The data revolution today is reinventing the corporate responsibilities of US CMAs in the most amazing ways. It supports easy customer interaction & engagement, effective deployment of products at the market, and even costing & property evaluation. In the wake of technological advancement, we are experiencing the most epic amalgamation of technology and accounting. With big data to steer the revolution wheel, traditional accounting took a back seat in the current industrial setup. Today with analytical tools, work-API processes and technology assure us to re-tool the aspects for accountings to run smoothly without tripping on the bump of transition.
In the era of digital transformation, there are plenty of encouraging facets where certified management accountants can revise their responsibilities by adapting technology in their operating domains. The responsibility core of a CMA will be led by data-driven decision making with digital transition tools like –
- Embedded business processes
- AI-powered data visualization tools
- Enhanced cloud tools
- Business process automation
IMA – the trendsetter for US CMAs
IMA (Institute of management accounting) as a recognized US body is making promising moves for professional management accountants globally, reports advocating the current digital transformation. As a committed association to promote US CMA professionals worldwide, it is assertive to integrate digital transformation in sophisticated risk-data analysis. The core motive behind the drive is to revamp business reporting, administration, auditing, and monitoring systems with automation.
Following are the transition steps that are about to influence the certified management accountant task force by IMA to regulate the digital transition in financial reporting systems –
- Accounting taxonomy guidelines – Ensure that setters of standards, frameworks, and best practices for management accountants certified by IMA, commit to the repository as the authority for digital taxonomies for industry bodies of knowledge.
- Constructing a global Digital Framework – Establish an implementation plan for a global digital framework within products to be used by CMAs. A high-level understanding of the regulatory environment and its scope is required to value the digital transformation it provides to both policymakers and regulatory authorities.
- Vending Usable Softwares – Work with software vendors and service providers to develop a prototype implementation to test mapping and logging of the reporting requirements for the US CMAs as a member of IMA.
These universally common approaches to technology integration for management accountants further enrich the portfolio of US CMA aspirants on their journey to bag the credentials. As a US CMA training institution, it further strengthens our standpoint in assuring the vitality of the US CMA certification. Candidates seeking validity of a US certification course in accounting & taxation in India will find the US CMA course as an assured growth tool to showcase their Big Data qualities as an advanced provision to stay relevant in the F&A market. As US CMA syllabus supports a curriculum that assures balanced guidance in management accounting to reshape customer interaction at the organization, value creation for marketable products more effectively, and drive more revenue for exponential organizations to lead the growth trajectory.
Prospects of IMA’s Digital Inclusion in India
As per the IMA guideline for US CMA eligibility, the certification is also open to undergrads. With the growing popularity of US CMA certification, the institution heads of graduate schools are wishful about the early participation of their graduates participating in the CMA training program. They believe that CMA training will create intense chances for young graduates to get tech education in accounting even before they set foot in the corporate habitat. In the meantime, it would further increase the employability of graduates even after lacing the year count of corporate experience required to start a career at global finance firms.
IMA’s vision is to lead the development, certifying, connecting, and supporting the world’s best accountants and financial professionals in the business. Recent reports from the Bureau of Labor Statistics (BLS) project that accounting jobs will increase by 10% by 2026. Indian MNCs offer good career prospects in private enterprises, development agencies, the banking and finance sector, and education and training. Hence graduates with a B.Com degree and a CMA certification are highly sought after if they are looking for CMA career opportunities in the present digital drift.
Alongside the rise in credentialed accountants across India, recruiters would prefer certified management accountants to fill in the vacancies. On the other hand, the evolving job prospects, in turn, make way for a huge demand drive for US CMAs. They are equipped with the required accounting soft skills like none other in the market.
