Methodology
METHODOLOGY
Understanding employer and business needs is always key to our research. This is why we continue to work closely with businesses, regulators, policymakers, academics, educators, members, and subject matter experts to ensure a clear understanding of the roles finance professionals play in business, the competencies expected of them, and how and why these are changing.
Reflecting consumer power, generational change, and the expanding business ecosystem, Future of Finance 2.0 takes a broader, more inclusive approach, consulting the AICPA & CIMA® member and student communities, the wider finance profession, and those they work with.
We followed an exploratory sequential research design, in which qualitative data was analysed to guide the direction of a quantitative study. Over an 18-month period, we carried out a series of virtual, desk-based, and face-to-face research activities, building up a comprehensive reference source.
Following an extensive literature review of academic, business, and industry publications, our research was split into three main phases.
While previously, interviews were conducted face-to-face in offices, COVID-19 travel restrictions, coupled with a rise in home-based working, demanded a shift to online interviews. We spoke in depth to senior finance and non finance employees from organisations of all sizes and across all industries from the private, public, and not-for-profit sectors.
We asked the following questions at every interview:
What is driving transformation in your organisation?
What has ‘digital’ meant for your organisation?
How are sustainability and ESG developments affecting your organisation?
What skills are needed within your organisation going forward?
All interviews were recorded with the permission of participants, and transcripts were analysed using qualitative data analysis software. This software assists in managing the large volume of qualitative data and shortening the analysis timeframes, which provides enhanced data management and more thorough interpretation.
Ninety-six individuals were interviewed between February and July 2022, representing 92 organisations and 14 countries.
The emerging themes from the interview phase gave us scenarios to validate and expand upon during roundtable discussions. Working with our colleagues and networks, we invited groups of finance professionals, students, educators, and subject matter experts to join us in candid conversations. This collegial approach encouraged participants to share their experiences and resulted in a rich discussion of key topics. The relaxation of COVID-19 travel restrictions in late 2021 allowed us to carry out most of our roundtable discussions in person.
Participants were shown a series of questions and asked to share their experiences, observations, and opinions. Discussion topics covered four areas:
Finance activities
Technology and data
ESG agenda
Workplace evolution
As with phase 1, roundtable discussions were recorded, and transcripts were analysed using qualitative data analysis software.
Ninety-two roundtables have taken place with 544 participants representing over 445 organisations and 40 countries.
Based on our findings from the interviews and roundtables, we defined key issues, themes, and topics to inform the content of global stakeholder surveys hosted on our online platform.
Recognising that the expanding role and scope of finance demands wider professional, operational, and generational perspectives, we broadened our audience of finance professionals and finance leaders to include students, newly qualified accountants, and C-suite business leaders.
We will publish the findings of our first survey later in 2023.