Why digital skills are vital for accountants

The skill sets of management accountants have expanded thanks to digitisation, and this widens career opportunities. Employers want data-savvy employees who are innovative, forward-thinking, and comfortable with embracing new technologies.

Your traditional accountancy skills can provide a springboard into growing fields including cybersecurity, ESG (environmental, social, and governance) reporting, data analytics, forensic accounting, and many more. Your finance skills will be assets in these roles, but you need strong digital skills, too.

Combining digital and financial skills sets will help you unlock a rewarding and relevant career that can help invoke impact and change.

Reinventing finance in a digital world

The finance function is well positioned to lead during this digitisation, and you can build upon your proficiencies, interests, and passions to meet the needs of the digital world and have an exciting career.

Digital skills are embedded into the Chartered Global Management Accountant® (CGMA®) designation from the Chartered Institute of Management Accountants® (CIMA®). For over 100 years, AICPA® & CIMA® have understood the importance of early adoption of emerging technologies and promoted the importance of technological skills. As emerging technologies are adopted, AICPA & CIMA have a history of setting the professional standards that guide aspects of implementation.

CGMA candidates learn the full context of data and how data helps management accountants increase value and relevance to their organisations. You’ll explore the current cybersecurity landscape, develop strategic management skills, delve into the nuances of financial reporting, understand digital costing techniques, and much more.

The CGMA designation distinguishes accounting and finance professionals with advanced proficiency in technical, business, digital, people, and leadership skills. And CGMA candidates get an in-depth and extensive look at industry standards directly from the organisation that helps set those standards.

The coursework within the CGMA syllabus reflects the skills and competencies needed for today’s management accountants, in addition to opportunities to learn about the social issues you deem important, including diversity, equity, and inclusion (DEI) and ESG.

The positive influence of data

Data can help spot trends and pain points.

The skill sets needed for finance professionals go beyond spreadsheet inputs and cloud computing. Your digital proficiency is an asset and can help lay the foundation for a meaningful career.

Management accountants have access to troves of data and finance professionals are tapping into more data to improve decision-making, but there’s still more to be explored. Data is nuanced and different data sets can guide decision-making, promote customer value, and boost productivity.

Because data is such a useful tool, management accountants are mastering data analytics. When budgets are prepared, management accountants can dive into the data and help craft a budget more relevant to that organisation. And data analytics can even drive an organisation’s marketing efforts.

Become cybersecurity savvy

Finance professionals want to be savvy with cybersecurity. Management accountants can spot risks within their organisations and offer corrections, and they are now doing the same with cyber risks. They can identify risks, review cybersecurity processes, develop protocols, and evaluate cyber risk reporting frameworks.

Cybersecurity is also a crucial skill set when working with cryptoassets. As digital assets are vulnerable to hacking, phishing, fraud, and counterfeiting, your role as a management accountant will be to closely monitor and track these transactions.

Embrace artificial intelligence and automation

Leave the tedious work for robots. To boost efficiency and effectiveness, more finance professionals are relying on artificial intelligence (AI), machine learning, and automation. Implementing AI or automation software is a strategic move that can alleviate your workload and enable you to complete other necessary tasks.

There are many in-demand technologies that management accountants use to excel at their jobs and ultimately increase their value to their organisations.

You can be better positioned to make empowered career decisions that align with your personal values, interests, and passions. Pursuing the CGMA designation will hone your digital skills, leading to an exciting career.

Kick-start your digital development with the CGMA cybersecurity tool and see how the CGMA designation is essential to navigating this digital world.

Why digital skills are vital for accountants

Tagged in:

Reinventing finance in a digital world

The positive influence of data

Become cybersecurity savvy

Embrace artificial intelligence and automation

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