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CMA As a Career

Cost Accountancy is a professional course administered by The Institute of Cost and Works Accountants of India (ICWAI).

A Cost Accountant specializes in navigating managerial decisions, stabilizing budgets and standards, assessing operational efficiency and the effectiveness of production and service management, and identifying accountability for profit variance.

A Cost Accountant’s responsibilities include:

  • Designing and implementing effective management information and control systems
  • Planning costing systems and methods
  • Inventory control incorporating mathematical models
  • Investment analysis
  • Project management
  • Internal audit
  • Cost audit
  • Diagnosis in the case of sick industries
  • Fund management
  • Pricing planning
  • Interpreting information and data related to business activities, and translating them to guide the core management into taking the right decisions

There is a sustained demand for qualified, trained and experienced Cost Accountants for both, the fields of employment and of practice.

Cost Accountants in Employment :

It has been felt beyond doubt that there has been increasing awareness amongst the business entrepreneurs that the most vital contribution is made by cost and management accountancy services in the business houses in the way of the attainment of business objectives. This has accentuated the demand for cost and management accounting services in all the sectors of economy. Many members of the Institute are holding top management positions, viz., Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager, Chief Internal Auditor, CEO, CFO. Those managing their own business, have found in themselves a Manager and an Accountant to control and flourish their business. It is a small wonder, then, that a Cost Accountant should find himself on the highest rung of the career ladder.

Cost Accountants in Education :

University Grants Commission (UGC) has notified UGC Regulations on Minimum Qualifications for Appointment of Teachers and Other Academic Staff in Universities and Colleges and Measures for the Maintenance of Standards in Higher Education, 2010 vide its Circular No. F.3-1/2009 dated 30th June 2010.

The Regulations prescribe the minimum qualification for appointment of teaching faculty in universities and colleges in the area of Management / Business Administration. The qualifications specified for the appointment of Assistant Professor, Associate Professor and Professor in the above area and Principal / Director / Head of the Institution include First Class Graduate and professionally qualified Cost and Works Accountant, among other qualifications, and subject to other requirements including qualifying NET / SLET / SET as the minimum eligibility condition for recruitment and appointment of Assistant Professors.

Cost Accountants in Government Department :

Realising the importance of the profession of the Cost and Management Accountancy in the economic development of the nation, the Central Government has constituted an all-India cadre known as Indian Cost Accounts Service (ICAS) at par with other Class-I services such as IAS, IFS etc. to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.

Cost Accountants in Practice :

Cost Accountants can practice in the following areas :

  • Maintenance of Cost record under Cost Accounting Records Rules u/s 209(1)(d) of Companies Act, 1956 in specified Industries; Cost Audit under section 233B of Companies Act, 1956.
  • Valuation Audit under section 14A & 14AA of Central Excise Act, 1944.
  • Special Audit under Customs Act, 1962.
  • Audit under VAT Acts of various States.
  • Certification of Cost of Production for Captive Consumption for the purpose of Excise Duty assessment.
  • Certification under EXIM Policy; Certification of Consumption for Import Application.
  • Tax Consultancy; Project Management Consultant.
  • Surveyor and Loss Assessor under Insurance Act, 1938.
  • Recovery consultant in Banking Sector.
  • Business Valuation; Financial Services: Advisor to an Issue.
  • Trustee, Executor, Administrator, Arbitrator, Receiver, Appraiser, Valuer.
  • Taking up appointment that may be made by the Central or State Government, Court of Law, Labour Tribunals or any other statutory bodies, regulatory bodies etc.

Further Academic pursuits :

  • A member of ICWAI can get enrolled as a member of IMA USA.
  • Recognised by the Academic Councils of many Universities in India for the purpose of admission of the Ph.D. courses in Commerce. It was resolved by Association of Indian Universities to accept Bachelor Degree-holders who have ICWAI Qualification for registration as M.Phil. and Ph.D. candidates in commerce and allied disciplines.
  • The MoU between CIMA (The Chartered Institute of Management Accountants), UK and ICWAI introduces a new CIMA Professional Gateway examination (available from May 2009) for ICWAI students who have successfully completed the whole of the ICWAI professional examination, enabling a ‘fast track’ route into CIMA’s Strategic level examinations, final tests of professional competence and ultimately CIMA Membership.

The ICWAI has –

  • It’s Headquarter at Kolkata.
  • 4 Regional offices at Kolkata, Mumbai, Chennai and New Delhi.
  • 91 Chapters all over India.
  • 6 Overseas centres.

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