Spectrum of Cost & Management Accountancy

Hi Friends,

A lot has been spoken & debated about the role of Cost & Management Accountants (CMA) in businesses. Here is the experience from myself a CMA who has worked in various industries in Cost & Management Accountancy field.

Based on my own experience, I sincerely feel that for a CMA even sky cannot be a limit. In the world where Financial Accounting occupies a centre stage many of the times, the role played by CMA is like that of a backstage artist without whom the show just cannot get over. CMA is to the business what engine oil is to the car. It keeps the car running all the time though one notices its importance only when something goes wrong!

You name any business area & you will realise how important the CMA is in that function. New Product Pricing, Profitability analysis, Indirect Taxation audit, Cost Audit, Internal Audit, Stock taking, Analysis around key matrices or cost drivers, Regular MIS & analysis around the same, Business Finance, Evaluation of Business Potential especially during M&A activities, Make or Buy decisions, Strategic Cost Management such as Value Analysis or Value Engineering or Business Process Re-engineering, Inter-Firm comparisons of Operations Levers….. The list is endless. I truly enjoyed being part of this profession all the time.

What I like more about this profession is that a CMA is always in an enviable position wherein he possesses a combination of business knowledge & finance acumen. I see no other profession or professional being in this kind of a commanding position.

Normally people from other finance fields know only finance related aspects & have no clue as to what is happening in the battle ground of business. People who are into operations don’t understand head or tail of finance. Here comes CMA who is Mr. Dependable for CFO because he provides perfect information about the business levers which helps CFO keep a proper watch on the necessary & important cost drivers & for Operations folks CMA is the man to reach out to as he provides financial acumen to them for taking various business decisions.

So my dear aspiring CMA students & my professional colleagues, please do not restrict yourselves by only those typical traditional areas such as Cost Audit, Excise Audit etc. Just throw yourself out in the ocean & enjoy the ride. You are the rarest of those who know in & out of the business of your organisation. Make full use of your knowledge & ensure that you contribute towards the overall development of mankind. I guess there cannot be anything nobler than that!

Please keep visiting www.commercefunda.com wherein I will keep presenting webinars on the important aspects of this profession for students as well as professionals.

Your comments on the blog are always welcome & encouraging…

Cheers!

Anil Joshi
B.Com, ACMA & ACS

FB Page: www.facebook.com/commercefunda

4 comments on “Spectrum of Cost & Management Accountancy

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