CIMA Unveils Syllabus to Bridge Digital Skills Gaps
Funmi Ogundare
The Chartered Institute of Management Accountants (CIMA) recently unveiled its syllabus that would enable professional management accountants and finance professionals to enjoy a more robust and all-encompassing certification.
Following the review, the new syllabus will now enable students acquire new skills and competencies that are relevant to a digital market place.
The accounting management body in a statement said the updated professional qualification and CGMA competency framework address emerging digital skills gaps and that the change was necessitated by a study it carried out, which showed a clear need for a review.
According to CIMA, over the course of 18 months, it consulted finance professionals from over 2,000 public and private organisations in 150 countries, including through face-to-face interviews, roundtables and a global survey.
“The goal was to bring together different organisational views to understand and build a composite picture of the role finance professionals play in business, identify competencies and skills employers expect and map how these are changing in a digital world.“
The study titled ‘Reinventing Finance for a Digital World’, according to the statement, showed that over 50 per cent of finance leaders globally say the competencies of their teams must change significantly over the next three years as new technologies take over traditional tasks. The upside is that businesses expect a stronger focus on value creation with the automation of repetitive tasks.
The Executive Vice-President, Academics, Association of International Certified Professional Accountants, Dr. Noel Tagoe, who oversaw the unveiling, highlighted the three key areas that were updated and the expected benefits to professionals.
“The updated CIMA Professional Qualification focuses extensively on digital finance to deliver finance professionals who can harness the full power of technology and data to create and add organisational value while supporting businesses to mitigate new risks, including cybersecurity threats.”
He said the CGMA Competency Framework was also updated which both adds and incorporates the new area of digital skills to the four core existing knowledge areas of technical, business, leadership and people skills.
Tagoe said the third is the digital mind set professional development course to enhance competencies and skills through a free CPD bundle based on automation, blockchain, cybersecurity, data analytics and ethics.
He added that the body will continue to explore innovative ways to enhance the learning experience of its students to match new skills and competencies required in the market place.