COST AND MANAGEMENT ACCOUNTANCY AS A CAREER

Date :11 Jul, 2018

Posted By:Team Jitin Chawla's Centre for Career Development


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COST AND MANAGEMENT ACCOUNTANCY AS A CAREER

Cost and Management Accountants (CMAs) work in different industries such as sugar, paper, refrigerators, cement and steel where cost audit is mandatory. These professionals collect, assimilate, collate and analyse financial information from all the areas of an organisation. They played a critical role because the management makes decisions on the basis of the information they provide. One can pursue the course of CMA  from the Institute of Cost Accountants of India (ICAI) and become a successful professional.

Degree in CMA

One can start learning from the foundation level right after class 12. Graduates can apply for the intermediate level. The course of CMA comprises of three stages - Foundation, Intermediate and Final.  After the completion of these steps, one can start practicing. 

Even though there is no fixed duration of the course, if pursued dedicatedly, one can complete it in 3-4 years.  The exams are conducted twice in an year – June and December.

After clearing all the papers of both intermediate and final levels, students can apply for the Associateship of the Institute. Students having practical experience of 3 years in fields of financial/cost accounting and commercial aspect of an industry can also apply for the Associateship .

Employment Prospects after CMA

Cost accountants are employed for cost accounting, accounting, financial management, financial/business analysis, auditing / internal auditing, direct and indirect taxation, as well as for systems analysis and systems management. The importance of this profession in economic development has led to their involvement in advising the government in cost and pricing policies and framing of tax and fiscal policies. They are treated at par with other classes. In Railways, Indian Army, Nationalised Banks, the services of Cost Accountants are often required for costing, budgeting, auditing purposes. CMA professionals can also start their careers in teaching as Professors, Readers and Lecturers.

Not only the government sector, but the corporate world also offers numerous opportunities to Cost Accountants. Here they can work as executers, administrators, appraisers, valuers, secretarial, tax consultants, advisors, etc. With experience, they can even rise to top positions like Financial Auditor, Financial Advisor, Finance Director, etc.

Cost Accountants can set up their own practice either individually or in partnership, after obtaining license from the respective Institute. The clients in a private practice may vary depending upon the size of practice. It may range from large public and private companies to small partnership and proprietary concerns.