As accounting and finance leaders leverage new-age technologies to convert financial data into cutting-edge insights to fuel success, the country has witnessed a rapid boom of global accounting certifications such as the Certified Management Accountant (US CMA). Designed and endorsed by the Institute of Management Accountants (IMA), a worldwide association of accountants and financial professionals in business, this has been a global benchmark for management accountants and financial professionals, as it provides both upskilling opportunities and professional relevance at the national and international levels.
The course can be completed in 11 months and eligibility requirements are graduation or accounting or finance graduation degree from a recognised university or an executive accounting certification with two years of relevant professional experience. In India, you can take the US CMA Review to clear Part Two in three years. The exam window is available thrice a year and the test can be taken either as in person at a centre or as a remote proctored option. To keep up with the evolving financial landscape the IMA offers the Continuing Professional Education (CPE) Certificate spread over 30 hours annually.
This certification allows accounting professionals to identify critical gaps in generating financial statements, budgeting, analysing costs, monitoring risks, communicating strategies, qualitative reporting and decision-making and designing creative and sustainable solutions. It opens up a wide range of career opportunities in areas such as Internal Control, Finance Planning and Budgeting, Analytics, Financial Reporting, Performance and Risk Management. Some career options include
Corporate Controller: Accuracy in accounting functions and financial statements requires qualitative reporting, tax compliance, working with external auditors and analysing trends. All this can be handled by a corporate controller.
Financial Analyst Business performance and outcomes depend on how well financial data is analysed, trends are forecasted, and revenue and expenses are managed. Financial analysts build models, analyse data, perform market research and enforce policies to support strategic financial planning and educate stakeholders and investors.
Cost Accountant: Creating value within an organization is defined by cost management and budgeting strategies. Cost accountants help companies oversee and analyse cost expenditures and purchases, record financial data, report and compare factors affecting price and profitability and make recommendations to increase cost efficiency.
Risk Manager: Strategic business decisions are driven by sharp risk management strategies. In a digital-native business environment, financial operations and business activities are vulnerable to fraud. But a risk manager can interpret and assess risk-related data, quantify external negative activities, identify organisational practices and report risk-related communication to leaders and stakeholders to enable informed business decisions.
Chief Finance Officer: Companies need new direction and capabilities, and this is achievable through a shift in mindset and behaviour. This difference is created by CFOs who not only accelerate capability building but also achieve full potential by raising the bar of talent in companies. A CFO manages the overall finance function in an organisation.
The writer is the CEO and Lead Instructor, Miles Education
