Institute news
Reinventing finance for a digital world
The Association's Future of Finance research paper Re-inventing Finance for a Digital World was launched at the end of January at an event in London and streamed online.
The paper tells the story about how new competencies are emerging in a digital world and describes their implications for finance professionals, employers, academics and tuition providers, and regulators and policymakers.
It shows how management accountants expect to spend more time analysing nonfinancial data to assist decision-making and less time doing data processing. The report also highlights that in a digital world, management accountants need both digital skills and a digital mindset.
The paper contains a series of recommendations for the different parts of the management accounting community — employers, regulators and policymakers, academics and tuition providers, and practitioners. For members, it advises three steps:
- Review your work activities according to those that are the most and least susceptible to automation. Consider enhancing your skills around empathy, judgement, and social and emotional intelligence.
- Develop your learning plan to reflect the digital world challenges.
- In your learning, keep your subject areas broad. The more you specialise, the more likely it is for machines to replace you.
The report can be read at cimaglobal.com/future.
Digital mindset pack
As part of your 2019 member benefits, CIMA has released a Digital Mindset Pack made up of more than six hours of free CPD focused on digital competencies such as blockchain, data analytics, and robotic process automation. It will aid a better understanding of the technologies that are creating disruption and give you the tools to lead the finance profession into the future. Completion of the pack earns you a digital certificate to demonstrate your competitive edge. To get the pack, go to cimaglobal.com/fm-digitalmindset.
AICPA, CIMA, and Oracle launch agile finance report
A recently launched report co-produced by the AICPA, CIMA, and Oracle — Agile Finance Unleashed: The Key Traits of Digital Finance Leaders — offers insight on how a group of high-achieving finance leaders (around a third of the total) are moving beyond efficiency into a more radical transformation of finance's contribution to the business.
The report provides case studies on companies such as North American online grocery delivery service Instacart, Royal Bank of Scotland, and data storage provider Western Digital.
Involving interviews with more than 700 senior finance leaders, Agile Finance Unleashed builds on the 2016 report, Agile Finance Revealed, which described a new type of finance function and how it can support agile businesses.
Read the report at cgma.org.
Shanghai hosts CGMA Annual Awards and CFO Forum
More than 400 finance professionals attended the CGMA Annual Awards and CFO Forum 2018 in Shanghai in mid-December 2018 and heard keynote speaker Huang Jianhui, head of China Minsheng Bank's research institute, share An Analysis and Outlook on the Macro Economic Situation of China in 2019.
Andrew Harding, FCMA, CGMA, chief executive—Management Accounting at the Association of International Certified Professional Accountants, spoke on the Future of Finance and how the Association is preparing finance professionals for the digital future.
The CGMA awards recognised 28 companies including State Grid Zhejiang Electric Power Co. Ltd., Lenovo Group & CATL, Order Group Co. Ltd., and WENS Foodstuff Group.
Twenty-four individuals were also recognised, including:
- Bin Luo, CFO of Zhejiang Longsheng Group Co. Ltd.
- Jacky Lo, CFO, Yum China Holdings Inc.
- John Jin, FCMA, CGMA, CFO, greater China, at PayPal
- Zhanhua Jiang, chief accountant, China Salt Industry Group Co. Ltd.
- Wai Ming Wong, CFO, Lenovo Group Limited
- Min Hu, FCMA, CGMA, CFO, Tencent Music Entertainment Group
The judging panel included Association representatives, members of CGMA 100 — the North Asia Management Accounting Leaders' Think Tank, academic experts, management accounting consultants of China's Ministry of Finance, and media representatives.
CIMA Benevolent Fund: A range of help
The CIMA Benevolent Fund offers short-term financial assistance to members for whom a lack of work has created serious financial difficulties. For some members, it can pay for outplacement experts to advise on job searches and how to improve presentation in CVs and interviews. It can also put members in touch with other members in their area who can support them by pointing to local job vacancies and networking opportunities.
If you are in need of assistance because you are out of work, please contact the Benevolent Fund's manager at benevolent.fund@aicpa-cima.com.
The Benevolent Fund relies on generous donations by CIMA members. You can join your fellow professionals in supporting its work. Find out more at cimaglobal.com/donate.
CIMA signs agreement with Russian association
CIMA has signed a memorandum of understanding with the Russia-based Financial Markets Association's (FMA's) Council for Professional Qualifications Development.
Vadim Bozhenik, senior manager for Russia at the Association of International Certified Professional Accountants, said, "The CIMA professional qualification is the first international professional qualification whose standards are officially recognised by the FMA's Council in Russia." It followed a "lengthy and active" collaboration between the two associations, he added.
The FMA's Council for Professional Qualifications Development (asprof.ru/english) was established in March 2015 to create, support, and develop professional qualifications within finance. Standards for all professions in Russia will become mandatory from 2020 onward.
CPD monitoring
As a member and qualified professional, you are required to undertake CIMA Professional Development. CIMA's CPD scheme provides a framework to help you consider your learning needs, develop a plan to meet your professional development goals, and reflect upon your achievements.
If you are selected to submit your CPD record to CIMA for monitoring, you will be required to do so using the Competency and Learning website at competency.cgma.org. CPD submissions by any other method will not be accepted.
If your employer is part of CIMA's accreditation scheme, you will not be required to submit your record. However, if you are selected for monitoring, please get in touch with the CPD monitoring team to confirm your status.
Start logging your CPD now
Please familiarise yourself with the Competency and Learning website and start logging your CPD now. This will make it easier for you to keep track of your achievements and submit your record to CIMA when requested.
CPD will remain output-based and continue to place an emphasis on the benefits of each activity. By using the Competency and Learning website you can be sure that you are completing the six steps of the CIMA Professional Development Cycle.
Download the guide to using the Competency and Learning website and FAQs at cimaglobal.com.
If you have any queries, please contact cima.contact@aicpa-cima.com.