Bridging the skills gap for the finance function

The demand for professionals with accounting expertise combined with forward-thinking technical skills has surged as organisations navigate technological advancements, economic fluctuations, and changing employee expectations.

The role of accounting and finance professionals is critical to businesses; however, CIMA's Mind the Skills Gap 2025 report reveals a significant gap between the skills employees have and the skills organisations need, highlighting the necessity for professional development.

From November to December of 2024, Opinium Research conducted a survey on behalf of CIMA, focusing on small- and medium-sized enterprises (SMEs) in the UK, defined as organisations with 10 to 249 employees.

The research uncovered the widening gap between government policies, employer expectations, and employee needs, providing insights into the current workforce landscape and a growing skills gap.

The research findings were compiled into the Mind the Skills Gap 2025 report, which is based on responses from 1,000 SME decision-makers and 1,000 employees.

SMEs face pressing challenges, including skills shortages, the financial pressures of rising costs, and technological advancements.

Barriers that hold back professional development underscore the need for strategic solutions to bridge the growing skills divide.

Identifying the skills gaps: Key findings from the research

In 2024, 79% of employers recognised skills gaps within their organisations, with larger SMEs (those employing 100 to 249 individuals) reporting an even higher prevalence (85%).

Critical gaps in technology and IT, artificial intelligence (AI), and job performance skills have emerged.

The gaps in IT and tech skills are particularly noticeable in fields such as agriculture, construction, education, financial services, healthcare and legal services, which are also grappling with taxation issues and skills shortages, alongside rising wage costs.

On the employee front, there is a clear desire for professional growth, with 82% of employees expressing a desire for professional development.

Most SME employees wish to enhance their skills; however, many have not had formal training in the past year.

Younger professionals, especially those under 35, feel the impact of this training gap acutely, with 76% believing that the lack of opportunities for skills development hampers their career progression.

The barriers to professional development

Limited budgets and insufficient time contribute significantly to the widening skills gap.

Employers cite constrained budgets as the main barrier to investing in employee training and development; 41% of employers pointed to a lack of budget as a barrier, and 39% indicated a lack of time.

The fast-paced nature of business operations often leaves little room for employees to participate in professional development activities.

Some organisations find government funding mechanisms for training to be overly complex and time-consuming, deterring them from pursuing available resources.

Per the Mind the Skills Gap report, ‘38% of employers who have not invested in formal training or accessed government funding find it too complex and time-consuming to engage with.’

Solutions for bridging the skills gap

In today’s economic landscape, digital literacy and knowledge of AI tools are essential. Soft skills — or people skills — also remain in high demand.

Studying with CIMA allows you to cultivate those skills and more.

Bridgeen McLoone, ACMA, CGMA, is an example of someone who achieved her dream of becoming a finance leader through the CGMA^® Finance Leadership Program. You, too, can forge your professional journey with CIMA.

Conor Bradley, ACMA, CGMA, also found the CGMA Finance Leadership Program to be the perfect solution to balancing work and exam prep.

For those of you looking to solidify your expertise, pursuing the prestigious Chartered Global Management Accounting^® (CGMA) designation and CIMA membership demonstrates a commitment to the highest standards in management accounting. And with the CGMA Finance Leadership Program, you can study at your own pace and schedule via on-demand learning modules.

CGMA designation holders gain a competitive advantage by having cultivated essential skills in strategic decision-making, financial expertise, and leadership.

Bridging the skills gap for the finance function

Tagged in:

Identifying the skills gaps: Key findings from the research

The barriers to professional development

Solutions for bridging the skills gap

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