Accounting certifications enhance the specialized knowledge of the learners. The process of automation and data analytics used in different industries helps control and decision making. This process is a strategic process in business. The reason for the success of competitive certification courses CA/CMA/ACS is the brand value of the course. The brand value of these courses comes from the domestic job market and the global job market. This blog poses questions about the Indian value for commerce education, global value for commerce education, and the skills required for accounting professionals in the year 2021.
Indian value for commerce education
Commerce education imparts the skills required for the functional area of business such as industry, trade, and commerce. The syllabus of commerce education takes in the changes in the accounting system because of globalization, liberalization, and privatization factors. The dynamic factors of the business are part of commerce education. The government permits many private professionals to run the management colleges and chartered accountancy coaching institutes as they have updated knowledge.
One report says that on average, 19 percent of students go for science education, 16 percent of students go for commerce education and the balance 75 percent of students opt for arts education. After joining the commerce education, the student plan for the post-graduation like L.L.B, PGDM, M.Com, or professional courses like M.B.A., CA, CMA, or ACS. As commerce education is to implement the amendments and measure the success of the business, the quality of education matters a lot. Commerce education needs to be valued as it improves the standard of the Indian companies to the standard of the global company.
Some of the major areas which foster quality in commerce education in India are listed below.
- The syllabus is updated in alignment with the economic challenges and global challenges.
- Auditors understand the GST provisions better than common understanding that helps the companies to plan the indirect tax appropriately.
- As commerce students handle the client data and security concerns of the businesses technical knowledge is essential for them.
- Commerce students are not given first preference in professional education like CA, CMA, ACS, and MBA. Commerce students and other stream students are equally treated in the competitive professional commerce education.
- The study materials for commerce education are available only in the English language and not in the regional language.
- The study material for commerce education is content-oriented and skill-oriented as well. This study material improves the practical knowledge of the commerce students.
- Amendments of tax and law must take account of the basic issues and also the major challenges.
- The presentation skill of the student improved through activity-based projects. Activity-based understanding improves with case studies and internship programs.
- The real-world case-studies in commerce education are helpful to improve the analytical skill of the student. The case studies make the student think about the application of knowledge.
- The real-time challenges associated with commerce education are explained through the internship programs.
- The reasons behind the failure of the corporate plans are explained through commerce education.
- The strategic management techniques used in the global companies also initiates the efficient management techniques to the commerce students.
Global value for commerce education
IFRS stands for international financial reporting standards. ACCA, CMA, CFP, CPA, CAIA, CFA, CGMA, FRM, and FMVA are the international certification which educates about financial reporting, wealth management, investment, strategic management, auditing, risk management, portfolio management, and analytics. Digital exposure has brought in competition and changes like work. The objective of professional education is to support the competition and the changing work environment.
The freedom with the academic colleges, institutes, and universities create professionals with workplace readiness. The best practices followed in the recent market for auditing, and other operations educate the accounting professionals about the traditional and modern methodologies.
The economic development and the trading climates demand the insight provided by the accounting professionals. As countries like India, China, and the United States grow economically, there is a demand for accounting professionals. The CPA professionals in the United States get the highest salary in the globe. In the United States, the demand for professionals with accounts knowledge is more in places such as Georgia, Michigan, Texas, Tennessee, and Oklahoma. Japan is the next country that pays more for accounting professionals. The key driver of the country emerges from professional and financial services. Before starting a job, the country demands several host language examinations to the students. Globally the demand and salary for accounting professionals are high.
Skills that commerce students need to develop in 2021
After completing a professional course like CA/CMA/ACS/MBA commerce graduates either do business or work with a multi-national company. For client acquisition and delivery of presentations, communication skills make the commerce students as best performers.
Commerce graduates must have leadership skills to manage team members. The knowledge about the current affairs and general knowledge will add value to their role. With leadership skills and general knowledge, commerce graduates implement efficient decisions.
The job of finance professionals is with graphical information and data records of the company. So, they must possess numerical skills.
Problem-solving ability is the skill that solves problems. As problems are the reasons for the innovation of new products, every business problem requires different solutions. Commerce graduates are trained to handle such business problems.
The covid-19 has taught us to have academic programs as a combination of online classes and in-person classes. This change will structure the courses offered by the Academic institutes. The ICAI institute represents a large group of members. So, the Accounting professional institutes will serve at their best to impart the education and support the aspirant students in the year 2021.