Intermediate Course in Cost and Management Accountant : : Cost and Management Accountant Career in Practice
After clearing the Foundation Examination, the student can register for the Cost Accountancy Course. Graduates from recognised Universities can directly register for Intermediate Course without undergoing the Foundation Course. Registration is done only once and on registration, the student has to enroll for either postal coaching or oral coaching for the Intermediate. At the Intermediate core subjects related to the profession are taught. The syllabus is very rigorous to turn out professionals who can venture into the most respected profession. The subjects are arranged into two groups as below:
Group – I
- Financial Accounting;
- Commercial & Industrial Laws and Auditing;
- Applied Direct Taxation.
Group – II
- Cost & Management Accounting;
- Operation management & Information System;
- Applied Indirect Taxes.
Costing and management accounting is the ‘bread and butter’ of the Cost & Management Accountant. Rigorous coursework has been provided in these two subjects. Any accounting system is incomplete unless information system is not applied into it. Modern topics on information system are included in the syllabus. Application of the managerial tools in the decision making in the taxation matters is to give the students a competitive edge. Corporate sector has to continuously plan for reducing the tax liabilities through effective tax planning.
The case study method is adopted as a method of teaching. This will be of immense utility at the time when the students will be entrusted with decision making tasks in their professional capacity. Along with the theoretical study, a student has to undergo practical training of three years under either a senior practising cost accountant or an industrial house. A deed of training agreement has to be executed and registered with the Institute. The training is meant to supplement the theoretical knowledge gained by the student in the practical set-up.
Like Foundation Course, the student has to complete the coaching, either Oral or Postal. On getting clearance, he / she can appear in the Intermediate Examination and on passing both the Groups progress to the next step begins.
After completing the formalities, the student is at the last step, the Final Course. The step where the professional subjects are taught and detailed efforts are made to improve the creative abilities of the students. Mostly the Final Course is the application of the concepts learnt during the last steps with advanced treatment. More emphasis is placed on the legal aspect which is all pervasive in the corporate sector and also its compliance aspects. The total course is divided into two groups as below :
Group – III
- Capital Market Analysis & Corporate Laws;
- Financial Management and International Finance;
- Management Accounting-Strategic Management;
- Indirect & Direct-Tax Management.
Group – IV
- Management Accounting-Enterprise Performance Management;
- Advanced Financial Accounting & Reporting;
- Cost Audit & Operational Audit and Ethics;
- Business Valuation Management.
The object of this course is to turnout expertise in the primary fields where the Cost & Management Accountants will be deployed. It is already stated that the Cost & Management Accountants are assisting as well as evaluating the performance of the management.
The Final Course is intended to gain the acumen to deal with the complicated cases of capital projects, evaluation of alternatives, and also the consequences of choosing one alternative in terms of its tax implication, valuation of the firm and lastly the cost of pursuing the alternative vis-a-vis other ones. Also imparted are the topics which the professionals perform as a statutory duty in respect of the cost audit and other valued services. Detailed case – study method is extensively used. Corporate events of international importance of the recent past are analysed from different standpoints to make the students understand the nitty – gritty of the issue.
In this matter, they gain the expertise to apply the theory in the organisation they will be deployed in their professional capacity. The method of teaching is same as that applicable to Intermediate Course. The student has to obtain Coaching Clearance certificate and then appear in the Examination.
After passing the Final Examination, the student has to undergo the practical training and assistantships. After gaining three years of experience, one can apply for the Associate Membership of the Institute.
Career Opportunities in Employment
Because of the highly analytical skill and the rigorous training, the Cost & Management Accountants are hired by many big industrial houses. Initially they are inducted as Management / Account Trainees and after training they are placed at senior levels.
It is’not surprising to find many Members of the Institute occupying key positions like Chief Accounts Officer, Chief Financial Controller, Chief Internal Auditor, etc of reputed industrial and business houses. Keeping in view the importance of the services of the Cost & Management Accountants, Government of India constituted the Indian Cost Accounts Service (Central Group A Service) in the Ministry of Corporate Affairs.
The incumbents are selected through the Union Public Service Commission (UPSC) through open competition. Needless to say that the Membership of ICWAI is the only qualification for applying to these posts. The academically oriented Members can pursue PhD in Commerce or Business laws and get appointments in the position of Faculty Members in Universities. A lot of Universities recognise the Associateship of ICWAI as a qualification for registration in PhD and also for appearing for the post of Lecturers.
AICTE recognise the Fellow Membership as a qualification for appointment as Faculty in Management. Members can pursue courses from the Chartered Institute of Management Accountants, London. Members get exemptions from a number of papers in the Chartered Management Accountancy Course. This is one of the most respected qualifications globally. Again, the Members interested in internal auditing can pursue the course from the Institute of Internal Auditors, Florida. A lot of exemptions are provided to the Members of ICWAI.
Globally respected professional bodies are now extending the concession on a reciprocal basis. The future is very bright for those cost accountants who want to expand their base to a global level and want to excel in their endeavour to become a global player.