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Scope of US CMAs in India

Thu Aug 08 2024

Scope of US CMAs in India


Introduction

In the evolving landscape of management accounting or financial management, the US Certified Management Accountant (US CMA) certification holds the highest designation globally. This certification signifies that the holder has knowledge and expertise in areas such as financial planning and analysis, control, decision-making, risk management, management accounting, budgeting and forecasting, and professional ethics. In recent times, global top accounting firms like Big 4 and MNCs have been tying up with the Indian outsourcing industries and setting up their businesses in our native market. Considering this fact, there is a growing demand for licensed accountants in the Indian accounting industry.


Table of Contents


Why should you consider taking the US CMA?

Before starting to prepare for anything in academics or profession, the first question that arises in an aspirant’s mind is, “Why should I take up this career path?” Here are some factors that will help you understand the benefits of pursuing the US CMA course.

  • The US CMA is a globally recognized certificate accepted in North America, the Middle East, Europe, Australia, and the countries of Asia including India.
  • This course provides field-related knowledge and strategic management skills for professional and personal growth. CMAs specialize in value creation and business strategy, especially in manufacturing industries where intricate financial management is crucial.
  • The US CMA course offers career opportunities in various roles, with the designation highly respected in Indian MNCs, accounting firms, banking sectors, government agencies, and corporate sectors. It is considered the gold standard in management accounting, providing real-time simulation skills.
  • According to the IMA, the 2023 Salary Survey shows that CMAs earn 21% more than non-CMAs, as they have higher qualifications, skills, and expertise. That’s why CMA holders always have the privilege of earning more salary and bonuses and getting better job opportunities as the years pass.
  • The US CMA Exam takes a shorter time span of 6–9 months. The exam is available annually in three windows: January/February, May/June, and September/October. Each part lasts 4 hours, and completion time depends on the learner's pace and career trajectory.
  • The CMA certification provides numerous job opportunities and ensures long-term value for individuals. It enhances management and accounting skills, making individuals attractive to future employers and valuable to current ones. Continuous education and knowledge of business and accounting ensure long-term employment.


Outlook on US CMA Jobs in India

The Bureau of Labor Statistics (BLS) predicts a 10% increase in accounting employment in India by 2026, indicating a rise in opportunities for US Certified Management Accountants (CMAs). The globalization of the industry has led to increased demand for CMAs in value creation and business strategy. US CMA experts in India face significant demand due to strengthening banking, insurance product demand, growth potential in the manufacturing sector, and government initiatives like "Make in India." Companies like Accenture, Amazon, HPE, Toubro, Larsen, Cyqurex, and Wipro have partnered with IMA to seek CMA certification holders for job placements and internships. With over 40,000 job openings in India, individuals can gain an early mover advantage in the CMA program.

Related blog: US CMA Eligibility for Indian Aspirants


Scope of the US CMA in India

US CMAs enhance financial skills and management qualities in various industries like public accounting firms (Big 4 and MNCs), government agencies, non-profit organizations, the corporate sector, or startups. With 99% of MNCs and large companies in India being US-incorporated, demand for CMA professionals is growing, making India a promising workplace for accountants. Certain job roles that a CMA can hold are:

  • Financial Analyst
  • Management Accountant
  • Financial Controller
  • Chief Financial Officer (CFO)
  • Cost Accountant
  • Financial Risk Manager
  • Corporate Controller
  • Research Analyst
  • Finance Manager


US CMA Salary in India

Depending on certain factors like the industry or company you’re working in, the location of your workplace, years of working experience, and your knowledge and expertise in the field, a US CMA’s salary would differ. Metropolitan cities like Mumbai, Pune, Delhi, Hyderabad, Bangalore, and such offer higher salary packages. The average salary of a US CMA in India is nearly 8 LPA.


Conclusion

The demand for US CMAs in India is increasing due to globalization, economic growth, and the integration of international accounting standards. The alignment of US CMA qualifications with global standards ensures they are well-prepared for the modern business environment. Pursuing a US CMA certification can enhance career prospects, promote professional growth, and contribute to India's financial management landscape.

If you’re aspiring to become a US CMA and looking to take up a review course for your CMA exam preparation, enrol in Simandhar Education today. With the right guidance from our expert-led lectures, live sessions and webinars, pre-recorded videos, and Simandhar + Becker study materials, we will help you achieve your professional goals. Our team also assists in landing your dream jobs at the Big 4 and MNCs globally. To know more about us and our course offerings, contact us at 7780273388 or visit our official website.