Leadership is key for success in accountancy and finance
Accounting and finance professionals not only need exceptional technical ability to succeed, but also strong management and leadership skills, according to new research.
60% of CFOs and FDs surveyed by Robert Half UK said that leadership was the top attribute that contributes to the success of finance and accounting professionals, ahead of strong technical skills at 47%.
This shift in skillsets is a reflection of the fact that accounting and finance functions no longer operate as silos but as key strategic partners to the wider business. The ability to interpret data and crunch numbers is always important, but top finance talent encompasses much more than that.
The survey also raised the importance of other key attributes for finance professionals, including:
- Effective communication skills - 33%.
- A competitive nature - 32%.
- A futuristic outlook - 30%.
The research also highlighted the link between the skills needed to be successful and the roles that finance and accounting professionals find challenging when working with colleagues across the business.
For example, 42% of CFOs and FDs said that the most common cross-departmental challenge they faced was managing stress arising from crisis situations. Other challenges include:
- Prioritising conflicting deadlines throughout their organisation - 26%.
- Interacting with different personalities - 15%.
- Conveying financial information in non-financial terms - 14%.
Vikki Douglas, Senior Manager, Professional Development at ICAS comments: "At ICAS, we are committed to providing a range of great continuing professional development (CPD) opportunities for our members, to support them wherever they are working and at any level of their career. This survey highlights just how critical it is for finance professionals to develop strong skills in leadership and management. This is an area which we have recently improved the CPD provision for, by offering discounted 1:1 or Team coaching sessions for ICAS Members and wider business professionals through our partnership with coaching consultancy, Leading Figures. The coaching is an ideal way of improving key skills like managing change, leading a team and leading with impact and authority. We also offer a range of shorter Leadership and Personal Development CPD courses through our partnership with BPP Professional Development, covering a range of topics including personal development essentials like effective communication, influencing skills and negotiation skills, team development and motivation including managing virtual teams, personal resilience, stress management and improving your performance with emotional intelligence."
Source: Robert Half UK