Mainland Chinese CFOs will need new skills to face 2023 challenges

New research shows the post-pandemic global economy is changing the skills Mainland Chinese Chief Financial Officers (CFOs) need to ensure their business thrives in 2023.

A positive and visionary mentality, data-driven mindset and leadership capabilities are now essential skills for CFOs leading organisations to recovery in a complex business environment.

That’s the finding of a new report jointly published by the School of Accounting at the Shanghai University of Finance and Economics (SUFE), a leading accounting and financial university in Mainland China and CPA Australia, one of the world’s largest professional accounting organisations.

Professor Zhu Kai, Deputy Dean of the School of Accounting at SUFE said, “Our report shows that over the past three years the pandemic has greatly impacted peoples’ lifestyles, consumption habits and saving behaviours. This behavioural change has led to a profound transformation of business models.

“CFOs are core leaders of a business. The post-pandemic world is volatile, uncertain, complex and ambiguous. Mainland Chinese CFOs play a critical role in promoting sustainable economic development and driving business recovery, innovation and transformation. CFOs will increasingly be at the forefront of helping businesses plan top-line growth strategies, resource allocation and strategic investments.

“To meet these new responsibilities, it is essential for Mainland Chinese CFOs to enhance their skills. An optimistic attitude, forward-looking vision, data-driven mindset and leadership capabilities are even more critical to handle challenges in 2023. CFOs must be prepared to embrace change, balance business safety and operational efficiency and create value.”

Frances Gong, CPA Australia’s East and Central China Regional Manager said, “CPA Australia has always been committed to assisting the development of high-quality professional accounting talent. We are a world-leading professional accounting body with deep roots in Mainland China. The role of accounting professionals will become more important in future.

“It is important that the skillsets and competencies of financial leaders are enhanced. The next generation of accounting and finance professionals need to be just as prepared to thrive in these uncertain times. We urge educational institution and businesses to embrace changes with us, deepen cooperation and explore new ways to empower accountants. Businesses should invest in nurturing and developing accounting and financial talent for the future.”

According to the research, the five essential traits Mainland Chinese CFOs need in 2023 are:

• An optimistic and courageous mentality
• A global and forward-looking vision
• A business-savvy and data-driven mindset
• Leadership with strong communications skills
• Staying focused while multi-tasking

The new research gathered insights on the development of accounting professionals from frontline finance business units across different organisations and industries in Mainland China using on-site visits and one-on-one interviews.

Download The role and impact of CFOs in reshaping the corporate value chain infographic.