Understanding CMA as career

Ranjan K Baruah *

Whenever we talk about career in commerce then the first word comes to our mind is ‘Charted Accountant’ or shortly known as CA. Apart from CA, other courses includes Company Secretary or popularly known as CS. There are many other similar courses and one of them is known as CMA or Cost and Management Accountancy Course which is imparted and managed by The Institute of Cost Accountants of India (ICAI).

Any students after passing class X exam may take admission in the institute but to appear in the exam of foundation course students must pass Class XII. There are direct admissions for graduates except from fine arts. After foundation course aspirants reaches intermediate and course and then they have to appear in the final exam. In the process students have to complete soft skills and communication training and computer training.

Before appearing in the final and to complete the stage other training and exposure are needed which are mentioned in the course of the institute. After finishing the course aspirants enrol as member with the institute to practise the same in the country. With the increase of trade and commerce and globalisation CMA brings opportunities for students to be employed by others or become self employed with their expertise and experiences.

Maintenance of Cost Records and Cost Audit under The Companies (Cost Records and Audit) Rules, 2014 under section 148 of The Companies Act, 2013 brings opportunities for CMA.The Institute of Cost Accountants of India (ICAI) is a premier professional body of Management Accountants in the country established on 28th May, 1959 under the Cost and Works Accountants Act, 1959 enacted by the Parliament to regulate the profession of Cost and Management Accountancy in India.

Its objectives are to develop the Cost and Management Accountancy function as a powerful tool of management control in all spheres of economic activities; to promote and develop the adoption of scientific methods in Cost and Management Accountancy; to develop the professional body of members and equip them fully to discharge their functions and fulfil the objectives of the Institute in the context of providing financial leadership of enterprises globally; etc.

There are different chapters of this institute in different parts of the country. I have taken inputs from the website of ICAI while compiling this write up and interested students may visit the official website for further details.

Updates:

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