Key competencies for public finance experts responding to current challenges

A good public finance consulting company should not only support practitioners but also help them prepare for the challenges of tomorrow. The economic and political landscape is as unpredictable and volatile as ever. This is an ever-changing sector and the importance of continuous professional development can’t be understated. Continuous learning is key when it comes to future-proofing the accountancy profession. Read on to find out more about the key competencies for professionals in the public finance sector.

Public sector needs and context

Regardless of the country or jurisdiction, the public sector is political and value-driven, with pressures and risks that are distinct from those in the private sector. The first theme for competency is designed to ensure the public interest is at the heart of crucial decision making and is relevant for professionals working both alongside and within the public sector. Competencies under this framework section aim to ensure professionals can address any gaps in knowledge about transparency, accountability, political environment, financial crimes, risk management, and governance. Professionals should aim to understand the current international and domestic ethical standards, policy contexts and evaluate financial resilience while keeping the interests of the citizens at the heart of decisions.

Technical skills

Management accounting proficiency and proficiency in audit and accounting form the bedrock of a successful career in public finance consulting. Whatever the chosen specialty of the accountant, there remains a need to ensure knowledge of developments within their expertise is updated.

Lifelong learning should address changing management accounting and financial standards, scrutiny mechanisms, instil an assurance understanding and provide knowledge of the challenges and opportunities linked to technology and data in public finance. Professionals proficient in these areas should respond to technical challenges and ensure their respective organizations have the skills and knowledge on the last trends.

Influencing and leading

Effective financial leaders are excellent at working with people as they are with working with numbers. Practically, this means professionals should know how to inspire, collaborate, and influence.

Public financial management professionals should know how to recognize and demonstrate a desire to innovate and create value, develop organizational talent, communicate different types of information and drive a culture focused collaboration, ethics and support. Effective public finance effects should articulate a clear direction when situations are ambiguous and uncertain.

Increasing public value

The central focus for each public finance professional is to deliver value for money. This outcome requires professionals to embrace innovation, manage risks, develop productive commercial partnerships and ensure greater value for the public.

Public sector accountants should understand and apply a wide range of techniques to assess the viability of the investment depending on their role. Any serious public finance consulting company must be able to recognize when input from outside is required for a given project, have enough confidence with the procurement cycle process, and are consistently able to execute good contract management principles. Professionals in the public finance industry using key competencies should consider the extent to which these competencies are required based on their roles, individual career pathways, seniority.