Focusing On The Future : The Importance Of ChMC Accreditation
by Simon Spencer, Partner in UK Financial Services at EY
In the ever-evolving world of financial services consulting, staying ahead of the curve requires a commitment to excellence. As an EY Partner, I’m sponsoring the implementation of the Chartered Management Consultant (ChMC) accreditation programme within our UK Financial Services practice. In this article, I share my experience in the hope of inspiring fellow leaders to embrace ChMC as a way to elevate the profession and empower their teams.
We began piloting the ChMC programme in 2023, targeting experienced consultants across various levels. The initial success, with 50 consultants achieving accreditation, exceeded our expectations. This year, we’re aiming to repeat that success and expand the programme to include our new talent.
ChMC offers a significant advantage. It establishes a common language for measuring skills and competencies across the industry. This not only fosters better internal collaboration but positions us to compete more effectively by ensuring our consultants are aligned with industry best practices. While awareness is still growing, I believe ChMC has the potential to become an expected standard, with clients recognising the value it represents.
Personally, my motivation for pursuing ChMC stemmed from a desire to see professional recognition for our consultants’ capabilities. Having piloted a similar programme in a previous role in industry, I witnessed the positive impact firsthand. ChMC allows us to showcase our expertise and commitment to excellence across the practice.
The ChMC competency model closely aligns with EY’s values and empowers consultants to reflect on their skillset beyond their core strengths. This self-awareness fuels continuous development, ultimately benefiting our clients through improved service delivery across our business, risk, technology and people consulting businesses.
For consultants grappling with regulatory and risk challenges, the ChMC framework provides a robust approach. It emphasises a holistic view of the client engagement lifecycle, encompassing risk assessment and broader industry considerations. This structured approach complements our existing EY engagement lifecycle methodology, meaning that our work is provided with the utmost diligence.
As someone passionate about client value, I see ChMC as a powerful tool for reinforcing our commitment to high-quality consulting. The EY brand is built on delivering success for our clients, and ChMC accreditation serves as a tangible demonstration of our consultants’ dedication to quality management. This translates into superior value delivered to our clients.
ChMC offers a multitude of benefits for our consultants seeking personal development. Beyond the accreditation itself, the process provides a valuable opportunity for self-reflection and benchmarking against industry standards. This self-awareness empowers consultants to identify areas for growth and chart a clear path for career advancement.
The widespread adoption of ChMC across the consulting industry has the potential to significantly elevate the overall professionalism and quality of service offered to financial institutions. As more firms embrace this programme, I expect it to become an industry standard, allowing EY teams to further showcase our leadership in competence and professionalism.
While ChMC won’t reshape the consulting industry on its own, it offers a powerful mechanism for establishing a common benchmark for measuring ability, competence, and professionalism. This will undoubtedly contribute to a higher standard of service across the board as the industry continues to evolve.
From a client’s perspective, ChMC accreditation should instil greater confidence in the expertise and ethical practices of the consultants they hire. In today’s market, clients expect the highest levels of quality, value, and professionalism from their consulting partners. ChMC accreditation serves as a powerful signal of our commitment to meeting these expectations.
While the time and cost investment required for ChMC might seem like a hurdle, the EY organization offers broad support to those who choose to pursue accreditation, acknowledging the time commitment involved. The positive feedback from our consultants regarding the value they’ve gained from the process underscores the return on investment.
Finally, ChMC accreditation serves as a powerful distinguisher for consultants who are truly committed to continuous learning and improvement. We’ve integrated ChMC into our EY talent and learning & development strategy within UK Financial Services. This programme represents a cornerstone of our commitment to fostering a culture of continuous growth and development for our consultants.
I would strongly encourage my fellow leaders to embrace the ChMC accreditation. It’s a win-win proposition, empowering your team, elevating the industry, and ultimately delivering superior value to your clients.
Find out more about the Chartered Management Consultant Award.
The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organiSation or its member firms.