Exciting Job Roles & New Possibilities for a qualified CMA USA
Exciting
Job Roles & New Possibilities for a qualified CMA USA
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.
Product Mix
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:
Industry
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.
Banking
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.
Insurance
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.
Overseas
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.
Professional
Standards
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
Currently having a Sole Proprietorship Firm
styled as G.SRIKUMAR & Co.
Currently with JRS & Co, Chartered
Accountants, as Director (formerly Partner for 10 years) in charge of the
Bangalore Branch. The Firm has 5 offices (Bangalore/Kochi/Kollam/Trivandrum/Dubai).
The Firm offers services of Accounting/Auditing/CFO Services and Taxation
Advisory Services.
Holds Independent Director Role with TJL Ltd for
last two years.
Holds Governing Council role in an E Education
LLP.