In addition to core skills such as knowledge of accounting practices, proficiency in accounting software, understanding tax codes and regulations, preparing financial statements, and the ability to analyse data, accounting professionals must build a thriving profession by embracing innovation, inclusion and sustainability, the new global president of CIMA, Sarah Ghosh, said.
In Delhi recently for the Chartered Institute of Management Accountants (CIMA) meet, she told FE that the Indian economy is growing, and companies are looking for certain skill sets that go beyond core management accountancy.
“In addition to the obvious skills – which are finance and accounting – today technology is changing very fast and professionals have to adapt quickly to skills such as data analytics modelling, machine learning, ESG (environmental, social and corporate governance), and sustainability,” Ghosh said. “Leadership and social impact skills are also equally important.”
According to her, the following are the skills students must focus on:
Critical thinking: It’s the ability to see both the big picture and tiny details. “Beyond your technical expertise, if you come across as an independent thinker and researcher, all employers will value you,” she said.
Organisational skills: A management accountant has to work on multiple projects and clients at a time, and so ‘being organised’ is a very important skill. “Organisational skills include prioritisation, planning, goal setting, delegation, attention to details, and so on,” Ghosh said. “As also to-the-point and clear communication.”
Time management: While it’s an organisational skill, Ghosh said it’s so important that it needs a special mention. “An employee who understands and respects deadlines is a great asset to any company,” she said. “It’s quite simple to plan tasks and goals, but requires practice to follow. Here, technology can be of great help – keeping a detailed calendar and setting up reminders on phone.”
Written and verbal communication: You may understand numbers very well, but management accounting professionals must be able to make their clients also easily understand those numbers. “If you’re able to articulate well, that’s possibly your best skill,” she said.
Lastly, while most business schools teach these so-called soft skills, it’s only with practice that one can master these, and that perfection can be achieved in the professional life, provided there’s a dedicated focus on such upskilling.
“The CIMA, which serves 698,000 members, students and professionals in 188 countries, has recently launched the finance leadership programme – a guided, digital-first learning and assessment experience, and the online route to the Chartered Global Management Accountant (CGMA) designation, the most relevant global finance qualification for a business career held by more than 140,000 finance professionals,” Ghosh said. “We also run many other programmes to upskill and reskill management and accounting professionals.”