As part of the Competency Crisis initiative, IMA (Institute of Management Accountants) in partnership with APQC (American Productivity & Quality Center) surveyed professionals working in the finance and HR/recruitment functions on the state of entry-level management accounting and finance talent. The survey results reveal that, in the U.S. and around the world, organizations both large and small are experiencing a Competency Crisis – including an insufficient entry-level management accounting and finance talent pool.
Download the Report
The Skills Gap in Entry-Level Management Coquitlam Accounting and Finance
- Leadership is the only competency in the survey to make both the most needed and least possessed competency lists. Historically, leadership capabilities were expected to be developed throughout one’s career. However, the participants in this survey say that entry-level finance professionals need leadership capabilities from day one in the workforce.
- Unfilled finance positions and added workloads for existing finance employees could lead to unwanted employee turnover for finance functions. Taking on the tasks of unfilled finance positions can make it difficult for early- and mid-career finance employees to find time and resources for professional development. And, finance functions may be reluctant to promote finance talent if they anticipate not being able to fill the positions that these individuals would vacate.
- Lack of HR influence may limit the ability of finance leaders to fully appreciate the magnitude of the competency crisis and its consequences, as well as the ability of finance leaders to identify and implement effective solutions.
- According to participants, the most promising intervention is to develop career paths for management accounting and finance employees within organizations.
- Resolving this problem and ameliorating its consequences may involve building partnerships between organizations and educational institutions as well as between finance and HR.
For more insight on the reasons for and solutions to the Competency Crisis, fill out the form to view the full report.