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Cost Accountant As A Career

Cost Accountant As A Career

Summary

The duties of a cost accountant include budgeting, cost management, performance evaluation and asset management within a company or organization. They may work with corporate executives to make a strategic financial plan for the company, or they may prepare financial reports for tax authorities, creditors, stockholders and regulatory agencies. Cost accountants may advance to higher-level positions within the management accounting world, such as Finance Director, Financial Controller, Chief Financial Officer, Cost Controller and Chief Internal Auditor among many other important positions.

Career Opportunities as a Cost Accountant

How to Become a Cost Accountant

StreamGraduationAfter GraduationAfter Post Graduation
Path 1
Clear Class XII in Commerce Stream (Recommended)
  • Pursue Foundation course for 8 months.
  • Pursue Intermediate course for 10 months.
  • Pursue Final course for 18 months.
--
Path 2
Clear Class XII in Commerce Stream (Recommended)
  • Pursue graduation in any field except fine arts for 3 years.
  • Pursue Intermediate course for 10 months.
  • Pursue Final course for 18 months.
--
Path 3
Clear Class XII in Commerce Stream (Recommended)
  • Pursue graduation in any field except fine arts for 3 years.
  • Pursue the program of Certified Management Accountant (U.S)
--

Important Facts

  • The Institute of Cost Accountants of India holds exams for cost management accountant degree in India.
  • Registration for the ICAI course is open throughout the year However, students who desire to appear for June Term Examination should apply before 31st January of that year and for December Term Examination should apply before 31st July of that year.
  • To be certified as a CMA (U.S) candidates must fulfill both an education requirement and an experience requirement in addition to passing the exam.
  • To be certified as a CMA (U.S) candidates must fulfill both an education requirement and an experience requirement in addition to passing the exam.
  • Bachelor's degree from an accredited college or university
  •  Foundational knowledge of economics, basic statistics, and financial accounting
  • Two continuous years of professional experience
  • CMA (Certified Management Accountant) awarded by IMA (Institute of Management Accountants, USA) is a global professional qualification.

Leading Institutes

Top Cost Accounting Institutes in India
CollegeLocationWebsite
Institute of Cost Accountants of India, New DelhiNew Delhiwww.icmai.in/icmai/index.php 
Top Cost Accounting Institutes the World
InstitutionLocationWebsite
Institute of Management Accountants, USAUSAwww.imanet.org/?ssopc=1 

Work Description

  • Perform cost accumulation tasks as a member of the target costing group
  • Be Responsible for budgeting, cost management, performance evaluation and asset management within a company or organization
  • Collaborate as part of an executive team to create a financial plan for the organization
  • Work with corporate executives or heads of companies to strategically plan for a company
  • Prepare financial reports for tax authorities, creditors, stockholders and regulatory agencies
  • Plan, study, and collect data to determine costs of business activities such as raw material purchases, inventory and labour
  • Analyze actual manufacturing costs and prepare periodic reports comparing standard costs with actual production costs
  • Provide management with reports specifying and comparing factors affecting prices and profitability of products or services

Pros & Cons of a Career as a Cost Accountant

Pros
  • It offers a good growth potential
  • Demand for cost accountants is high
  • Remuneration and perks are good
Cons
  • Work can become monotonous at times
  • Working hours may be long
  • Have to clear certifications before starting career

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