Moana
• Background
• Why Sky?
• Rotations
- Sky Media
- Sales & Marketing: Retention
- Home Service & Supply
- European Integration
• Development
• Wider roles
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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
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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
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Wild Things
• Check out our website:
https://careers.sky.com/starting-
out/graduate-opportunities
• Look out for us at upcoming
events
• Get in touch