Who is a Cost Accountant?

A Cost Accountant (CMA/ICWA) is a Professional accountant by virtue of his/her being a member of the professional body of accountants conducting the cost accountancy course.

Cost Accountants carry on professional practice as Cost Accountants either individually or as a firm (in partnership with other cost accountants). They are mostly found working as employees/consultants in organizations. Some carry on professional practice and work as employees/consultants in organizations.

Functions performed by Cost Accountants only

The law places certain conditions on the performance of certain functions. Where the law requires that a particular Function is performed only by a certain professional, it should be so. Such functions are what we call statutory functions.

Under Sec 209(i) (d) of the Companies Act 1956 there are over 40 select industries where maintenance of cost accounting records is statutory. Under Sec 233 – B these records are to be got audited by a qualified cost accountant.

A Cost Accountant is eligible for certification of Import/Export document under Export-Import (EXIM) policy.

A Cost Accountant is eligible for Excise Audit under Sec 14 A and Special Audit regarding CENVAT credit availed under Sec 14AA of the Central Excise Act.

A Cost Accountant is allowed to do a special audit under the Customs Act.

Where the specialized knowledge of the professional would be very much crucial in performing the function, we find that they are performed only by the relevant professionals.

Start Early

Clearing your 10+2 is the basic criteria for making a move towards this particular career path. At this level, you can join the foundation level course. However, you can also get admission to the Interlevel of the course if you have earned your graduate degree or any other equivalent or higher academic qualification.

Role of a Cost Accountant

A Cost Accountant being multidisciplinary professional renders services in the following areas:

Employment

Chartered Accountants, on account of their having completed the chartered accountancy course, are considered to be candidates with the knowledge, ability, and intelligence. For this reason, they are the preferred lot for a lot of accounting and managerial jobs.

Financial Manager, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager, Chief Internal Auditor, Managing Director etc., are some such jobs where people with professional accounting knowledge are sought after.

With the growing trend of back-office operations, many multinational organizations having their back offices in India employ professional accountants.

Private Practice

A qualified professional can set up his/her own private practice as a practicing cost accountant. Apart from the statutory opportunities that would be available to a cost accountant, one can play the role of a consultant for any organization relating to the functions of accounting, taxation, auditing, cost management etc.

However, a cost accountant as a consultant would be preferred in areas of costing and management accounting rather than taxation, financial accounting, and auditing functions.

Statutory Opportunities

The law places certain conditions on the performance of certain functions. Where the law requires that a particular function is performed only by a certain professional, it should be so. Such functions are what we call statutory functions.

1. Under Sec 209(i)(d) of the Companies Act 1956 there are over 40 select industries where maintenance of cost accounting records is statutory. Under Sec 233 – B these records are to be got audited by a qualified cost accountant.

2. A Cost Accountant is eligible for certification of Import/Export document under Export-Import (EXIM) policy.

3. A Cost Accountant is eligible for Excise Audit under Sec 14 A and Special Audit regarding CENVAT credit availed under Sec 14AA of the Central Excise Act.

4. A Cost Accountant is allowed to do a special audit under the Customs Act.

Where the specialized knowledge of the professional would be very much crucial in performing the function, we find that they are performed only by the relevant professionals.

Special Government Services

Realizing the importance of the profession of Cost and Management Accountancy, the central government has constituted an all India cadre known as Indian Cost Accounts Service (ICAS) at par with other Class – I services such as IAS, IFS etc., to advise the government in cost and pricing and in framing the appropriate fiscal and tax policies.

As per the decision of the AICTE (All India Council for Technical Education), Fellow members of ICWAI are treated at par with Ph. D candidates in so far as the appointment in the post of Professor, Associate Professor, Reader, Assistant Professor and Lecturer in professional/ Management Institutes.

How to be a Cost Accountant- Step-by-Step

There are two entry levels for this course.

1. A student pursuing the course after 10 + 2/Senior Secondary/intermediate has to start at the Foundation level.

2. A student starting the pursuit after graduation (10 + 2 + 3) can start at the Intermediate Level directly.

Foundation

[6 subjects arranged into

4 papers of 100 marks each.]

↓

Intermediate

[9 subjects arranged into two stages

of 3 papers of 100 marks each.]

+

Computer Training

100 Hour computer training.

 +

   Practical Experience/Training

3-year training (with a company or

a Cost Accountant in practice,

  registered with the institute).

  The exemption can be obtained

      by those having relevant work

experience as specified.

↓

Final

[6 subjects arranged into two modules

of 3 papers of 100 marks each.]

+

Modular Training

↓

Grad. ICWAI

Temporary Status till membership is acquired.

(This is not a kind of membership)

↓

Associate Membership

↓

Post Qualification Courses

[Optional]

Pay Package for a Company Secretary

The average salary for a Corporate Secretary is Rs 413,703 per year. A skill in Corporate Governance is associated with high pay for this job. Most people with this job move on to other positions after 10 years in this field.

For more information about Package, Visit http://www.naukrihub.com/salary-in- india/icwa-salary.html