Tiffin University Three Core Skills for Management Accountants Paper Please write 2 pages + 1 reference please find the attached file for more details .Tha

Tiffin University Three Core Skills for Management Accountants Paper Please write 2 pages + 1 reference please find the attached file for more details .Thanks Due 7/17/19 (Wednesday):
Individual Paper 2:
Please select three of the core skills for management accountants identified in Chapter 1
(pages 11 – 13) of Communications: Methods and Applications for Financial Managers. Discuss
ways in which an accountant may develop and demonstrate such skills in the workplace.
Team Paper 2:
COMMUNICATIONS
Methods and applications for financial managers
James Carberry
CGMA
Powered by
AICPA)
artered Global Management Accountant
CIMA
Other challenges for CFOs in communicating with investors and other stakeholders were examined in the
Ernst & Young report. Based on interviews with CFOs, the report noted that more business leaders are looking
to the world’s rapid-growth markets to sustain growth. Traditional reporting frameworks and communication
strategies need to be re-evaluated when managing this type of investment. CFOs need to be able to
communicate their investment strategies to investors despite inadequate data and poor transparency. They
may also need to explain their rationale to investors who question their interpretation of the market.
CORE SKILLS FOR MANAGEMENT ACCOUNTANTS
So far, this chapter has focused on the responsibilities and challenges facing management accountants
who already occupy leadership positions. However, accountants who aspire to climb higher on the career
ladder can use this information to better prepare themselves to become effective CFOs. The challenge for
aspiring leaders currently working at the staff level or in middle management is to find opportunities in their
organisations to develop the broad skills required of CFOs. Among these skills are
• leadership skills, beginning with helping the CEO unite people behind a shared vision for the
organisation and inspiring them to achieve that vision.
• facilitation skills, or taking the initiative to help line managers and others in the organisation to achieve
objectives or find solutions.
• breadth of finance experience in all facets of the function, including financial reporting and tax.
• broad commercial skills developed from experience in a company’s operating businesses.
• building relationships with senior management and the board, as well as outside stakeholders, including
shareholders, lenders, rating agencies and the media.
• international experience, including working in emerging or developing markets. 11,12
Management accountants who start their careers with strong communication skills will be better prepared to
face the challenges they will encounter wherever their career path leads. Listening, speaking and writing skills
can benefit management accountants working at every level in today’s global marketplace. A CFO can lead only
by helping to articulate the company’s vision. A management accountant can learn the operating business only
by listening to and talking with business managers. An American management accountant working in Asia for a
global company must learn to communicate with people of different cultures, social norms and worldviews.
The rest of this section focuses on the six core skills that CFOs should possess and that the next generation of
CFOs can begin to hone now: communication, building relationships, participation in training programmes,
taking the initiative to learn, meeting expectations and managing change.
Communication
co)
The core skill underlying all the CFO skills outlined in the preceding list is the ability to communicate effectively.
Leaders must have strong communication skills. A management accountant must be able to communicate with
people across the organisation in order to acquire broad commercial skills. Communication skills allow management
accountants to cultivate and maintain relationships with senior management, clients and stakeholders. Those
relationships are the focus of the next skill.
11
BUSINESS COMMUNICATION: ISSUES FORMANAGEMENT ACCOUNTANTS
Building Relationships
The skills, expertise and experience required of CFOs are so broad that it would be particularly difficult for
a CFO to master everything. CFOs must be adept at building relationships with those who can complement
their skills, for example, by naming individuals or forming teams to advise them on areas such as information
technology or mergers and acquisitions.
Those who can master the broad and complex skills required of the modern CFO will be in strong demand. In a
global survey of executives, the Economist Intelligence Unit asked them which skills are most difficult to find in
candidates for senior executive positions. The large percentage-or more than half the executives-said candidates
with ‘strategic vision’ skills would be hardest to find. About a third said “analytical skills’ and ability to handle
complexity’ would be the most difficult to find.13
Participation in Training Programmes
More companies are instituting programmes for the training and development of the next generation of CFOs
and other leaders, including the development of strong communication skills. In some companies, training
is informal or loosely coordinated with other divisions. In others, formal training extends all the way up to
the CFO level. These companies are preparing CFOs to become CEOs by rotating them through division
operations roles to give them more commercial experience.”
At yet other companies, it may be difficult for management accountants to get the necessary training and
experience for future leadership roles, among other reasons because companies may not have a plan for
rotating them through business lines and operating groups to give them broad exposure to the business. The
failure of companies to prepare management accountants to move up in the organisation-the organisations’
lack of bench strength-could cause them problems. Despite the current recession, global demand for
accountants is strong. Some management accountants could leave organisations that do not provide the
necessary training and opportunities. When their CFOs retire or move on to other organisations, these
companies may not have qualified internal candidates to replace them, and they may have to recruit outside
the organisation, usually at greater cost, and with the risk that the outside hire might not work out.15
Taking the Initiative to Learn
Regardless of whether management accountants work for companies that provide trai they should take the
initiative to learn about their organisation, its business lines and its operations. They could do this by volunteering
to lead projects or by asking to work in different parts of the organisation. They could also work to improve their
communication skills through reading, learning on the job, training through the company or other sources, such as
courses offered by local universities and professional organisations.
Meeting Expectations
Finance professionals are well aware of their changing role within companies. They recognise that they are
expected to spend more time providing support to business managers. A CGMA report examining this trend
further noted that finance professionals ‘recognise that they need to develop the ability to contribute commercial
insight and influencing or managerial skills. These enhanced skills are necessary to help them to succeed in their
careers as management accountants and for them to help their employers’ businesses to succeed.”
12 COMMUNICATIONS: METHODS AND APPLICATIONS
Although finance professionals are expected to contribute more, they often face constraints in trying to
support business managers beyond the scope of their traditional duties. Difficulties they face in meeting
expanded expectations include lack of time to take on extra duties or learn new skills, no feeling of internal
obligation to acquire new responsibilities, or they may be slow to acquire new capabilities. Above all, financial
professionals must have basic communication skills to meet the broad expectations of their internal and
external stakeholders. Without these skills, they could struggle as they move up the corporate ladder. The
good news is that the CGMA report also found that finance professionals already have core technical skills and
professional credibility. Through continuing professional development, they can earn a mandate for a broader
role by delivering the insight and support that organisations need to sustain their success.
Managing Change
Companies need finance professionals who are skilled in managing change. Half of the senior executives
responding to a survey conducted by the CGMA programme said the top skill they are looking for in
their staff is experience with or knowledge of change management. The executives also sought staff with
experience in different business sectors and with emerging markets and fast-growth economies. Few of the
executives felt they already had the finance staff with these key skills.
Throughout this chapter, you have been exposed to a number of issues facing management accountants today. The
role of finance professionals is rapidly changing, as are the expectations of business leaders and stakeholders. In
addition, the next generation entering the workforce demands greater guidance and development opportunities.
Now, more than ever, management accountants need excellent communication skills to be able to overcome the
challenges facing them. The rest of this book will help you to develop those skills and guide you to sources to address
your specific needs
CHAPTER SUMMARY
• Finance professionals have moved beyond simply reporting and record keeping to serving as strategic advisers
to management
. Today, CFOs and other senior finance executives are strategic business partners to senior management,
providing critical analysis and strategic insights that inform executive decision making,
• One of the biggest challenges facing CFOs is to communicate complex issues in ways that a variety of
audiences can understand.
• Companies need to provide management accountants with experience in the commercial side of the
organisation and help them to develop the communication, leadership and other skills to advance to leadership
positions.
• Management accountants themselves must take the initiative in developing their communication and other
skills. This will open the door to career opportunities across the organisation.
BUSINESS COMMUNICATION: ISSUES FORMANAGEMENT ACCOUNTANTS
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