Key findings 3
We found that the top skills gaps for finance relate to digital infrastructure, digital implementation, leadership and people skills. When the reported skills gaps are mapped to the CGMA Competency Framework (Figure 10, 13), we find that a fifth relate to technical finance skills and regulatory knowledge, such as IFRS and GAAP. xix
More than a third (34%) relate to digital skills, with responses divided equally between digital infrastructure skills (such as systems development, systems integration and cybersecurity) and digital implementation skills like data planning, analytics and visualisation.
Less than 3% of respondents stated that their finance function had the skills it needed.
Figure 10
To remain relevant, finance professionals need to keep pace with advances in technology and be able to manage and guide the finance function in a digital world.
Skills gaps are evident at all levels of finance, but the most significant gap, digital skills, pervades all finance roles. The finance profession must build data literacy, competence and expertise in order to improve analytics, collaboration and communication both across and beyond functional and organisational boundaries (Figure 11).
Figure 11 Skills gaps mapped to the evolving pentagonal structure of finance
The CGMA Re-inventing finance for a digital world report identifies that new digital skills, competencies and mindsets are required to work effectively with emerging technology (Figure 12). xx
Figure 12
Figure 13 The CGMA Competency Framework
'In an increasingly digital world, finance professionals need mindsets and behaviours to deal with complexity, work in an agile way, be creative and be committed to lifelong learning — to learn, unlearn and relearn to ensure relevance. The framework supports the concept of lifelong professional learning and experience'.
The CGMA Competency Framework, 2019
