Career in Cost Accounting

What: Institute of Cost Accountants of India (ICMAI) established by an act of Parliament in the year 1959 is the only professional body specialised in the field of Cost and Management Accounting in India. Institute of Cost Accountants of India promotes, regulates, and develops the profession of Cost Accountancy in India. The main job of a Cost Accountant is to collect, assimilate, and analyse financial information from all areas of the organization. A degree in cost accounting equips a candidate with the adequate knowledge to manage finance of the organization competently and ensure managerial decisions are well within the available resources.

With the globalization of the economy, there is a high demand of cost and management professionals and in the near future more professionals will be required with the good knowledge of cost accounting.

ICMAI passed candidates can hold top management positions such as Financial Controller, Cost Controller, Accountant, Finance Manager, and Chief Internal Auditor etc. After having Certification of manufacturing account as per Customs Act and Certification under Export & Import Policy they can also start their own business in Consultancy assignments.

ICMAI holders can find opportunities with engineering consulting companies like RITES Ltd. Eligible candidates can take up the role of Manager, Junior Manager, etc. Those with seven year work experience can get in the role of Manager and can earn salary packages up to Rs. 1,50,000/- per month. Fresh ICMAI candidates will be recruited to the role of Junior Manager and can earn salary packages around Rs. 35,000/- per month.

How: The Cost and Management Accountants facilitate strategic management decision in respect of economic activities of an organization by their sheer expertise. Study of Cost & Management Accountancy provides in depth knowledge and perspective to manage business under given circumstances. This is a field which provides satisfaction in terms of position as well as remuneration for successful candidates.

Candidates with 10+2 qualification can join the Institute’s Intermediate course after qualifying the Foundation Course examination of the Institute. Students awaiting result of 10+2 examination may be permitted to appear in the Foundation Course examination. Similarly students awaiting result of Graduation examination may also avail the facility of provisional registration. Direct Registration without appearing for the Foundation course is open to Graduates of any discipline.

Where: The ICMAI offers two types of tuition – Postal through its four Regional Councils situated in four metropolises and oral through its more than 106 affiliated Oral Coaching Centres spread all over the country.

Institutions:

• The Institute of Cost Accountants of India