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ACTION NEEDED IF FEDERAL AGENCIES ARE TO AVOID 'MISSION FAILURE,' WARNS STUDY |
| Source: | Association of Government Accountants | | Country: | United States | | Date: | 26/06/2008 | | Contributor: | Andrew Priest | | Web: | http://www.agacgfm.org/ |
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Identifying the new skills and competencies that federal financial managers will need to face 21st century challenges is the focus of a research paper released recently by the AGA (Association of Government Accountants).
21st Century Financial Managers: A New Mix of Skills and Educational Levels? warns that with 60 percent of the US workforce eligible for retirement over the next 10 years and the commensurate mass retirement of skilled and experienced government financial managers, federal agencies could be left vulnerable to mission failure.
According to AGA Director of Research Anna Miller, "This report is of particular importance given the magnitude of the anticipated problem. The study highlighted those areas in which we must act if we are to avoid compromising standards of accountability and transparency to taxpayers."
The study makes a series of recommendations to improve the capacity and capability of the federal financial management workforce:- Develop a comprehensive improvement plan for the federal financial
management workforce, including proven strategies that ensure the
people with the right skills are in the right jobs. A Workforce
Planning Guide specific to federal financial management is needed to
help agencies develop and implement their plans.
- Use incentives to push workforce planning along and encourage
leadership. The crucial component for any reform is strong leadership,
the "tone at the top." Strong leadership would enable agencies to
conduct more effective workforce planning.
- Institute a requirement for continuing professional education (CPE)
programs for professional and administrative federal financial
management positions similar to that in place for federal government
auditors. Ensure education and training providers provide CPE.
- Urge the National Association of State Boards of Accountancy and the
American Institute of Certified Public Accountants to include basic
federal accounting questions on the CPA examination, along existing
questions relating to state and local government with accounting.
Including these would encourage colleges and universities to include a
"Federal Accounting 101" course in their curriculum.
"It is essential now that our recommendations are acted upon," Miller continued. "Taking these necessary steps towards more appropriate training and workforce planning will go a considerable way toward ensuring that government financial managers can face the challenges of the 21st century appropriately equipped."
The impetus for the study was a series of task force discussions on human capital issues held at the AGA's annual Professional Development Conference & Exposition in 2004, 2005 and 2006. The report was authored by John D. Webster, CGFM, CPA and is sponsored by AGA Corporate Partner Management Concepts.
AGA Executive Director, Relmond Van Daniker, said, "We are grateful to all members of the Corporate Partner Advisory Group Research Program whose support is essential to ensuring that AGA can continue to fulfill its public obligation to developing thinking and practices that advance government accountability and transparency. Reports like this one are vital if we are to stimulate debate on these important issues."
The Research Report is available online by clicking here.
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