RIYADH — Getting to know more about the modern-day challenges and opportunities that students and professionals face in the management accounting industry, Loutfi Echhade member of the IMA (Institute of Management Accountants) discussed the role of IMA, the impact of the CMA (Certified Management Accountant) and how technology and innovation is impacting the industry. On the key challenges that management accounting industry is facing in the region, Echhade said: "One of the biggest challenges we are facing today is finding highly qualified management accounting professionals who have the right skills to keep up with the changes happening in the industry. With ever-evolving changes taking place across the sector, there is a need for management accountants with similarly evolving competencies. Organizations are looking for strategic thinkers, leaders and decision makers; people who can adapt and keep up to date with all the developments and challenges in the market." "Drawing from my own experience, one of the biggest milestones of my career was completing my CMA certification. I earned the credential in the late 1990s, and I believe that it provided me with the necessary skills to stay on top of the business and technological transformations happening around us now. I have had the privilege to serve on the global Board of Directors for IMA, which has further brought significant opportunities for me to continue learning and developing. I have been involved in many seminars and conferences and these have given me the knowledge and insight to have a successful journey within the industry," Echhade said. Whether we consider fresh graduates or even experienced professionals, Echhade thinks that gaining a credential such as the CMA would give someone a great advantage in an increasingly competitive job market. Employers are on the hunt for accounting and finance talent who will be able to keep abreast of the latest developments in the field, and the CMA credential will provide students with the appropriate skills and capabilities to help them maintain their competitive edge. On how professional and corporations adapt to the latest trends and developments within the industry, Echhade explained that the industry is not just entering the digital age, but is well within this era already. "We are currently seeing the incorporation of artificial intelligence (AI), big data, data analytics, robotics, and intelligent process automation into our work. What this means for accounting and finance professionals in the region is that they need to upskill. Professionals must be able to seamlessly integrate into the digital age of accounting and finance; they must adopt the skills that enable them to make decisions using technology. Being an IMA member has meant that I have been able to keep up with the changes happening in the sector, through knowledge sharing and the exchange of best practices that is available through IMA. " "For instance, AI and robotics are automating complex processes, reducing operational costs while increasing efficiency. As a result, accountants must transition from performing technical tasks within their organizations, into more strategic and critical thinking roles. Professionals and organizations alike must embrace the rapid advances in technology to stay relevant in the industry. This includes staying up to date with technological innovations and tools like data analytics to inform their strategic and decision-making processes." The CMA curriculum has continuously been modified in order to keep up with these technological advancements. The credential in turn ensures that students and professionals are well informed and aware of digitalization and equips them to use these relevant solutions in their professional careers in the future. Talking about the challenges students would face, Echhade said: "There are a number of challenges that students face today as they prepare for a career in this field. Firstly, there are constant economic changes and it is important that students are aware of how these impact the industry. It's vital that they select the right classes, modules and majors that will equip them with the knowledge and skills they need to succeed in the professional world." "Advanced skills are critical and the students need to have these developed in order to meet the demands of modern employers. They need to ensure that they are well-rounded with high level communication skills, analytical thinking and interpersonal capabilities as well. These are some of the qualities that are needed to guarantee success. I advise new graduates and professionals to continuously upskill through taking the CMA, as it provides focus on key topics within the industry, which is key in the modern environment." On key drivers responsible for the evolving nature of management accountancy, Echhade said: "Management accounting plays an increasingly important role in business, as accountants within the field analyze a range of economic and commercial challenges within organizations. Consequently, the expectations of management accounting professionals are changing to incorporate broader skillsets, which will help them play a more central role in businesses. Professionals are required to work across various business areas such as planning, decision analysis and risk management, and having a broader skillset means being able to move across these areas of business. The market demands from the workforce are changing, and the traditional role of an accountant is moving towards being a key decision maker within businesses. Loutfi K. Echhade, CMA, CFM, currently serves as a member of the Board of Directors at El-Ajou Group Trading Co.
