The changing role of finance and finance professionals

Question 1

You need to demonstrate an understanding of:

• The 4 GMAPs
• Some of the 14 Areas of Practice
• All of the Skills from the CIMA wheel (or ACCA equivalent)

In addition, you will need to provide some properly referenced real world examples.

A suggested approach (although do not feel you have to use this structure if you have worked out a different one):

1. Use the 4 GMAPs as your 4 sections
2. For each one – Influence, Relevance, Analysis and Trust – find one of the 14 areas of Practice that most closely demonstrates the principle, and explain how they are linked.

e.g.        Trust – Internal Audit

Influence – Project management

Analysis – External Reporting

Relevance – Investment Appraisal

Or some other mapping that you think works well

3. For each of the four sections talk about which of the skills from the wheel would be required to work in this particular area of practice. You don’t need to mention all 6 for each section (maybe just 2 or 3) but aim to cover all 6 across the 4 sections.
4. For each section try to find a real world example and reference it correctly. You can use company annual reports and news websites such as FT or BBC. Don’t forget the CIMA and ACCA websites are also excellent sources.

Question 2

Choose just 1 or 2 new technologies and explain how they have changed the role of the Finance function. Here, I would like to see even more real world examples to evidence the points you are making. When choosing your technologies to discuss, make sure you can talk about how they have impacted on the Finance function. (Flying taxies may well have significant future business applications, but you might find it hard to explain how they will impact on the job of the Accountant).

Some good examples might be:

• AI
• Blockchain
• Quantum Computing
• Big Data