We find out how students are embracing the challenges of finance transformation. By Camilla Berens, freelance journalist.
For many CIMA students, the future is business partnering.
The finance function is changing rapidly. The shifting management agenda, developments in information technology and the drive towards shared services and outsourcing has seen a dramatic reduction in the size of the average finance team.
But management accountants' unique training gives them the skills and knowledge to improve the effectiveness of the finance function and provide value across the entire business structure.
So how are CIMA students - and the companies they work for - responding to this challenge?
In your element
For passed finalist Colin Mannell, business partnering is a natural choice.
'Part of the reason I chose CIMA was because I wanted to be at the heart of business. So my aim was always to be a business partner, even if I wasn't aware of the specific term when I first started. I think most CIMA qualified people opt for business partnering as a matter of course.'
Colin is part of the commercial finance team at UK based car and leisure retailer, Halfords. As the company's marketing accountant, Colin is in his element.
'I work directly with the marketing campaigns, mainly focussing on return on investment,' he says. 'My word isn't law - it's all about developing our techniques and strategies together. For me, that's the essence of business partnering.'
In Colin's case, the move towards business partnering has been driven by the company's finance function.
'We try to promote our skills wherever possible,' he says. 'We might not be the subject experts, but we can certainly add value. Sometimes we get the odd tongue in cheek comments about accountants, but when they ask for our advice, there's a genuine interest in what we have to say.'
Small changes equal big impact
In the Netherlands, Matthew Pech was encouraged to take part in business partnering by his training employer, ABN AMRO Asset Management.
'There was a general push from senior management to move from a traditional, internally focused finance function towards business partnering,' he says. Matthew is now a credit analyst at Nokia in Finland and became a CIMA member earlier this year. He feels Nokia is also making positive moves towards business partnering.
'I think Nokia definitely wants finance to be a true business partnering function,' he says. 'There is quite a lot of emphasis on making sure that people are aware of the type of support and advice that finance can provide.'
Medium sized businesses also appear to be embracing the idea. At the beginning of this year, dental payment plan specialists, Denplan, launched an initiative to promote business partnering across the firm.
Richard Ward, one of Denplan's CIMA trainees, is already experiencing the benefits. 'It's been very good to get used to preparing information in a way that's easy for non-financial people to understand,' he says.
Richard has discovered that small changes can have a big impact.
'Recently, I went down to talk to someone in another department rather than trying to explain things over the phone,' he recalls. 'I wanted to make sure they understood what I was talking about so they could overcome the problem without my help in the future. It made a big difference and the problem was resolved. Business partnering is essential if companies are going to make the most of their finance professionals.'
Related links
CIMA and improving decision making
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