With its increased focus on financial planning & analysis, cost control and decision support, Profession of Cost and Management Accountant (CMA) is growing with aspiration to move from “counter of wealth” to “creator of wealth and influencer of strategy.” CMA is the leading global management accounting qualification that delivers both intrinsic benefits of confidence, a sense of professionalism, and Social Status and extrinsic benefits in terms of increased annual salary and improved job opportunities in India and abroad. Management accountancy is a demanding but rewarding career option that calls for a wide range of skills.
Unlike many other Degrees and programs, where the learning ends with completion, the CMA Designation requires continuous professional development as a reskilling requirement to equip themselves with the economic and technological changes. Given that professional development is “always critical in the Finance Career where knowledge demands are constantly evolving” this ensures CMA lives up to their designation. Having these requirements in place challenges CMAs to keep up with the sector-specific specialisation, ability to adapt recent management accounting practices and digitalisation that they need to advance to reach the next level in organisation.
Earning CMA Degree requires a significant time commitment. The CMA Degree in India is given by the Institute of Cost Accountants of India. Students who have passed their +2 exams are eligible for the CMA Foundation, Once you complete the Foundation Course, or graduate with a recognised Bachelor’s degree, you can apply for CMA Intermediate course. The Course Curriculum designed for CMA Course is based on International Standards set by IFAC (International Federation of Accountants) and IAESB (International Accounting Education Standards Board) and Initial Professional Development – Professional Skills (Revised) through IEG (International Educational Guidelines).
It is mandatory to complete 6 months of practical training before appearing for either of groups or both groups before the examination. A person who has passed the Final Examination of CMA course and who has obtained for a period of not less than three years of practical experience or work experience is eligible to apply for Associate membership of CMA institute.
In view of specialized knowledge and training, CMAs may hold top management positions in public and private sectors’ enterprises. In India, Cost and Management Accountants are providing useful services to the industry in regulatory areas also. CMA may build up his own practice by obtaining a licence.
In recent press notification University Grants Commission (UGC) has granted postgraduate degree status to CMA Qualification. The official recognition by UGC will allow CMA to pursue PhD across all Indian universities as well they will be eligible for appointment where the eligibility criteria is Post Graduation qualification.
UK NARIC (National Recognition Information Centre in the United Kingdom) has also recently completed its benchmarking of Indian CMA qualifications in the context of the UK and UAE education systems that will enhance the recognition and professional opportunities for Indian CMA across the globe.
An overwhelming response from the recruiters has been found during the May 2021 campus drive organised by CMA Institute. Accenture Technology Consulting offered a CTC of Rs.22 lakh p.a. which is all time highest in the Campus Placement records of the Institute. Spending total tuition fees of approx. Rs 50000/- for full course the CMA Course has always been considered a valuable professional qualification with excellent ROI.
(The author is Honorary President of Indian Society of Management Accountants)