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Financial managers across all sectors need to develop a range of new skills and competencies if they are to meet th...
Financial managers across all sectors need to develop a range of new skills and competencies if they are to meet the professional challenges of the future, according to a new guide published by CIPFA.

Developing the Financial Manager, is a practical guide for financial managers to review, develop and update their competencies in the face of new professional challenges. Aimed at financial managers and their employers, the guide focuses on how the financial managers need to address these developments.

Making the Financial Manager of the Future?

The guide assesses the changing working environment, outlines the characteristics of a good financial manager and demonstrates how financial managers of the future can improve their competencies for themselves and their employers.

Key points include:

- Employers need to identify the core skills and responsibilities of financial managers so that their role is fully understood, utilised and valued by the organisation.

- Career development for financial managers is therefore important. Organisations who support a programme of continuous development are better placed to manage the potential impact of individual managers on the effectiveness of the organisation.

- There needs to be a commitment to Life Long Learning to ensure that professional improvements are ongoing and that the organisational and personal needs of individuals and employers are satisfied.

- To effectively deliver improvements in professional competency, organisations need to recognise the need for improvement and create a corporate atmosphere that facilitates such change and innovation.

Barrie Woodcock, author of Developing the Financial Manager, said:

'It is undoubtedly the case that the practice of financial management is changing dramatically. Traditional approaches in defining financial management are outdated and not in tune with the situations currently facing financial managers.

'With issues such as accounting for intellectual capital, value reporting and self directed work teams coming to the fore, both managers themselves and their employing organisations need to focus on how to improve individual competencies. This guide will be an invaluable tool assisting employers and individual managers meet these new challenges.'

Report background:

Developing the Financial Manager came about as a logical extension to CIPFA's Financial Management Panel's hugely successful work, Achieving Excellence in Financial Management published in 1998. A limited supply of this practical guide remains.

CIPFA publications:

Available for purchase online at or by telephoning the publications department on 0207 543 5600.

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