Best CMA US Institute in India

 

It is understandably hard for a student (without real working experience) to be sure which career path to take. They might be very interested in a subject but then when it comes to work, it could be a completely different experience. Not everyone has to have it all figured out or know exactly what career path they want to pursue while still working on their degree. Graduation is an important step in your career. But if you have a little idea about what is going on in the market, then only graduation is not all.

Yes, we are talking about your B. Com. You chose B. Com because you feel that you incline in business and commerce and, to be precise, accounting. But do you think completing your B. Com will give you an edge in accounting or business? You know that, right? Unfortunately, completing B. Com with a great score will not ensure success in an accounting career. You need to think farther, and you need to be on your edge.

When it comes to different career options for a commerce graduate, the most common careers after B. Com includes US CMA, MBA, M. Com, CA to name a few. Among these, US CMA is one such impressive international course in the field of management and accounting. Due to its wide acceptance, job opportunities, affordability, shorter duration, and higher pass rate, US CMA is one of the preferred career options during or after B. Com in comparison to other academic or professional courses. It has been observed that If we manage to complete CMA US with B.COM we will be able to earn at least 33.33% more than each non-certified accountant.

Some candidates decide not to take the exam early, and one of the main reasons is that they don’t know if the CMA US certification is going to be useful in their careers. If you have not completely mapped out what direction you want to go with your career yet, it may seem hard to justify all the work and study that goes into preparing for the CMA US exam, in the event that you may not need that certification at all. Many students are confused about whether to join CMA USA classes before or after graduation.

The Worth Of US CMA In 2022: By now, the majority of us are well aware about the CMA US course which confers a prestigious global professional credential in the field of management accounting…read more

The Thinking Process

1. Identify the Benefits of US CMA Certification

Your first step is to determine the benefits of obtaining this certification. We’ve talked about many of them here in this post. The benefits for students may vary from those for people already in the workforce. You need to determine if they are right for you before making your decision.

2. Compare to Other Accounting Certifications

Next, most candidates will do a comparison with other accounting certifications to ensure this is really the one they want. If you are still a student, you may want to devote some time to this research in order to be sure you are choosing the certification that matches the career path you plan to take after graduation.

If you’ve made the decision that you want to take the US CMA exam and get your certification, but you’re still a student, how do you qualify with the IMA? If you are currently enrolled in an institution of learning and have not yet graduated, you just need to prove to the IMA that you’re a student. You need to be registered for at least 6 credits per semester during an academic year. Then you will send confirmation of your degree over to the IMA within 7 years of passing the CMA US exam.

The benefit is obvious if you choose to get into management accounting right after graduation. The exam syllabus goes deep on costing analysis, internal controls, corporate finance, and financial management, which are all interesting and practical for junior financial and business analysts. You will use this information on a regular basis for your new job. If you come straight out of college, into your CMA US certification and into a job, it’s going to give you a leg up in the workforce. It will also give you a possible preference over certain job positions and promotions when they become available.

Statistics have shown that people a CMA US certification can gain higher employment than those without doing the same jobs. BCom with CMA US enables the students to obtain substantial fundamental knowledge of various financial and management accounting subjects while pursuing BCom. However, Joining CMA USA classes after graduation comes with its own challenges, especially if you are a working professional. If you are still in college it is recommended to join CMA USA classes as early as possible.

Why Should You Take the US CMA Exam Early During the Academic Study?

According to data from IMA, 23.9% of CMA candidates globally are students. (Source: SF Magazine, August 2015). This means they are taking the exam early before they have graduated from their study program. Let’s check the benefits:

• Stronger Memory and Information Retention Capacity

It is quite well known that the ability to memorize and retain information is much better at a younger age. Most (but not all students) are young, as many people enter college right out of high school and at the start of their careers. If this is the case for you, it may be easier for you to learn and hold onto information you learn.

As we graduate, our book-smartness starts to depreciate, due to age as well as the fact that we have lots of things to take care of in our daily lives. Imagine the extra things you need to handle like a spouse, kids, loans, mortgage, household chores, bosses, colleagues, clients, and work projects. You won’t have many brain cells left for studying. This is why it’s much easier for students to take the exam while they are still fresh and free of these responsibilities.

• May complement or supplement with BCOM syllabus

Surely, the syllabus of CMA US is such that it will cover most parts of the BCOM syllabus of any university.

• Better Mentoring

It is often easier to find mentors in the college environment, versus the commercial world where your future boss may or may not be as supportive. At the college level, many people are going through the same thing, or have just gone through the same thing, and they are willing to help you get a leg up in your own start to your career.

• IMA Membership and Exam Fees are Less

The IMA membership fee and exam fees are much lower for students than professionals. As long as you take at least 6 credit hours of courses in the last semester, you are qualified. Note that this discount will end once you graduate.

• A Chance for the IMA Scholarship

Another advantage of taking the CMA US exam as students is the eligibility for the IMA scholarship, which allows students to take the exam at no cost to them. For this, the student has to be nominated by the concerned college/University through proper application proforma to be sent to IMA. The tip in getting this scholarship is to take initiatives in IMA sponsored events at school, such as launching the IMA Student Chapter and taking part in the student case competition. If you are able to seek help from a mentor and build a long-lasting relationship during the process, that would be a great bonus as well.

• Time Saving Job Search

You will not obtain the CMA US certification right after graduation, but you could reap the benefit simply by passing the exams. By mentioning the passing of the CMA US exam in your resume you will be able to talk about the process and impact during career interviews even if your graduation is not yet completed officially.

• Get Awarded

It is worth mentioning that you’ll have a chance to win the Priscilla C Payne award given only to student candidates. Again, you can only qualify for this award if you are still a student. This award is given to the candidate who achieves the highest score as a student in each teaching period. This is highly fascinating especially for any student candidates who are thinking about taking the exam early.

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Summary

The benefit is obvious if you choose to get into management accounting right after or during the graduation. The exam syllabus goes deep on costing analysis, internal controls, corporate finance, and financial management, which are all interesting and practical for junior financial and business analysts. You will use this information on a regular basis for your new job. If you come straight out of college, into your CMA certification and into a job, it’s going to give you a leg up in the workforce. It will also give you a possible preference over certain job positions and promotions when they become available.

Statistics have shown that people with a CMA US certification can gain higher employment than those without doing the same jobs. To acquire CMA USA certification, it is not important to have a background in commerce or accounting. The best way to adopt a career in commerce is to get a professional certification in the respective subjects. Therefore, students who have done their 12th grade in any stream can take up CMA USA Course. An advantage of pursuing a CMA USA course as a student is that you will only be required to pay lower exam fees with IMA and it also has the advantage of attaining IMA scholarships.

All in all, the CMA US program helps bridge the gap between college and the professional world. This is just one more bonus or benefit to come to students who decide to take the exam early.

For Further Information/Assistance, Contact:

www.upliftprofessionals.in/CMA

By now, the majority of us are well aware about the CMA US course which confers a prestigious global professional credential in the field of management accounting. The question often arises: why should one pursue this course? If you are a commerce graduate and a job seeker, you might know that a mere graduation nowadays will not be enough to get a decent job.

So, you need additional professional qualifications. In doing so, you will definitely consider the options and compare in terms of the duration, cost and pass rate of such courses. Here, US CMA comes on top of others that you can achieve at one go. On the other hand, if you are a working accounting professional, you might be aware of the fact that repetitive accounting jobs are being increasingly threatened by automation through the advent of artificial intelligence (AI). So, what should you do to make your job “future-proof? The answer is go for US CMA.

Give your resume a career-enhancing boost with a CMA US certification. If you are working in the financial, accounting, or business industry, this certification can boost your profile resulting in higher pay, more benefits, and better job opportunities. You will be at the top of the hiring list of many companies.

Still, if you would think that you are already done or are doing a degree course in finance, accounts, or business, why would you need another certification? The truth is that in a CMA US certification course, you learn many things that are not usually taught in degree courses. Industry trends keep changing and for a degree to get updated accordingly takes time. US CMA certifications have this advantage.

They are all updated to be in-tune with the latest happenings. Therefore, a CMA US certification will have all the latest updates regarding accounts, business and finance. And this is what puts you at an advantage over other candidates when you are applying for your dream job. Let’s look at some other advantages of having a CMA US certification.

1. Business Appeal

The main benefit of US CMA certification is that it is considered to be the best accounting certification for management as it has the perfect amalgamation of business and accounting. In CMA US, you learn all about corporate governance and other important business aspects, finance, and accounting concepts, including responsible accounting. Therefore, candidates with CMA US certification are allowed to take business decisions or are involved in collective business decisions.

Companies trust their business acumen and they are handed important roles in an organization. This certification makes candidates learn the difference between conventional accounting and accounting that is profitable and efficient. Therefore, if you get a CMA US certification, you will have better business appeal.

2. Growth Opportunities

US CMA is a management-level certification which brings multiple growth opportunities. When compared to college graduates without any additional certification, it was found that US CMA candidates get better entry-level jobs, and opportunities to get promoted.

The CMA US certificate is a beacon that signals you are not just going to do accounting; you are going to take on more responsibilities and manage the accounts. Other candidates also do not grow beyond a certain position and salary, while with a CMA certification, you can quickly move into a management position.

3. More Money

Money is the biggest motivating factor for most professionals, so why not you? Getting a CMA US certification makes you eligible for a higher salary than other candidates. In recent studies, it was found that CMA US certification holders earn up to 67% more than other candidates having just a degree.

When benefits like health insurance, pension, and fringe benefits are measured, the earning potential is even more. This is because US CMA certified candidates move up into management faster after gaining experience, and even when they switch jobs, they get a bigger raise as CMA US certified candidates are high in demand in the job market.

Basic Accounting Knowledge Required for a Smooth US CMA Journey:– If you are serious about the CMA with no accounting experience, or get detached from your study for a prolonged period then you should start by getting up to speed with accounting basics. The idea is to get familiar with basic accounting concepts and principles…. Continue reading

According to the 2019 IMA’s CMA Salary Survey, US CMAs earn 31% higher median total compensation than individuals without the CMA designation. The average US CMA (of any age) earns $113,000 annually in total compensation.

For example, the highest median total compensation for a CMA is in the manufacturing industry, where they earn a whopping $112,000. In comparison, the median total compensation for a CMA in a government position is $91,750. While both salaries are more than acceptable, it’s nice to know your options.

Below is a full breakdown of salary by industry for your perusing pleasure:

US CMA Salary

Management Level	Median Base Salary
Top	150,000
Senior	134,071
Middle	100,000
Lower	73,717
All Levels	105,000

 

Plan for US CMA course in 2022- Jobs & Salary |Eligibility| Course fees |Syllabus| Duration | By Uplift Professionals :- US CMA is in great demand in all sectors. CMAs are also being recruited by MNCs like Accenture, Amazon, and Deloitte and so on for the managerial positions like financial controllers, Budget Analysts, Cost Auditors, Chief financial controller and many other high level positions…. continue reading

4. Global Opportunities 

US CMA certification has value on a global level. You may be a graduate and get a good job in your country, but if you have dreams of working abroad in another country, you will have to get CMA US certification. Some countries may not give much value to your college degree, depending upon which country you have studied in and which country you want to work in. However, CMA US certification is recognized and valued the world over, and you can easily apply for a job in the Western, European, and Middle Eastern countries, where the salary scales are much higher.

5. Value as an Employee

US CMA trains you to have a better understanding of business, finance, and accounts. So, you don’t merely do a task, you understand the reason behind it and you find ways of doing it efficiently to provide a better result than expected. You will become the go-to person for important questions. Your opinion will be valued, and you will soon become an integral part of the management. Many US CMA certified candidates have also gone on to become CFOs. Therefore, with CMA US certification, you will be valued more as an employee, and will always get your due appreciation.

The CMA US empowers many accountants to move up to bigger and better things. According to the IMA, these are a few positions held by CMAs:

Staff Accountant	Cost Accountant	Senior Accountant	Controller
Budget Analyst	Internal Auditor	Finance Manager	Financial Analyst
Chief Financial Officer	Chief Executive Officer	Vice President, Finance	Treasurer

Here is a look at some of the most exciting CMA jobs globally:

Management Accountant

If you thrive on planning and strategizing, then management accounting could be an exciting career path for you. As a management accountant, you are responsible for budgeting, planning, and strategizing so that your company’s top managers and executives can focus on risk-assessed decisions about their financial future. This position requires you to be an expert in accounting with high-level communication skills. You can find management accountants in private or public businesses or within government agencies.

Financial Analyst

Do the microeconomic aspects of finance thrill you? If so, becoming a financial analyst may be right for you. For starters, financial analysts can work in many industries, including a bank or an insurance company, or even a startup or global enterprise. This role requires careful attention to detail so the analyst can assess the financial condition of a potential investment to make sure it is worthwhile.

Other daily job duties include advising businesses on how to issue corporate bonds or split stock, as well as perform financial research and analysis to provide information on the business’s profitability, stability, liquidity, and solvency.

Cost Accountant

Cost accountants are responsible for recording and analyzing each cost incurred by a business. In turn, they use this information to identify where the company is losing money unnecessarily and how to improve their financial management. Typical job duties include preparing asset, liability, and capital account entries, documenting financial transactions, making financial recommendations based on the analysis of financial history. This role is highly valued across several business models, so you could find yourself working in the retail sector, consulting firms, or directly within a business or corporation.

Accounting Manager

Accounting Managers develop and maintain accounting systems and procedures used by other accountants to collect and analyze data. Some standard job duties for an accounting manager include overseeing daily operations, monitoring and analyzing data, creating financial statements and reports, as well as upholding strict accounting policies and principles. In this role, you will oversee other accountants and would most likely work for a large company or organization where there are multiple accountants employed.

Senior Accountant

Senior accountants are more managerial than junior accountants, and tend not to perform administrative tasks. Instead, senior accountants are responsible for reporting cost margins, productivity, and expenditures within a company. Your average day of work may include preparing month-end procedures, reconciling accountant balances, and maintaining a general ledger. Senior accountants often mentor junior staff as well and will likely be expected to lead accounting initiatives with other accounting teams and departments.

Corporate Controller

Corporate controllers oversee a company’s financial and accounting functions, including everything from billing, accounts payable, accounts receivable, and budgeting. Job duties include preparing the annual budget, preparing internal and external financial statements, assessing current accounting operations, as well as coordinating activities for external auditors.

Corporate controllers often oversee other accountants, so the skills and knowledge learned from earning your CMA is invaluable. While the expertise of a controller can be utilized in any business, it is larger companies and organizations that tend to attract this position more.

Chief Financial Officer (CFO)

A Chief Financial Officer is one of the top positions you can rise to as a CMA in business. Becoming a CFO gets you a high-level executive role and the compensation to match. CFOs are largely considered the right hand to CEOs because they oversee everything from financial reporting and forecasting to a company’s investments and financial business decisions.

Some of the most critical job duties performed by a CFO include tracking cash flow, analyzing their financial strengths and weaknesses, and proposing corrective actions. You will need years of experience to develop the unique skills required to become a Chief Financial Officer, but earning your US CMA will definitely put you on the right path.

Landing a job with one of the Big Four is a career goal of many, so how can the CMA designation help you secure a future with one of them?

The Big Four are constantly on the hunt for accounting professionals who can demonstrate the qualities needed to fulfill roles such as:

• Risk Management Advisory Manager Accounting & Reporting Transformation Senior Consultant
• Government & Public Sector Strategy Manager
• Risk Assurance Advisor (Manager)
• Risk Transformation Advisory Senior Manager

The reality is all of these roles are perfect for the unique skills learned as a CMA professional.

Why Become a CMA? -What Top Professionals Says

• “I decided to go after my CMA because I felt that the CPA left some gap in the trade skills that I needed to have to continue my career in industry,” says Ben Mulling, CFO of TENTE Casters, Inc., in Hebron, Ky. Mulling is a member of IMA’s Global Board of Directors and also holds the Certified Public Accountant (CPA) and Certified Information Technology Professional (CITP) designations.
• Mulling says the CMA credential has “tremendously” helped him in his career. “It provided me with critical decision-support skills that I have used to advance my career to CFO of my company,” he says. Even with his CPA license, he says he could not have succeeded in guiding his company through the recession and back into growth mode without the skills he mastered as a CMA US.
• Lon Searle, CFO of YESCO Franchising LLC in Salt Lake City, Utah, said he decided to become a CMA because he knew he would be promoted to CFO someday and he wanted to be prepared to be a world-class financial leader. Searle says the CMA US certification provides a very large advantage in the job market. There are jobs that require either a CPA or CMA designation, he says. CMAs are exceptional when it comes to supervising teams, managing projects, and making high-level business decisions.
• Steve Kuchen, a member of the IMA’s Small Business Financial and Regulatory Affairs Committee, says, “After leaving a job, I went to a search firm specializing in finance and accounting professionals and the recruiter really impressed upon me how important it was to have some credentials after my name. He thought that the CMA would be just right based on my prior experiences and interests.”
• Kuchen says attaining the CMA US shows that you are serious about your career and interested in improving your skill set. He also says the US CMA material is very relevant to real-world situations you might encounter, not only in finance and accounting but also in other disciplines like information technology.

Summary

If you are contemplating getting CMA US certification, stop contemplating and go for it. It is going to have a huge impact on your career, and you will be glad that you have done the certification. Your dream job will be yours much quicker, and you will reach the pinnacle of your career. Enroll for a CMA US certification today! You can also go for degree courses simultaneously. Becoming a CMA US involves a commitment of money and, most of all, time that shouldn’t be taken lightly.

But if you want to pursue a career as a management accountant, the extra effort can pay off. Clearly, becoming a CMA US helps your career in many ways, and taking the US CMA exam is an important step toward achieving that status. Consequently, choosing the right US CMA exam prep is an important step toward passing the CMA US exam. Uplift-Gleim CMA prep is one of the fine-tuned systems which can tremendously help you to pass the US CMA exam at first attempt.

For Further Information/Assistance, Contact:

www.upliftprofessionals.in/CMA

Artificial intelligence (AI) is the branch of computer science concerned with making computers behave like humans. AI refers to the ability of machines to perform cognitive tasks like thinking, perceiving, learning, problem solving and decision making. AI refers to the ability of machines to perform cognitive tasks like thinking, perceiving, learning, problem solving and decision making. Initially conceived as a technology that could mimic human intelligence. AI has evolved in ways that far exceed its original conception. With incredible advances made in data collection, processing and computation power, intelligent systems can now be deployed to take over a variety of tasks, enable connectivity and enhance productivity. Robotics is a branch of AI, which is composed of Electrical Engineering, Mechanical Engineering, and Computer Science for designing, construction, and application of robots.

 

As AI’s capabilities have dramatically expanded, so have its utility in a growing number of fields. Recent advances in artificial intelligence (AI) are leading to the emergence of a new class of robot. These are machines that go beyond the traditional bots running preprogrammed motions; these are robots that can see, learn, think, and react to their surroundings. Machine learning, deep learning, and natural language processing are subcategories of AI. Furthermore, we can consider robotics as a subcategory of AI. Thus, it indicates that AI is a vast area that covers many aspects. Moreover, there are various applications of AI, such as games, self-driving cars, and robots.

The Flip Side

The 1984 movie, The Terminator, portrays a dystopian future where robots and intelligent machines seize control of the world. In the movie, an intelligent killer robot — a terminator — is sent back in time from the early-21st century to change history. Now clearly, none of that has come even close to coming true, but what is clear is that technology will disrupt our future in ways we can’t yet predict. The idea that “the robots are coming for our jobs” is one disassociated from the reality of these technologies. That said, it’s a fact that accounting is changing.

The salient question is how AI is changing accounting, how AI innovation can change accounting jobs, and what accountants need to do to thrive during this digital revolution?

Automated Accounting-the Perspective

· Perhaps the most pessimistic view of the future of accounting comes from a website tool developed by Deloitte and Oxford University that predicts the likelihood that a robot will take your job. According to that tool, accountants have a 95% chance of losing their jobs to robots. 

· Taking a more optimistic view, a study by the Brookings Institution predicted that occupations with a high percentage of repetitive tasks may be at a high risk of automation, while those that require a high level of education — such as accountants — will be pretty safe. However, a later study by that same Brookings team found that advances in artificial intelligence may make better-paid and better-educated workers the most vulnerable.

Impact of Automation on Accounting

Until the advent of computers and Excel, most accountants did their work pretty much the same way as double-entry bookkeeping in 1494. Ledger sheets, pens, and adding machines were the tools of the trade. The development of QuickBooks in the early 1990s put computerized bookkeeping within the reach of small businesses who couldn’t afford the expensive mainframe computers and ERPs used by finance departments at Fortune 500 companies.

Now, thanks to accounting workflow automation, bookkeepers don’t need to spend hours and days on data entry when bank feeds can pull financial data into an accounting system in minutes. Automation streamlines processes and converts inefficient, error-prone, labor-intensive processes into efficient, error-free processes that need very little human intervention. Automation doesn’t just save time, but it also gives you more accurate numbers. Real-time updates mean that business owners always know what their numbers are. Automation in accounting has been made easier by the development of APIs, or application programming interfaces, which allow different pieces of software to interact with your accounting system. Before APIs, connecting two systems often required coding. Now, you can largely plug and play to create automated workflows quickly and easily. Applications like Expensify and Dext use APIs to push data from PDFs and photos of invoices and receipts into the general ledger. APIs also make bank feeds possible, so that transactions from bank accounts and credit cards can be directly downloaded into an accounting system.

Accounting firms use automation to extract information from tax documents and import it directly into tax returns. Finance professionals use automation to extract data from contracts and leases to create the journal entries and footnotes required by accounting standards. Business owners use automation to keep an eye on their business needs in real time. Today, many accounting tasks can be automated, as this graphic from McKinsey shows:

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Automation can be something as simple as setting up rules in your accounting software to classify transactions that come in via bank feeds. The next step up is adding software applications to handle specific accounting tasks and to automate entire business processes. One example is order to cash software, which can grab orders from a customer portal, and route that information to the correct places for order fulfilment, customer invoicing, and collecting payments. This type of rule-based software is an example of robotic process automation, or RPA. RPA is like an Excel macro, but more powerful.

Automation towards AI in Accounting Jobs

We are now entering into the domain where some automation software leverages artificial intelligence and machine learning to expand its functionality beyond programmed rules. In machine learning, access to a large database of knowledge or accounting transactions allows the technology to figure out the patterns in that data and improve its decision-making, with perhaps minimal correction from humans. Cash flow forecasting software such as Jirav or Helm are examples of this.

Benefits of AI for Accounting

The most common use for AI in accounting is to take care of repetitive tasks. For example, AI systems can capably, and with minimal error, complete tasks that include the following:

·  Inputting and matching data

·   Receipt reconciliation

·   Creating and sending invoices

·   Expense reports

·   Tracking price changes

·   Account reconciliation

·    Sorting transactions

·    Data recording and reporting

AI is built on algorithms, which improve over time as they are fed more data. In addition to continuous improvement, AI isn’t susceptible to human error and has around-the-clock capacity to work.

Three of the primary benefits experts see AI providing to accountants are:

1. Invisible accounting: A behind-the-scenes function that frees up human accountants to engage more with strategic decision-making

2. Continuous auditing: Auditing without the need for breaks and with no gaps in reason or precision

3. Active insight: Accounting managers and leaders can get real-time visibility into their finances.

Will Robots Replace Accountants? Low Value vs, High Value Jobs

Automation gives accountants the time and bandwidth to do more interesting work and to add value. They won’t be spending as much time on the low-value work that has to be done before the high-value work can be started. When they can trust that the numbers are correct and up-to-date, combining accounting information with data from different parts of the business and applying data analytics helps them see patterns the naked eye can’t. Those kinds of high-value work are what business leaders need as input for the decision-making process, and it’s what provides those leaders with the actionable insights they need to move their businesses ahead of the competition.

This means that accountants will need to upgrade their skill sets and learn to use different tools. Being the fastest and most accurate with a ten-key will no longer be a prized skill, but being the one who can use data analytics tools and other new technologies to extract useful insights to improve your company’s operations will make you highly sought after.

It has been indicated that within five years, about 90% of finance functions should be fully automated, according to a 2020 survey of CFOs by Grant Thornton. As you can see from the figure below, accounts payable is the most automated function, with 61% of respondents having that currently implemented. In five years, 96% expect to have that fully implemented.

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“Will AI reduce the need for accountants? I think the answer is probably yes,” says Richard Anning, head of ICAEW’s IT Faculty. “But you have to define what an accountant is. If you’re looking at some of the more repetitive bookkeeping or process-driven tasks, those are more likely to be subject to automation than the higher value tasks,” he says.

Michael Whitmire, CEO and co-founder of FloQast, an accountancy software startup based in Los Angeles, agrees: “Accounting departments overall will be trimmed down and the employees left will be able to focus on more strategic initiatives, like process improvement, cost control, and capital optimization. AI is already beginning to automate tedious tasks such as data entry. Automation is occurring at the staff level, but it will creep up the corporate ladder and begin to automate higher level accounting jobs,” he says.

The Future of Accounting Technology

One of the major changes to the accountancy profession as a whole is likely to be how services are valued and priced. Because manual tasks are also time-intensive, many accountants price their services based on how long they take. Amy Vetter, CPA and Technology Innovations Taskforce Leader for the AICPA’s Information Management Technology Assurance (IMTA) Executive Committee, argues that automation technology will push accountants to price services with a more value-centric model.

 This suggests that the value of data entry-related tasks is likely to go down while the value of accountants’ insight and recommendations will rise. A report from The Association of Accountants and Financial Professionals in Business suggests that this is actually an opportunity, arguing that accountants are uniquely positioned to be change agents who drive the direction of technology investment for their organizations. The report also identified the top technologies likely to shape the future of accounting, which include:

·   Mobile accounting

·   Big data

·   Artificial intelligence and robotics

·   Cybersecurity

·   Educational technologies

·   Cloud computing

·   Payment systems

·   Digital Service delivery

While the report cited above focuses on accounting for business, many of these technologies will have far-reaching effects across the accountancy profession. For example, all accountants could benefit from keeping an eye toward digital service delivery, whether this takes the form of engaging more clients online, leveraging secure cloud storage services for clients to share documents or another innovation that enhances the client experience.

US CMA Fees and Facts | FY 2022 | Uplift Professionals :- Becoming a CMA is a potential pathway to a great new career or an opportunity to move up in your existing career. People who work in the accounting profession and get their certification will automatically earn more than those who do not….continue reading.

The Future of Accountants in AI Era

Although artificial intelligence made considerable leaps in the past several years, these advances have not damaged the growth of accounting jobs. The Bureau of Labor Statistics projects 10% growth (faster than average) for accountants and auditors from 2016-2026. The growth is at least partially due to the complexity of the job, which includes many responsibilities that AI is unable to do—skills like making strategic business decisions and understanding a complex regulatory environment remain in high demand for accountancy.

While news stories like this one like to put artificial intelligence and accountants against each other, the future isn’t either AI or human accountants. It’s both. Like other automation technologies (e.g., cloud computing), AI will change the focus of accountants’ roles. As Forbes Technology Council Member Mike Galarza suggested in a 2017 article, the rise of AI will create more value for accountants who develop their interpersonal skills, such as their ability to communicate complex requirements and develop strategies for their clients.

“Accountants should evolve to become business advisers and strategists who help drive long-term business strategy — making sense of complex financial infrastructure and interpreting increasingly fluid tax law,” Galarza wrote.

Of course, remaining competitive in a highly dynamic job market is not without its challenges. The exponential advances made in the technology sector will require that accountants continue to develop not only their key domain skills, but also understand and stay current with the technology disruptions likely to impact their work.

How to Future-Proof Your Accounting Career?

AI is best at replacing manual tasks and alleviating the burden of repetition. However, much of bookkeeping exists in that realm. Development of skill sets to cope with the changing scenario with following adoptions can help in the process.

1. Gain Practical Accounting Experience Backed by Theoretical Context

One of the key skills still missing from artificial intelligence in general is the contextual awareness to determine the best response to a given situation. For example, AI may be able to process thousands of documents within a few minutes and identify quantitative trends, but AI can’t yet make recommendations based on this information. Accountants equipped with analytics and AI, alongside an understanding of accountancy practices and knowledge of their organizations, will be able to fill this gap. Extensive accountancy domain knowledge will always be essential, but the future of accountancy will also make it important to think beyond completing a rote set of tasks. Instead, all accountants should push themselves to understand the “why” element, and challenge assumptions as to whether their current approach is the best one for their organizations or their clients.

2. Develop Communication and Business Skills

As the accountant’s role becomes more focused on decision-making, strategy and planning, there will be a premium on communication and business skills. In addition to being able to look at quantitative data through a strategic lens, communicating recommendations such as why clients should follow a particular course of action will be a powerful asset in the future of accounting careers. As Robert Half noted in 2018, communication skills are important to employers who are looking for “accounting professionals with a collaborative personality, an executive presence, conflict management and adaptability.”

3. Learn from the International Professional Accounting Courses

It is quite evident that courses like CMAs, CPAs, CIA, EA etc. and other credentialed accounting professionals already aim for roles where they make strategic decisions. Bookkeepers may represent a group that feels more at risk for an AI takeover. One way accounting and finance professionals can show their interest in growing and learning about new technology is by pursuing specialized certifications like the Certified Management Accountant (US CMA) certification. It focuses on developing the skills technology alone can’t do i.e., managing and developing people as well as decision-making, planning, and creativity. The CMA exam is structured in two parts, with an emphasis on how to influence key decision-makers, how to extract actionable insights from data, and how to become a business partner.

Which is the best professional certification for a banking career- US CMA course, CPA US course or CFA? :- However, working in these financial decision making and strategic finance areas requires you to be equipped with high skill sets. But first you have to choose which course is best for you to know more…..continue reading

Summary

While technology changes like these have never been as dire as news headlines portray them, they do have the potential to change the accounting career landscape. In a world where AI is sophisticated enough to process most of the information that accountants deal with every day, for example, there will be less focus on data entry tasks and more emphasis on accountants’ role in strategic decision-making and long-term planning. Like other professions affected by AI, accountants will need to transform the way they position themselves and communicate with their clients. Given the growth in AI and other advances, modern accountants will be driven to become more tech savvy and position themselves as strategic partners for their clients and their employers.

One cannot deny the fact that this revolution of AI in accounting is not going to slow down in any way. No doubt AI technology has the potential to perform all mundane tasks of accountants. But technological changes cannot replace humans in any situation as human intelligence will always be required to perform and efficiently run technology.

The accountants are needed by the firms for interpreting and analyzing data captured by AI-powered machines. Moreover, accountants will play a major role in doing higher-order task consulting services better than machines. Rather than spending unnecessary time performing repetitive tasks, they can invest their time and focus on general tasks like data analysis and consulting services. Therefore, rather than replacing accountants, artificial intelligence helps accountants to do their regular tasks in a more technologically advanced manner. The key to the digital transformation of accounting and financing is pairing people and machines together allowing each one to contribute in areas they are best skilled at.

Uplift Professionals, a premier training Institute for global professional accounting courses and a partner of IMA(US), helps to make “Future-Proof” accountants by giving quality training to the aspirants to pass US CMA, CPA, Enrolled Agents, etc. exams in the most student friendly manner.

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