Future of Finance profession Working Group Scope

Proposed scope of G100 Working Group ‘Future of the finance profession’

 

Update report to G100 National Executive meeting following discussions held in January with Andrew Porter, Stephen Woodhill and Pam Bains

 

Background

Finance functions and the role of the CFO have been evolving and with the widespread implementation of automated processes, data driven decision making (data analytics and big data) as well as emerging trends in workforce flexibility and a focus on the consumer, disruption is here. Finance professionals need to adapt to changing technologies and design functions that meet the needs and opportunities of the 21st century.

This is a great time to be graduating University and heading into finance roles. The careers that can be experienced are varied and the skills that are needed to succeed are no longer just grounded in accounting and tax. IT and data analytics skills are increasingly more important, along with people skills and agility. University curriculums, on the other had, have not fully adapted to the changing needs of the finance profession across the board.

G100 is probably the best placed organistion to shape the agenda of the finance profession in Australia. This includes helping its membership to adapt to the forces of change and disruption as well as influencing the way the profession is perceived by talented graduates and the University curriculum (both undergraduate and graduate) is shaped.

 

Proposed scope of G100 working group

Advocate for the profession

It is proposed that G100 be a voice of the finance profession and advocate the attractiveness of the profession to graduates. In a war for talent, it is important to attract the best graduates to our profession. It is also envisaged that the G100 continue its broader advocacy role with respect to key topics that impact the Australian business community. G100 will seek to engage with and expand its existing membership base by providing current and meaningful insights and education around the key topics of the 21st century including automation and finance transformation.

 

Educate those already working in finance functions

G100, along with other relevant professional bodies, will develop a plan and associated programs to help inform and educate those currently working in the finance profession about the opportunities available to them by embracing new technologies and new ways of working. The Institute of Chartered Accountants in Australia and New Zealand and CPA Australia have expressed interest in further discussions and collaboration with us with respect to this scope area.

 

Influence development of relevant learning at undergraduate and graduate levels at key Australian Universities

As a body representing some of the key employers in Australia, G100 is well positioned to influence the curriculum development of both undergraduate and post graduate courses related to finance. The Institute of Chartered Accountants in Australia and New Zealand and CPA Australia have expressed interest in further discussions and collaboration with us with respect to this scope area.

 

Draft KPIs for 2019

  • Establishment of working group
  • Develop marketing and advocacy plan (note that this may require some budget)
  • Develop at least 3 thought leadership articles and position for media opportunities to support advocacy agenda
  • Engage with key professional bodies and develop program of education for current finance professionals – incorporating a revenue generating aspect for G100
  • Meet with 10 Universities across Australia to understand current curriculum in finance related areas and to test interest for collaboration with G100 and other professional bodies

 

Proposed membership of working group

  • Kristin Stubbins (Chair), Andrew Porter, Stephen Woodhill, Pam Bains, PwC Senior Manager/Director (support person), finance team member from ASX 100, representatives from Deloitte, KPMG and EY.