As a budding entrepreneur, Shalini always wanted to follow the footsteps of her father but wanted to run the business in her own way. Shalini was a finance professional with big dreams blooming in her mind. However, as a shrewd entrepreneur, who grew up in a business family, she was sure about one thing: competition was fierce in the mainstream industry. To survive was not easy, and she had to have that additional edge against her competitors. Hence, she was looking for an education which would not only give her financial expertise but also impart the ability to develop strategies and business insights.
Her friend Andrew from the UK suggested her to do a course in managing to account, i.e., from CIMA (Chartered Institute of Management Accountants). According to him, it could help her to explore many opportunities in the business scenario. Shalini was, however, not sure, how it would help her in her business in India.
One fine evening, on a skype chat, Andrew spoke with Shalini to clear her apprehensions about the CIMA course.
“Shalini, you see the world has become a much smaller place today. Due to globalization, India’s name in the foreign market has increased tremendously. As far as CIMA is concerned, it is a global accredited course, having its name in the global market. It has members in 179 countries, including India. And with the growing MNCs in India, they’re looking up for young professionals who can understand the challenges of accounting on a global scale and also offer some insights into the development of the business. You can also read some interesting case studies at the CIMA website: www.cimaglobal.com.”
Shalini had learnt one thing from her father: never venture into anything before doing your research. As suggested by Andrew, she visited the website and jotted down a few points.
Let’s go through what Shalini’s research says.
- Global Accreditation: Need of the Hour
Traditional courses make you technically strong and have relevance only in India. However, Shalini wanted her business to grow outside of India too. As a CIMA qualified member, she could use the CGMA (Chartered Global Management Accountant) certificate which was conferred by both CIMA and AICPA (American Institute of Certified Public Accountants).
- Three Pillars of CIMA’s syllabus
CIMA’s syllabus is a comprehensive and holistic approach, with the importance being laden to all-round development. Each pillar is designed by CIMA to develop skill sets that are essential in nurturing a personality of an entrepreneur.
Enterprise Pillar: The enterprise pillar focuses on various skill sets involving strategic, project, relationship and organizational management. This pillar boosts skills that are necessary for an ‘entrepreneur’, developing people and leadership skills in the candidate and ability to accept and respond to change.
Performance Pillar: This pillar covers the management accounting level which develops strategic risk, managing risks, building budgets, etc., skill sets that are necessary for management level.
Financial Pillar: This level imparts technical knowledge in finance: formulating financial strategies, weighing risks and evaluating project’s financial requirements, measure the financial performance of the company, compare with competitors, knowledge of applicable taxes, etc.
Case Study: The case study analysis requires in-depth analysis of the industry in which the company is operating, formulation of marketing, financial analysis, cost-benefit analysis, etc.
- Earn While You Learn
The good thing about CIMA is flexibility – you can even work on your venture, start setting up your business while doing your studies. Or if you want some learning experience before starting your business, you can always work in a service sector and start your business when your education is complete.
- Going Beyond Financial Expertise
CIMA’s curriculum is designed in such a way that you go beyond being merely financially educated. It imparts skills required to make business decisions that can be helpful in attaining sustainable growth. The CGMA competency framework is a blend of technical skills, business skills, leadership skills, as well as people skills. In short, your performance will be analysed on these parameters. Their holistic approach can be beneficial for the growth of your business. You’re trained to employ your financial expertise in a practical scenario.
As a business person, one has to have an all-around knowledge and a foresight to predict changes, bring innovations, and reach the optimum output within available resources. The number of students in India enrolling for CIMA is definitely increasing. Currently, there is lesser competition. However, the main point to consider here is that CIMA does not only make you ‘job-ready’, but also imparts education that makes you ready for the business of your own.
Shalini is a part of young smart start-up generation of India. Like many others, she wants to exploit this opportunity and be a part of this revolution. India has a lot of opportunities today and investing some capital for long-term goals is definitely worth it.