Future of the "Management Accountant Career"

Abstract

Worldwide Management Accountants are becoming the most sought-after professionals in business enterprises, policy groups of various Governments for the social management of common goods and financial institutions. This is for three main reasons (i) growing complexity of business models requiring strategic cost management;(ii) micro and macro-economics influencing the cost-benefit analysis of key business decisions at various stages of the life cycle of a business organisation and (iii) a growing application of technology and artificial intelligence to the financial management of businesses. Although these reasons on one hand are making the strategic application of management accounting very robust, on the other hand the systemic or robotic use of the management accounting tools is fast becoming dispensable. Mechanisation of management accounting has become a routine exercise. Artificial Intelligence (AI) is proving the cognizance of the behavioural aspects of management accounting very useful. It is also becoming vital in the processes of taking and executing the data based decisions. The gap between 'business economics' and 'management accounting' is fast narrowing, compelling CMAs to master the art and science of applying certain theories of enterprise-level economics to strategic decisions. Worldwide supply chains are seriously impacting most of the business models and hence strategic cost management has become very pertinent.