COST AND MANAGEMENT ACCOUNTANCY PROFESSION IN INDIA
With the globalization of all economic activities, the industries both in manufacturing and service sector have recognized the potential of Cost and Management Accounting profession in giving support ineffective resource management and making the operations more cost effective for facing the challenges of management.
Cost and Management Accountants provide services in investment planning, profit planning, project management and overall managerial decision making process. Many members of the Institute are holding top management positions, viz., Chairman, CEO/CFO, Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Chief lnternal Auditor etc.
Central Government has constituted an all- India cadre known as Indian Cost Accounting Service (ICAS) at par with class-I services for framing fiscal and tax policies.
The Specialized knowledge and skill of the professional members of the Institute are being given due recognition for different Audit or Certification work under different statutes like maintenance of Cost Accounting Records and CostAuditundersection148ofTheCompanies Act, 2013 and Valuation Audit.
Cost and Management Accountants (CMA) have a leading and important role to play in GST Era. Advisory services like Impact Study, Contract Review, Impact on Pricing Model, Business Structure revamping, Supply Chain Management, Logistics and Distribution Systems, Business process mapping in GST etc. including filling of Monthly/Quarterly/Annual return.
Opportunities for Cost & Management Accountants
CMA as a Cost & Management Accountant
- Maintenance of Cost Records and Cost Audit under The Companies (Cost Records and Audit) Rules, 2014 under section 148 of The Companies Act, 2013
- Internal Audit u/s 138 of The Companies Act,
- Certification of various forms in Director General of Foreign Trade under the Ministry of Commerce and Industry.
- Empanelment as Auditors in Co-operative
- Stock, Concurrent and Due Diligence Audit of various Banks.
- Tax Consultancy.
- Business Valuation
- Capital Structure Planning & Finance raising
- Working capital management.
- Preparing project reports and feasibility studies.
- Price-fixation and other management decision making.
- Business policy, corporate planning, organization development, growth and diversification.
Job Opportunities for CMA
- Cost Accounting
- Financial Management
- Financial/Business Analyst
- Auditing/Internal Auditing/Special Audits
- Direct & Indirect Taxation
- Systems Analysis & Systems Management
- Functional Consultancy in ERP implementation
- Process Analysis in BPO houses
- Academic Careers in College/ Management Institute etc.
- Implementing Business Intelligence Systems