BRIGHT CAREER OPTION AFTER 12TH PASSED

BRIGHT CAREER OPTION AFTER 12^TH PASSED:

AS A COST AND MANAGEMENT ACCOUNTANT (CMA)

(A) Institute of Cost Accountants of India (ICAI):

The Profession of Cost Accountancy is regulated by a Special Act of Parliament, viz. The Cost and Works Accountants Act, 1959. With the passing of the Act by Parliament, “The Institute of Cost & Works Accountants of India” came into being on 28^th May, 1959. It has since been continuously contributing to the growth of Industrial and economic climate of this country.

The Institute of Cost Accountants of India (formerly known as, The Institute of Cost & Works Accountants of India) is the only recognized statutory professional organization and licensing body in India specializing exclusively in the field of Cost and Management Accountancy.

The Head Office of the institute is situated at 12, Sudder Street, Kolkata -700016

The Institute imparts training and conducts professional examination in Cost Accountancy.

(B) Career in Cost and Management Accountancy:

As a result of Globalization on Indian Economy followed by Liberalization policy of the Government of India, competition in Indian Industries has become very severe resulting in generating awareness about the importance of Cost and Management Techniques in achieving Corporate Objectives. It has percolated into a much wider filed, encompassing small, medium, and large organization. In turn the members of this profession have innumerable opportunities for gainful and prestigious employment as well as in the field of Consultancy and Teaching, As an adjunct professional qualification, training in Cost and Management accountancy acts as a catalyst to personal development. This is evident from the number of Cost and Management Accountancy today occupying top-level post in Government, Commerce and Industry. The CMA occupies responsible position with handsome remuneration / compensation for the diverse jobs He / She performs.

(C) To be CMA:

One is required to pass Foundation Course, Intermediate and Final examinations conducted by the Institute and to acquire practical experience of 3 years to become an Associate Member of the Institute. A member can practice as Cost Accountant after obtaining a Certificate of Practice (COP) from the Institute.

Practicing Cost Accountant can undertake following assignments:

     i.        Cost Audit u/s 233(B) of the Companies Act, 1956

   ii.        Certification of Cost and Other data as required by the various Government Departments like Excise, Customs, Sales Tax, DGFT, BICP etc.

  iii.        Consultancy assignments in areas like :- Installation of Costing / Integrated Accounting System, Budgetary Control System, Project Report and Project Financing, Internal Audit and Management Audit, Management Consultancy, Direct and Indirect Taxation, Company Law Matters etc..

In large industrial organization, Cost and Management Accountant has a more specialized field, Management Reporting, Management Accountancy and Decision Making.

To enhance the capabilities of qualified Cost & Management Accountants and to equip them for these activities, Institute conducts Post Graduate Examination in Management Accountancy entry to which is restricted only to those who are qualified Cost & Management Accountants.

(D) Admission Eligibility

I. FOUNDATION COURSE:

a)    Completed 17 years of age on the date of application.

b)   Passed the Senior Secondary School Examination under the 10+2 Scheme recognized by the Central Government or equivalent qualification (GDC, Engg. Diploma Holder)

II. INTERMIDIATE:

a)    Passed Foundation Course Examination of ICAI (formerly known as ICWAI) OR

b)   Passed Graduate Examination of any recognized University / Equivalent examination as defined by the ICWAI.

III. FINAL:

a)    ICAI (formerly known as ICWAI) Intermediate Examination Passed.

For more details visit: http://www.icwai.org