The Association of Chartered Certified Accountants (ACCA) said it had introduced an interactive checklist of competencies which business leaders require.
A competency is defined as a fundamental knowledge, ability or expertise in a specific subject area or a specific behaviour.
The global body for professional accountants disclosed that the competency framework, published online, highlights the ten key competencies finance professionals must have if they are to succeed in business and their career.
These, according to the ACCA, include professionalism and ethics; governance, risk and control; stakeholder relationship management; strategy and innovation; leadership and management; corporate reporting; sustainable management accounting; financial management; audit and assurance and taxation.
It further stated that the Competency Framework would enable employers, teachers, current and potential students to see the key competencies that are learned through the ACCA qualification and how they relate to the requirements of different jobs.
Chief Executive, ACCA, Helen Brand said: “The ACCA Qualification addresses all the key competencies required by finance professionals, from performance and financial management and taxation, to Islamic Finance; and the principles of Integrated Reporting.
“We have developed this competency framework to ensure that aspiring finance professionals, employers and tuition providers are clear about the key skills demanded in an increasingly globalised and rapidly changing business environment.”
A survey of more than 500 Chief Financial Officers (CFOs) in an ACCA 2013 report tagged: “Why breadth and depth of finance matter in today’s finance function,” identified the key financial areas that CFOs said they need in the finance function.
Brand added: “The Competency Framework highlights the abilities which aspiring finance professionals must have if they are to meet the requirements of potential future employers.
“ACCA has always been committed to ensuring that its qualification meets the needs of every sector in every region of the world, and the Competency Framework brings these together.”
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