Survey of 1,200 CEOs, CFOs and Other Management Accountants Shows
Increased Responsibility, Expanded Skillset
An overwhelming majority of CGMAs (93 percent) reported experiencing more complexity when asked to gauge the change in the level of business complexity over the last three years, given the U.S. and global economic and regulatory environment as reference points. Specifically, 30 percent reported experiencing significantly more complexity, 38 percent said they had seen a moderate increase in complexity, with 25 percent saying they’ve seen at least some increase. Less than one percent reported they had experienced less complexity.
Corporate executives don’t see things improving anytime soon. When asked to look ahead three years, 94 percent of CGMAs say that complexity in the business environment will increase further. Of those, almost three-in-four (72 percent) predict a moderate or significant increase in business complexity. On the other hand, only one-in-twenty (5 percent) predict no change in complexity, and less than one percent say they expect business complexity to decrease in the next three years.
“Increasing business complexity has become the new norm, and it’s not surprising that businesses are having to adapt and manage to the rapid change. As a result, organizations are calling upon management accountants to play a larger role than ever before,” said
Indeed, organizations are looking to the CFO and the finance team to take on an expanded role. Some 85 percent of CGMAs said that the role of the CFO and finance function has expanded beyond traditional financial accounting and reporting. Those expanded responsibilities include:
Looking ahead, CGMAs identified strategic business planning (69 percent), as the top skill they expected to be essential to perform their role in the next 1-3 years. Other skills identified as being essential to perform their roles in the future are change management (41 percent) and communications (38 percent).
The survey was conducted
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