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Cost and Management Accountants
Library and Information Science
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Cost Accountancy
Cost
Accountancy or Management Accountancy as it is known in the west, is today
recognized as one of the most essential management services. Cost
Accountants are responsible for designing and implementing effective
management and control systems. Their job would encompass all those
aspects that influence the cost of the final product or service and its
ultimate pricing. The other important area of work for a Cost Accountant
is budget control. By evaluating operational efficiency of the firm and
identifying the elements of cost and profit variance a cost accountant
renders precious help to the management. Cost and management accountants
also act as tax consultants; advisors on company matters, mergers,
acquisitions etc; as key persons in the preparation of feasibility reports
and strategic planning of projects.
The
job prospects for a Cost Accountant is growing in India Government, which
is evident from the fact the Government has made it compulsory for as many
as thirty eight classes of companies to have a cost audit. Moreover there
is a growing awareness among the business community about the benefits of
having the services of a cost accountant.
Educational
Qualification:
Membership
of the Institute of Cost and Work Accountants of India (ICWAI)
headquartered in Calcutta with regional offices at Calcutta, Chennai,
Mumbai and Delhi, is the only prescribed qualification for entry into this
profession. Membership is granted after clearing the preliminary or
foundation, intermediate and final examinations conducted by the institute
and also after acquiring three years of the requisite practical training.
Admission to the foundation course examination or the preliminary
examination is open to candidates who have passed 10+2 exam. Gazetted
Officers, postgraduates, engineering graduates and graduates with 50%
marks are exempted from the preliminary exam and are allowed direct
registration for taking the intermediate exam.
The
fee for the foundation course is only Rs 250. Candidates may also go for a
Foundation Course Student Kit, priced at Rs 600 for better preparation for
the exam. Last date of submission of forms to the respective regional
councils is 15th April and 25th October for June and
December terms of examinations respectively.
It
is mandatory for registered students to undergo coaching for a specified
period either through postal coaching or through oral coaching centres
before taking the intermediate and final examinations. The regional
councils and, certain other institutes recognized by ICWAI, conduct
tuitions. After clearing the
intermediate stage, a candidate can appear for the final examination.
After completing both the intermediate and final examinations and gaining
3 years of practical experience, the candidate can apply for the associate
ship. This experience must cover different branches of costing or
industrial accounting. The practical training can be done after final
exams or along with the study.
The
registration fee payable only one time is Rs 300. Tuition fee would be
slightly less for those going for postal coaching instead of oral
coaching. In postal coaching it is Rs 2160 for intermediate examination if
paid in lump sum and Rs 2400 if paid in instalments. For the final
examination the fee is Rs 2280 in lump sum and 2640 in instalments. Exams
are held twice in a year in December and June and results are declared in
March and September respectively.
Queries
about the institute and examination etc can be mailed at icwai@ndb.vsnl.net.in
or icwaidel@hotmail.com