Should you pursue a CMA degree?

While business degrees such as BBA and MBA are widely recognised, few students are aware of the professional credentials available in business, particularly in accounting. Beyond standard undergraduate or postgraduate qualifications, additional professional degrees can enhance career prospects significantly. One such option within accounting is the Cost and Management Accountant (CMA) qualification, which merits closer examination.

The CMA is a specialised credential in cost and management accounting, suited for both full-time students and working professionals in Bangladesh. Its curriculum spans cost and management accounting, auditing, financial reporting, corporate finance strategy, taxation, corporate governance, and business strategy, making it a respected qualification globally.

Professionals with a CMA degree are designated as Associate Cost and Management Accountants (ACMA), advancing to Fellow Cost and Management Accountants (FCMA) upon meeting additional criteria. Regular training in emerging topics further ensures that CMA holders remain updated and relevant in their field.

Md. Kausar Alam, a CFO and Company Secretary at Shun Shing Group in Hong Kong, explains, "Professional degrees like CMA are tailored to develop expert business professionals. The curriculum's extensive coverage and practical focus have a substantial impact on business management."

In Bangladesh, the Institute of Cost and Management Accountants of Bangladesh (ICMAB), a statutory body under the Ministry of Commerce, offers this qualification. It's available to HSC graduates, postgraduates, and holders of other professional degrees like Chartered Accountancy. Similar institutions exist worldwide, including the Chartered Institute of Management Accountants (CIMA) in the UK and the Institute of Management Accountants (IMA) in the US.

Hasan Shahriar Khan, a Deputy Manager in Finance at Aristopharma Ltd., shares his journey, "I decided early to pursue Chartered Accountancy, but I was inspired to add CMA to my credentials after attending a seminar at ICMAB during my BBA."

A CMA qualification opens doors to various sectors, from running a CMA or consulting firm to roles in manufacturing, banking, government, and education. Many employers value such degrees, often specifying them in job listings. "I secured my current position in part because of my CMA degree alongside my background from Dhaka University," Hasan says. However, he notes that career success is influenced by individual skills and quality.

The Chartered Accountancy (CA) qualification is another valuable option, with a focus on auditing, reporting, and taxation. Ishtiaq Mainuddin, who is pursuing both CMA and CA, explains his motivation: "Earning a CMA enhances professional credibility and demonstrates a commitment to high standards. Many pursue it to advance in management accounting or financial roles."

For those considering only CA, Ishtiaq points out key differences. "While CA is specialised in financial reporting and auditing, CMA covers cost and management accounting, critical for decision-making in sectors like manufacturing," he says. 

Despite some overlapping topics between BBA/MBA and CMA/CA, the latter offer a depth that traditional business degrees lack. Kausar emphasises, "With ERP, AI, blockchain, and robotics transforming business, professionals need advanced expertise. Real-time collaboration between artificial and human intelligence will be a vital skill for tomorrow's accountants."

In an increasingly complex business landscape, Kausar concludes, "Specialised knowledge is essential for business students and professionals alike."