Himanshu Guru
Cost and Management Accountancy (CMA) has always been a rewarding career. CMAs are placed at the top of the hierarchy in many companies. They are value creators. The government as well as businesses value sustainable skills for growth and development through the effective application of cost and management accounting techniques. To explore the scope of CMA as a profession, Sunday POST interacted with Siba Prasad Kar, chairman of the Institute of Cost Accountants of India (ICAI), Bhubaneswar Chapter. Excerpts from an interview:
The cost and management accountancy profession in India has been established by the Parliament as The Cost & Works Accountants Act, 1959 for propagating cost and management accounting education in the country. Effective from February 1, 2012, the Institute was renamed by the Parliament as The Institute of Cost Accountants of India (ICAI) substituting the earlier name The Institute of Cost & Works Accountants of India (ICWAI). The professionals are globally recognised as CMAs (cost and management accountants).
What are the employment opportunities?
A qualified cost and management accountant can either opt for a job or can practise as an independent professional. Presently, many CMAs hold top management positions like managing directors, finance directors, financial controllers, chief accountants, cost controllers, marketing managers, chief internal auditors, CEOs and CFOs in the corporate sector. The professional scope of CMAs is increasing every day.
What is a CMA’s job profile?
Business entrepreneurs are aware of the vital contribution made by cost and management accountancy services in business houses, and hence the profession is always is in demand. CMAs can render services in legal, secretarial and corporate governance, corporate restructuring and foreign collaborations as well as joint ventures. They can also be absorbed in arbitration and conciliation, financial management, capital market and investor relations as well as in the corporate advisory services.
What are the career opportunities in the public sector?
Realising the importance of the profession in the economic development of the nation, the Central government has constituted an all-India cadre known as the Indian Cost Accounts Service (ICAS) at par with other Class I services such as the IAS and IFS to advise the government on cost pricing and as regards framing appropriate fiscal and tax policies. So, talented professionals can hold these positions in the public sector.
Is there scope for self-employment?
Certainly. A cost and management accountant may build up his own practice by obtaining a licence from the institute which would enable him to practise either individually or in a partnership firm.
What are the duties CMAs need to execute?
They need to carry out multiple works. CMAs maintain cost records and cost audit, valuate audit under the Central Excise Act, audit vat and specially audit Customs Act, determine prices of products, provide tax consultancy and prepare projects. They also offer financial advice and conduct internal as well as management audits.
What is the educational eligibility for pursuing a course?
The course can be pursued after HSC. The syllabus is aligned with the curriculum of 10+2 of the state and central boards. Aspirants are eligible to appear in the foundation course examination after qualifying +2 examinations. An important advantage of this course is that the CMA course can be pursued simultaneously with a degree course.
What has been the contribution of the Bhubaneswar Chapter in training future professionals?
The Institute of Cost Accountants of India Bhubaneswar Chapter organises carrier counseling sessions to create awareness about the profession. The Bhubaneswar Chapter is one of the vibrant chapters in the country and well known for its state-of-the-art infrastructure and quality coaching. It started functioning September 26, 1969, in Cuttack and subsequently moved to Nayapalli in Bhubaneswar after former CM Biju Patnaik offered the plot required to set up the campus. So far, it has received the ‘Best Chapter Award’ 19 times, thanks to its commendable performance.
Apart from other facilities, the centre provides financial assistance to the economically backward students and scholarships to meritorious students. The Chapter frequently conducts soft skill development and personality development tutorials, carries out group discussions, trains techniques of resume writing as well as interview techniques. It conducts subject-based quiz programmes. It makes campus arrangements and provides a 15-day pre-placement orientation training programme to qualified cost and management accountants in each term to prepare them for the interview ahead.
In short, the Bhubaneswar Chapter transforms accountants from ‘ledgers of business’ to ‘leaders of business’ and equips them as strategic decision makers.