As on date there are about 40,000 active CMAs in the world and there is a pipleline of 80,000.
In the recent years and in view of the globalization of the economy, there is a significant iteration of the fact that a CMA USA is just like having a Passport to the world of finance.
This view has now well understood due to the global impact of the pandemic.
There are new challenges and new opportunities that need to be catered to ensure that industries are well equipped to optimize efficiency and productivity.
New Role for CMAs
The traditional role of CMA USA had the focus on financial accounting and day to day booking of transactions. Though this core activity needs to continue, the focus has gone up the value chain as support for the Business/ Management in decision making and advisory.
Common management decision were CMAs contribute –
Make Vs Buy
In the Auto Industry, for example most of the components were manufactured inhouse earlier.But at present, this is not the case, as it is not viable.
Outsource Vs Insource
In particular, the services like Security/Canteen/Housekeeping which are non-core to the main business are now meaningful to outsource.
It is also prudent to do an analysis of the different products manufactured to determine the high contribution ones. This will enable the company to weed out the ones that not passing the muster.
Diversity in Careers
A CMA USA certainly has several options that may be considered:
In India, now considered a global hub for manufacturing after the negative sentiments against China, a large number of MNCs are expected to set up base (Ex Apple, Toyota, Sumida)
There is definitely a substantial opportunity for CMAs in the current scenario, as well as new corporates, on condition that the Govt. implements reforms and improves ease of business.
This segment offers a huge opportunity for CMAs as there is good matching of the skills and training as given, and the expectations from the Industry.
With the backdrop of banking frauds and failure to prevent NPAs in the past,the role of CMAs and other Professionals are critical.
With the opening of the Insurance sector in the current Budget from 49% to 74% for FDIs, there is a substantial expectation for new jobs for CMAs.
As the “world is flat” and the geographical barriers are broken down, CMAs have more horizons to choose from. The knowledge built-in in CMA USA training would give them a cutting edge to fulfill their responsibilities anywhere in the world.
CMAs are required to maintain strict Professional Standards as mandated by the regulating body.They are also required to obtain 30 hours of CPEs to keep themselves updated on ever changing statutes.
In summary, the CMAs due to the above facts have the world at their feet and shall command a premium, wherever they engage themselves in India or globally.
Abraham Lincoln once said give me six hours to chop a tree and I will spend the first four hours to sharpen the axe.
Now is the time to sharpen the axe to reap rich dividends for would-be finance professionals.
Author: G.SRIKUMAR,FCA. INDEPENDENT DIRECTOR