Top Finance Directors Lack Accountancy Qualifications

Tue, 05 May 2009

Around 20 per cent of the UK’s top finance directors’ do not hold formal accountancy qualifications, a new report has revealed.

Research carried out by the publication Financial Director found that 18 FTSE 100 companies employ finance directors who either lack qualifications or an affiliation with one of Britain’s major accountancy bodies.

The 18 firms include pharmaceutical giant AstraZeneca, holiday operator Thomas Cook and British American Tobacco.

Only five finance directors were found to have qualifications from the Association of Chartered Certified Accountants (ACCA) to their name, with a similar number holding qualifications from the South African Institute of Chartered Accountants .

The Financial Director study did reveal, however, that a majority of people in this position hold MBAs .

Suzzane Wood, managing partner at head-hunter Heidrick and Struggles, claimed that more emphasis is now being placed on formal accounting qualifications, with finance directors across the globe coming under greater scrutiny since the Enron financial scandal in 2002.
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