Seven selection criteria were ranked in terms of importance in a study by CIMA. It is clear that the individual’s personal characteristics rather than their experience or education dominate. This does not mean that personal characteristics alone are sufficient to merit recruitment, however.

In order to address objectives around both core and strategic financials, CFOs should look to Corporate Finance Management (CFM) as a proven solution. CFM is an integrated approach that combines flexible transaction processing and other core applications with the real-time reporting, analysis and planning capabilities necessary to strategically guide an enterprise.

In an increasingly demanding working environment, CFOs may find themselves trying to perfect core financial activities and finding a way to elevate finance to a strategic level. Among the challenges are:

The term ‘business competency’ denotes a range of broadly business or commercial-oriented skills. ‘Technical competency’ encompasses accounting and IT skills. There is not a total divide between business competency and technical competency. Change management and risk management skills for example both represent an ‘intermediate’ competency.

As chartered management accountants, CIMA members throughout the world have a duty to observe the highest standards of conduct and integrity, and to uphold the good standing and reputation of the profession.

In planning, budgeting, and forecasting, numbers do not always represent a complete or accurate picture. As a budget rolls up, small errors can snowball into major miscalculations, which ultimately have to be explained to senior managers or, even worse, investors.

The world is changing fast, and so is the working environment of finance executives. Never before have the demands on finance been so great – or the stakes so high. Here are several mega-trends that are reshaping the role of finance organisations and transforming the careers of those in charge of them:

 The role of finance in today’s organisations requires a dual approach with finance trying to become more cost and process effective while aiding decision making and performance management. The finance function is evolving and collaborating more with other parts of the business to create further value.

Infor blends social-networking and a cloud-based tax and regulatory approach with its down-to-business ERP systems.

After two quarters of sharp declines, CFO optimism turned solidly positive in the first quarter of 2012, moreover, CFOs’ outlooks toward earnings, capital investment and even hiring – have improved; only one sticking point remains – sales.