Cost and Management Accountancy Course - CMA India

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Topic : Cost and Management Accountant -CMA

(a brief info)

References : Google, ICMAI, Investopedia, Wikipedia.Image : Clipartkid

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Topic : CMA-Cost and Management Accountant

Contents :

a. Introductionb. History of ICWAIc. ICAI-CMA – A Snapshotd. Courses offered by ICAI-CMAe. Cost and Management Accountant-CMA coursef. Course Structureg. Role of CMAsh. Opportunities for CMAs


Introductions:The Institute of Cost Accountants of India is a statutory body set up under an Act of

Parliament in the year 1959. Institute as a part of its obligation, regulate the profession of Cost and Management Accountancy, enrolls students for its courses, provide coaching facilities to the students, organize professional development programmes for the members and undertake research programme in the field of Cost and Management Accountancy.

The institute pursues the vision of cost competitiveness, cost management, efficient use of resources and structured approach to cost accounting as the key drivers of the profession. In today’s world, the profession of conventional accounting and auditing has taken a back seat and Cost and Management Accountants increasingly contributing towards the management of scarce resources like funds, land and apply strategic decisions. This has opened up further scope and tremendous opportunities for cost accountants in India and abroad. After an amendment passed by Parliament of India, the institute is now renamed as the Institute of Cost Accountants in India(ICAI-CMA). This step is aimed towards synergizing with the global management accounting bodies, sharing the best practices and it will be useful to large number of transnational Indian companies operating from India and abroad to remain competitive.

With the current emphasis on management of resources, the specialized knowledge of evaluating operating efficiency and strategic management the professionals are known as Cost and Management Accountants (CMAs).


History of ICWAI :

The Institute of Cost Accountants of India (ICAI) was first formed as a registered limited company in the year 1944 as per the provisions of the then Companies Act, 1913 with the initial objective of promoting, regulating and developing the profession of Cost Accountancy.

Post Independence, the Institute got statutory recognition when the Parliament of India enacted "The Cost and Works Accountants Act" (Act No.23rd of 1959), a special act, on May 28, 1959 to accord statutory recognition to ICAI (then ICWAI) as an Autonomous Professional Institute with the objectives of promoting, regulating, and developing the profession of Cost and Management Accountancy.

The CWA Amendment Bill, 2011 was passed by both the Houses of Indian Parliament viz. Loka Sabha and the Rajya Sabha on December 12, 2011 and assented by the Honorable President of India on January 12, 2012. The changes were published in the Official Gazette of India on January 13, 2011.


ICAI-CMA - Snapshot:

Abbreviation ICAI Formation 28th May 1959

Legal status Body corporate established by a special Act of the Parliament of India

Objective Develop and Regulate the profession of Cost & Management Accountancy and Cost Audit & in India

Headquarters Kolkata, India Region served India Membership 41,947 (as on 18th March 2017)Students 5,50,000 +Member's designations ACMA, FCMA


Courses offered by ICAI-CMA

Cost & Management Accountants (CMAs)-Main course

Other Certification and Diploma Courseso Certificate in Accounting Technicians (CAT)o Certificate in IFRS Convergenceo Diploma in Management Accountancy

(Dip. MA)o Diploma in IS Audit and Controlo Diploma in Business valuationo Diploma in Internal Audit

Note : In this presentation we are discussing only about CMA, main course of the ICAI, additional info about Certification/Diploma courses can be found in http://www.icmai.in/


CMA Course Structure: This is the primary qualification of the ICAI and following completion of up to three levels :

Foundation Intermediate and Final examinations and three years of practical training in areas like Management Accounting,

Cost Accounting, Financial Accounting, Taxation, Audits, Corporate Laws etc. enables an individual to become a Cost & Management Accountant.

Subjects for examinations include Management Accounting, Financial Accounting, Strategic Management, Taxation, Corporate Law, Financial Management, Business Valuation, Financial Reporting and Cost & Management Audit etc., Students who have passed degree examination of any recognized university or equivalent are eligible for admission directly to Intermediate level. Paper-wise exemptions on the basis of reciprocal arrangement are available to students who have passed Institute of Company Secretaries of India Final Examination(ICSI).

Examinations are held twice a year in June and December in various examination centres in India and overseas centres. The Results are declared in the month of August and February for June term and December term exams respectively. A student has to pass three levels of examination and complete three years of practical training to be eligible to apply for Associate membership of the Institute.

The members of the Institute of Cost Accountants of India carry the designation ACMA (Associate Cost and Management Accountant) and FCMA (Fellow Cost and Management Accountant), as applicable based on their type of membership of the institute.


Role of CMAs:

Corporate Decision Making Resource Management Performance Management Financial Reporting & Strategy Optimization of Stakeholder’s value Risk Management Enterprise Governance Audit Assurance and Taxation Sustainable Development Corporate Social Responsibility-CSR


Opportunities :

Employment Avenues : Cost Accountants hold key positions as Chairman, Managing Director, Finance Director, Chief Finance Officer, Chief Executive Officer, Finance Manager, etc., in MNCs, Private and Public Sector, State and Central Government. Many of the Public Sector Units viz., Coal India, ONGC, NMDC, STC, MMTC, Allahabad Bank and Corporate houses like Nestle, TCS, HCL, TVS, Vedanta, Wipro regularly look for CMAs. The Institute has a Placement Directorate that provides assistance in placements across sectors. The CMAs can also carry out independent practice and deploy their services across sectors. Cost Accountants in Government Departments: Realizing the potential 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 (ICoAS) 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.


Opportunities :

Cost Accountants in Education : According to the University Grants Commission’s regulations of 2010, the minimum qualification for appointment of Assistant Professor, Professor and Principal/Director/Head of the Institution in universities and colleges in the area of Management/Business Administration, includes 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.

Hence, a qualified Cost Accountant is also entitled to a teaching career apart from being involved in pricing issues.

Note : More info about the ICAI-CMA can be found @ www.ICMAI.in

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Satish NarayanB.com, MBA(Finance), ACMA,

(M.com)

Get in touch with me