Marg Career Library - Cost Accountant

Overview:

Cost Accounting is the process of tracking, classifying, analysing, summarizing, and allocating costs associated with a process and then developing various courses of action to control the cost. The work of cost accountant includes budgeting, cost management, performance evaluation and asset management. They are also responsible for planning, studying and collecting data to determine costs of business activity such as raw material purchase, inventory and labour. They usually work in manufacturing related industries.

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Career Path:

Commerce Graduates can look at a career in Cost Accountancy. They would require completing Cost and Management accountancy (CMA) course from Indian Institute of Cost Accountants of India (ICAI). You can check www.icmai.in for more details on enrolments.

Stream of Study in 12th Grade/School:	Commerce (Recommended)
Degree/Graduation Courses:	B.Com/B.Com(H) BBA BMS BBI
Higher education/Post Graduation Courses:	Pursue Cost Accountancy -CMA Course. The CMA course is a self-study program. All students have to go through the below steps to complete the program; Step 1: Enrol and clear the CMA Foundation course. (Graduates are exempted from this level) Step 2: Intermediate Course- Candidates who have passed the Foundation course or Graduates in any discipline (except Fine Arts) can enroll in the intermediate course. Students are expected to complete 15 months of practical training after registering for intermediate course. Step 3: Final Course is pursued after clearing the Intermediate Programme.

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Top Colleges:

Institute of Cost Accountants of India (ICMAI) , Delhi

Job Opportunities:

Government sector
Customs Department
Retail and Manufacturing Sector
Banks & Financial Institutions
Independent/Private Practice
Education/Teaching sector
Management Consultancy

Job Responsibilities:

Examine statements to ensure accuracy
Ensure that statements and records comply with laws and regulations
Organize and maintain financial records and prepare budgets.
Suggest ways to reduce costs, enhance revenues and improve profits
Analyse 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
Planning, Studying, and collecting data to determine costs of business activity such as raw material purchases, inventory and labour
Analysing changes in product design, raw materials, manufacturing methods or services provided, to determine effects on cost
Assisting in month end close of the General Ledger

Work Life:

Cost accountants usually spend time analysing costs involved in purchase of products or running a process or budgeting future expenses.
They are responsible for implementing cost accounting improvements and other financial strategies for cost efficiency
Most accountants work on a team with one or more other accounting professionals, which means they will need to be able to discuss work in technical accounting terms.

Key Skills:

Strong Computer skills
Excellent analytical skills
Detailed oriented
Numerical ability

Designation:

Entry level

Internal auditor, Stock auditor, Accountant, Assistant- Accounts-Costing, Executive associate- cost accounting, Trainee –ICWAI, Cost analyst, Assistant Professor, Lecturer

Mid level

Cost Account – product costing, Senior cost accountant, Cost accountant in engineering/manufacturing companies, Surveyor and Loss Assessor, Chief Accountant, ERP Functional expert- Cost Centre Accounting, Manager Business Finance

High level

Head Finance and accounts, GM finance and Accounts, CFO (Chief Financial Officer), Head -Internal audit, Head -Project finance, Professor