Introduction History of ICWAI ICAI-CMA – A Snapshot Courses offered by ICAI-CMA Cost and Management Accountant-CMA course Course Structure Role of CMAs Opportunities for CMAs

1. Satish Narayan
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2. Topic : Cost and Management
Accountant -CMA
(a brief info)
References : Google, ICMAI, Investopedia, Wikipedia.
Image : Clipartkid
Disclaimer : All materials provided by me here is for information purposes only. Although every reasonable effort is made to present current and accurate
information, I would make no
guarantees of any kind and cannot be held liable for any outdated or incorrect information. E&OE.

3. Topic : CMA-Cost and Management Accountant
Contents :
a. Introduction
b. History of ICWAI
c. ICAI-CMA – A Snapshot
d. Courses offered by ICAI-CMA
e. Cost and Management Accountant-CMA course
f. Course Structure
g. Role of CMAs
h. Opportunities for CMAs

4. Topic : CMA-Cost and Management Accountant
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).

5. Topic : CMA-Cost and Management Accountant
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.

6. Topic : CMA-Cost and Management Accountant
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

7. Topic : CMA-Cost and Management Accountant
Courses offered by ICAI-CMA
 Cost & Management Accountants (CMAs)-Main
course
 Other Certification and Diploma Courses
o Certificate in Accounting Technicians (CAT)
o Certificate in IFRS Convergence
o Diploma in Management Accountancy (Dip.
MA)
o Diploma in IS Audit and Control
o Diploma in Business valuation
o 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/

8. Topic : CMA-Cost and Management Accountant
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

9. Topic : CMA-Cost and Management Accountant
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

10. Topic : CMA-Cost and Management Accountant
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.

11. Topic : CMA-Cost and Management Accountant
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 Narayan
B.com, MBA(Finance), ACMA,
(M.com)
Get in touch with me