Future of Professional Accountants US CMA|US CPA|ACCA |2023
Time is ticking for students and working individuals of finance and accounting to hone for a more professional approach (US CMA or US CPA ) by breaking the cocoon of their academic acumen. In line with the continuous changes happening in the style of management, culture, technology and work environment, conventional accounting processes are vulnerable to the threat of future viability. There are three major confrontations which one has to overcome, namely, the attraction towards the field, relevance in the job market and finally the challenge of changing scenario. Let’s discuss the pitfalls and how to tackle the challenges.
A. The Attraction
This incorporates the fact that selection of accountancy as major subject is still less than the desired number of accountants to take it up professionally. The diminishing career choice of accountancy over other career paths can be a threat to the supply line of competent accountants in future.
B. The Relevance
This is associated with with the myth that accountants are in less demand because of the integration of automation and technological infiltrations. Relevance is obviously there if the accountants have required upgraded professional skill and competence.
C. The Threat of Change
This is the most crucial challenge that deals with the notion that conventional accountants will become obsolete due to changing economic changes, hence, need to be continuously updated. It means that having a highest academic degree in accounting may not be “future proof” as long as job availability and security is concerned. These three confrontations result in a transference in academic path and career options towards the domain of professional accounting.
How to tackle these challenges: The following steps can be explored
1. Creation of Accounting Space
The most important step is the transformation from accountant by academic degree to the accountant by professional skills and training Such transformation is vital to open the door of a larger field of employment not only in the strategic management accounting and financial expertise in the arena of public practice too. This creates the space for professional accountants to remain relevant for employment in future.
2. Capsizing the Model
It is evident that emphasizing more on theoretical accounting knowledge in our academic curriculum has created shortage of business skills and talents. This is more important than the technical skills alone to develop shortage of professional accountants. Incorporation of professional accounting courses in our academic curriculum can be effective to meet up this gap.
3. Breaking the Border
This can be achieved by encouraging the students to cross the border of narrower academic degree towards the broader spectrum of professional certification in addition.
4. Utility of Professional Courses
To combat the challenges in the backdrop, it is essential for the academic accountants to not to rely on decade old repetitive tasks only. Having a basic academic qualification in accounting may not suffice to compete in the ongoing challenging work scenarios. Hence, until unless application based skills and knowledges are integrated in the academic programs this conflict remains. Thus, it is wise and advisable to grab a professional certification which are of increasing demand in various organizations i.e. from service to manufacturing industries, from private to public sectors as well as in MNCs in India and abroad. So, the gist of the above discussion suggest one to be an internationally recognized professional accountant.
5. Actions required to be “Future-Proof”
Based on above fact, the present and would be accountants need to upgrade themselves. Instead of automated repetitive task based jobs, the need of the hour is to pursue some international professional courses in accounting and finance. Two of such courses are listed below.
a) US CMA Course
The Certified Management Accountant(CMA) is a professional certification in the management accounting and financial management field conducted by IMA. This certification signifies that US CMA holders possesses knowledge at the areas of financial planning, analysis, control, decision support and professional ethics.
b) US CPA course
The Certified Public Accountant(CPA) course is one of the top most accounting qualification in the world conducted by AICPA,USA. The US CPA mire or less equivalent to Indian CAs but having global credibility. So, if you wish to fast track your international career in accounting field, with inclination towards internal auditing, the CPA US course for you.
Summary
To sum up, as 2022 is knocking the door, the industry is getting more dependent on Artificial Intelligence(AI) based repetitive accounting jobs, threat of job -cuts for conventional accountants will be on the rise. To get rid of this, you have to break the shackle and cope with the challenging situations of globalisation. Hope, you understand the worth of being a Professional Accountant of International level to win over the situation.
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