Can I do CMA with B.Com?

November 26, 2020
Eligibility for CMA Course
Eligibility for CMA Course
November 19, 2020
CA Vs CMA
CA Vs CMA
December 4, 2020

knowing what to do after graduation is one of the greatest gifts one could have, and given the fact that how the market is changing its course during this period. We must decide what we wish to do along with graduation.

Just for the sake of getting a degree, most of the students go for a course like B.com without knowing what to do else. Coming to the options available, commerce provides the students with a lot of courses and opportunities for more enormous openings in career prospects.

Since the need of the hour is to do something uncommon nowadays, one of the different courses with B-Com is CMA i.e.; CERTIFIED MANAGEMENT ACCOUNTANT. This course is offered by the Institute of Certified Management Accountants, which is more prevalent in the US than in India. Over time, CMA has marked its presence in over 100 countries.

According to one of the surveys conducted by TIMES OF INDIA, the most preferred area of specialization is the Auditing and Accounting industry. This makes an edge to the qualification of us. CMA has provided the edge to us and has provided us with the eligibility to work for organizations and MNC's in India and worldwide. If we manage to complete CMA with B.COM we will be able to earn at least 33.33% more than each non-certified accountant.

Is CMA USA a better option?

Yes, of course. CMA is way more comprehensive than any other courses which are pursued along with B-COM. The passing rate is more than 60% in the CMA USA examination annually. The entire course duration is just one year. With 100 multiple choice questions and 2 essay types questions. CMA has a total of two exams, each of which has a duration of 4 hours. CMA USA course can thus, be taken as the most lucrative offer along with B.Com. It provides maximum profit in minimal investment if we put in a language of business.

The primary factor that sets CMA away from other post-graduate options like MBA, ACCA, and many more is that CMA course is fast and comparatively less expensive. The prospects for CMA USA have increased over the years in such a way that it won't be wrong if we wish to call it a professional designation instead of a post-graduation degree.

Before we go-ahead to any path, we must be aware that it is not that CMA is impossible; however, getting a US CMA certification is a bit more demanding compared to other courses.

Can I do CMA with B.Com?

Doing USA CMA with B.Com is a good decision, but it has its consequences.

  • Time Management: It can be tiresome if we are attending college and the coaching of a professional course simultaneously. Our schedule will completely be packed up. Also, we will lose time while traveling that we could have invested in our studies. So, we have to manage our time very efficiently.
  • May complement or supplement with BCOM syllabus: Surely, the syllabus of CMA is such that it will cover most parts of the BCOM syllabus of any university.

However, there is a possibility of a mismatch. For example, If I am a student of BCOM 1st year under Mangalore University and has decided to go for the foundation in June attempt next year then I may stick with subjects like company law, cost accounting, HRM, etc. These are new subjects for me and most of these subjects are covered under the CMA course in the Intermediate level that is after foundation.

A Commerce Graduate with CMA USA would be most welcomed in the major corporates as they would possess professional expertise in financial planning, analysis, control, decision, support, and professional ethics- skills that are in demand around the world. CMA USA is more cost-effective compared to other international courses in finance.

On completion of the CMA course, some of the job roles we can expect to be employed are Finance manager, Cost manager, Financial analyst, Chief Financial Officer, Financial risk manager, and so on. Commerce Graduates with CMA USA open up their career to reach the heights of International Standard of Management.

WHAT IS THE BEST CAREER IN ACCOUNTING?

As per my knowledge CFO Chief Financial Officer is the best career in accounting. Chief Financial Officer CFO is one of the highest levels of authority and responsibility an accountant can aspire to. To become a CFO, an accountant must have the highest level of expertise, experience, and excellence- a long-standing track record of leadership and results. The larger and more complex an organization, the more crucial role of the CFO becomes, as a centralized source of authority around all thing's money in the company. In other words, the buck stops with the CFO.

PRIMARY RESPONSIBILITIES:

  • Direct annual and long-term financial goals and budgets.
  • Ensure accuracy, timeliness, compliance of financial reporting.
  • Develop and implement systems to maintain the corporation's long term financial well- being.
  • Oversee managers of financial departments (such as accounting, accounts payable and receivable, etc.)
  • Report to executives and the board of directors on the financial status of the corporation.
  • To get to the executives' level in an established corporation or company, you are going to need at least a master's degree.
  • However, with growing competition, more professionals with their eyes on the C suite are earning doctorates, often in an accelerated executive or online format.

EDUCATIONAL QUALIFICATION:

Most CFOs of large companies have finance qualifications such as a Master of Business Administration (MBA), Master of Science (in either Finance or Accounting), CFA, or come from an accounting background such as a Certified Public Accountant. A finance department usually consists of qualified accountants such as Certified Public Accountant, Chartered Accountant, Certified Management Accountant, Chartered Certified Accountant.

FEDERAL GOVERNMENT OF THE UNITED STATES:

The federal government of the United States has incorporated more elements of business-sector practices in its management approaches, including the use of the CFO position alongside, for example, increased use of the chief financial officer post, within public agencies.

The chief financial officer Act, enacted in 1990, created a chief financial officer in each of 23 federal agencies. This was intended to improve the government's financial management and develop standards of financial performance and disclosure. The Office of Management and Budget holds primary responsibility for financial management standardization and improvement, a position established by the CFO Act is the chief official responsible for financial management.

The Office of Federal Financial Management is specifically charged with overseeing financial management matters, establishing financial management policies and requirements, and monitoring the establishment and operation of federal financial management systems.

CHANGING ROLE:

In recent years, the role of the CFO has evolved significantly. Traditionally being viewed as a financial gatekeeper, the role of the CFO has expanded and evolved to an advisor and a strategic partner to the CEO. In fact, in a report released by MC Kinsey, 88 percent of 164 CFOs surveyed reported that CEOs expect them to be more active participants in shaping the strategy of their organizations. Half of them indicated that CEOs counted on them to challenge the company's strategy.

However, a 2016 survey of CFOs suggests that their new role has been overhyped with 52% of CFOs still finding themselves bogged down in the basics of traditional accounting practices such as transaction reporting and unable to make time for business partnering. The rise of digital technologies and a focus on data analytics to support decision making almost every industry and organization will only add more pressure on CFOs to address this tension on finding the time to meet the expectations of their C-Suite colleagues.

The CFO is as much a part of governance and oversight as the Chief Executive Officer (CEO), playing a fundamental role in the development and critique of strategic choices. The CFO is now expected to be a key player in stockholder education and communication and is seen as a leader and team builder who sets the financial agenda for the organization supports the CEO directly and provides timely advice to the board of directors.

We have experienced faculties and mentors with us guiding and helping students to perceive their graduation like B.com, BBA, etc., with CMA course and making them achieve their dream career. Contact us to get complete knowledge on the CMA course, exam structure, and plan your course.


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