Cost and Management Accountancy as a Profession

 

A Cost Accountant is a professional accountant by virtue of his/her being a member of the institute of Cost Accountants of India (ICAI).

The Institute of Cost Accountants of India (ICAI) [previously know as the institute of Cost and Work Accountants of India (ICWAI)] is a premier statutory professional accountancy body in India with the objects of promoting, regulating and developing the profession of Cost Accountancy. It is the only licensing cum regulating body of Cost and Management Accountancy profession in India. It recommends the Cost Accounting Standards to be followed by companies.

Different stages of Cost and Management Accountancy

Entry level : Foundation course

First stage : Intermediate

Final stage : Final

Pathway to CMA

1. Enroll/Register with Institute of Cost Accountants for Foundation course
Minimum Qualification:

(a) A candidate should have passed Class 10th or equivalent from a recognized Board or Institution.

(b) Passed Senior Secondary Examination under 10+2 scheme of a recognized Board or an Examination recognized by the Central Government as equivalent thereto or has passed National Diploma in Commerce Examination held by the All India Council for Technical Education or any State Board of Technical Education under the authority of the said All India Council or the Diploma in Rural Service Examination conducted by the National Council of Higher Education.
Note: Students waiting for the result can apply for provisional admission.

2. Appear for Foundation Exam Eligibility Criteria:

  1. Completed a period of 6 months from date of registration for Foundation course as on 1st day of the month in which examination is to be held.
    Thus:
    Last Date of Registration for December Term is 31st May
    Last Date of Registration for June Term is 30th November
  2. (ii) Pass 10+2 examination conducted by a recognized board. Even students whose results are awaiting can appear, however they are required to produce their pass certificate for admission to Intermediate course.
    Note: Students of any stream at 10+2 can appear for Foundation Examination.

3. Enroll/Register for Intermediate Course
Eligibility Criteria:

  1. Passed Senior Secondary School Examination (10+2) and Foundation Course of the Institute of Cost Accountants of India/ Graduation in any discipline other than Fine Arts/Foundation (Entry Level) Part I Examination of CAT of the Institute/Foundation (Entry Level) Part I Examination and Competency Level Part II Examination of CAT of the Institute.
  2. Passed Foundation of Institute of Cost Accountants, ICSI/Intermediate of ICAI by what ever name called along with 10+2.

The subjects of Intermediate Course are:
Group I

  1. Financial Accounting
  2. Laws, Ethics and Governance
  3. Direct Taxation
  4. Cost Accounting and Financial Management

Group II

  1. Operations Management and Information Systems
  2. Cost and Management Accountancy
  3. Indirect Taxation
  4. Company Accounts & Audit


Registration for the ICAI course is open throughout the year. However, Students desirous to appear for June Term Examination should apply before 31st January of that year and for December Term Examination should apply before 31st July of that year.

4. Appear for Intermediate Examination
Eligibility Criteria:

  1. Completion of 4 months study course as on 1st day of month in which examination is to be held.
  2. Completion of Communication and Soft Skills Training.
  3. Completion of 100 hours Compulsory Computer Training.

Note:Students desirous to appear for Group I should complete at least Communication and Soft Skills Training.

5. Join Practical Training
After passing ICWA Intermediate every student having registered under Revised Syllabus 2008/Syllabus 2012, shall be required to undergo practical training for a period of 3 years on whole time basis to the satisfaction of council in any one or more of the organization as specified and in areas as specified for the recognition for training.

6. Enroll for Final Course Eligibility Criteria
Pass in both groups of Intermediate course.

Subjects of Final Course are:
Group I

(xiii) Corporate Laws and Compliance
(xiv) Advanced Financial Management
(xv) Business Strategy & Strategic Cost Management
(xvi) Tax Management & Practice

Group II
(xvii) Strategic Performance Management
(xviii) Corporate Financial Reporting
(xix) Cost and Management Audit
(xx) Financial Analysis and Business Valuation

7. Appear in Final Examination
Eligibility Criteria:

Complete at least 6 months of Practical Training in any one or more of the organization specified and in areas as specified;

(or)

Must have an experience of at least 6 months in any one or more of the organization specified and in areas as specified

(or)

Enroll for the I - CMA Training Module:

  • 7 days Industry oriented training programme
  • 50 hours additional computer training (if applicable)

8. Enroll for Membership
Minimum Criteria:

  1. Pass in Final Examination (Both Groups)
  2. Completion of prescribed modular training and practical training

 

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