Top 10 Accounting & Finance Skills
Top 10 accounting and finance skills
What are an accountant's most important skills, qualities and attributes? And will they change in the future?
1 The technical path
The role and career of the accountant is constantly evolving and accountants now have two distinct career paths to follow - technical or commercial. For those who chose the technical path, employers require finance professionals who are up-to-date with changes in accounting procedures and legislative developments.
Undertaking specialist courses on subjects such as financial reporting, regulation, IT, tax and IFRS will help. Chris McCarthy, director at Hays Senior Finance, says: 'Professionals wanting to specialise in technical accountancy may also want to focus on risk and compliance as there is a real need for individuals who are able to predict and manage risk within a business'.
2 Industry awareness
There will continue to be a requirement for professionals who can anticipate future business developments and financial trends across the globe. Careers in accounting are changing and as a result an increase in business transformation outsourcing and shared services has been seen, areas which are set to become even more prominent in this economic cycle.
Another trend likely to increase is in mergers and acquisitions once the markets recover fully.
3 The all-round package
Within financial services, accountants with an eye-for-detail and excellent communications skills are sought after, while more banking and investment management businesses are now looking for strong financial products knowledge.
Most financial services organisations are focusing on growth, which is driving new levels of activity and pushing up revenues. As internal teams demand better service from accounting departments, employers will ensure they stay one-step-ahead of their competition by hiring accountancy staff with a genuine knowledge and passion for the building blocks of the organisation. 'No longer can people 'make-do' with just being good with the numbers - accountants now need to have the all-round package', says Richie Holliday, COO, Morgan McKinley North Asia.
4 Audit and compliance skills
Accountants specialising in audit and compliance will see increased opportunities as companies take steps to ensure they remain in line with enhanced regulatory requirements. Phil Sheridan, managing director for Robert Half UK, confirms: 'In a recent global survey, we found 25% of UK finance leaders reported difficulty in filling audit positions, while 14% were having trouble securing compliance skills'.
5 Product and valuation control
The investment banking market remains short of qualified accountants, specifically in product and valuation control - functions that many global investment banks are increasingly locating in countries such as Singapore. 'Those with leadership, people management, and directional experience are especially sought after in both business-as-usual and change/project management functions,' confirms Andrew Shaw, Senior Consultant at Morgan McKinley Singapore.
6 International work experience
Across commercial organisations, employers often look out for professionals with international work experience. 'As recovery from the global financial crisis continues - many commercial businesses are concentrating more and more on the next phase of their organisational growth - and this is (inevitably, although not exclusively) linked to overseas trade', explains Richie Holliday.
7 Commerciality
Commerciality within the finance team takes several forms, all of which orbit around a central concept about understanding the wider business and using that understanding to play a more active role in the commercial and strategic decision-making process.
'The credit crunch and ensuing global recession were the initial drivers for finance to take on a more central role in the organisation, but demonstrating greater commerciality will enable these 'gains' to be consolidated in the longer term', believes Phil Sheridan.
8 Finance business partners
Many observers are reporting an increase in demand for finance business partners in the current economic climate. Companies need partners who have the skills to execute new strategies and make the changes required. 'These professionals need to have a strong track record of utilising both their management and technical skills. Primarily, they will have strong communication skills as the role requires them to work closely with business leaders across the organisation', adds Chris McCarthy.
There is an ever-growing emphasis on providing meaningful management information to support corporate decision-making.
9 Communication skills
Companies of all sizes and sectors are looking for finance and accounting staff with strong communication skills. 'As accountants are increasingly working on project teams with various departments, the ability to communicate financial information to non-financial audiences has become a highly valued skill set', reports Phil Sheridan.
10 Are you stable?
Changing finance and accounting jobs every year can be a disadvantage as employers are looking for good CV stability and a career that has progressed well. Tricia Liverpool, associate director at Morgan McKinley Singapore, confirms: 'As the finance jobs market continues to recover from the global financial crisis, businesses are looking to grow both strategically as well as operationally. Ensuring they source the very best talent is crucial and they are unwilling to sacrifice quality.'