Are you the ‘right hire’?

MANY young people are discovering that despite their academic qualifications – often gained at significant expense – they lack the specific technical and professional skills demanded by the ever-changing job market.

This is taking place not only in Malaysia but globally.

The financial crisis and subsequent slowdown may be the immediate causes of this employability issue.

However, underlying trends include changes in demographics and the advances in technology are driving innovative new ways of doing business and creating wealth.

As business becomes more complex, there is an increasing demand for the most talented individuals.

They need to be better equipped with the skills to gain employment, and they will have to be adaptable as the skills they need to remain employable could change over their careers.

The CGMA* Competency Framework developed by the Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA) aims to bridge this gap between education and the competencies employers say they need.

Although focused on Chartered Global Management Accountants (CGMA), this competency framework (that is based on robust global research with employers) also pro- vides a guide to other stakeholders in enhancing the employability of the young generation.

The global research includes an analysis of the competency frameworks provided by 60 employers and face-to-face meetings with 67 employers around the world to explore their expectations of finance professionals, and how the finance role is changing.

To validate the competency framework, roundtable meetings were held in 13 countries with over 200 companies and more than 3,000 respondents answered an online survey.

In discussions with employers on how the role of finance is changing in response to business needs, it was found that the emphasis is shifting from technical skills and the production of good accounting information, which remain essential, to the application of financial disciplines in the management of a business.

Having the technical skills relevant to each service area will not suffice. A management accountant has to be competent to do accounting and finance work in the context of the business to influence people and lead within the organisation.