31 July 2010
Career and Prospect It has been felt beyond doubt that there has been increasing awareness amongst the business entrepreneurs of the most vital contribution made by cost and management accountancy services in the business houses to the attainment of business objectives. This has accentuated the demand for cost and management accounting services in all the sectors of economy. Many members of the Institute are holding top management positions, viz., Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager, Chief Internal Auditor. Those managing their own business, have found in themselves a Manager and an Accountant to control and flourish their business. No wonder a Cost Accountant can attain the highest ladder of professional career. There is a sustained demand for qualified, trained and experienced cost accountants. Many members of the Institute are also engaged in cost consultancy services and in teaching cost and management accountancy in Universities and Colleges.
Cost Accountancy qualification has also been recognised by the Academic Councils of many Universities in India for the purpose of admission of the Ph.D. courses in Commerce. It was resolved by Association of Indian Universities to accept Bachelor Degree-holders who have ICWAI Qualification for registration as M.Phil. and Ph.D. candidates in commerce and allied disciplines vide their letter nos. EV/II/(2)/91/80878 dated 16.8.1991 and EV/II/(2)/2000/179741 dated 29.11.2000.
Moreover, as per the decision of the All India Council for Technical Education, Fellow Members of our Institute are treated at par with Ph.D. candidates in so far as appointment in the posts of Professor, Associate Professor, Reader, Asstt.Professor and Lecturer in Professional / Management Institutes are concerned.
Cost and Management Accountants are also holding key position in Central and State Governments. In the matter of employment, promotion and prospects, Cost Accountants are recognised by the government, public and private sectors for placement at various levels in the fields of Accounting and Management functions. The specialisation in costing is an added catalyst for a successful manager and a policy maker.
Developing countries in the overseas have also evinced keen interest in offering employment opportunities for the members of the Institute. Realising the importance of the profession of the Cost and Management Accountancy in the economic development of the nation, the Central Government has constituted an all-India cadre known as Indian Cost Accounts Service (ICAS) at par with other Class-I services such as IAS, IFS etc. to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.
Practice as Cost Accountant. An Cost Accountant may build up his own practice by obtaining a licence from the Institute which would enable him to practice as a Cost Accountant, either individually or in partnership with one or more members of the Institute in practice. His clientele include private and public companies, large, medium and small scale undertakings, partnership and proprietary concerns, industrial, commercial and service undertakings etc.
Members of the Institute are occupying high echelons like Chairman, Managing Director, Finance Director, Chief Executive, General Manager, Finance Manager, etc. in many Public and Private sectors organisations and also in the Government
Government Department
There is an existing Cost Accounting Service in Central Govt. named as Indian Cost Accounts Service, which is at par with the Class I Services of the Government of India.
Opportunity for Independent Practice
Cost Accountants can practice in the following areas:
In mandatory Cost Audit under Section 233 (B) of the Companies Act, 1956. Certification under Export & Import Policy. Excise Audit under Section 14A of the Central Excise Act and Special Audit of Certification Of manufacturing account as per Customs Act. Consultancy Assignments. Academic Opportunities
The Association of Indian Universities {AIU} resolved on May 28, 1991 that Bachelor Degree holders, who have passed ICWAI Final Examination be allowed by the Indian Universities to register for M.Phil. and Ph.D. in Commerce and allied disciplines. Since then the Institute is approaching different Universities to make necessary provision in their respective Rules so that Members of our Institute having Graduation qualification can register themselves for Ph.D. courses in Commerce and allied areas. Till now the Institute is in receipt of approval from 35 Indian Universities. Recently, in response to our letter No. DS-3{UL}/11/2000 dated November 17,2000 to AIU it has been clarified by AIU {vide their letter No.EV/II{2}/2000/179741 dated November 29,2000} that recognition awarded by AIU is generally accepted by the Universities in our country.
As the Final Examination of the Institute of Cost and Works Accountants of India has already been recognized by AIU, they do not anticipate any difficulty to be faced by the ICWAI candidates in the matter of acceptance of their qualification as sufficient for registering for Ph D/M Phil. All India Council for Technical Education decided that Fellow members of our Institute will be treated at par with the persons holding Ph.D. degree as far as appointment in the posts of Professor, Associate Professor, Reader, Asst. Professor and Lecturer in Professional/management Institutes are concerned.
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