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.
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:
|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.
- Institute of Cost Accountants of India (ICMAI) , Delhi