- The Institute of Cost Accountants of India is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost and Management Accountancy.
- A Cost Accountant is a person who offers to perform or perform services involving the costing or pricing of goods and services or the preparation, verification or certification of cost accounting and related statements.
- Institute of Cost & Works Accountants of India (ICWAI) has changed it’s name into The Institute of Cost Accountants of India (ICAI). Also ICWA course has changed into CMA course. There is no difference between ICWAI and CMA. They are two different words used to describe one single thing. ICWAI stands for Institute of Cost and Work Accountant of India whereas CMA stands for Cost management accounting. Apart from the literal meaning there is no difference at all. There are 3 stages in ICWA course i.e., CMA Foundation, Inter and Final.
- If you want to become Cost management accountant, you should complete these three stages. Students who have passed 10+2 are eligible for ICWA Foundation exam. The Institute of Cost Accountants of India conducts ICWAI Foundation exam four times in a year in the months of March, June, September and December. If you passed ICWA Foundation exam, you are eligible for ICWAI Inter. If you have any graduation degree, you are exempt from ICWAI Foundation exam. You can directly enter into ICWAI Inter.
Scpope of CMA
- For the purpose of maintanance of cost records and Cost audit.
- .Valuation audit under Central Excise Act.
- .Audit under Vat and Special audit under Customs Act.
- .For determination of product prices.
- .Tax consultant.
- Project planning or financial adviser.
- Legal, Secretarial and Corporate Governance
.Foreign Collaborations and Joint Ventures
.Arbitration and Conciliation
.Capital Market and Investor Relations
.Corporate Advisory Services
- LEVEL 1 : FOUNDATION
- LEVEL 2: INTERMEDATE
- LEVEL 3 : FINAL
- Foundation :
Paper 1: Fundamentals of Economics and Management
Paper 2: Fundamentals of Accounting
Paper 3: Fundamentals of Laws and Ethics
Paper 4: Fundamentals of Business Mathematics & Statistic
Paper 5 Financial Accounting
Paper 6 Laws, Ethics and Governance
Paper 7 Direct Taxation
Paper 8 Cost accounting and financial management
Paper 9 Operation Management Information System
Paper 10 Cost and Management Accounting
Paper 11 Indirect Taxation
Paper 12 Company Accounts & Audit
- Final :
Paper 13- Corporate Laws and Compliance
Paper 14- Advanced Financial Management
Paper 15- Business Strategy & Strategic Cost Management
Paper 16- Tax Management and Practice
Paper 17 : Strategic Performance Management
Paper 18- Corporate Financial Reporting
Paper 19- Cost and Management Audit
Paper 20- Financial Analysis & Business Valuation