The global skills and competency framework for the digital world

#1350 FMIT - Widen the applicability beyond IT change request accepted

Remove references to IT from SFIA Financial management (FMIT) overall and level descriptions, in order to widen the relevance of this skill.

Financial management (FMIT) was formerly named "Financial management of IT" but despite the name change, the SFIA descriptions still refer to IT.  This prevents the skill being relevant to wider financial management contexts, for example of a service function, for which the skill descriptions are otherwise relevant. 

The impact on FMIT descriptions is minor, simply requiring the removal of "IT" from the overall description and Levels 6 and 5 descriptions.  Level 4 requires rephrasing to take out the IT context and further edits are proposed for streamlining and readability.  Proposed wording as follows:

  • FMIT Overall: The overall financial management, control and stewardship of assets and resources used in the provision of services, including the identification of materials and energy costs, ensuring compliance with all governance, legal and regulatory requirements.
  • FMIT Level 6: Develops financial planning processes and standards to support execution of business strategy and promotes adoption and adherence. Sets strategy and develops plans, policies and processes for the accounting, budgeting and, where applicable, charging of resources and services, including the definition of cost models and charging models. Sets, negotiates, agrees and manages all financial budgets and targets, ensuring that there is adequate funding for all targets and plans, especially to meet development and capacity needs. Analyses actual expenditure, explains variances, and determines options in use of available budget to meet real needs. Assesses financial performance and instigates required improvements.
  • FMIT Level 5: Advises on financial planning and budgeting. Develops financial plans and forecasts. Monitors and manages expenditure, ensuring that all financial targets are met, and examining any areas where budgets and expenditure exceed their agreed tolerances. Assists with the definition and operation of effective financial control and decision making, especially in the areas of service, projects and component cost models and the allocation and apportionment of all incurred costs. Analyses actual expenditure, explains variances, and advises on options in use of available budget.
  • FMIT Level 4: Monitors and maintains financial records to agreed requirements for compliance and audit. Assists with identification and calculation of process, service, project and component costs for financial planning and budgeting.  Collates required financial data and reports for analysis and to facilitate decision making.

Proposed change applies to Financial management

Current status of this request: accepted

What we decided

Skill description to be updated for SFIA 8 - including readability and addition of guidance notes. 

Ian Seward (General Manager)
Dec 31, 2020 09:58 PM

Agree with this. Just a couple of minor thoughts ...
- I wonder if replacing 'including' in the skill description with 'such as' might go a little further to enable the skill to be applied more generically
- L6 second sentence is a little long (readability); consider replacing 'especially' with 'such as'
- L5 considers replacing 'especially' with 'such as'
- Is there a Level 3? "Collects financial data and maintains financial records according to agreed standards.

SFIA Updates Manager
Jan 11, 2021 03:43 PM

The overall skill description seems to be a combination of financial and asset management. Can we streamline to focus FMIT on management of financial resources and investments and leave stewardship of assets in Asset management (ASMG).

We could also move some of the wording in level 6 to the overall description so we can describe the scope as "managing the budgeting, costing, accounting and charging"

There is also some duplication in level 6 and level 5 "Analyses actual expenditure, explains variances, and determines options in use of available budget".

SFIA Updates Manager
Feb 04, 2021 11:34 AM

Another dimension related to finance which is not covered in FMIT


- part of a business case
– typically for projects/product development and investment in technology capabilities, out-sourcing
- Developing financial models including scenario modelling / sensitivity analysis
- cash flow analysis, return on investment, payback, breakeven, tax implications, time value of money, total cost of ownership, whole-life costs, benefits and deployment risks to determine the best value for money option.
- Funding - Source of funding, capex/opex


Applicable to agile/scaled agile as well - where more flexible/emergent approaches are being introduced