Good news from senior management accounting: The business-finance transformation is roaring with momentum!
2022-02-21
As the transformation of STEP three-pillar financial system steadily progresses, the concept of management accounting is deeply permeating every aspect of our operations. The financial system is shifting from being purely accounting-focused to one that empowers and supports business decision-making, and financial professionals are undergoing a transformative shift—from mere bookkeepers to strategic operational advisors. Recently, STEP Finance Department announced excellent news: five finance professionals, through diligent study and practical experience, successfully passed both the theoretical exam and the dissertation component of the Professional Competency in Management Accounting (PCMA) Advanced Program, becoming among the second batch nationwide to earn the Advanced Management Accountant Certificate. In this examination, STEP achieved a pass rate of 83%, significantly higher than the overall pass rate of 38%.
The remarkable transformation of ordinary financial staff into management accountants will facilitate the shift of STEP financial BPs, injecting fresh vitality and new momentum into the development of the company’s financial operations. It will also enable them to serve the company’s growth more effectively with more advanced concepts.
In accordance with the spirit of documents such as the 14th Five-Year Plan for National Economic and Social Development of the People’s Republic of China and the Visionary Goals for 2035, as well as the “14th Five-Year Plan for Accounting Reform and Development” (Caihui [2021] No. 27) and the “Talent Development Plan for the Accounting Profession (2021-2025)” (Caihui [2021] No. 34), the All-China Association of Chief Accountants (hereinafter referred to as “ACCA”) is committed to cultivating management accounting professionals who are deeply rooted in China’s local context yet possess an international perspective, thereby contributing to the high-quality development of China’s economy in the new era. Building on its approach to developing management accounting talent through the integration of business and finance, ACCA has successively launched junior and intermediate-level management accountant programs and, in 2020, introduced the Professional Competency in Management Accounting (PCMA) advanced program.
Management accounting has emerged as a distinct discipline from traditional accounting. Its functional role has evolved from the conventional manual bookkeeping and post-event financial reporting to analyzing the past, controlling the present, and planning for the future—deeply engaging in management decision-making and assisting managers in formulating and implementing organizational strategies. As an essential tool for enterprise management, management accounting can permeate every level of the organization, providing foundational information, managerial tools, and evaluation methods that comprehensively propel enterprises from extensive to intensive development, shifting from broad-based management to refined management, ensuring the rational use of corporate resources, strengthening internal management, and enhancing the enterprise’s value-creation capabilities.
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