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CIMA CGMA conference- what our finance team has to say about the evolution of the finance profession

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The CIMA CGMA conference recently took place in Cape Town and the IBTC finance team were lucky enough to attend the two-day event. Here are their thoughts.

The evolution of the finance profession
“I jumped at the opportunity to attend the conference," said Lisa Musada, CIMA student and part of the IBTC finance team.

"I needed to know if in 10 years from now I would even have a job in finance. With all the change happening in the finance world, that seems to be the main worry amongst my peers. “Luckily for Lisa the conference helped ease her fears. 

"The finance profession is changing but, like everything else in life, change is inevitable. In order to remain relevant, finance people must be problem solvers and open minded. This means we need to adapt to change and move with the times for the greater good of the profession,” said Lisa.

Echoing the same sentiments, Brent Waldeck, Procurement & Facilities Manager at IBTC spoke about how willingness to adapt will be the difference between a thriving career in finance and a dead one.

“We cannot escape the fact that the use of technology in our industry is growing at a rapid rate. In order to survive we must adapt and change where necessary. Certain jobs will be replaced by technology and so as finance professionals it is imperative that you can add more value than a machine. That is why the change in the CIMA syllabus is so relevant, our roles within the industry are changing,” he added.

CIMA student, Bookkeeper and Creditors Clerk at IBTC, Dean May, also shared his thoughts when saying that, “Let's face it change is daunting, and technology is intimidating, but change is progress and progress is always good. We need to change business strategy to incorporate technology.”

Here are some additional points picked up by the team,

  • The role of the CFO has changed from bean counter to fortune teller as numbers are now used to predict the future.
  • It is imperative that finance professionals understand all spheres of a business and how each process interlinks with the next.
  • Finance teams must be diverse. Diverse teams can solve diverse problems
  • Data is KING. Things are changing and data assists us with predicting the change and not being caught on the backfoot.
  • Don’t chase technology. Chase the solution. If, however, technology is the solution, then chase technology.

CIMA syllabus is changing
The CIMA syllabus is changing and becoming more digital. Want to be part of the extraordinary digital future of finance? Contact Robert on 0861 111 411 or email him at info@ibtc.co.za.
 

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