The Institute of Cost and Works Accountants of India (ICWAI) name has been changed to The Institute of Cost Accountants of India (ICAI) with effect from 1st February 2012. The Institute is a statutory body under an Act of Parliament. A professionally qualified is called - CMA (for Graduate Member) , ACMA (Associate Member) and FCMA (Fellow Member). The Hyderabad Chapter of Cost Accountants have got ISO 9001:2008 certified chapter. Chartered Accountancy is another important career for Commerce students. You can get the comparison of CA and Cost Accountancy careers in another detailed article. Here are FAQs on Cost Accountancy:
1. What are the recent trends in ICAI training?
The Institute provides postal coaching and oral coaching in ICAI course, conducts examination and issues Certificate of pass. The syllabus undergoes changes periodically encompassing developments in industrial sector. ICAI syllabus is developed on four knowledge pillars – Financial reporting, Regulatory function, Management function, Strategic planning.
ICAI curriculum includes core subjects like finance, costing, taxation etc. Further, IT training & Modular training are imparted to students. Besides this, from 2008 onwards students have to undergo practical training under Practicing Cost Accountant or on the job training in industry. In sum, ICAI course is now a judicious blend of theoretical coaching and practical training in the field of Management Accounting.
2. How the employment opportunities are growing for ICAI candidates?
The opportunities galore for Cost Accountants in the areas of Cost Records maintenance, Costing System designing and implementation for manufacturing and service sector, Cost Audit assignments, Valuation services for indirect tax authorities, Certification services under compliance report, Faculties on Cost and Management Accountancy, Management Consultancy Services like management audit, energy audit, efficiency audit and environmental reporting.
3. What kind of aptitude and attitude is required for the students to succeed in the course and in the career?
Students should have logical, analytical and also technical skills as they need to understand various processes specific to the industry and their impact on cost so that correct cost is reflected in the price which includes perfect profit. The main attitude required for the ICAI students is that costing should be their intense area of interest, liking for numbers, studious studies.
4. What is the best time to start preparation for ICAI course? Why?
The best time to start preparation for ICAI course is after intermediate since students can go for foundation course along with their degree and they can complete their degree along with professional course. In 3 years a student can obtain twin qualifications i.e. Degree and ICAI.
5. Advantages and disadvantages for students with different academic backgrounds (Science, Maths, Commerce, etc)?
To put it categorically, Science students will find the course interesting due to the technical subjects like operations management wherein different machines and various processes are studied. Maths students find Business maths, statistics, operations research and project management subjects easier with their logical and analytical skill by ascertaining the logic of the impact of an activity on cost.
Commerce students, on the other hand find financial, cost accounts and taxation subjects easier due to their back ground strength in B. Com. course. To put in nutshell, ICAI course is a strategic mixture of accounting, taxation, technical and managerial subjects leading to proficiency in professional career. ICAI is not just a course but it is a career which any one can pursue in the competing professional field.