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Author: Sourav Kumar Das

Why demand for CMA certification is increasing in recent years?

Why CMA?

Every business needs to be dynamic in real sense in order to cope up with the intense competition in the global economy. Not only that, Today’s business world demands excellence in complex accounting and financial management skills that can gear up in fetching strategic business decisions. Employees need to be technologically smart, have competency in analytics with valuing ethics in business. Here lies the importance of studying Certified Management Accountant (CMA) course.

What is CMA?

CMA is one of the most reputed designations that come with bright careers, especially for accounting and finance organisations with distinct avenues for placements not only in India at overseas  also. CMAs are responsible for allocation and management of funds of business. They also need to focus on financial analysis and decision making aspects for sustainable development of business. CMAs are specialised in implementing advanced technologies in cost and overall business management, keeping updated with the recent trends in global business.

Mr. Doreen Remmen, Chief Financial Officer of Institute of Management Accountants (IMA), recently stated in his quotations in Hindu Business Line, “What’s happening is that management accountants are being freed from the burden of transaction processing and we now have opportunities to use our skill sets to really support creating wealth, building the economy and building companies”.

There are basically two types in CMA courses- CMA India and US CMA. CMA India course is offered by the Institute of Cost and Management Accountants in India. US CMA certification course is mainly a U.S. based course, being offered by the IMA that has been recognized globally.

There are some basic differences between CMA India and US CMA. CMA India focusses mainly on cost reduction with a course duration of nearly 3 years along with an article-ship for six months. US CMA highlights not only on cost reduction and cost controls but also on auditing. It allows for exemptions in certain subjects that are already taught in the undergraduate level. It also does not require to pursue any article-ship and so this course can be completed in six months. This course is being offered as an Add on course for under graduate commerce students by the renowned private university- Adamas University. Alike CMA India, US CMA is being recognized for placements both in Indian as well as foreign companies. 

What causes rising demand for CMA course?

CMAs are in high demand in recent times. As world is getting updated day by day technologically, several companies are facing critical issues in the competitive edge of globalization. With the technological innovations in the global economy, there is an urge in need for having certification that can build an aptitude specially premeditated and skilled for the present business era. Thus, CMAs play a pivotal in the recent times in growing a business in strategic sense.

CMAs are considered as a repository of dynamic managerial thoughts to develop a business in a sustainable manner. Their role ranges from a vast range of categories including financial manager, budget analyst, financial risk manager, financial analyst, cost manager, cost accountant, chief financial officer, relationship manager, etc.

CMA course considers the aspects of Corporate Governance, Finance and Accounting (including responsibility accounting). Due to better finance and business appeals of CMAs than non-CMAs, CMA certification provides enhanced values not only at the country level but also globally. This course also provides better growth opportunities in terms of placements and promotion.

Besides, working as employees in financial or accounting firms, CMA certification also create a platform of providing financial and accounting consultancy services at an independent agency level.

Table 1: Percentage of qualified CMAs throughout the world

The overall percentage of qualified CMAs has increased significantly since the last year throughout the whole world. America comprises of the largest percentage of CMAs in the global scenario, followed by Europe, Asia and Middle East countries.

Table 2: Region wise Salary and Total Compensation for CAs and Non-CMAs

Another most highlighting issue for increasing need of CMA certification is the lump sum remuneration. The base salary and total compensations of CMAs are much higher than Non-CMAs. Middle East experiences the highest difference in salaries between CMAs and Non-CMAs, followed by Europe, America and Asia.

Thus, upcoming students need to provide their resume a career developing gear with CMA certification and get higher earnings, more job opportunities at global level and enormous benefits and reputation with passage of time.

IMPROVEMENT OF I.T STOCKS’ PERFORMANCE ON ACCOUNT OF DIGITAL EDUCATION IN THE ERA OF THE PANDEMIC COVID 19

Why Digital Education?

COVID 19- the contagious disease caused by coronavirus, has been considered as global pandemic by World Health Organisation, which disrupted the socio-economic conditions of global citizens enormously. It also led to a global recession since the beginning of 2020, with a massive trash in the global business scenario on account of production curtailment throughout the whole world. Rising economic stress has led to a drastic decline in demand for both manufacturing and services sector on account of the urge of social distancing.

Among all the other sectors of Indian economy, COVID 19 has a gigantic negative influence on the education sector. The Central and State Governments announced lockdowns throughout the country in the month of March 2020.

On account of the reliance only on traditional chalk and talk methods of teaching-learning procedures, almost all the public schools and colleges started facing massive problems in completing their regular courses. Here, comes the need of Digital Education, which has been started by some of the renowned Private Schools, Colleges and Universities.

Digital Education- A Brief Concept

Due to the rapid advancement of internet facilities, mobile phones, laptops and other modern technology oriented devices, today’s world is going digitalized more rapidly. As technology dominates modern life so there is an emerging need to use Information and Communication Technology (ICT) in education, commonly known as ‘Digital Education’.

ICT has the capacity to provide higher quality interactive potentiality for users in developing their individual, intellectual and creative ability. Digital Education is nothing but learning assisted by technology, where learning is not restricted within the four walls of a classroom but it can be expanded throughout the world due to the intimation of upgraded technologies in learning.

Recently, ‘digital technology in the classroom’ (DTC) not only promotes active learning and knowledge creation but also allows remote communication and sharing of information among teachers and learners in distant physical classroom locations.

The traditional educational system faces several problems as all activities in the organization are carried out manually, teachers have to maintain all the chapter contents to be taught in the class on paper, attendance records are maintained in register book, etc. This digitalized education system will help not only the educational institution but also teachers, students and their parents. Students can get all the notes and related contents taught in the class and view class history online from home. They can also attend extra-curricular classes and tutorial classes available in school itself by means of tutorial modules with very low cost.

Hence, the latest trends in digitalized education system include both adaptive as well as collaborative learning where each student is engaged by practicing, sharing things and gaining knowledge in a collaborative environment.

 Impact of Digital Education on Stock performance of Information Technology companies

Since the outbreak of COVID 19, the stock markets have been experiencing a severe dampening effect both in the Indian as well as global markets. BSE SENSEX and NIFTY50 (the two benchmark indices of Indian Stock market) slumped down by around 16000 points and 4500 points within February – March 2020.

Figure 1: Movement on SENSEX since last 3 months (in base points)

(Source: www.moneycontrol.com)

Figure 2: Movement on NIFTY50 since last 3 months (in base points)

(Source: www.moneycontrol.com)

Alike other sectors, the Information Technology (IT) sector comprising of major companies like Tata Consultancy Services (TCS), Infosys, 3i Infotech Limited, HCLTechnologies, Wipro, etc. faced similar dampening effects on account of negative investor attitude for their lack of clarity of the immediate way forward.

However, on the account of the advancement of Digital Learning in the scenario of pandemic COVID 19, some of the major IT companies became the market gainers with a very short time span.

TCS, the largest revenue generating IT company (as per NASSCOM-The Trade Association of Indian IT BPM industry), retained itself as the major IT market gainer, thereby imparting the platform of Digital Learning through its renowned online learning software TCS ion.

Unlike all other universities, the No.1 ranked Private university- ADAMAS UNIVERSITY has already started using this Digital Learning platform for providing 24/7 online teaching-learning facilities to all faculties and students living in distant regions of the country as well as the whole world.

Figure 3: Stock price performance of TCS in S&P BSE and NIFTY50 indices since last one month (in base points)

(Source: www.moneycontrol.com)

Figure 4: Movement on S&P BSE IT since last one month (in base points)

(Source: www.bseindia.com)

Figure 5: Movement on NIFTY IT since last one month (in base points)

(Source: www.moneycontrol.com)

Thus, modern technology is the only instrument for creating a positive impact on education, with solving the big educational problems of the economy India. Thus, there is a great need of creating a digitalized education environment with the help of modernized technology by all educational institutions for helping students learn better and teachers teach better.

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