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Finance professionals need better training

Posted on December 19th, 2012 Read time: 1 minutes

Training programs for the finance and accounting workforce are severely lacking, according to a recent study by tax advisory firm KPMG.

The "2012 Human Capital and Learning Survey," has found many companies lack funding and the right design tools to implement successful programs. The study polled slightly more than 100 director-level professionals, roughly half of whom work in HR administration. The other 55 were employed in accounting and finance.

Less than half of HR respondents deemed their training programs excellent and only 22 percent of finance and accounting professionals agreed. 

"Half of the participants say they need to invest in new training because existing training programs aren't effective,"said Patricia Maslove, executive director of KPMG Learning in an interview with Workforce. "That's a pretty significant number."

The majority of the industry is most concerned with expected changes to the generally accepted accounting principles (GAAP), the magazine states. Many professionals are used to the current standards and adapting to new policies will prove difficult for companies that have ineffective training programs.

While insufficient education is partially attributed to a lack of funding, the majority of study participants don't expect company spending on training will change in the near future.

Respondent suggestions for improvement to these programs include offering varying delivery channels to include instructor- and self-led, as well as web-based education.

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