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Business & finance

Cost Accounting

Cost accountants collect and analyse a business's costs to advise its managers on the most efficient course of action. After Class 12, students take the Foundation exam of the Institute of Cost Accountants of India, then the Intermediate and Final, and it leads to work as a cost controller, chief accountant, financial controller, finance director or CFO (Chief Financial Officer).

This guide is maintained by WonderSkool. Course requirements, fees and admissions information can change; always confirm time-sensitive details with the relevant institution or authority.

INTRODUCTION

Cost accounting is a process of collecting, recording, classifying, analyzing, summarizing, allocating and evaluating various alternative courses of action & control of costs. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability.

The Institute of Cost Accountants of India (ICAI) formerly known as ICWAI (Institute of Cost & Works Accountants of India) is a premier institution of India which offers education and develops the profession of Cost Accountancy in the country.

Cost Accountants are in great demand in government sector, private sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Further, in view of their specialized knowledge and training, CMAs may hold top management position in public and private sectors’ enterprises like Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager and Chief Internal Auditor and other important positions.

WHAT DO THEY DO?

  • Help in ascertainment of cost
  • Help in Cost reduction
  • Elimination of wastage
  • Help in identifying unprofitable activities
  • Help in fixing selling Prices
  • Help in controlling the supply of material
  • Help in Classification and Subdivision of costs

STAGES INVOLVED IN COST ACCOUNTING COURSE

  • CMA Foundation
  • Intermediate
  • Final course

FROM ADMISSION TO THE COURSE UPTO MEMBERSHIP……..WAY FORWARD

  • THROUGH FOUNDATION COURSE
  • Passed Class X- Eligible for Admission in Foundation course
  • Passed Class XII- Eligible to appear in foundation exam
  • Qualify Foundation Exam

OR

  • THROUGH DIRECT ENTRY
  • Graduate in any discipline other than fine Arts
  • Qualified CAT of CMA/ICSI· Foundation/ ICAI Intermediate

Register to Intermediate course (Oral/Postal)

  • Complete Communication and Soft Skill (CSS) Training- 3 days
  • Complete Computer Training-100 hrs.
  1. Eligible to appear in Intermediate Exam (Both Groups)
  2. Qualify Intermediate Exam

Enroll for Final Course (Oral/Postal)

  • Complete Industry Oriented Training Programme (IOTP)- 7 Days
  • Complete Practical Training-3 years (6 months mandatory)
  1. Eligible to appear in Final Exam (Both Groups)

Qualify Final Exam

  • Complete Modular Training- 15 days
  • Complete Practical Training- 3 years

Apply and become member of the Institute

PAPER TOPICS

Foundation

Intermediate

Final

Paper: 1, Part: I – Fundamentals of Economics

and Management (FEM) – Economics –

Paper: 1, Part: II – Fundamentals of Economics

and Management (FEM) – Management –

Paper: 2 – Fundamentals of Accounting (FOA) –

Paper: 3 – Fundamentals of Laws and Ethics (FLE) –

Paper: 4 – Fundamentals of Business

Group : I Paper 5: Financial Accounting (FAC) –

Group: I Paper 6: Laws & Ethics (LNE) –

Group: I Paper 7: Direct Taxation (DTX) –

Group: I Paper 8: – Cost Accounting (CAC)-

Group: II Paper: 9, Part – i: Operations

Management & Strategic Management

Operations Management (OMSM)-

Group: II Paper: 9, Part – ii: Operations

Management & Strategic Management

Strategic Management (OMSM) –

Group: II Paper: 10: Cost & Management

Accounting and Financial Management (CMFM) –

Group: II Paper 11: Indirect Taxation (ITX) –

Group: II Paper 12: Company Accounts & Audit (CAA)

Group : III Paper 13: Corporate Laws

Group: III Paper 14: Strategic Financial

Management (SFM) –

Group: III Paper 15: Strategic Cost Management

– Decision Making (SCMD) –

Group: III Paper 16: Direct Tax Laws and

International Taxation (DTI) –

Group: IV Paper 17: Corporate Financial Reporting (CFR) –

Group: IV Paper 18: Indirect Tax Laws & Practice (ITP) –

Group: IV Paper 19: Cost & Management Audit (CMAD) –

Group: IV Paper 20: Strategic Performance Management

and Business Valuation (SPBV) –

Job Prospects

  • Professor
  • CEO and CFO
  • Cost Controller
  • Finance Director
  • Chief Accountant
  • Managing Director
  • Marketing Manager
  • Financial Controller
  • Chief Internal Auditor
  • Indian Cost and Accounts Service (ICAS)
  • Further study for Cost Accountant (A member of ICAI

Disclaimer: The information provided here is best to our knowledge. It is highly recommended that you should cross-check the source of information through the specific Colleges and Institutes. WonderSkool (CareerPrabhu Education Private Limited) is in no way responsible for the decisions made solely on the basis of this document.