By Pratham Barot, CEO & Co – Founder , Zell Education
Around the world, finance and accounting professions are seemingly at an inflection point driven by rapid technological disruption. As even the most routine tasks in these fields become automated, the role of accounting and finance professionals is evolving beyond traditional number-crunching and tallying balance sheets. As a result, a number of new and emergent avenues like strategic decision analysis, risk management, and big-picture business strategy are now being viewed as as core competencies that are proving imperative for these fields.
While actively recruiting new accounting and finance talent is essential, simply increasing headcount will not solve the skills gap facing organisations today. The reality – even experienced professionals currently in the workforce often lack the cutting-edge competencies required to navigate our rapidly evolving digital landscape. Their training and development curricula were designed for a different era, focused on traditional accounting practices that are now being automated or made obsolete by emerging technologies.
In sharp contrast, modern businesses demand a new breed of accounting and finance experts – ones who can leverage data analytics, artificial intelligence, cloud computing and other disruptive tools to drive strategic decision-making. They need professionals adept at activities like risk modeling, competitive analysis, value creation, and translating complex digital outputs into actionable business insights. Simply put, the skills that made accountants successful in the past are no longer sufficient for thriving in contemporary times.
Merely boosting compensation or hiring more traditional accountants does little to close this widening skills divide. While attracting new talent is crucial for long-term pipeline strength, continuous upskilling of the existing workforce is equally vital in the short-term. A mindset of constant learning, unlearning and relearning must permeate the entire accounting profession to keep pace with the incessant technological disruption.
Organisations should invest heavily in developing continuing education programs that empower veteran professionals to complement their foundational accounting knowledge with future-focused digital skillsets. From data science and cloud proficiency to strategic analysis and automated process implementation, a vibrant culture of lifelong learning is essential for accounting teams to remain relevant and indispensable in our rapidly transforming business world.
So, here are 6 noteworthy certifications for accounting and finance professionals to bridge this tech skills divide:
1. Certified management accountant (CMA) The CMA from IMA (Institute of Management Accountants) is the global gold standard certification for management accountants. It demonstrates expertise in critical areas like corporate finance, decision analysis, risk management, technology and analytics. The CMA signifies strategic competencies beyond just accounting basics.
2. Certified public accountant (CPA)
The CPA license remains the most valuable and prestigious certification for accountants working in public practice areas like auditing, taxation and consulting. As technology reshapes these domains, the CPA now requires skills in data analytics, information systems, business strategy and more.
3. Certified information systems auditor (CISA) As businesses become increasingly digitized, the CISA certification from ISACA validates expertise in IT governance, cybersecurity, systems auditing and risk management related to information systems. It ensures accounting professionals can evaluate and advise on technology risks and controls.
4. Certified analytics professional (CAP) This certification from INFORMS equips recipients with skills across the entire data analytics lifecycle – from framing analytics questions to data mining, modeling, deriving insights and communicating findings. It’s essential for accounting roles dealing with Big Data.
5. Certified global management accountant (CGMA) Offered jointly by AICPA and CIMA, the CGMA certification tests strategic management accounting skills like risk management, technology and systems, leadership, business operations and decision-making. It focuses on finance professionals operating in multinational organisations.
6. Certified in strategy and competitive analysis (CSCA)
The new CSCA certification from IMA teaches vital strategic and analytical skills increasingly required of accounting leaders. This includes analyzing competitive landscapes, identifying market opportunities, executing strategy effectively and measuring performance/value creation.
Conclusion
Thus, the rapid pace of digital disruption has necessitated a new breed of strategic, tech-savvy accounting and finance professionals. These leading certifications equip workers with future-focused skills to drive decisions, create value and transform their organizations in an age of relentless change.