BRIGHT CAREER OPTION AFTER 12TH 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 28th
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
