The corporate lay-off news shows that the IT sector is losing value. In this scenario, B.com graduates find it a nightmare to get a job. Professionals with high qualifications fit them in multiple positions. The blog intrigues the readers with interesting information on the current scenario in the IT sector and opportunities for B.com and CMA-qualified professionals.
Current scenario in the IT industry:
Microsoft-owned GitHub CEO Thomas Dohmke recently came to India. He addressed the issues in the IT industry. He said that as a part of the restructuring plan, IT companies are reducing the workforce in a particular location. He also says that the incorporation of AI demands more software engineers, especially from India. The US GitHub developer community consist of around 21 million employees. Thomas Dohmke says that the number of employees working in Indian GitHub is expected to rise and surpass the US by 2027. He says that India could be a leader in AI. The software and AI industry are bringing tremendous growth to India. The growth of one sector influences the growth of the multiple sectors operating in a country. Finance, audit and cost accountancy add value to the manufacturing and software industry.
Opportunities for a B.com:
B.com graduates are for accountancy and administration jobs. The knowledge of a B.com graduate helps in understanding the process in the banks, stock market, insurance, school administration and hospital administration. The invention of technology is eradicating the low-profile jobs and increasing the demand for the high-profile jobs. In the software industry, automation and artificial intelligence create fear among software engineers and commerce graduates. The accounting software made the job of an accountant easy. The invention of technology brings change in job profiles. In such a scenario, the qualification of B.com sounds like a below-average profile. There is pressure for the students to compete and win. Courses like CA, CMA and ACS are suitable for a commerce graduate. These courses help the students to land a job that helps for static growth.
The students with math’s knowledge can go for a chartered accountancy course. Students with accountancy and business interests can opt for the CMA course. The students with less interest in math’s and high interest in theory-based subjects like economics and law can go for the ACS course. Professional courses and software courses are the best choice for a B.com graduate. B.com graduates with an interest in technology become data analysts. Technical and functional knowledge are the sought-after job roles in the software industry. Data analysts require software and domain knowledge. The domain knowledge comes from experience and fundamental knowledge.
Opportunities for a CMA:
Cost and management accountants work in multiple roles. The skills of a cost accountant are the need of the hour. The business owners require cost and management accountants to manage the competition, cost control, merger, acquisition and business challenges. Technologies such as artificial intelligence, automation and data analysis enhance the demand for a cost accountant. The job portal shows a high demand for cost and management accountants. The companies operating in India and abroad require the skills of an Indian CMA.
How far CMA are fit for a financial reporting job?
Cost accountants check the finances, budgets, and operations. A cost accountant deals with the cost accounting data. A chartered accountant deals with tax and compliance-related data. A chartered accountant conducts the statutory and tax audit. Cost audits are conducted by cost accountants.
Financial reports are prepared for monitoring income and expenses, ensuring compliance, and decision-making, communicating essential data, and understanding the risk and return on investment. The different types of financial reports are balance sheets, statements of shareholder equity, income statements, evaluating assets and liabilities, and cash flow statements. Investors, customers, executive managers, regulatory institutions, and employee unions make use of the financial reports.
The following skills are required to prepare a financial report: GAP knowledge, reconciliations, account reconciliations, external auditors, internal controls, financial data, process knowledge, and variance analysis and accruals knowledge. A professional makes use of accruals to understand the trend and conduct research on expenses and payroll. The professionals compare the sales figures from various periods and identify the actual and expected results. The financial reports prepared by the cost accountants help identify the opportunities in the market for improving sales figures. Chartered accountants prepare financial reports to ensure growth and accuracy of compliance.
The financial reports prepared by the cost accountants bring transparency to the business operations. The details of earnings, charitable donations and investment activities enhance the sales volume and impress the customers. The unions behind the employee unity make use of financial reports to ensure fair wages and work culture. Creditors check the financial reports and understand the debt repayment capacity. The financial reports help for gaining extra credit points. The executive managers check the financial reports to understand the plans towards organizational goals and department-wise focus towards the objectives of the business.
Final Words:
Chartered and cost accountants are the pillars of the organization. Financial reports are prepared to check the accuracy, conduct analysis and plan the future. B.com graduates with a desire to work as a cost accountant do hard work and complete the CMA course. B.com course offers the average growth. CMA course offers job security and satisfaction to a professional. In a competitive world, it is essential to prepare for the worst and hope for the best. The future thinking of opportunities says that professional courses are like a ladder that takes a professional to a top management position.
