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The Cost and Management Accountants facilitate strategic management decision in respect of economic activities of an organization by their sheer expertise. Study of Cost & Management Accountancy provides in depth knowledge and perspective to manage business under given circumstances. This is a field which provides satisfaction in terms of position as well as remuneration for successful candidates.
The Institute of Cost Accountants Of India (ICAI) which was formerly known as Institute of Cost and Works Accountants of India (ICWAI), is the only professional body specialized in the field of Cost and Management Accountancy in India aims at imparting coaching and training in the subject of Cost & Management Accountancy. It was established by an Act of Parliament in the year 1959, though the same was in existence as a company since 1944. The Institute has four Regional councils in the Metro cities.
Candidates with 10+2 qualification can join the Institute's Intermediate course after qualifying the Foundation Course examination of the Institute. Students awaiting result of 10+2 examination may be permitted to appear in the Foundation Course examination. Similarly students awaiting result of Graduation examination may also avail the facility of provisional registration. Direct Registration without appearing for the Foundation course is open to Graduates of any discipline. CMA certification of IMA in America and CIMA of UK is considered as a qualification which can be obtained by writing some of the papers of ICWAI (ICAI).
ICWAI (ICAI) passed candidates can hold top management positions, Viz. Managing Director, Finance Director, Financial Controller, Accountant, Cost Controller, Finance Manager, Chief Internal Auditor etc. in public and private sector organisations. Fellow members of the Institute would be treated at par with the persons holding Ph.D. degree as far as appointment in the posts of Professor, Associate Professor, Reader, Asstt. Professor and Lecturer in Professional / Management Institutes are concerned.
They can also find self employment in the following areas.
» Mandatory Cost Audit under Section 233(B) of the
Companies Act, 1956.
» Certification under Export & Import Policy.
» Excise Audit under Section 14A of the Central Excise Act and Special Audit of Modvat Credit availed of under Section 14AA of the Central Excise Act.
» Certification of manufacturing account as per Customs Act.
» Consultancy assignments.
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