The Association of Chartered Certified Accountants (ACCA), the global body of professional accountants have just released an article entitled “ACCA sets out ‘Magnificent Seven’ Attributes Vital to Success in Modern Business” which is a report on what it takes to be a “perfect professional”, both for now and in the future.
But Hold Fire! It is not the gritty, battle-hardened gun-for-hire professional of John Sturge’s 1960 western masterpiece. Equally nor is it the ageing combat ronin bandits of Arkira Kurosawa’s Japanese epic, Seven Samurai on which The Magnificent Seven was based. Apparently it is much more complicated than that. It is about “becoming leaders, trusted expert counsel and key strategic advisers to organizations” so says Helen Brand OBE, ACCA’s Chief Executive. And she may well be right. ACCA gathered input and insight from over 2,000 business and finance professionals around the world, creating “the most in depth analysis of the profession – and where it is headed” with their report Professional accountants – the future.
So what are the seven? The seven Professional Quotients are defined by ACCA as follows…
“Technical and ethical competencies (TEQ): The skills and abilities to perform activities consistently to a defined standard. Often based on a professional qualification.
Intelligence (IQ): The ability to acquire and use knowledge: thinking, reasoning and solving problems.
Creativity (CQ): The ability to use existing knowledge in a new situation, to make connections, explore potential outcomes, and generate new ideas.
Digital quotient (DQ): The awareness and application of existing and emerging digital technologies, capabilities, practices, strategies and culture.
Emotional intelligence (EQ): The ability to identify your own emotions and those of others, harness and apply them to tasks, and regulate and manage them.
Vision (VQ): The ability to predict future trends accurately by extrapolating existing trends and facts, and filling the gaps by thinking innovatively.
Experience (XQ): The ability and skills to understand customer expectations, meet desired outcomes and create value.”
Quite how this maps across to The Magnificent Seven as we knew them is a bit of a stretch. Yul Bryner played Chris Adams, the veteran gunslinger who certainly had the intelligence (IQ) and Charles Bronson’s Bernardo O’Reilly had the experience (XQ), but what the inexperienced Chico played by Horst Buckholz or James Coburn’s cowboy Britt had is luckily lost in the Mexican sun. Perhaps Steve McQueen’s prolific portrayal of gambler Vin Tanner (or anyone else Steve played for that matter) had a skills Quotient all on his own, call it McQ for short, which is fortunately not a virtue of Professional Accountants
With a little DQ, you can check out the release and report here: