Monday, 23 September 2013

About Cost & Management Accountancy (CMA/CWA)

Career as a Cost & Management Accountant

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

A Cost Accountant has expertise in directing managerial decisions through establishing budgets and standards, assessing operational efficiency, designing Management Information Systems, implementing cost records maintenance systems and procedures, and identifying factors for profit variance.

Cost Accountants in Employment

Many members of the ICMAI are holding top management positions of Managing Directors, Finance Directors, Financial Controllers, Chief Accountants, Cost Controllers, Chief Internal Auditors, CEOs, CFOs in business houses across the country.

Cost Accountants in Practice

Cost Accountants in Practice conduct statutory Cost Audits as prescribed in the Companies Act, as well as other audits as specified under various statutes such as the Excise Laws, Customs Laws and VAT Laws. They also act as management consultants and undertake assignments related to efficiency and operational consultants to manufacturing units in various industries.

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 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 Departments

The Central Government has constituted an all-India cadre known as the 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.

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