Building the next-gen CFOsa 2019 study

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October 2019

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Building the next-gen CFOs

About this reportThe organisational landscape is experiencing a massive transformation induced by digitisation and other disruptive technology advances. The very constructs of workplace, workforce and work itself are being challenged, redefined and reshaped at an unprecedented pace. Finance professionals as well as the overall finance function have long realised they cannot afford to have only a reactive response, and have been expending efforts accordingly to leverage this upheaval as an opportunity for making meaningful and long-term adaptations.

This 2019 joint study between SHRM and ACCA aims to illustrate the journey ahead for the finance profession, and how organisations across their structure and regardless of size are weathering these forces of change. It also delineates the key skills and expectations from the next-gen CFOs and senior finance leaders, along with the roadmap that should be embraced for future success. The professional quotients that underpin the ACCA qualification reflect this forward thinking, interdisciplinary mindset with the digital quotient being developed alongside technical, ethical and strategic skills.

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Foreword

The global economic environment is rapidly changing with CFOs being uniquely placed to embrace the transformation by adopting digitisation and other disruptive technologies to help their organisations sustain economic growth. This puts the accountancy and finance professional to the forefront of unprecedented change.

In this forward-thinking and dynamic report Building the next-gen CFO, ACCA in partnership with SHRM considers the future journey of the financial profession, key skills and expectations from next-generation CFOs and how this is expected to evolve. The research explores the views of finance leaders with a wide range of experiences to better understand what will be important for the finance and accountancy profession in the coming 5-10 years to keep it up to speed with global change.

Exploring the use of latest technologies along with strengthening collaboration with relationships inside and outside of the business are seen in the report as key to shaping the successful next-generation CFO. The report also suggests this will require strong interdisciplinary cooperation and building external awareness. Next-generations CFOs are expected to become organisational thought leaders and take a leading role in governance, driving adoption of technological innovation and stakeholder management. This is a future mandate very focused on learning, sharing and staying connected with people and technologies.

Successful next-generation CFOs will also require flexibility and relevance. Finance professionals must maintain their technical excellence and complement it with agility. This report reveals what the CFO of the future will look like and suggests a road map for future.

Md. Sajid KhanHead of International DevelopmentACCA

The present study adopted an online questionnaire approach designed to capture the various facets of the current and future state of finance professionals as well as the overall finance function. While categoric responses from finance professionals would have satisfied the primary objective of the study, an alternative perspective was included in the research design to reduce possible attribution bias as well as illuminate any differences in organisational approach and convictions.

perceptions of finance function efficacy, expectations management, preparedness and anticipated skills shortages. In the current research, the chief human resources officer (CHRO)/ chief people officer (CPO) or HR leader supporting the finance function emerged as the respondent of choice to elucidate, and allow comparison of, the viewpoints obtained from finance professionals.

Accordingly, dual questionnaires comprising primarily single- and multiple-choice questions (with adequate opportunity to add views and comments) were prepared and employed for eliciting responses from the two discrete survey populations – HR and finance.

This study was conducted in India. In all, 87 finance and 60 HR completed responses to the online surveys were received, representing a diverse mix of organisations across industry types, annual turnover and employee strength (all with at least 500 employees). Additionally, qualitative insights were obtained from four CFOs and four CHROs through open-ended conversations structured to capture their own and their respective organisation’s beliefs and progress.

The analysis was based on the seven competencies for success identified as comprising the ‘Professional Quotient’ (PQ) in Professional Accountants – the Future: Drivers of Change and Future Skills.1

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The human resources (HR) function is identified as a close partner across businesses and core functions, and is responsible for enabling the complete organisational talent life cycle – more specifically the elements of employee acquisition, development and growth. The HR function also has the opportunity for liaising extensively with the chief executive officer (CEO)/business heads in the building of a robust finance enterprise.

Therefore, the HR function can have the opportunity to receive unbiased, unfiltered and often confidential information about the chief financial officer (CFO) and other senior finance professionals. These may also include the CEO/business heads’

Methodology

1 ACCA, Professional Accountants – the Future: Drivers of Change and Future Skills (2016) <https://www.accaglobal.com/content/dam/members-beta/images/campaigns/pa-tf/pi-professional-accountants-the-future.pdf>, accessed 23 September 2019.

The study results indicate that the finance function across organisations focuses primarily on enhancing the quality of the advice it can give to the CEO and/or other key stakeholders over the next few years. Upgrading finance technology (FinTech)/systems and enabling business transformation are the next priorities for the finance function, followed by developing and building talent capability and skills.

1. Finance profession – key future priorities

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‘Organisations are becoming largely automated. [The] role of business partnership and collaborations is becoming critical. Get the insight and talk to [the] business. Understand the business in greater detail’.

Vineet Jain, CFO, Medtronics

‘More than ever, CFOs are knocking on the doors of CEO opportunities. [The] CFO is no longer the controller who is dabbling with business. Controllership is taken for granted. CFOs are increasingly becoming business partners and, more than [just dealing with] numbers, experts in understanding and identifying nuances of business’.

Hemant Kumar Ruia, CFO, Indus Towers

‘The CEO is seeking M&A [mergers and acquisitions] views from the CFO, not just on diligence aspects, but more on “does it make strategic sense?” Finance has no choice but to get more involved in the business’.

Sayamdeb Mukherjee, VP – planning and control, United Breweries

Finance technology/systems upgrade

Advising CEO and/or other key stakeholders

Enabling business transformation

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Most HR respondents expressed a similar view on the key priorities for the future finance function. Abraham Zachariah, SVP – learning and talent development, HSBC, explained that: ‘specially in the banking sector, you need very strong budget finance guys. They need to understand the banking domain extremely well, and not being completely swayed by the business case. Traditionally, they are rule based, but they also need to understand the economics part of it’. Venka Reddy, global HR partner, Infosys, reiterates the need for finance to be a business enabler function.

Building the next-gen CFOs | 1. Finance profession – key future priorities

The HR respondents also place an additional emphasis on harmonisation of accounting and business standards as a key priority. Nonetheless, this does not feature as a crucial priority among the finance respondents, possibly reflecting the function’s comfort and confidence in dealing with this particular element, or maybe even because finance professionals regard it as a quintessential aspect of their essential role and therefore not something that needs further emphasis.

Increasing gender diversity and managing generational aspirations are the lowest priority items for both respondent populations. While independent interactions and recent conversations with CFOs as well as CHROs have established these as current organisational priorities, the lower selection rate may be regarded as a reflection of the relative significance, as well as impact, of and focus on the other priorities.

The finance function is focused towards enhancing the quality of its advisory to the CEO and/or other key stakeholders over the next few years.

FIGURE 1.1: Key priorities for finance respondents

FIGURE 1.2: Key priorities for HR respondents

1 2 3

Advising CEO and/or other key stakeholders

Finance technology/systems upgrade

Enabling business transformation

1 2 3

‘Finance professionals need to step up and develop a solid understanding of operational business and its changing realities to be able to effectively partner with CEO’s and business heads’

Leena Sahijwani, VP – Group Human Resources, Tata Sons

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the finance function is taking a lead on technology at his organisation and helping win the acceptance of stakeholders, where conformance is low.

The development of intelligent automated accounting systems and new analytical methodologies, the advent of cloud computing applications, increased regulation and governance, and globalisation and cross-geographic implications are the key drivers of this transformation of the finance function.

2. Elements of transformation

The finance function will need to commit unequivocally to adopting the latest technology and derived platforms, including artificial intelligence (AI) and cloud-based applications as a means of pursuing the aforesaid priorities, along with an active collaboration and partnership with relevant parties inside and outside the business.

‘Finance will need to have a symbiotic relationship with technology. The emerging digital financial workforce, eg leveraging robotics process and engineering, will not only be cost-effective, but [will] also allow humans to play an elevated role and up our game. This will require [increased] collaboration and productivity. The transformation in functional finance is clearly driving cost optimisation and increased efficiencies. The speed and rate of such transformation depends on whether the organisation treats [the] finance function as a bean-counter or strategic partner’.

Sayamdeb Mukherjee, VP – planning and control, United Breweries

FIGURE 2.1: Transformation in the finance function

In any case, the overall finance profession will be a catalyst for this transformation and act as a change agent for the function itself as well as for the larger organisation.

These changes are expected to intensify the focus on increased governance and fiduciary obligations. Vineet Jain comments: ‘[the] finance function of the future will spend less time on accounting, and more time on ethics and technology to solve business problems with technology’. He is already witnessing that

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Adoption of latest technology & technology-based approaches* – 66%

*including AI and cloud-based applications

2

Active collaboration & partnership with and

outside the business – 38%

3

Increased governance and fiduciary obligations

– 37%

0% 20% 40% 60% 80% 100%

44%45%

25%63%

61%67%

82%52%

21%27%

26%60%

Corporate reporting

Audit and assurance

Stategic planning and performance management

Financial management

Governance, risks and ethics

Tax

n Finance professionals n HR respondents

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‘Digitisation is impacting processes, especially repetitive processes which largely fold under finance’, confirms Hemant Ruia. The good news is that these factors are neither new nor specific to the finance function, and have already affected or are now affecting other units within the organisation as well. Sachin Mathur, head – HR & OD, Penna Cement Industries, comments: ‘Finance has been on its own transformation journey for a long time, but not spoken much about.’

Financial management, strategic planning and performance management, and audit and assurance, in that order, will be the units within the finance function that are most affected. HR respondents also identified corporate reporting, and governance, risk and ethics in their list of affected units. Sayamdeb Mukherjee explains: ‘strategic finance is where you can witness the real crux of transformation. There is talk of

Building the next-gen CFOs | 2. Elements of transformation

blockchain and cryptocurrency. Data scientists, AI, etc. are becoming an integral part of the function’.

Finance professionals in three out of every four organisations (75%) believe they are very prepared to deal with the transformation, and have a structured plan in place, while 20% of respondents acknowledged that their organisations are somewhat prepared and still working out the specific details. Vineet Jain elaborates on the journey in his organisation:

Financial management, strategic planning and performance management, and audit and assurance, in that order, will be the units within the finance function that are most affected by the transformation.

FIGURE 2.2: External drivers of transformation

FIGURE 2.3: The extent to which different finance activities will be affected by future technological changes

‘People are aware what we are doing and why we are doing it. They are not in the dark. It’s not a money drive. The entire organisation is updated on crucial milestones; there is widespread and clear communication’.

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Development of intelligent automated accounting

systems* – 67%

2

Advent of cloud computing

applications – 44%

3

Increased regulation and governance

– 36%

4

Globalisation and cross-geographic

implications – 31%

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Rate of change and economic volatility

– 29%

*and new analytical methodologies

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Building the next-gen CFOs | 2. Elements of transformation

Hemant Ruia links this progress to the mindset of each and every finance professional and adds that: ‘for some, [the] journey has already started. For some, it is just a talking point. Some realise, but no action yet. Others are “yawn yawn, wait and see”’.

HR professionals are not equally enthusiastic about the finance function’s progress in transformation. Most respondents emphasised that the finance function in their own organisation is only somewhat prepared or is still in the early stages. Only 10% of the HR respondents accepted that their finance functions are very prepared to deal with the transformation, a sharp contrast to the 75% of the finance respondents above.

This noteworthy gap between perspectives suggests three possible inferences:

a) a misperception among finance respondents of both the scope and the potential impact of the necessary transformation, or

b) HR respondents not in the loop on the finance function’s preparedness and progress, or

c) HR respondents possibly echoing the views of CEOs and business heads, who in turn may not be aware of the finance function’s preparedness and progress.

Regardless of any one or multitude of the above factors, it is clear that a communication gap exists and the onus lies with the CFO/finance heads or other senior professionals in the finance function to communicate the readiness and, more importantly, the overall vision for transformation across the organisation in a more lucid manner. Identifying the exact cause(s) is beyond the scope of the current study and presents interesting pointers to be further explored.

HR professionals are not equally enthusiastic about the finance function’s progress in transformation. Most respondents emphasised that the finance function in their own organisation is only somewhat prepared or is still in the early stages.

FIGURE 2.4: Finance professionals’ perceptions of their finance function’s preparedness for future change

FIGURE 2.5: HR respondents’ perceptions of their finance function’s preparedness for future change

u Discussions have started, but still early days – 6%

u Somewhat prepared, working on the details – 20%

u Too early/ have other key priorities – 1%

u Very prepared, have a structured roadmap – 74%

u Discussions have started, but still early days – 27%

u Somewhat prepared, working on the details – 60%

u Too early/ have other key priorities – 3%

u Very prepared, have a structured roadmap – 10%

ACCA’s 2016 study, Professional Accountants – the Future: Drivers of Change and Future Skills advanced the concept of the Professional Quotient (PQ), comprising the optimal mix of competence and skills for finance professionals across seven areas.

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Technical and ethical competencies (TEQ): the skills and abilities to perform activities consistently to a defined standard while maintaining the highest standards of integrity, independence and scepticism.

Intelligence (IQ): the ability to acquire and use knowledge – thinking, reasoning and solving problems.

Creativity (CQ): the ability to use existing knowledge in a new situation, to make connections, explore potential outcomes, and generate new ideas.

3. Competencies and skills that will be most critical in 2030 and beyond

FIGURE 3.1: Competencies and skills highly critical for finance profession success

Digital quotient (DQ): the awareness and application of existing and emerging digital technologies, capabilities, practices, strategies and culture.

Emotional intelligence (EQ): the ability to identify your own emotions and those of others, harness and apply them to tasks, and regulate and manage them.

Vision (VQ): the ability to anticipate future trends accurately by extrapolating existing trends and facts, and filling the gaps by thinking innovatively.

Technical Skills and Ethics

Emotional Intelligence

Intelligence VisionCreative ExperienceDigital

n Finance professionals n HR respondents

Experience (XQ): the ability and skills to understand customer expectations, meet desired outcomes and create value.

Finance professionals identified DQ as the most critical for future job success, followed by XQ, VQ, TEQ and CQ. HR respondents outline a similar selection, though place higher emphasis on EQ relative to CQ. The ACCA qualification provides learners with a balanced set of skills – and applies this approach to how it deals with the digital quotient as well.

0%

10%

20%

30%

40%

50%

60%

70%

80%

60%

70%

53%

73%

59%

45%

64%67%

37%

50%

62%

72%

63%

53%

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Building the next-gen CFOs | 3. Competencies and skills that will be most critical in 2030 and beyond

Learners develop an appreciation of the characteristics of technology products/areas, the value creation and process considerations around technology adoption in organisations (business and operating model) as well as the importance of people skills (like EQ, ethics) and how to continue effectively applying these within new digital ways of working.

Therefore, DQ is reflected in this integrated interdisciplinary way that views digital skills alongside others, so its not just about learning a particular technology tool in isolation because the precise tools used in business keep changing anyway over time.

This is corroborated by Sayamdeb Mukherjee, who affirms that: ‘hard skills are easy to adapt, soft skills would be critical, eg “moving the needle” from reporting to story-telling’. Anita Sanghi, Global CFO, NTT Data, comments:

Sachin Mathur likes to make sure that:

There is a clear and evident lack of skill in data mining and analytics, FinTech, and decision-support skills, and this is already having a critical impact on organisations. Talent with experience in data science and analytics platforms is already in greater demand. Hemant Ruia explains ‘there is a lack of job description developed around [the] role of data scientists in finance. We have been searching for a while now, and have bots running. This is more reflective of the spectrum and where organisations are in the journey. People are talking in the CFO forum, but far fewer are in implementation. The biggest gaps are in business acumen, digitisation and data science’. Sayamdeb Mukherjee has a clear vision of the ‘agile’ finance organisation of the future, combining revenue analytics (securing future revenues), expense management (allocation), value-chain treasury, client and competitor analysis, centralised reporting, taxation/compliance/audit and data science/digital engineering.

There is a clear and evident lack of skill in data mining and analytics, FinTech, and decision-support skills, and this is already having a critical impact on organisations.

FIGURE 3.2: Future talent requirements and highly critical skills gaps

‘Each person partnering in the function role cannot just have knowledge of technical aspects. They have to understand the business and articulate their thoughts. So, communication skill is key. Their future success will also depend on how well they manage teams. How inclined they are towards automation and leveraging it for repetitive tasks’.

n Finance professionals n HR respondents

‘Finance people are equally exposed to all the functions. They cannot go with a narrow mindset of only finance, and need to have business acumen as well’.

Data Scientists Data mining and analytics

FinTech Business Partnering

Cross-geography experience

Decison Support

Analytics platforms

0%

10%

20%

30%

40%

50%

60%

70%

80%

52%

37%

60%

52%

44% 45%

56%

33%

63%58%

49%

73%

54%

73%

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Building the next-gen CFOs | 3. Competencies and skills that will be most critical in 2030 and beyond

These trends are already being witnessed in the various talent life cycle activities, including employee acquisition and development. For example, during recruitment interviews, Vineet Jain makes a point of checking how agile and adaptable the candidate is likely to be as regards changes in the finance landscape. He contends:

He also proposes identifying the key talent ‘who would succeed in five years’ time.’ Anita Sanghi has been observing deficiencies in consulting and story-telling skills, as well as in the ability to keep pace with technology trends. She has been hiring a lot of millennials and

ensuring adequate ‘handholding’ over the first year, including by assigning trainers and mentors. Specific aspects of communication skills development, such as accent neutralisation, continue to be a key focus for her organisation.

Rapid developments in technology have widened the divide between building one’s own systems and buying readymade ones, and the effects have been experienced throughout other aspects of the workplace and workforce. Hemant Ruia proposes the three-step model of ‘buy, assimilate and then build’ for dealing with these talent and skill gaps: ‘the current situation is like shared services. Initially, the concept and construct were alien. Hence all services were bought or outsourced. Once …[they] became a commodity, legal aspects started weighing in’. Sayamdeb Mukherjee echoes this:

Rapid developments in technology have widened the divide between building one’s own systems and buying readymade ones, and the effects have been experienced throughout other aspects of the workplace and workforce.

‘For example, millennials may get lost in career paths. If I join as a data scientist in finance, what do I do next? Millennials are associated with traits of aspirations and limited patience. How will they be motivated and retained? In India, people are more flexible and adaptable to change. Compared…[with] other geographies, people in India have the right skill sets to compete’.

‘Businesses can’t wait for [their] workforce to be trained. Finance has to be delivered to the business. Vision has to be created for the unit. There needs to be a balance of developing behaviours and skills vis-à-vis [using what is] readily deployable’.

CFOs in this study had around 16-20 years of experience. Skills will need to build on this rich foundational base to drive continued effectiveness for the future.

The focus shifts towards subject matter expertise (commercial acumen, financial management, tax advisory skills) during the next seven years (3–10 years of finance professional experience). Finance professionals are also expected to carve out their personal brand and presence during this phase. The period from 10 years’ professional experience onwards marks the next distinct phase, focusing on strategy, technology and innovation,

governance, risk and controls, demonstrating leadership, building stakeholder relationships, and influencing partners towards positive outcomes.

While organisations may adopt the above roadmap for broadly defining and establishing the key skills on which to focus during the finance professional life cycle, they seem to be facing an enormous challenge.

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The study investigated this journey to the CFO role, and makes an attempt to appreciate what competencies and skills are the most relevant, rewarding and worthwhile during each phase.

Respondents from both finance and HR populations stressed the criticality of cultivating communication and presentation skills, along with ethics and professionalism in the formative first three years of finance professional experience.

4. Future skills for CFOs and finance professionals

FIGURE 4.1: Future skills for successful finance professionals n Finance professionals n HR respondents

Communication Skills

Ethics & Professionaliam

Presentation Skills

Commercial Acumen

45% 60%

47% 57%

41% 53%

36% 37%

FOUNDATION (<3 YEARS)Tax Advisory

Personal Brand & Presence

Financial Management

Commercial Acumen

47% 73%

51% 68%

51% 67%

59% 70%

INTERMEDIATE (3-10 YEARS)Leadership & Management

Strategy, Technology & Innovation

Governance, Risk & Control

Stakeholder Relationship Management

37% 77%

39% 67%

38% 65%

36% 60%

EXECUTIVE (>10 YEARS)

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Building the next-gen CFOs | 4. Future skills for CFOs and finance professionals

Transforming the overall finance function and manifesting this successfully will require a distinctly different work approach and skill sets, which finance professionals, may lack. Hemant Ruia terms this a ‘chicken-and-egg’ situation, and explains ‘to get into the business, one needs to defocus on day-to-day controls and [instead] leverage digital information, which requires smooth running of day-to-day transactions. But achieving this necessitates investment, which needs influencing and selling skills, which a lot of CFOs

don’t have today. Similarly, [the] data warehouse needs to be robust, and [this] requires investments in technology’. He advocates that the organisation should play a critical role here.

Transforming the overall finance function and manifesting this successfully will require a distinctly different work approach and skill sets, which finance professionals, may lack.

‘There needs to be focus on building external awareness and use cases, while internal use cases and completed examples continue to be highlighted and showcased’.

Advisory services for the CEO and/or other key stakeholders, finance technology (FinTech)/ systems upgrade, and enabling business transformation are the top three priorities for the finance function of the future.

Transformation of the finance function involves primarily the adoption of the latest technology and technology-based approaches, including artificial intelligence (AI) and cloud-based applications.

Development of intelligent automated accounting systems and new analytical methodologies, the advent of cloud-computing applications, and increased regulation and governance are fuelling this transformation.

Financial management and strategic planning and performance management will be the most directly affected areas.

The finance function needs to enhance its communication of its vision for corporate transformation and its own internal state of preparedness, both to its own staff and externally to business stakeholders.

Digitial Quotient [DQ], Experience [EQ], Vision [VQ], and Technical and Ethical Competencies [TEQ] will be critical contributors to future professional success.

Significant gaps exist between the talent and skills needed for data mining and analytics, FinTech and decision support, and the skills currently held by many finance professionals.

Successful finance professionals in the future will need to focus on acquiring specific skills at each stage of their careers:

• Foundation (<3 years): communication and presentation skills, and ethics and professionalism

• Intermediate (3 – 10 years): commercial acumen, personal brand and presence, and financial management

• Executive (>10 years): strategy, technology and innovation, governance, risk and control, leadership and management, stakeholder relationship management.

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Implications for organisations

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Acknowledgements

Abraham Zachariah SVP – Learning & Talent Development HSBC

Anita Sanghi Global CFO NTT Data

Hemant Kumar Ruia CFO Indus Towers

Leena Sahijwani VP – Group Human Resources Tata Sons

Sachin Mathur Head – HR & OD Penna Cement Industries

Sayamdeb Mukherjee VP – Planning & Control United Breweries

Venka Reddy Global HR Partner Infosys

Vineet Jain CFO Medtronics

PI-BUILDING-THE-NEXT-GEN-CFOS

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