According to a “Global Guide for Professionalisation in Public Sector Finance” published by ACCA and IFAC, achieving professionalisation brings multiple benefits to the economy, governments and individuals.
Public financial management (PFM) reforms will only be achieved if finance professionals have the right skills and knowledge and if the public sector is able to attract and retain the right people.
But this is becoming more challenging in a world where the public sector is increasingly competing for talent, despite the tangible advantages of a finance career in the public sector, as highlighted in the latest ACCA’s Global Talent Trends 2023: Public Sector report.
Commenting on this, ACCA chief executive, Helen Brand, said: “Professionalising the public finance function requires political will, the right structures and governance, adoption of appropriate policies, and a commitment to continuous development and improvement. Achieving professionalisation brings multiple benefits to individual professionals, governments, and the wider economy. It means greater financial credibility, improved financial management in the public sector, and greater access to diverse career options for individuals.
IFAC CEO, Kevin Dancey, concluded by saying: “The professionalisation of public sector finance functions is crucial for effective governance and sustainable economic development. By nurturing a highly skilled and accountable workforce, we can increase transparency, efficiency, and trust in the management of public finances.
“Attracting top talent is key to enhance the profession’s capacity to navigate complex financial and social challenges and drive positive change in the public sector.”
The development of these skills and the professional formation of those joining the accounting profession was explored by The Accountant in its supplement, “The Developing Accountant”.