By enhancing knowledge and skill sets, professional certifications empower aspiring candidates to work smarter, increase productivity, and elevate their professional standing, writes CA Sripal Jain. The ICAI recently announced the CA results, revealing that out of 1,17,764 candidates who appeared for Group 1 of the Intermediate course, only 31,978 qualified, resulting in a pass percentage of 27.35%. With many students striving hard to pass this exam, those who didn’t clear the Chartered Accountancy (CA) exam may feel uncertain about their prospects. However, there is a silver lining.
The global accounting sector is currently facing a severe shortage of accountants and auditors. A survey by Avalara indicates that 84% of CFOs in the US and the UK report significant talent shortages within their accounting and finance teams. The Korn Ferry report also reveals that Germany is experiencing a shortage of skilled workers, predicting a deficit of 1.2 million workers in 2020, which is expected to increase to 2.5 million by 2030. The financial services sector in Germany will be particularly affected, accounting for over 25% of the total shortage. Services such as bookkeeping, accounting, compliance, tax return filing, and more require skilled and trained resources. With such an increasing workforce gap, these nations are looking toward India for its highly skilled accounting professionals.
This presents an opportunity for aspiring Indian accounting professionals to tap into these global opportunities and excel in the international market. To access this opportunity, candidates need to upskill themselves to match international accounting standards by pursuing professional certifications such as the US-certified CPA, CMA, and EA. By enhancing their knowledge and skill sets, these professional certifications empower aspiring candidates to work smarter, increase productivity, and elevate their professional standing.
Certifications That Can Propel You Toward Global Success:
1. US Certified Public Accountant (US CPA):
Globally respected, this credential signifies expertise in financial analysis, tax preparation, auditing, and accounting specializations. It involves four exams, typically completed within 9–12 months. CPAs enjoy diverse career opportunities in public and corporate accounting. Pursuing a CPA after CA significantly boosts career prospects, earning potential, and professional versatility.
2. US Certified Management Accountant (CMA):
This globally recognized certification focuses on corporate finance and management accounting, covering critical skills. Completed in two parts over 6–9 months, it is open to graduates and those with two years of experience. CMA certification opens doors to roles like finance manager, financial analyst, and CFO, enhancing expertise in financial modeling and presentation skills.
3. Enrolled Agent Certification:
This is the highest IRS-awarded credential in taxation, allowing professionals to represent clients before the IRS. The certification requires passing three exams over 6–8 months. Candidates must be at least 18 and have a PTIN. With a projected 4% job growth for tax preparers by 2029, EAs have favorable employment prospects.
According to the Global Accounting Services Market Report (2021–2030) by Research and Markets, the global market for accounting services reached $544 billion in 2020 and is projected to reach $736 billion by 2025. With the help of these globally respected professional certifications, Indian CA aspirants can upskill themselves to tackle complex financial challenges, ensuring they excel in a global marketplace that demands the highest levels of expertise and adaptability
