Meeting the Needs of the Future: Research Insights

MEETING THE NEEDS OF THE FUTURE MEETING THE NEEDS OF THE FUTURE

“A lot of the accounting stuff has been automated. What’s coming out of that is we’re getting more and more data, and then they need people to be able to manage that data efficiently. They need to be able to make sure that data is correct, that what you’re looking at makes sense and then also, what are you learning from that? It’s really a shift from processing information to [understanding] what it means and how to communicate it. …But what management really appreciates is when you bring those new ideas, you bring those new things that they never they never learned. I think that’s definitely something that our generation can bring to an organization that they haven’t seen before.”

– CPA member (emphasis added)

DID YOU KNOW?

Data analytics is the highest rank topic that needs to be taught more. Over 60% of CPA students are learning value creation and data analytics on the job, and between 64% and 78% of new CPAs indicated that they wanted to learn these topics in the classroom first. The new CPA “Way Forward” Competency Map (CM2.0) proposes CPAs develop specific competencies and skills in these topics. Do you agree that these key elements be included in the CM2.0 Integrated Common Core? Submit your comments on the new draft Map.

Source: Commission by the Competency Map Task Force, Leger conducted an online survey that was

completed by 734 respondents in January 2021 by CPA students (n=219), new CPA members (n=198), and

Employers (n=317). Respondents involved were from a range of industries, sectors, size of organizations,

geographies, and inclusive as to gender, age and ethnicity.

Value creation, big data and data governance are important topics for new CPAs to function effectively (as rated over 90% by recently qualified CPAs and CPA students in a market survey).

Some principles:

1. Should make you sit up and take notice

2. Should have some metrics if possible

3. Should have a compelling visual – from our research if possible or from the map?

4. Should link to our website where we have a bit longer paragraph with a more fulsome full reference (need to decide format for our CMTF research references)

· How long should these be? Perhaps double the size of the social me-dia tweet? Social media posts are 1-3 sentences and about 30 words in total.

· Can we also have a picture on the website that goes with each quote? Ask graphics team to get involved

· Would all these be under one heading on the website i.e. research? Or would they be separately linkable (ideal, I think – so we could link directly to them from social media). TBD

· Once we get a bit further – we could perhaps do a video – with no faces – just voice over – with say two or three slides (the quote, the vi-sual and perhaps a highlight of the map i.e. for instance where we talk about evergreen learning – we could literally highlight the definition in the map).

· Let’s see how the time goes but once we have them written – perhaps you and I could just take an hour and record them all at once – maybe 2 minutes each?

5. Should link to part of the map i.e. do we want to link to key words in the map (Key Labels - HSV, PC, CPA Ethical Mindset, DPC, FCC, ICC and Oth-er Key Terms - evergreen learning, action learning, collaboration, bias, tech savvy, systems thinking, higher calling, sustainability, EDI, indigenous views – we should definitely include a quote or perhaps our definition, ethics? other – i.e. these are the “essence” of the map). That way – it can serve 2 purposes – to enlighten with research and to help understand the map. Consider use of hashtags to profile terms

Note: Changed the call to action in the social media posts from comment to read/learn more so people to share views on social media. Drive readers to website Did you Know that will encourage comments. Separately on social media encourage people to complete the survey.

CPAs use many skills. Communication and decision-making skills are key to success say new CPAs and employers in a market survey.

Top five ranked skills New CPAs Employers

Communication skills 1st 1st

Decision making 2nd 2nd

Personal development 3rd -

Collaboration 4th -

Self-management 5th 4th

Budgeting/forecasting - 3rd

Leadership - 5th

Human skills distinguish CPAs and are what employers look for. Over 50% of employers think communication and problem-solving /decision-making skills need to be taught more and even more new CPAs agree (59% and 62%, respectively). While over 75% of new CPAs learn these skills more on the job, they wish they had learned them more in the classroom as well as on the job. Learn how the new CPA “Way Forward” Competency Map (CM2.0) proposes to build communication and decision-making skills using CM2.0 Decision Process Cycle.

Source: Commissioned by the Competency Map Task Force, Leger conducted an online survey that was completed by 734 respondents in January 2021 by CPA students (n=219), new CPA members (n=198), and Employers (n=317). Respondents involved were from a range of industries, sectors, size of organizations, geographies, and inclusive as to gender, age and ethnicity.

DID YOU KNOW?

DID YOU KNOW?

CPAs of the future must be capable of both person-to-person collaboration and person-to-technology collaboration – they need to be able to use their human skills to enhance the application of technology and bring trust to the decision process. There is an increased requirement for “people skills” and a decreased emphasis on “technical knowledge.”

CPAs will be expected to maintain solid expertise in financial concepts, but they will also be expected to demonstrate that they are technological savvy and digitally literate as well as have analytical prowess. They will need to have a research mentality combined with curiosity to help determine the “why” of data and uncover value creation opportunities. Underpinning all of this a continuing expectation for the highest levels of ethics and integrity.

Read how the new CPA “Way Forward” Competency Map (CM2.0) reflects these expectations to develop future-ready CPAs.

Source: Commissioned by the Competency Map Task Force, D’Arcy Delamere ad Dave Vert, with University of Waterloo’s School of Accounting and Finance, conducted thirteen online interviews of senior business leaders of innovative organizations in March-April, 2021 to obtain perspectives on into what skills compe-tencies will be vital for success going forward.

Senior business leaders are seeking more from their finance team.

Fostering curiosity encourages growth and increases job satisfaction and innovation in employees, and helps businesses manage uncertainty, volatility, implement technological advancements and thrive in a world of increasing disruption and complexity. Do you think curiosity and agility are key human skills for CPAs to be future-ready?

Submit your comments on the draft new CPA “Way Forward” Competency Map (CM2.0).

Sources:

Horstmeyer, A. (2020). The generative role of curiosity in soft skills development for contemporary VUCA environments, Journal of Organizational Change Management (early release).

Korn Ferry (2014), October 14, “Study finds companies with highly agile executives have 25 percent higher profit margins”

DID YOU KNOW?Curiosity overcomes “on the job” challenges. Companies with highly agile performers produce 25% higher profit margins compared to peer organizations.

Half-life of working skills is five years as almost everything students learned from post-secondary is obsolete or outdated in 10 years. Embrace evergreen (lifelong) learning.

The new CPA “Way Forward” Competency Map (CM2.0) proposes building the skills to learn and thrive in a constantly changing environment and throughout a CPA’s career. How important do you think this is? Submit your comments.

Source: Thomas, Douglas, and Brown, John Seely. A New Culture of Learning

DID YOU KNOW?

DID YOU KNOW?

• 49% of employers of CPAs say technology and innovation has had a major impact, and 36% moderate impact, on business in the past two years.

• Yet, 91% of Canadians say there is a real need for Canadian SMEs to strengthen online presence and digital capabilities.

Employers say, “The impact and adaptation of new technology has been sped up. It’s seen as faster, more efficient, and performs routine tasks thereby freeing CPAs up for more advanced data analysis and better client and management relations.” Learn how the CPA Ethical Mindset includes embracing technology to foresee and take on these opportunities.

Read the draft new CPA “Way Forward” Competency Map (CM2.0).

Sources:

Commissioned by the Competency Map Task Force, Leger conducted an online focus groups with 24 employers of CPAs during February 2021. Participants were a mix of gender and regions of Canada.

KPMG in Canada introduces 'Finance Plus' cloud accounting solution (May 2021)

CPAs are transforming to be tech-savvy and meet the needs of the future for large and small and mid-sized organizations (SME).

DID YOU KNOW?

The new CPA “Way Forward” Competency Map (CM2.0) requires building environmental, social and governance (ESG) knowledge and understanding diverse perspectives. CPAs must respond to growing needs to:

• Consider effects on the land and resources through proactive consultation with Indigenous Peoples

• Support lifelong learning to delay dependency on aging populations, overcome inequality and exclusion, and create resilient communities

• Enable learning in the flow of life to put meaning back into work for employees and drive organizations’ performance

Share your perspectives on the draft new CPA Competency Map.

Sources:

Insights from a roundtable held by the Task Force with Indigenous business leaders and others.

Truth and Reconciliation Commission of Canada, Call to Action 92

Lifelong learning helps people, governments and business. Why don't we do more of it?, World Economic Forum (weforum.org)

2019 Deloitte Global Human Capital Trends: Leading the social enterprise: Reinvent with a human Focus

CPAs have a role to play to create, measure and report on long-term value for organizations, society and other stakeholders.

DID YOU KNOW?

Supporting such organizations includes CPAs “understanding:

• the effect of Canadian history on Indigenous peoples, Indigenous culture, rights and perspectives

• the importance of stewardship of the land for future generations

• as part of building respectful relationships and walking alongside to learn and share experiences.” Time to act and require new CPAs to learn about and build the human skills to support economic reconciliation.

Share your perspectives on the draft new CPA “Way Forward” Competency Map (CM2.0).

Sources:

Canadian Council for Aboriginal Business from CPA Canada article by Camillo Lento, Doretta Thompson and Nathaniel Anderson

Truth and Reconciliation Commission of Canada, Call to Action 92

United National Declaration of Indigenous Peoples Rights, Implementing UNDRIP in Canada

Insights from a roundtable held by the Task Force with Indigenous business leaders and others.

More than 50,000 Indigenous businesses contributed $31 billion to Canada’s GDP before the pandemic.