Career-Cost-Accountant-Course - The Institute of Cost Accountants

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1 cost accountants course WHERE THE FOCUS IS ON COST EFFECTIVENESS CAREER AS A MANAGEMENT & COST accountant

2 To Reach New Heights in To Reach New Your Heights in Career Your Career Be a Qualied Cost CMA Be a Qualied CMA AccountinG A bright career The Institute of Cost Accountants of India The Institute of Cost Grooming Accountants professional CMAs of India About the Institute Grooming professional CMAs Role of a CMA www.icwai.org Four Regional About Councils, 95 Chapters the Institute Improving Role cost competitiveness of a CMA all Fourover India, eight Regional Overseas Councils, Centres 95 Chapters Resource Improving Management cost competitiveness all About over50,000 members India, eight and Centres Overseas Performance Resource Management Management over About4 50,000 lakh students members enrolled and Financial Reporting Performance and Strategy Management Consistent over 4 lakh record studentsof enrolled campus placements Cost AuditReporting Financial and Assurance and Strategy Consistent About record of campus placements the Course Risk Cost Management & Mitigation Audit and Assurance Direct and Indirect & Risk Management Taxation Mitigation Full time About thecourse Course for students Direct and Indirect Taxation Ideally Full timesuits working course executives too for students Choice of class-room learning, or Ideally suits working executives too through Admission distance Choice oflearning fromlearning, class-room anywhere orinthrough India Open Now Admission distance Can be pursued learningalong with other in from anywhere fullIndia time Open Now courses Can be pursued along with other full time courses The Institute of Cost Accountants of India A growing body of 4 lakh+ professionals (Statutory body under an Act of Parliament) www.icwai.org The Institute of Cost Accountants of India If your profile and aptitude matches the demands of this high RB (Statutory body under an Act of Parliament) www.icwai.org end career do visit our website and know more RB

3 The Institute of Cost Accountants of India (ICAI) FOCUS CONTENTS Introduction2 What Cost and Management Accountants(CMAs) do? 3 Niche of CMAs in India 6 How to become a CMA 8 Theory and Practical Training 12 Interview with President 15 MOUs and Foreign Collaborations 19 National Award for Excellence in Cost Management 22 Interview with Vice President 24 The Quality Quotient 28 Placement Options 30 Become a Member 32 ICAI info booklet 1

4 The Institute of Cost Accountants of India (ICAI) FOCUS What Cost and manage- Introduction ment accountants do? About ICAI is aimed towards synergising with The Institute of Cost Accountants the global management accounting A Cost ACCOUNTANT PLANS, MONITORS AND CONTROLS THE COST of India is a statutory body set up bodies, sharing the best practices AND PRICE OF A PRODUCT OR A SERVICE. under an Act of Parliament in the and it will be useful to large number year 1959. Institute as a part of its of trans-national Indian companies obligation, regulate the profession operating from India and abroad of Cost and Management Account- to remain competitive. With the ancy, enrolls students for its cours- current emphasis on management es, provide coaching facilities to of resources, the specialized knowl- the students, organise professional edge of evaluating operating effi- development programmes for the ciency and strategic management members and undertake research the professionals are known as programme in the field of Cost Cost and Management Accountants and Management Accountancy. The (CMAs). institute pursues the vision of cost competitiveness, cost management, The Institution operates through efficient use of resources and struc- four regional councils at Kolkata, tured approach to cost accounting Delhi, Mumbai and Chennai and as the key drivers of the profession. 92 Chapters situated at important In todays world, the profession of cities in the country as well as 7 conventional accounting and audit- Overseas Centre headquartered at ing has taken a back seat and Kolkata. It is under administrative A Cost Accountantcarries out costing and pricing of goods and services as well as carries out cost and management accountants control of Ministry of Corporate the verification of cost accounting and related statements increasingly contributing towards Affairs, Government of India. the management of scarce resourc- es like funds, land and apply stra- tegic decisions. This has opened up further scope and tremendous About the booklet This 36-page dossier of quick infor- mation has been brought out by the A CMA is a person who offers to perform services involving the costing, pricing of goods and ser- broadly stating essentially comprises of closely analysing costs and devising ways to reduce it as far as possible. opportunities for cost accountants Institute for its students and mem- vices or carries out the preparation, CMA assists in planning, monitor- in India and abroad. bers. It provides guidance to stu- verification or certification of cost ing and controlling the cost and price dents about how to become a com- accounting and related statements. of a product or a service. Nowadays After an amendment passed by Par- petent Cost Accountant and follow The role and importance of cost with multi-product ventures taking liament of India, the institute is now a successful career. The Institute accountants has increased manifold place, it has become important to renamed as the Institute of Cost acted as a content provider to bring on account of growing competition know and understand the exact cost Accountants in India. This step out this booklet. in the corporate sector. Their job of production every of product and 2 ICAI info booklet ICAI info booklet 3

5 The Institute of Cost Accountants of India (ICAI) FOCUS service at different stages, to mini- Role of CMAs mize the expenditure incurred on l Corporate Decision Making them and to ensure optimum uti- l Resource Management l Performance Management lization of resources.. This is where l Financial Reporting & Strategy the role of cost accountant comes. l Optimization of Stakeholders value They are also expected to evaluate l Risk Management l Enterprise Governance the operating efficiency and effec- l Audit assurance and Taxation tiveness of production and service l Sustainable Development l Corporate Social Responsibility management by collecting, compil- ing, organising, verifying, comparing and analysing information from dif- ferent departments of the organisa- Government has constituted an all- tion. The process involves critical India cadre known as Indian Cost monitoring of relevant costs like Unlike pure accounting Accounts Service (ICoAS) at par with professionals, a CMA material, labour, overhead and capi- other Class-I services such as IAS, IFS is required across func- tal costs etc., involved in making a tions in an organization. etc. to advise the government in cost product or providing a service. They pricing and in framing the appropriate analyse the sales trend to strike a fiscal and tax policies. balance between the demand and supply, to prevent over production. Cost Accountants They also monitor the performance, of the Institute are working in Central Government. Many of the in Education: to spot and report on problems the fields of Excise and Customs, Public Sector Units like Coal India, According to the University Grants and prevent them from occurring in Income Tax, Pricing of essential ONGC, NMDC, STC, MMTC, Alla- Commissions regulations of 2010, future. This analysis helps in com- commodities and Pharmaceutical habad Bank and Corporate houses the minimum qualification for paring the financial performances, products, Anti-dumping proceed- like Nestle, TCS, HCL, TVS, Vedanta, appointment of Assistant Professor, making assessments and projections, ings, Determination of subsidies, Wipro regularly look for CMAs. The Professor and Principal/Director/ providing figures for future costing Awarding of contracts, Valuation, institute has a Placement Directorate Head of the Institution in universi- and pricing policies and other mana- Risk Management, etc. While the that provides assistance in place- ties and colleges in the area of Man- gerial decisions demand for them remains hidden in ments across sectors. The CMAs can agement/ Business Administration. Unlike pure accounting profession- a growth phase, it rises to the sur- also carry out independent practice includes first class graduate and pro- als, the demand for CMA cuts across face during recession or economic and deploy their services across sec- fessionally qualified Cost Account- functions in all organizations. In mar- slow down. tors. ant among other qualifications and keting he is required to prepare the subject to other requirements quote, in production he is required Employment avenues Cost Accountants including qualifying NET/SLET/SET to advice on the profitable product Cost Accountants hold key posi- in Government as the minimum eligibility condition mix, in purchase for taking make or tions as Chairman, Managing Direc- Departments: for recruitment and appointment of buy decisions and in top manage- tor, Finance Director, Chief Finance Realizing the potential of the profes- Assistant Professors. Hence, a quali- ment for identifying business risks Officer, Chief Executive Officer, sion of the Cost and Management fied Cost Accountant is also entitled and their mitigation. Since its incep- Finance Manager, etc in MNCs, Pri- Accountancy in the economic devel- to a teaching career. apart from being tion, a large number of members vate and Public Sector, State and opment of the nation, the Central involved in pricing issues.. 4 ICAI info booklet ICAI info booklet 5

6 The Institute of Cost Accountants of India (ICAI) FOCUS Niche of the Cost Accountants in india An appropriate management accounting system is essential for require relevant and appropriate for operations of the organization. all businesses to make ventures profitable in short & long term information- quantitative and quali- It provides information for manage- tative, which is adequate to take ment and financial accounting. Cost decisions that will assist the busi- management in turn describes the ness in sustaining and growing in the approaches and activities in short-run competitive market place. The main and long-run for planning and control objective of business organization decisions of managers. The resultant is to maximize wealth or put it in decisions increase value to the cus- other words to be profitable in the tomers and lower costs of products short-tern as well as in the long- and services. Cost management is an term. In order to ensure this, all integral part of a companys strategy business must have a management to achieve competitiveness in the information system, which may vary market place. from simple information system to a complex statistical and analytical As the market place becomes system or Decision Support System highly competitive, in which price (DSS) according to the requirement at which a product will be sold of business. The most important is is largely determined by market the financial management informa- forces, there is persistent pressure A CMA is driving force of management as well as key consultant, auditor and advisor in practice. tion system as it plays a crucial role to achieve target cost through cost in strategising appropriate policy for control and cost reduction. This risk mitigation. Management Infor- can be achieved through devising I n todays dynamic and uncertain world of business buffeted by per- sistent possibility of global shocks, management of scarce resources and take strategic decisions for corporate with long term implication. mation System (MIS) developed with assistance of CMAs gives regular financial reports to management management accounting system by CMAs. CMAs utilizes his training and skills to architect a management it has become essential to devise at all levels regarding performance accounting system and management a strategy where the business gets Key role in measures in financial and non finan- information system, which is in tune value for every penny spend. Here, decision making cial terms. This enables the organi- with its organizational objectives, CMAs steps in with their skill sets Members of Institute of Cost zation to understand and identify organizational culture, operations, to make it possible. The emerging Accountants of India are the driving weaknesses in terms of efficiency structure and human resources. complex business environment has force in the team of management This is because sound information is resulted in a situation where it is while in employment and key con- Cost Control and the basis of rational decision making expected that instead of restricting sultant, effective Cost Auditor and an Reduction in any organization. The role of the themselves to conventional account- appropriate advisor in practice. Cost Accounting measures and CMAs becomes highly specialised ing and auditing, cost accountants will Contemporary economic environ- reports information relating to cost and immensely important for func- increasingly contribute towards the ment demands that all business will of acquiring and utilizing resources tioning of the organisation. 6 ICAI info booklet ICAI info booklet 7

7 The Institute of Cost Accountants of India (ICAI) FOCUS how to become a COST AND MANAGEMENT ACCOUNTANT? STUDY REGULARLY, PRACTICE QUESTION PAPERS AND REVISE IMPORTANT SECTIONS TO SUCCESSFULLY COMPLETE CMA Rank 9 I f you want to complete the CMA Course successfully, all you need to do is to study regularly for about six structured and what elements did you find interesting? A:The course is structured in a very Diwakar Marda hours a day, says Diwakar Marda, who comprehensive manner and provides bagged a ninth rank in CMA Final complete knowledge of the financial level exam held in December 2011. arena. The curriculum is based on Now immensely excited to practice International standards so that it is as a Cost and Management Account- easy for certified CMAs to practice ant, he shares that regular study and in many parts of the world. The helped me to sail through the papers. intend to pursue it on a full-fledged thorough revision has been his key papers that generated my interest If a student studies meticulously for basis. I will be a practicing Cost and to success. include cost accounting, direct and 5-6 hours daily, he can clear CMA Management Accountant. indirect taxation and advanced finan- with flying colours. Q: Why did you choose to take cial accounting and reporting. Q: Some tips for future aspir- up a course in Cost Account- Q: How difficult is the course ants. ancy? Did you start right after Q:How did you prepare for the level? A:Although, I am sure most aspirants Class 12th or after graduation? various papers? Did you study A:For somebody who studies on reg- are pretty serious about acing the A: After completing my B.Com, I for very long hours? ular basis and practices test papers, papers, I can only say study regularly, pursued a PG Diploma in Taxation. A:I studied the course along with my there is nothing very difficult across revise at proper intervals to retain I started working after that. But I job. My day began very early. I had my Intermediate and Final levels. How- and solve previous years question intended to attain a degree of higher coaching for CMA papers very morn- ever, in Final level the group 3 papers papers. That is all one would need repute. Going by the market trend, I ing from 7 am to 9am.After a grueling had lengthy syllabus and required to complete the course successfully. narrowed down my choice to CMA day at the office, I did self-study in the much more perseverance than the course . For pursuing the course, I evenings regularly. On Saturdays and other three groups. The steps to become did not leave my job. I just joined a Sundays, I used to study for longer a Cost Accountant coaching centre that helped me to hours. I took the help of last 10 years Q: What are your future plan? The candidates who intend to pur- prepare for the various papers. question papers and revision test A:I had always aspired to attain a sue CMA course should qualify papers.The coaching centre provided higher degree in accounting. Now in the three stages of the course. Q: How was the course proper guidance and training that with the realisation of my dream, I First stage is called the Foundation 8 ICAI info booklet ICAI info booklet 9

8 The Institute of Cost Accountants of India (ICAI) FOCUS Where to Apply for pursuing CMA Overview of CMA course Address of Regional Councils Area Covered Knowledge Pillar Financial Reporting Regulatory Function Management Strategy Western India Regional Council The State of Chhattisgarh, Gujarat, Madhya Pardesh, Intermediate l Commercial and Indus- Rohit Chambers,4th Floor Maharashtra, Goa and the Union Territories: Daman Course trial Laws and Auditing Janmabhoomi Marg,Fort Mumbai - 400 001 Diu., Dadra, and Nagar Heveli. l Applied Direct Taxation Ph : 022-22872010/ 22841138/ 22043406/ 22043416 Group-1 Financial Accounting Fax : 91- 022- 22870763 Email :[email protected] Auditng Web site : www. icwai-wirc.org Group 2 Applied Indirect Taxation l Cost and Southern India Regional Council The State of Andhra Pradesh, Karnatka, Kerala, Management 4, Montieth Lane, Egmore, Chennai - 600 008 Tamilnadu, Pondicherry and the Unition Terrritory: Accounting Ph:044-28554443/28554326/28528219 the Lakshadweep l Operation Man- Fax : 91- 044- 28554651 Website:www.sircoficwai.com agement and Infor- Email: [email protected] mation Systems Eastern India Regional Council The States of Assam, Arunachal Pradesh, Bihar, Final Course 84, Harish Mukherjee Road, Kolkata - 700 025 Jharkhand, Manipur, Maghalaya, Mizoram, Nagaland, Group 3 l CorporateLaws Financial Manage- l CapitalMarket Ph : 033 -24553418 /24555957 Fax : 91 033-2455-7920 Orissa, Tripura, West Bengal, Sikkim, the Union l Indirect & Direct Tax ment & Interna- Analysis Email :[email protected] Territories: The Andaman and Nicobar Islands and Management tional Finance l Management Foreign Countries. Accounting-Strategic Northern India Regional Council The States of Delhi, Haryana, Himachal Pradesh, Management 3, Institutional Area, Lodi Road, New Delhi - 110 003 Jammu and Kashmir, Punjab, Rajastan, Uttar Pradesh, Group 4 Advanced Finan- Cost Audit l Operational Management Ph : 011 - 24626678 / 24615788 Uttraanchal and the Union Territory: Chandigarh. cial Accounting & Audit Accounting-Enter- Fax : 43583642 Email :[email protected] Reporting l Business prise Performance Valuation Management Fees structure (In INR) Course. Those who have passed plus intermediate course can apply for Foundation Course Intermediate Course Final Course two or its equivalent can apply for the final stage.. After qualifying the Postal Oral Postal Oral Postal Oral this course and the age limit specified final examination one can become a 3500/- 3500/- 15700/- 19700/- 11500/- 16500/- for this course is minimum seventeen cost accountant. years. Duration of the course is about eight months. Key elements After completing this course, one in the process Cost accountants should have good When to Apply: can apply for the second stage of zz P ass plus two or its equivalent negotiation skills to confirm a deal Exams are held two times in a year the course. The second stage of the zz Complete the foundation course with the available budget.They should i.e. in June and December. CMA course is called the intermedi- of CMA successfully or Complete possess good computer skills for ate course. Those who are applying graduation from any recognized using different accounting softwares. For June Term examinations, one for the intermediate course should university Communication skill is the most should apply before December 5 have completed their graduation zz Complete intermediate course of important quality needed for a cost of previous year and for December from any recognized university or CMA successfully accountant. They should have the Term Examination apply before June foundation course of the Institute. zz Qualify the final exam of CMA skill to make strategic decisions and 5 of the same year. Their age should not be less than independent judgments in crucial The timing for applying remains eighteen years.. Candidates who Skills required for situations. the same usually every year. have passed all the six papers in the a cost accountant 10 ICAI info booklet ICAI info booklet 11

9 The Institute of Cost Accountants of India (ICAI) FOCUS Theory and practical training A cma has to undergo 3 years practical training with a practicing cost accountant or a business organization programmes, where senior execu- tives impart practical knowledge from their respective industries. The Institute is also taking cost trainees in the Centres of Excellence it has formed across the country. Objectives of the Practical Training zz E xposure to environments under which different organizations work zz Providing on-the-job experience of practical aspects of Cost and Management Accounting zz Developing disciplined attitude required by a professional Exposure to practical on-job training and developing disciplined attitude zz Awareness of ethical values in amongst aspirants are important objec- professional work tives of training. Organizations recog nized for Training I n order to develop among stu- dents, the necessary skills required for applying theoretical knowledge with either practicing Cost Account- ants or business organizations. The practical training provides exposure professionals. The institute has tied up with various organizations to enroll the students under the train- The Cost & Management Trainee shall undergo practical training under (1) Practicing Cost Accountant or of cost and management account- to environments in which differ- ing scheme. For instance- they have (2) a firm of Cost Accountants or ing to practical situations in differ- ent organizations work and helps signed a MoU with Food Corpora- (3) in any of the following organiza- ent fields, the Institute has intro- the students to get acquainted with tion of India (FCI) in February 2012 tions under a professionally qualified duced a Scheme of Practical Training the industry. The subjects that are to take 500 cost trainees (those who person. The organizations other than effective from January, 2008. As per taught at the Final level are focused have passed intermediate stage) for the firms of professionals will be rec- this scheme, all the students are to on a case study approach through their locations across the country. ognized for training of the students, undergo 3 years practical training experience sharing by experienced They have also introduced mentoring if its annual turnover is Rs 5 crores 12 ICAI info booklet ICAI info booklet 13

10 The Institute of Cost Accountants of India (ICAI) FOCUS or more. Here are the organizations that can provide training: zz zz Project Management Banking Operations MoUs and foreign zz Central/State Government / Semi-Government / Public Utili- ties zz zz zz Insurance Valuation Financial Services collaborations zz B anks and other Financial Institu- zz Teaching in Finance, Accounts, tions Costing, Taxation, Management The institute HAS SIGNED MOUS WITH CIMA, UK, IMA, USA, NIA, AUS- zz Insurance Company and subjects covered in ICAI Syl- TRALIA AND CISI,UK AS WELL AS WITH IGNOU AND CBEC zz Public Sector Unit labus (other than visiting faculty) zz Public Limited Company zz M anagement Consultancy Ser- zz Private Limited Company vices as defined in appendix 6 zz Information Technology Sector under Regulation 111 of CWA zz KPO / BPO Regulation, 1959 zz Stock Exchange zz Universities, Management Insti- Period of Practical tutes and any other educational Training: institute zz Period of Training shall be 3 zz Limited Liability Partnership Firm years. zz M anagement Consultancy Firms zz A student working in areas zz NGO other than those specified (men- zz Co-operative societies engaged in tioned above) shall be required Banking, Manufacturing to have experience or training of zz Any other institution as approved minimum six months in the speci- by the Council fied areas in addition to at least two and a half years experience Recognized areas for in other than specified areas. The MoUs with CMA bodies in UK, USA & Australia will help CMAs from India gain global recognition. Training: zz A certificate of training needs zz Management Accounting to be issued by the organization zz zz zz Cost Accounting Financial Accounting Financial Management & a completion certificate by the institute. C IMA (The Chartered Institute of Management Accountants, UK) and ICAI (The Institute of skilled professional accountants for the global labour market, enabling both institutes to work together to zz Auditing Modular Training Cost Accountants of India) signed enhance recognition of the profes- zz Regulatory compliances Students shall undergo Modular a Memorandum of Understanding sion and their professional bodies. zz Direct Taxation Training for 15 days organized by (MoU) to allow mutual advanced The MoU introduced a new CIMA zz Indirect Taxation the Institute at the end of their three entry for students of both the insti- Professional Gateway examina- zz Corporate Laws, Industrial Laws, years training to have comprehensive tutes professional examinations.This tion (available from May 2009) for Commercial Laws understanding on the working in dif- agreement serves both in strengthen- ICAI students who have successfully zz Systems Analysis, Information ferent professional fields relating to ing the professional accounting links completed the ICAI professional Technology (including ERP sys- Cost and Management Accounting. between two of the worlds lead- examination, enabling a fast track tem) ing economies and provides highly route into CIMAs strategic level 14 ICAI info booklet ICAI info booklet 15

11 The Institute of Cost Accountants of India (ICAI) FOCUS examinations, final tests of profes- for long term cooperation in order signed an MoU aiming to create a students of ICAI and graduates can sional competence and ultimately to achieve perfection in business harmonious relation between the pursue Final level and M.Com simul- CIMA Membership. CIMA students accounting, management accounting Institutes to move forward globally, taneously at IGNOU. also have a fast track route to ICAI and audit in both the countries. The in order to enable, achieve optimum Membership. Institutes work together to develop potential, for the member of the MoU with FCI joint R&D projects, promotion of profession in the International arena. The Institute of Cost Accountants of MoU with IMA, USA results of the researches in work In addition, both the Institutes will India and Food Corporation of India The ICAI entered into an MoU practice of accounting community recognize the professional qualifica- (FCI), Government of India Under- with the Institute of Management of both the countries, cooperate in tions and professional development taking signed an MOU in February Accountants (IMA), USA to enable various forms by realization of the programs offered by each Institute. 2012. As per this MOU the interme- mutual recognition and cooperation rights, the economic competence of It also enables members to assist diate passed students of the Institute between the two institutes to devel- both the institutes as well as provide and cooperate in conducting applied will be able to undergo practical op the profession of Management informative, organizational and other research on management account- training with FCI. The students of Accountancy for the benefit of their assistance to each other within the ing and related areas through an the Institute will get wider exposure members and students. The MoU framework of this MOU. appropriate mechanism with focus to the working of a giant and vital enables recognition of the profes- on contemporary domains. The insti- organization like FCI and hence this sional qualification of the respective MOU with CISI, UK tutes can share developments in the opportunity will be good stepping institutes. A member of ICAI can get The Institute and Chartered Institute areas of common interest at the stone for their future career. Training enrolled as a member of IMA, USA for Securities and Investment (CISI), international level including interac- period will be counted while granting and vice versa. However, an IMA UK signed an MoU for awarding the tion with UN and other Regional/ the membership after qualifying the member enrolling as a member of membership of CISI to ICAI mem- International/Multinational bodies final examinations of the Institute. ICAI will not be allowed to hold a bers and concessional fee for ICAI and Institutes. The intermediate passed students certificate of practice to undertake students. The Chartered Institute for of the Institute may utilise this any statutory work in India.The MoU Securities & Investment is the larg- MoUs within India opportunity. brings mutual recognition and global est professional body for those who MoU with IGNOU cooperation between members of work in the securities and investment The ICAI and Indira Gandhi Nation- MOU with CBEC ICAI and of IMA. The Institutes have industry in the UK and in a growing al Open University (IGNOU) have The Institute has an MOU with agreed to assist and cooperate in number of major financial centres signed a Memorandum of Under- Central Board of Excise & Customs conducting joint research, develop- round the world. The CISI offers standing (MoU) in 2008. Under this (CBEC) which enables Cost Account- ment of management accounting their membership upon application MOU, IGNOU offers specialized ants in practice to set up Automation guidelines and standards as well as at Associate (ACSI) level to ICAI B.Com Course with major in Finan- of Central Excise and Service Tax hold joint seminars, conferences and members and Member (MCSI) level cial & Cost Accounting and special- (ACES) Certified Facilitation Centres activities beneficial to both of the to members of ICAI with three years ized M.Com Course in Management (CFCs) and offer various services institutes, their members and stu- relevant experience. Accounting & Financial Strategies for such as digitization of paper docu- dents. ICAI students and Members of the ments and on-line filing/ uploading MOU with ,PIA Institute. 10+2 students can take of documents such as application for MoU with IPAR, Russia Australia admission in Foundation Course of registration, filing of returns, refunds, The ICAI and Institute of Profes- Institute of Public Accountants, Mel- ICAI and specialized B.Com course accounting, disputes resolution etc. sional Accountants and Auditors of bourne, Australia and The Institute of IGNOU simultaneously. Similarly, Russia (IPAR) entered into an MoU of Cost Accountants of India (ICAI) Intermediate examination passed 16 ICAI info booklet ICAI info booklet 17

12 The Institute of Cost Accountants of India (ICAI) FOCUS To guide the members of the FIRST QUALITY REVIEW BOARD the quality quotient zz Institute to improve the quality S.NO NAME CREDENTIALS of services and adherence to the 1. Shri U.C. Nahta Chairman various statutory and other regu- 2. Shri B.B. Goyal Member latory requirements. in order to maintain a certain standard of the In the discharge of its functions the 3. Shri Ashok Kumar Agarwal Member institute, a quality review board meets up regularly Board may: 4. Shri V. Kalyanaraman Member zz on its own or through any special- 5. Shri Dhananjay V. Joshi Member ized arrangement set up under the Institute, evaluate and review the quality of work and services professional competence and provided by the members of the qualifications, quality of work and Institute in such manner as it may services offered and adherence to decide; various statutory and other regu- zz lay down the procedure or evalu- latory requirements and other ation criteria to evaluate various matters related thereto. services being provided by the members of the Institute and to Assistance to select, in such manner and form the Board: as it may decide, the individuals In terms of clause 7 of the Cost and firms rendering such services and Works Accountants procedures for review; of meetings of the Quality Review zz call for information from the Insti- Board, terms and conditions of ser- tute, the Council or its Commit- vice and allowances of the Chair- The Quality Board has so far released 14 Cost Accounting Standards. tees, members, clients of mem- persons and Members of the Board bers or other persons or organi- Rules, 2006, the Institute has set up zations in such form and manner a Specialised Technical Unit under as it may decide, and may also give Director (Technical) at New Delhi I n exercise of the powers conferred by Section 29A of the Cost & Works Accountants Act, 1959, the Section 29B of the CWA Act pro- vides that the Board shall perform the following functions: a hearing to them; zz invite experts to provide expert/ technical advice or opinion or office to provide assistance to the Board. Central Government, vide Notifica- zz To make recommendations to analysis or any matter or issue The development and the action tion No. S.O. 1693 (E) dated 3rd the Council (i.e. ICWAI Central which the Board may feel rel- taken by ht Board so far is summa- October, 2007 established a Qual- Council) with regard to the qual- evant for the purpose of assessing rized below: ity Review Board (QRB). The first ity of services provided by the the quality of work and services zz Clarified by the Board that as per QRB was constituted by the Ministry members of the Institute; offered by the members of the Section 5 of the CWA Act mem- of Corporate Affairs vide Gazette zz To review the quality of services Institute; ber means Associate and Fellow Notification Number 1191 dated 3rd provided by the members of the zz make recommendations to the members whether in employment October 2007. The Board consisted Institute including cost audit ser- Council to guide the members or in practice hence Graduate of the following members: vices; and of the Institute to improve their Member does not fall within the 18 ICAI info booklet ICAI info booklet 19

13 The Institute of Cost Accountants of India (ICAI) FOCUS THE PRESENT QUALITY REVIEW BOARD S.NO NAME CREDENTIALS DESIGNATION IN BOARD 1. Shri R.S. Sharma, Ex-Chairman ONGC - Chairperson 2. Shri Navrang Saini, Regional Director, (Eastern Region), MCA Member 3. Ms. Nandana Munshi Principal Director of Commercial Audit & Member Ex-officio Member, Audit Board-I 4. Shri V. Kalyanaraman, Past President, ICAI Member 5. Shri Kunal Banerjee, Past President, ICAI Member MR. M. GOPALAKRISHNAN, President, The Institute of Cost Accountants of India definition of the member. Since Reconstitution of the members of the Institute are the QRB: A CMas forte is either in practice or in service, it The Board was reconstituted in 6th was decided that to start with, February 2012. In order to improve the Board will review the quality the quality of the services being ren- zz of the services being performed by the members in practice. Decided that the Institute to dered by the members, the Council has constituted the Cost Accounting Standards Board for developing the Micro Analysis publish in the journal about the structured approach to the meas- setting up of the QRB and the urement of cost in manufacture or The President of ICAI started his career as a cost accountant members of the Institute may also service sector and to provide guid- consultant for textile industries in Coimbatore in THE 1980s be invited to publish articles in the ance to the user organizations, gov- journal on quality improvement. ernment bodies, regulators, research zz The Institute has agreed to have a separate website of the Board and to imprint Quality Review Board agencies and academic institutions to achieve uniformity and consistency in classification, measurement and C MA M Gopalakrishnan, President of the Institute of Cost Accountants of India, talks to facets- either it should result in some reasonable profits and in case profit or margin is not involved, then of ICAI on the Institutes let- assignment of cost to product and Nimesh Chandra on a range of it should be at a minimum cost to terhead. Later, the QRB website services.The Cost Accounting Stand- issues from defining cost account- the person who is taking the deci- was made operational as www. ards Board (CASB) has so far issued ancy, student issues & challenges, to sion. And towards this there are qrbicwai.in. 14 Cost Accounting Standards. plethora of possibilities for a profes- various alternatives that emerge and zz Decided to finalize a manual con- sional in the cost and management since resource consumption is cru- taining the procedure to be fol- The Council of the Institute also con- accounting domain. cial, the cost accountant becomes a lowed for conducting the Cost stituted The Cost Audit and Assur- key enabler by putting the various Audit and a Working Group ance Standards Board to formulate Q: If you were asked to define alternatives -- the availability and con- of Shri V. Kalyanaraman, Shri strategies to establish standards and the role of a cost accountant to sumption of resources, its value etc Dhananjay V. Joshi and Shri J.K. develop guidance in the areas of a student, what would it be? -- before the decision maker. In cases Puri was constituted auditing, assurance services, related A: A cost accountant becomes an where complexities and crisis are zz The Guidance Manual for Audit services and quality control. enabler of adding value to deci- involved, a cost accountant can play a Quality was drafted in 2011. sion making. Any decision has two major role in giving the management 20 ICAI info booklet ICAI info booklet 21

14 The Institute of Cost Accountants of India (ICAI) FOCUS a laxman rekha or a threshold value marketing or quality controlthere beyond which, taking risk could prove are chances of improvement. This detrimental for the decision maker. happens at all levels starting from The average Therefore, I will ask the student Do workers in different units/depart- salary package for you want to be a part of the decision ments. So, in other words a cost making in an organization? accountant financially evaluates the the Cost Accountant methodology of businesses and looks student has been in Q: But profession of a Chartered into reasons of profits/loss. Even for the range of 6 lakhs Accountant also does the same, sick units, the cost accountants have so where does the difference lie? been involved in turning around many to 11 lakhs per A: Each profession concentrates on sick enterprises to a stage where annum in India certain specific areas and is special- they have been able to declare divi- ICAI has helped the govern- ised in that domain. The profession dends to their shareholders. ment in identifying systems by you are referring to is mainly in the which tariff fixation (electric- audit of financial reports, which is Q: Quality is considered to be ity, telecommunication...) has mandated by their Act. The finan- a vital aspect. How does ICAI been done most effectively cial statements prepared by any ensure this? organisation reflects the summary A: We have a very rigorous train- of financial transactions during a ing methodology within the institute. reporting which was earlier called see that these models definitely do particular reporting period and a Students also need to have a mini- triple bottom-line reporting where not work in Asian economies. India Chartered Accountant certifies the mum knowledge, comprehension and environment, society and governance has its own growth model, which has financial statements -- the profit skill level.We have close to 100 chap- aspects also have to be considered improved off late and our economy and loss account or balance sheet ters spread across India and primarily to enable enterprises sustain on a has not been much affected by the of the enterprise comprising all its the trainers at those chapters are long term basis. These reports are financial upheavals abroad, primarily businesses. They are also involved also working professionals bringing aimed to be simple, concise and easy due to the prudent economic poli- in certification of various taxation the practical aspect of work respon- to understand. Those who are inter- cies adopted by various governments. areas, mainly in direct taxation. Their sibilities to the learning process. We ested in detailed analysis can refer to In India, public welfare is one of the entire research and training is tuned have a continuing education pro- the various reports made available by primary drivers of economic growth towards financial reporting that gets gramme where each member cannot the Company or by the Government and this is also a key part of the triple reflected in financial statements. The continue his/her membership unless regulators. bottom-line approach (environment, domain of a cost accountant under they complete a mandatory training society and governance aspects) our Act is the costing and pric- period every year. In addition we con- Q: How is a professional in this which I talked about earlier. Unless ing of goods and services, which duct webinars, training programmes domain working in India differ- a balanced growth happens in all is the fulcrum on which an enter- and management development pro- ent from one who is abroad? the three aspects, the business can- prise sustains. A Cost Accountant grammes say in financial regulations, A: The foreign countries are primarily not become sustainable on the long also indulges in micro analysis of the accounts management, streamlining governed by market economy where run. As far as Cost and Management business segment(s).They go into the government procurement, contract the market decides the sustainabil- accounting professionals (as they are details of the business and its process management etc. We also go beyond ity of projects and the risk is always called in USA, UK and other coun- - how to optimize resources, who are financial reporting and are proactive taken by the investor who could be tries) are concerned, optimizing the the consumers, where in production, in emerging areas such as integrated a debt or equity investor. We could consumption of resources is equally 22 ICAI info booklet ICAI info booklet 23

15 The Institute of Cost Accountants of India (ICAI) FOCUS applicable to public welfare schemes practices which are being adopted etc, private players are being involved we expect to cross 1,20,000 per year also. The resources belong to the elsewhere in the world. to have a wider reach, reduce the now. Since we hold the exam twice nation and a proper cost accounting cost to the exchequer and at the a year, the June 2012 exam will have information system enables a check Q: What have been the insti- same time bring quicker delivery of close to 80,000 students appearing and balance on their consumption. tutes key initiatives recently? benefits to people. In this direction, in various levels. We have also been A: In the mid 2000, India was emerg- the institute has helped in streamlin- conducting placements over the past Q: How has the response of the ing as a leading destination for invest- ing the systems through which fixa- few years across the country wherein student been to macro things ments for MNCs and foreign com- tion of tariffs can be on sound cost many companies regularly visit the like integrated reporting, public panies and owing to globalization accounting principles. For eg. in areas campus and on an average 75-80% welfare system since their pri- and the market reforms initiated such as electricity tariff, telecom tar- students get placed. In the most mary aim is to get employment? by the government in the last dec- iff, cost accounting plays a vital part. recent placement, the average salary A: Any system evolves over a period ade, many professionals thought they Also, there is a separate Indian Cost package was in the range of Rs. 6 lakh and a student of a professional course could be involved in giving back to Account Service branch, within the to Rs. 11 lakh per annum. We have a should be aware of what is in store the profession having gained from it. govt. which has over the years, used rigorous evaluation procedure in the for him when he joins an organization These professionals in our Institute cost accounting principles to arrive at exam and the success percentage of as an executive.The students may not enabled the development of cost effective ways in administering prices candidates is close to 15%. straight away be exposed to these accounting standards and we were for various schemes of the Govern- aspects but once a basic philosophy able to develop the same achieving ment including the agriculture prices. Another good development is that is built into the course curricula, their the status of being the first nation we now have a mutual recognition comprehension will be on an aware- to do so. Since India focuses a lot on Q: Any future initiatives for stu- arrangement with Institute of Man- ness level. The organisations where welfare schemes in education, health, dents you would like to share? agement Accountants, USA and Insti- students will be employed also test employment and so on, the challenge A: We feel that the full potential of tute of Public Accountants, Australia the basic knowledge and awareness was on optimizing the use of national the student growth in our profession and our members can automatically level of students expecting it to align resources.The cost accounting stand- is yet to be realized. I say this because become members of these institutes. with the corporate philosophy. Many ards thus looked into the prevailing this is one course which does not The course curricula have also been organisations have started integrat- best practices across different sec- have any restrictions either in terms mapped with Chartered Institute of ing the triple-bottom aspects, into tors through a nation-wide survey of qualifications or a prerequisite Management Accountants (CIMA) in their corporate philosophy. At ICAI, - codified them and structured in of a special training like articleship. UK, with whom we have a memoran- we work at two levels: first, in giving a standard format. For instance we Anyone, irrespective of whether he/ dum of understanding by which our basic knowledge through our course arrived at a material cost, a labour she is employed, can do this course, students get exemption in eleven curricula and second at the advanced cost or the cost of utility like water, and can become a globally recognized papers (at different levels) to qualify level where we closely interact with power which told us how they may professional accountant Based on as a management accountant profes- govt. and industry in bringing global be accounted in a proper scientific the relevant experience one can get sional in UK. manner. Another key initiative was membership of ICAI. Recently, we aligning the legislative framework have started involving the universities Q: Do we foresee any revision in We were able to develop the of cost accounting records and cost and colleges across India to create the course fee for students? cost accounting standards, achieving audit to enable cost competitiveness. awareness about the course. Our A: At present we do not have any student growth has been phenom- plans for the same but our course the status of being the first national Further, in many government enal. From about 40,000 students curricula has to be revised in 2013, so professional body to do so schemes Rural Health, Education enrolment per year three years back, at that time the council may consider. 24 ICAI info booklet ICAI info booklet 25

16 The Institute of Cost Accountants of India (ICAI) FOCUS Award for excellence in Cost To promote Cost efficiency amongst organizations, Institute gives out an award for l Excellence in Cost Management. Selection Process A questionnaire is designed to obtain information on cost management practices and performance of the companies. A screening committee consisting of members from various corporate organisations and PSUs formed by the Institute evaluates the questionnaire submitted by the participating organisation/unit and places the same before the Jury for final selection OBJECTIVES OF THE AWARD zz ecognizing Leadership efforts of R In 2011, Minister of Corporate Affairs, Dr. Veerappa Moily handing out the Cost Management Techniques award. Seen also in the picture, Mr. zz Educating other industry mem- M.Gopalakrishnan, President, ICAI bers on innovative practices and their functioning zz Encouraging the organizations in A s a part of its prime responsibil- ity, the Institute is continuously making pioneer efforts to promote, propagated the potentials of the tools and techniques of cost and manage- ment accountancy in the challenging performance of participant organi- zations to improve tremendously over the years. The objective of of zz emphasizing their focused areas of Cost Management Strengthening the professional recognize and reward cost manage- global economic environment espe- National Award for Excellence in expertise in the areas of Cost ment culture and practices in the cially after the global meltdown. Cost Management is to encourage Management public and private sector. It instituted corporate sector to get due national zz Providing support service in National Award for Excellence in This award synergizes the entre- and global recognition for the suc- implementation of new tools and Cost Management in the year 2003 preneurial abilities of the industry cess of Cost Management initiatives. techniques of cost management to recognize the qualitative cost man- with intellectual prowess of CMA .This award acts as an incentive for zz Undertaking research on effective agement practices adopted by the professionals to result in cost man- the organizations to manage cost Cost Management practices being industry. The award has successfully agement excellence which has led to effectively and efficiently. followed in different industries 26 ICAI info booklet ICAI info booklet 27

17 The Institute of Cost Accountants of India (ICAI) FOCUS A CMA generates prof- its for an organization A CMA HAS TO DEAL WITH EXTERNAL AGENCIES LIKE BODY OF INVESTORS, WHO HAVE OWNERSHIP OF RESOURCES A s the CMA s assume primary role in an organization due to their skills in accounting, strategiz- two key responsibilities I became the Director of Management Accounting Research Foundation (MARF) of the ing, regulating and management, they Institute and also took over as the have become immensely indispensa- Vice-President of the Institute. It has ble functionaries. Here Rakesh Singh, been quite a fulfilling journey! Vice President, The Institute of Cost Accountants of India, a CMA himself Q. In February 2012, the name talks about the importance of the of Institute of Cost & Works role of CMAs, the issue of the name Accountants of India was change of the institute, global rec- changed to Institute of Cost ognition and the increasing student Accountants of India. Why was intake ratio. this done and how will it help Mr. Rakesh Singh, Vice President, The Institute of Cost Accountants of India the Institute? Q. Tell us briefly about your A. In the global scenario, there are background two recognized professions-Financial Accountants of India (ICWAI) for the is the profession of CMA? A. I completed my B.Com (Hons) Accounting and Cost & Manage- longest time. Eventually the word A. Cost and Management Account- from Delhi University in 1982. ment Accounting. The worlds larg- Works become redundant. After ants help in generating profits for an After that, I decided to pursue Cost est professional body of cost and much resistance and debate, we have organization. In order to make prof- Accountancy ( it was referred to as management accountants known as managed to remove it and are now its, it is essential to carry out optimal Cost and Work Accountancy). After Chartered Institute of Management known as Institute of Cost Account- usage of resources. The CMAs are working in various leading organiza- Accountants (CIMA) based in UK ants of India. In order to gain a level- essentially involved in the costing and tions as a CMA, I soon became a has had to undergo a change in playing field and become a global management of various resources. partner with Shome & Bannerjee, a name thrice (Initially referred to as player, it is essential. Our profession- They also deal with external agen- leading CMA firm in India in 2005 Institute of Cost and Work Account- als were not gating the deserved cies such as the body of investors, and also elected as a Central Council ants) in order to stay abreast of recognition. The professionals are who have stake in the organization. member in ICWAI (now Institute of developments in the profession and referred to as CMAs. . The investors are entitled to know Cost Accountants of India ) around assuming a global role. We had been how the resources are being utilised. the same time. In July 2011, I assumed known as Institute of Cost & Works Q. How important do you think The CMAs help in providing this 28 ICAI info booklet ICAI info booklet 29

18 The Institute of Cost Accountants of India (ICAI) FOCUS While throughout the world, our profession als are referred to as Cost & Management Accountant, in India we stick to Cost & Work Accountant.We need global recognition. A. At the moment, we have about 50000 qualified professional associ- ated with the Institute. . When one becomes a member of the Institute, there are efforts to continuously train, upgrade and monitor the pro- fessional development...Members are expected to attain minimum CEP We have a sound placement hours by attending various pro- mechanism. Jobs are available in grammes organsied by the Institute. PSUs & Corporate sector Also, we look into the ethical aspects in the profession and help them gain a firm footing. Therefore, by becom- information to the investors. The background in school has three main professionals in our domain are ing a member, one can keep in touch Government of India has a policy, options to pursue later : he can referred to as Cost and Manage- with peers and discuss issues. where organizations have to provide become a Chartered Accountant, a ment professionals, in India we are costing information of various sec- Cost ccountant or a Company Sec- known as Cost Accountant or CMA. Q. How strong is the placement tors within it for judicious use leading retary. Students have to eventually The day our Institute is renamed as mechanism at InstituteICAI? to cost control and thereby profit- make a choice among these three Institute of Cost and Management A. We have a sound placement ability. . The role of CMAs becomes options. Either they can start early Accountants of India and our profes- mechanism.There is a separate Place- essential here. In a consumption after class 12th with Foundation/ sionals will also be referred as Cost ment Directorate that looks into based economy like ours, the central similar courses available for all three and Management Accountants., I can various opportunities available for focus is towards accelerating the streams or they can pursue it after visualize that the members of profes- our students. We have some of the growth of the industrial and other graduation. At what stage they want sion in India will attain parity on biggest names in PSUs as well as Pri- sectors. The CMAs then naturally to join, is the choice of an individual. global recognition. vate organizations that visit r every become drivers of the process. year for placements. These include Q. Do you find any difference Q. How many members are cur- ONGC, Coal India, BHEL, Nestle, Q. Is a 10+2 student excited to between Cost Accountants in rently associated with Institute Vedanta,TCS, Genpact and many oth- become a Cost and Manage- India and abroad? ? What are the kinds of advan- ers. Over the last few years, there has ment Accountant? A. Yes, there is a difference. tages associated with the mem- been a gradual rise in the placement A. A student with commerce While throughout the world, the bership? percentage and package offered. 30 ICAI info booklet ICAI info booklet 31

19 The Institute of Cost Accountants of India (ICAI) FOCUS Placement options at icai register their requirement online at the website of the Institute. In order to keep the placement procedure unbiased, a candidate can appear for With top names from the private and public sector only four interviews irrespective of making a beeline, there is no dearth of work! the fact that he/she is shortlisted by several organization but the moment they are offered job by an organiza- tion and it is accepted in writing by the candidate, they will not be permitted to attend the rest of the campus interviews. List of some of the recruiters in recent past zz ssam Brooke Ltd. A zz Ashok Leyland Ltd. zz Apollo Gleneagles Hospitals zz Bata India Ltd. zz Bharat Heavy Electricals Ltd In April 2012, there was 70% placement zz Bharat Sanchar Nigam Ltd. across centres and the average salary zz Castrol India Ltd. package was Rs 6.5 lakh/annum zz Coal India Ltd. zz Dunlop India Ltd. zz Ford India Ltd. T he Institute has been organiz- ing Campus Placements for the fresh qualified CMAs from the June its vast network across the country, ICAI organizes placement in any loca- tion across the country as per the maintains the data base of the job seeking member/students and the same is provided to the employers zz zz zz Genpact Ltd. Hindustan Zinc Ltd. IDBI Bank and December batches. The Campus requirements of the employer. Many on their request. The Institute is in zz ICICI Bank placement is generally organized in of the PSUs like Coal India, ONGC, close association with the Industry zz ITC Ltd. the month of October for qualifiers NMDC, STC, MMTC, Allahabad Bank to understand their requirements. In zz Jindal Steel & Power Ltd. from June Examination and in the and Corporates like Nestle, TCS, April 2012, there was 70 % placement zz MMTC month of March/April for December HCL,TVS,Vedanta,Wipro, Jindal Steel across centres and the average salary zz NTPC qualifiers. The Institute organizes the regularly visit the campus, scout- package offered was around 6.5 lakh zz ONGC Ltd. placements in 4 locations- Delhi, ing for talented CMAs. The Institute per annum. zz Tata Consultancy Services Ltd. Mumbai, Chennai and Kolkata to help has a dedicated Placement Direc- zz Vedanta employers to look for their future torate to work out the placement The companies participating in the zz Wipro BPO managers from ICAI campus. With programmes. Placement Directorate placement procedure have option to 32 ICAI info booklet ICAI info booklet 33

20 The Institute of Cost Accountants of India (ICAI) FOCUS Become a member of the Institute a membership helps in staying in touch with the The fees payable are industry standards and stay in touch with peers Associate Fellow Member(In Rs.) Member(In Rs.) Entrance Fees 1000 1000 Annual Membership Fees 800 1500 purpose of admission to Associate members of the Institute of the Membership, subject to the satisfac- Company Secretaries of India: tion of the council. zz In Banking, Insurance or other 1.Experience as company secretary financial institution- experience having direct responsibility of cost involving project analysis, feasibil- accounting functions for a mini- ity reports, financial profitability mum period of three years. analysis, etc. or economic effi- ciency analysis of institutions for 2.Experience as Company Secre- a minimum period of three years tary who is closely associated on a whole time basis. with cost accounting functions zz In Universities, Management insti- for a minimum period of three tutions, etc. practical experience years in a manufacturing company in handling projects and specific having a paid up capital of not less The Members of ICAI have to undergo mandatory training of 10 hours every year. studies in Costing and manage- than Rs.25 lakhs. ment Accounting and in other management functions with eco- 3. Practical training/experience in A person who has passed the final examination of the Institute and has obtained at least three years of admission to associate membership of the Institute. The practical experi- ence as above may be acquired prior nomic content and analysis for a minimum period of three years. zz Professional experience in a full cost accounting functions on full time basis for a period of two and half years. practical experience covering differ- to or after passing the final examina- time basis with practicing Cost ent branches of costing or indus- tion or partly before and partly after Accountant for a minimum period zz In the case of persons having trial accounting viz. stores, materials, passing the final examination. of five years on a part time basis. teaching experience, the follow- labour, overhead, etc in a responsible zz Experience with engineering pro- ing conditions should be fulfilled: position in any one or more indus- The Council has decided that the jects involving analysis, project they should have had teaching trial, commercial or government units following types of experience for study and allied disciplines for a experience in Cost Accountancy or departments and has produced the duration indicated in each may minimum period of three years. for a minimum period of five years evidence to that effect may seek be acceptable as adequate for the zz In the case of persons who are at Graduate or Post Graduate 34 ICAI info booklet ICAI info booklet 35

21 The Institute of Cost Accountants of India (ICAI) FOCUS The basis of computation of programme credit hours will be as follows Hours of Training Programme attended by the member in practice Programme Credit Hours Less than 1 hour Nil 1 hour and more and upto 2 hours 1 More than 2 hours and upto 4 hours in single day 2 Beyond 4 hours in a single day 4 Programmes for more than 1 day and upto 2 days 6 Programme spanning beyond 2 days 10 level in Government Institutions, with the application for renewal Universities, or University affili- of Certificate of Practice. ated colleges. For Members in Service Continuing (i) The member should undergo EducationProgramme minimum mandatory training of To meet the requirement of profes- 6 hours per year w.e.f. 2009-10. sional skills in the current changing (ii) The certificate of attendance for dynamic economic scenario, Cost training will have to be enclosed Accountants in practice and in ser- with the application for renewal vice ( should equip themselves with of membership. the new skills and concepts to meet The attendance of members in the challenges and render services National Cost Convention, Regional to trade, commerce and industry. Cost Convention, Seminars/Work- Therefore, there is mandatory train- shops conducted by the Institute/ ing of the members in practice and Regional Councils/Chapters (both service under Continuing Education paid/unpaid programme) will be Programme (CEP. The basic features reckoned against the requirement of the revised scheme are: of mandatory training period under this scheme. For Members in Practice The requirement specified above will (i) The member should undergo not apply to a member who has minimum mandatory training of attained the age of 65 years.. 10 hours per year w.e.f. 2009- Thus, there are immense advantages 10. if one attains the membership of (ii) The certificate of attendance for ICAI. training will have to be enclosed 36 ICAI info booklet

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