Cost Accountant

10th

12th(Any Stream except Arts)

• CMA Foundation is the entry-level course the Institute of Cost Management Accountants of India (ICMAI) offers. 

• Students of all ages can apply for the CS foundation course. 

• CMA Foundation Exam is conducted twice a year, in June and December. Registration is done on or before 31st March or 30th September, respectively.

• During the Foundation course, Candidates must complete an eight-month study period to appear for the foundation course exam.

The official website for registration is: https://eicmai.in/studentonlineregsystem/Home.aspx

• After Clearing the CMA Foundation Course, Students must register for the CMA Intermediate course. CMA Intermediate is the second stage to clear CMA.
• CMA Intermediate Course Exam is conducted twice a year, in June and December. Registration is done on or before 28th February or 31st August, respectively.
• During the Intermediatecourse, Candidates must complete a ten-month study period to appear for the Intermediatecourse exam.
• Students will learn about financial accounting in-depth and be introduced to various financial sections such as direct and indirect taxation, cost accounting, etc.
• This course is a little tougher than the previous course.
• Candidates must have to go for training during the CMA Intermediate Course, which consists of the following:
• Computer Training - 100hours 
• Communication and Soft Skill Training - 3 days

The official website for registration is: https://eicmai.in/studentonlineregsystem/Home.aspx

• CMA Final Course is the final course to clear CMA. After completing the CMA Foundation Course (First Stage) and the CMA Intermediate Course (Second Stage), the last step is the CMA Final course.
• The Cost Management Accountant (CMA) program lasts three years; the first two courses combine for 18 months. The CMA Final course is equal to the period of the first two, i.e., 18 months.
• CMA Final Course Exam is conducted twice a year, in June and December. Registration is done on or before 28th February or 31st August, respectively.
• During the Final course, Candidates must complete an eighteen-month study period to appear for the Professional course exam.
• Students will learn about managing different financial aspects, such as strategic financial management and specific laws related to additional taxation.
• Candidates must have to go for training during the CMA Final Course that consists of:

• Industry-Oriented Training Program - 7 days 
• Practical training - 15th Months

The official website for registration is: https://eicmai.in/studentonlineregsystem/Home.aspx

Who is a Cost Accountant?

A cost accountant is a financial specialist who determines the actual costs of providing a service or manufacturing a product. Cost Accountants accomplish this by scrutinizing all the associated expenses within the supply chain. The purpose of cost accounting is for profitability analysis and budget preparation. According to the Bureau of Labor Statistics, the financial data supplied by cost accountants help executives identify which products, services, processes, or departments are primarily minor and profitable. Cost accountants collect, validate, and communicate data for financial transparency and process improvements. In addition, cost Accountants are responsible for initiating the month-end closing and reporting processes, which Cost Accountants, in turn, submit to management.

    Job Responsibilities of a Cost Accountant

• A Cost Accountant's primary duty is collecting, validating, and communicating data for financial transparency and process improvements.
• A Cost Accountant sets standard costs of business processes such as labor, shipping, production, and administration.
• Cost accountants also assist in the planning, budgeting, and monitoring of performance, as well as the establishment of standard unit costs and the recommendation of appropriate cost-cutting opportunities.
• Cost accountants also reconcile various cost reports against software systems to ensure accuracy.
• Cost accountants also support finance personnel by helping with payables, invoicing, and capital expenditures.

Career Scope of a Cost Accountant

There are great opportunities after completion of the CMA course.A will-qualified cost accountant can work across all industries – from financial firms and banks to heavy industry and government organizations. The profiles that candidates get after completing the course are given below:

• Finance Controller
• Senior Accountant
• Accountant
• Tax Manager
• Chief Finance Officer
• Financial Analyst
• Chief Investment Officer

Some of the top recruiting companies that hire Cost Accountants:

• L&T Constructions
• Power Grid Corporation in India 
• ITC Hotels
• Nestle 
• Wipro 

Salary/Income of a Cost Accountant

      At the Entry level, a Cost Accountant can earn an average of INR 3 lakhs to 4.5 lakhs per annum. With gaining experience, a Cost Accountant can earn INR 6 lakhs to 8 lakhs per annum.

10th

12th(Any Stream except Arts)

• The candidate must be a Graduation in Commerce/Accounting from a recognized university, ICSI Foundation, or ICAI Intermediate.
• A candidate who has completed any graduation degree can register for the CMA Intermediate Course.

• After Clearing the CMA Foundation Course, Students must register for the CMA Intermediate course. CMA Intermediate is the second stage to clear CMA.
• CMA Intermediate Course Exam is conducted twice a year, in June and December. Registration is done on or before 28th February or 31st August, respectively.
• During the Intermediatecourse, Candidates must complete a ten-month study period to appear for the Intermediatecourse exam.
• Students will learn about financial accounting in-depth and be introduced to various financial sections such as direct and indirect taxation, cost accounting, etc.
• This course is a little tougher than the previous course.
• Candidates must have to go for training during the CMA Intermediate Course, which consists of the following:
• Computer Training - 100hours 
• Communication and Soft Skill Training - 3 days

The official website for registration is: https://eicmai.in/studentonlineregsystem/Home.aspx

• CMA Final Course is the final course to clear CMA. After completing the CMA Foundation Course (First Stage) and the CMA Intermediate Course (Second Stage), the last step is the CMA Final course.
• The Cost Management Accountant (CMA) program lasts three years; the first two courses combine for 18 months. The CMA Final course is equal to the period of the first two, i.e., 18 months.
• CMA Final Course Exam is conducted twice a year, in June and December. Registration is done on or before 28th February or 31st August, respectively.
• During the Final course, Candidates must complete an eighteen-month study period to appear for the Professional course exam.
• Students will learn about managing different financial aspects, such as strategic financial management and specific laws related to additional taxation.
• Candidates must have to go for training during the CMA Final Course that consists of:

• Industry-Oriented Training Program - 7 days 
• Practical training - 15th Months

The official website for registration is: https://eicmai.in/studentonlineregsystem/Home.aspx

Who is a Cost Accountant?

A cost accountant is a financial specialist who determines the actual costs of providing a service or manufacturing a product. Cost Accountants accomplish this by scrutinizing all the associated expenses within the supply chain. The purpose of cost accounting is for profitability analysis and budget preparation. According to the Bureau of Labor Statistics, the financial data supplied by cost accountants help executives identify which products, services, processes, or departments are primarily minor and profitable. Cost accountants collect, validate, and communicate data for financial transparency and process improvements. In addition, cost Accountants are responsible for initiating the month-end closing and reporting processes, which Cost Accountants, in turn, submit to management.

    Job Responsibilities of a Cost Accountant

• A Cost Accountant's primary duty is collecting, validating, and communicating data for financial transparency and process improvements.
• A Cost Accountant sets standard costs of business processes such as labor, shipping, production, and administration.
• Cost accountants also assist in the planning, budgeting, and monitoring of performance, as well as the establishment of standard unit costs and the recommendation of appropriate cost-cutting opportunities.
• Cost accountants also reconcile various cost reports against software systems to ensure accuracy.
• Cost accountants also support finance personnel by helping with payables, invoicing, and capital expenditures.

Career Scope of a Cost Accountant

There are great opportunities after completion of the CMA course.A will-qualified cost accountant can work across all industries – from financial firms and banks to heavy industry and government organizations. The profiles that candidates get after completing the course are given below:

• Finance Controller
• Senior Accountant
• Accountant
• Tax Manager
• Chief Finance Officer
• Financial Analyst
• Chief Investment Officer

Some of the top recruiting companies that hire Cost Accountants:

• L&T Constructions
• Power Grid Corporation in India 
• ITC Hotels
• Nestle 
• Wipro 

Salary/Income of a Cost Accountant

      At the Entry level, a Cost Accountant can earn an average of INR 3 lakhs to 4.5 lakhs per annum. With gaining experience, a Cost Accountant can earn INR 6 lakhs to 8 lakhs per annum.