More Certified Management Accountants needed for growth
Genesis Institute, a leading provider of financial training solutions in the UAE, is encouraging finance professionals to get certified ahead of the lucrative growth and expansion set to happen in the UAE over the next six years, towards 2020. Certified Management Accountants (CMAs) are crucial for the processes involved in the forecasting, analysis and control in all major organizations – key skills required to ensure consistent growth.
“We’re seeing more and more finance professionals inquiring about how they can further develop their skills so that they can potentially advance in their careers,” said Binod Shankar, Managing Director and Trainer, Genesis Institute. “We’ve also noticed a significant jump in the number of professionals requesting information on CMA courses. The industry is demanding qualified CMAs in the UAE as the need has become an integral part of UAE organizations’ future growth plans as the Emirates moves towards 2020.”
Management Accounting goes several steps beyond Financial Accounting (also known as bookkeeping) as it actually starts where bookkeeping ends. Financial accounting is the maintenance of the books of account and this process ends with the preparation of financial statements i.e. the income statement, balance sheet and cash flow. There are also other reports produced in companies such as cost reports etc. All these contain lots of important numbers and hence what is extremely critical is how to interpret/use these numbers. “This is where Management Accounting comes in. It’s primarily a decision support system and a Management Accountant works very closely with Management and helps management make decisions or analyze situations.” Added Binod.
Binod sets out some critical areas in which Management Accountants are typically heavily involved:: How to price a product or service, at what point will the company start breaking even, reasons for new investments, how to prepare the company budget, why did the company miss its revenue or profit target, how to increase revenue or control costs.
“It’s an important role because unlike financial accounting it is far closer to the business. It’s more varied than mere bookkeeping because when you advise Management you have to know a lot about the business. It’s a more prominent role as Management relies a lot more on a Management Accountant. Management Accounting is also a more promising career because at the top (CEO, CFO etc.) companies want people who are not just technically qualified but who also have a big picture/commercial perspective and a Management Accountant typically has both.”
The Certified Management Accountant (CMA) qualification is THE premier Management Accounting qualification globally. The governing body is the Institute of Management Accountants (IMA) headquartered in the US and the program is in two parts, the computer based exams of which can be written in three exam windows during a year in Dubai and Abu Dhabi. Part 1 is all about Financial Planning, Performance and Control. Part 2 covers Financial Decision Making. All in all, a perfect toolkit for anyone aspiring to be a Management Accountant, Finance Manager, Financial Controller or Finance Director.
Genesis runs classes for both parts in the UAE and is one of the few training providers officially recognized by Wiley and IMA. The classes are a well-paced mix of concepts teaching, problem solving and evaluation of understanding. These sessions go a long way in helping ambitious finance professionals crack the exams and achieve their career goals.
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