Chief financial executives (CFOs) in Singapore feel their role has evolved towards a more strategic position in companies which requires them to perform new managerial functions beyond their traditional duties, a survey revealed.
The survey conducted by the Institute of Certified Public Accountants of Singapore (ICPAS) found that non-technical areas such as business planning and risk management are now two key responsibilities for CFOs.
ICPAS’s survey found 90% of respondents believe these two areas have become critical parts of their everyday work.
As a result CFOs tend to delegate technical matters to senior staff. The survey found that 86% of CFO aspirants spend moderate or most of their time on financial reporting duties.
ICPAS CFO committee member Ho Tuck Chuen said financial executives find themselves in a different environment due to shifts in the economic, business and regulatory front.
"The CFO must do more to help corporations thrive by leveraging this knowledge and further develop their competencies to become effective strategists to partner the CEOs in driving the organisation forward," Chuen explained.
The survey shows how a majority of CFOs are demanding more training in C-suite skills. As such 72% of participants would like to receive training in business strategy and leadership skills in contrast with a 54% of them who demand accounting and technical training.
Yet more than 80% of the participant considered very important for CFO aspirants to attend technical training as this would let CFOs focus on these additional strategic responsibilities.