ACCOUNTING MARKETPLACE GLOBALLY LOCAL!

Education is the most powerful weapon you can use to change the world
Nelson Mandela
In todays world of globalization and proliferation, choosing an apt education
and further a career is a humongous task. Gone are those days when we had
just a handful of professional career options; nowadays every field has its
own specialized areas and each of those areas come with fulfilling and
lucrative jobs. Thus, choosing what is best for someone begins as early as at
the high school level or graduation.
From an Indian perspective, starting from the high school level, commerce is
arguably one of the most popular choice of academic streams the other two
being humanities and science. A graduate in commerce primarily deals in
areas like corporate finance, banking, marketing, accounting, stock markets
and the whole lot! A commerce specialist, in very simple terms, gets to
understand the inner functioning of an industry and how a specific
organization deals with money.
While pursuing commerce and accounting as a career option, a student
comes across multiple professional qualifications in India including Chartered
Accountancy (CA), Cost and Works Accountancy (CWA/CMA) and Company
Secretary ship (CS). There are also finance based options such as a MBA in
finance or a CFA or a Masters in Financial Management.
Most of these courses offer a plethora of career opportunities within India.
For example, a Chartered Accountant gains knowledge on the Indian
Accounting Standards (IAS) and applies that knowledge. Those who acquire
the CA qualification can establish a practice inside India for themselves or
work as finance managers, accountants, taxation experts, auditors etc.
Similarly, a Cost Accountant or a Management Accountant can practice
inside India as management experts, costing specialists or finance analysts.
However, an area that remains rather unexplored is the career path that one
can chalk out for himself with an international perspective. The question that
lingers is whether there exists career opportunities, for commerce graduates
with a global flavor. What if an Indian commerce graduate wants to spread
his wings explore the accounting principles and financial management
systems all over the world?
Alternatively, what career options does a student/professional have if he/she
were to pursue an international course and continue to climb his career
ladder in India? Are the Indian based professional certifications, the only

possibility or do students have other global educational options that would

give them an edge in the job market, in India itself?
What options are indeed available to a student who wants an enterprising
career in the field of accounting and finance and become employable in
multinational corporations? What if a B.Com from India could pursue a higher
professional qualification sitting in an Indian city, and grab the horns of the
international accounting system?
Most importantly, could these courses be completed within a time span of
one year provided a strong sense of commitment is established by the
student? Are these cost effective? In typical accounting terms, what is the
return on investment if a candidate were to pursue these courses?
Bingo! The solution to all these questions lay right here with courses like
CPA and CMA!

CERTIFIED PUBLIC ACCOUNTANT (CPA):

CPA Certified Public Accountant is the reigning profession for public
accountants all over the world. CPA is the statutory title offered to people
who pass the uniform CPA examination and meet additional education and
experience requirements for membership in any one of the states in the
United States of America. The CPA designation is provided by the individual
states in the US the regulatory bodies in the process include the NASBA
(National Association of State Boards of Accountancy) and the AICPA
(American Institute of Certified Public Accountants). CPA, in very simple
terms, is the US equivalent of the Indian CA qualification.
At the outset, a very important point to note is that, with the recent
convergence of US GAAP (Generally Accepted Accounting Principles) and
IFRS (International Financial Regulation Standards), a person who wants to
pursue CPA, becomes aware and technically versatile in the area of
accounting globally! This promises vast and varied career options for a CPA
in any part of the world.
Now, from an Indian standpoint, a B.Com graduate with required number of
credits in the subject of accounting would be eligible to take the CPA exam.
The exam, by itself, consists of four papers:
Financial Accounting and Regulation (FAR) covers the entire gamut of
financial accounting principles, rules and regulation
Auditing (AUD) covers the US and International Standards for Auditing

Regulation (REG) covers the entire area of taxation and business laws,
again from a US and global perspective
Business Environment & Concepts (BEC) covers the areas of business
management, capital decisions and other key financial areas

The CPA exams are conducted in the US for three months in every quarter. It
is an online exam with multiple choice questions and task based simulations.
Upon completion of the exam, if a candidate meets the experience
requirements for licensing, he/she may get a license and get to practice as
an independent CPA. A candidate may become a licensed CPA within a time
span of one year.
Career opportunities for CPAs are far and widespread in all dimensions of the
economy. CPAs can be employed in the areas of financial/international
accounting, Mergers & Acquisitions, Venture Capital, Assurance Services,
Financial Analysis, Taxation Planning and Control, Auditing, Governmental
Accounting, Corporate Governance et al. A CPAs starting salary ranges
anywhere between Rs.600, 000 to Rs.800, 000 per annum. A lot of big
names in the industry like the Big 4, Financial Services or Consulting Firms,
Multinational Corporations and corporates listed in the US require CPAs on a
regular basis.
CPAs may also choose to generalize in the field of accounting or choose a
certain area and provide specialized services.

CERTIFIED MANAGEMENT ACCOUNTANT (CMA):

The other course that has a global advantage and focuses mainly on the
managerial side of an organization is CMA.
CMA Certified Management Accountant is the highest Management
Accounting qualification offered by the Institute of Management Accountants
(IMA) in the US. CMA is the US equivalent of CMA/CWA in India. The CMA
certification provides students, accountants and financial professionals with
an edge in the area of management accounting and financial management.
A Certified Management Accountant is highly sought after in roles like
financial analyst, Costing Controller, Costs and Variance Analyst, Planning
Specialist et al
The CMA coursework is one of the easiest options available, equally to
students and working professionals. The course provides a complete
coverage of the managements perspective of finances and accounting in an

organization. A typical CMA begins by obtaining a membership to the IMA,

proceeding to write the CMA exams and obtain certification and becomes a
certified member of the IMA.
The CMA Exam is broken down into two parts:
Part I Financial Planning, Performance and Control and
Part II Financial Decision Making

If a candidate meets education requirements (be either a student or a

graduate from a recognized university, he/she is eligible to take the CMA
exams. The exams are conducted in India for two months of each quarter.
Upon passing the examination, when candidates meet the eligibility criteria,
they could obtain their CMA certificate. Thus, a candidate can become a CMA
within a time span of six months.
CMAs also have the advantage of mutual recognition of completed
coursework and membership to other equivalent courses like CMA (India)
and CIMA (UK). Fresh CMAs earnings range between Rs. 400,000 to Rs.600,
000 per annum in India. Similar to CPA, CMA is a globally accepted
professional certification and students/working professionals can obtain
employment in any part of the world.
Thus a commerce graduate from India can explore career and higher
education options offered from outside India. As mentioned in the beginning,
in todays world, a crucial objective of education is to be able to change not
just ones local markets, but to influence the entire world. CPAs and CMAs are
equipped with this aptitude and ability to create a difference to their
respective industries and thereby the international economy as a whole.