CMA, the designation is assigned to Certified Management Accountant. Its' in real perspective to business profession that CMA designation is regarded as Certified Management Accountant and not as Cost and Management Accountant.
Keeping aside the rift over issue in India about using the term Management Accountant, it is well established globally, specially in advanced countries like UK, USA that CMA designation refers to a wider professional perspective and the term Management Accounting combines financial accounting —reporting financial performance, understanding the framework of financial laws, standards and regulations and providing a compliance perspective—with additional management skills that help drive business decisions, including managing business opportunities, providing a framework of solutions and best practices and guiding strategic decisions.
Management accountants are business professionals at the heart of decision-making, who “connect the dots” and recognise how the different parts of the business need to come together to create value. Management accountants add value by supporting and driving the right decisions in all areas of the organisation to achieve sustainable success for the business. They help their colleagues understand income and costs, and risks and opportunities. Management accountants have an understanding and experience of business that goes well beyond financial accounting. They are trained to monitor and oversee all performance and focus on the organisation’s future prospects and past performance by using a wide range of information. Some management accountants work in the finance department. Many put their broader business training to use across the business, culminating in board roles such as chairman and CEO.
Therefore, the real recognition lies in the concept of management accounting of the designation being CMA...however, in INDIA it is still to travel a long journey till it assumes its real status.
Recently CIMA and IMA jointly launched the new designation CGMA which means Chartered Global Management Accountant and the designation is offered to both AICPA and CMA in UK and USA subject to T& C laid down...a furthering to the object of professional acumen is regarded in its real business sense and not confining to Financial or Cost Accounting only.
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