There is a much quoted statement of Mr. Ratan Tata that-I need MBAs to run my business but I need CAs to teach them to run the business.
As the world is fully aware of the philanthropy and magnanimity of the legendry Ratan Tata and the enormous business empire he runs this statement, may require a brief dissection and analysis.
MBAs are being offered by countless Universities (about 5002 Colleges in India)
The number of students churned out would be 300,000(approx.) in a year. However, as per the ASSOCHAM study (2016-a bit old) states that 93% are not employable, due to poor quality in terms of knowledge, skill sets and lack of practical outlook.
Hence, the MBAs other than from top tier institutions -IIMs/XLRI/ISB and few others, do not come in the limelight and considered in the reckoning.
MBA aspirants find it easy to enter the college’s courses, while CAT Exam is quite a tough exam to crack for entering to premium MBA institutes.
As for CAs (Finance Professionals) the entry to the course is fairly easy and the exams are relatively stiffer with the pass percentage around 10-12%.
Now CAs (Finance Professionals), if they are to teach the MBAs how to run the business they need to focus well on communication. As CAs (Finance Professionals) mainly attend online classes, their communication skills are somewhat tardy and so are the presentation skills, barring few exceptions.
Since 1908 when Harvard Business Management School launched the first MBA course a lot of water has flowed and much has evolved but much more needs to be done if Management Graduates are to meet and overcome the new challenges in the new economy.
US CMA and other Global Finance Courses
The following are the five new-age global Finance Professional courses that may be enumerated to be considered as preferred options, compared to MBA:
1. CMA –Certified Management Accountant’s is an advanced professional course that delivers value in financial planning, analysis, control etc.
2. ACCA – Association of Certified Chartered Accountants is a leading global Accounting course with a focus on finance, accounting, audit, taxation and related areas.
3. CPA – Certified Public Accountant is the largest accounting body which is considered the gold standard in the fields of accounting and finance.
4. CFA –Chartered Financial Analyst gives an expertise and knowledge to thrive in the competitive investing industry.
5. CIA – Certified Internal Auditor trains in internal audit controls and various risk assessment areas.
All these courses are globally accredited and can be started after 12th Exam and would take about 2 to 3 years.
A good coaching institute can add to your learning process and mold you to be a better professional.
The study material is of International Standards.
The faculty is well experienced and training is online and very supportive.
Mock Tests are available to measure the progress and readiness for the exams.
The testimonials of students passing out speak for themselves and placements in Indian and global corporates are heartening to see, even in such difficult times.
In conclusion again I would quote Ratan Tata :
“Apart from values and ethics which I have tried to live by, the legacy I would like to leave behind is a very simple one-that I have always stood up for what I consider to be right thing, and I have tried to be as fair and equitable as I could be.”
This according to me resonates ideally with the role and responsibilities of the Finance Professionals, as discussed above.