A World of Opportunities for CMA’s | ICWAI – Make in India Initiative
A World of Opportunities for CMA’s – Becoming a Certified Management Accountant = time, effort and money. Is it worth it? What’s the value? Here are 5 good reasons to go ahead.
A World of Opportunities for CMA’s
Cost and Management Accountant, is one of the fastest growing professions in India. Cost and Management Accountant is one of the best professions, content wise. While analysing the syllabi, it was found that CMA Institute has included aspects like Operations Management and Advanced Cost Accounting, which makes them perfect material whilst working in a factory. Besides the Cost-Accounting part, CMA has wonderful course content in respect of Taxation, Accountancy, and Auditing.
Your 5 Motivations in Becoming a CMA | A World of Opportunities for CMA’s ICWAI
1. Arguably the Most Global Management Accounting Certification
CIMA is the largest in this niche, but the vast majority of members are located in UK, and to a lesser extent Europe and commonwealth countries.
The number of US CMAs is smaller, but the certification is now the most popular management accounting certification not only in the US, but also in the fastest developing regions, namely China and the Middle East. As you can see from the chart extracted from the August 2014 edition of Strategic Finance, almost half of the new CMA candidates came from the Middle East (UAE, Egypt, Saudi Arabia and Jordan), and almost 1/4 from Asia Pacific (China and India).
2. CMAs Get Paid More
Let’s face it — we want to learn, but ultimately we need the certification to get better-paid jobs. According to a comprehensive study by IMA, CMA certification holders earn 1/3 more than their non-certified counterparts.
3. Gold-Standard in Management Accounting
Your aunts and neighbors may never heard of CMA. In corporate accounting world, CMA is a very respected designation.
The CMA is an advanced professional certification specifically designed to measure the critical accounting and financial management skills. This is especially relevant for success in a business environment.
4. IMA Makes it Easy for Us
Unlike the CPA exam in which getting qualified is sometimes harder than passing the exam itself, IMA (the CMA exam administrator) make things clear, simple and organized for applicants. IMA openly welcomes international candidates with the exam offered in hundreds of locations worldwide.
Don’t get me wrong — it is easier not because of a low barrier of entry, because candidates are still required to have a bachelor degree, a rigorous exam and 2 continuous years of management accounting experience to get certified.
But IMA makes the process of becoming a CMA as smooth as possible. Candidates can focus on passing the exam and fulfilling the experience, instead of getting stuck with the bureaucracy and conflicting rules from different State Boards.
5. For Many, CMA Skills are More Practical
Various industry journals have indicated that 80% of accountants end up in non-public accounting. The management accounting knowledge and skill is in fact more useful for these professionals. In fact, many dual CPA and CMA holders find the materials covered in CMA more interesting and practical in their daily work.
A World of Opportunities for CMA’s | ICWAI
This article is not meant to compare two professions. Chartered Accountants are pioneer of Indian corporate world, and there is no doubt about that. However, there is ample of space in India for CMA’s. There are so many examples where CMA’s have taken the numero uno position in companies. And the growth of CMA profession has only just begun.
There are so many areas where CMA could work and excel. Let’s consider Cost Accountancy as core competency for any CMA. But besides this, the CMA could work in the field of taxation (both direct and indirect), Financial Management, and Project Management. Besides MBA from reputed institutes and some universities, there are hardly any courses in India which emphasize so much on the need of MIS, Information Technology, Strategic Management, and Operations Management. However despite the wonderful content, the profession is yet to achieve its objective.
This is both good and bad news for the students currently enrolled in the course. Bad, because they could feel down due to lack of opportunities in the current economy. But there is more than one opportunity for the students to excel in the future. Since India is witnessing certain change in the leadership, there is no doubt that manufacturing sector will be boosted in next few years.
Even though I have not analyzed the grassroots level situations and the comments made by the Prime Minister, still it is obvious that when the PM of largest democracy of the world says something, it has to be taken seriously. If the manufacturing industry of the nation grows in similar way as IT sector or other service sectors has done in the past, CMA profession will be amongst the most sought-after academic courses in the nation.
The engineers of CMA course have been far-sighted enough to realize that manufacturing industry will boost up in India some day. This is where the real demand for the professionals will increase. We need CMA’s everywhere in manufacturing, with or without any mandatory laws by the government. With rise of manufacturing sector, more Operations Managers, Store Managers, Inventory Analysts, and Cost Accountants shall be required, irrespective of whether any law requires the factory owners to hire them. The demand for the profession will be due to market, and not due to any particular act. The reason is because not many courses in India are as comprehensive and suited for the Manufacturing Sector, as this particular course is.
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