Cost and Management Accountant (India)
Cost And Management Accountant (India) aka CMA is a professional qualified certification issued by Institute of Cost Accountants of India (ICMAI).[1] A Cost and Management Accountant (CMA) in India plays a pivotal role in the financial and operational management of organizations. CMAs are experts in cost accounting, financial planning, and strategic management, providing critical insights that help businesses optimize their resources, enhance profitability, and ensure sustainable growth.[2] Regulated by the Institute of Cost Accountants of India (ICMAI), the profession requires rigorous education, clear three level of exams and practical training. CMAs are integral to various sectors, including manufacturing, services, and public enterprises, where they contribute to effective cost control, performance evaluation, and strategic decision-making. CMAs maintain and utilize accounting record to built plans, policies and strategies organizational goal for the optimum performance.
Education
editICAMI regulates the curriculum in 3 levels Foundation, Intermediate and Final similar to Chartered Accountant. The new education curriculum revised in the year 2020 require 15 months of practical training before Final exam. The CMA career has seen a rise in India, as it provides opportunity in different sector and a higher position.[3]
Responsibilities
editA cost and management accountant can work in different sectors, finance, manufacturing, IT, health etc. Major responsibilities of CMAs are
- Budgeting and Forecasting
- Financial Analysis
- Internal Auditing and Control
- Management reporting - Risk and Strategic
- Cost management
History
editThe Institute of Cost Accountants of India (formerly known as The Institute of Cost and Works Accountants of India) was established in 1944 as a registered company under the Companies Act. On May 28, 1959, the Institute gained statutory recognition through a special act of Parliament—the Cost and Works Accountants Act, 1959. It operates through four regional councils—Kolkata, Chennai, Delhi, and Mumbai—as well as several important chapters across India and abroad.[4] As the sole recognized statutory professional organization and licensing body in India specializing exclusively in Cost and Management Accountancy, the Institute plays a crucial role. Its primary objectives are to promote, regulate, and develop the profession of Cost Accountancy.
Recognition
editCost And Management Accountant (India) are eligible for courses to do Ph.D in universities based in India, National Eligibility Test (NET) conducted by UGC and the award of Fellowship in Junior Research or Assistant Professor as the degree holders of Cost and Management Accountancy (CMA) course have been recognised as equivalent to Post Graduates by the UGC.[5]
Cost And Management Accountant (India) can also practice in United States.[6]
See also
editReferences
edit- ^ Ian, Avik. "ICMAI". The Institute of Cost Accountants of India. Retrieved August 4, 2024.
- ^ Lee, Cheng F.; Junkus, Joan C. (August 31, 2024). "Financial Plan". Journal of Economics and Business. 35 (3): 259–283. doi:10.1016/0148-6195(83)90012-7. hdl:2142/26828.
- ^ "Times of India". August 9, 2024.
- ^ Ian, Avik (August 4, 2024). "ICMAI history". Retrieved August 4, 2024.
- ^ "Cost accountant qualification to be considered equivalent to PG degree". mint. 18 March 2021. Retrieved 20 June 2022.
- ^ "Indian cost accountants may soon practise in US, Canada - Indian Express". archive.indianexpress.com. 8 January 2008. Retrieved 20 June 2022.