Chief Guest CMA Biswarup Basu, President-ICAI; inaugurated the Chapter renovated buildings – CMA Bhavans of The Institute of Cost Accountants of India, Hyderabad Chapter, at Himayatnagar and Sanathnagar, today. Also present on the occasion were Guest of Honour CMA S. Papa Rao, Chairman-SIRC & CCM-ICAI; Special Invitees CMA Dr. K.Ch. A.V.S.N. Murthy, CCM-ICAI; CMA D. Munisekhar, Vice-Chairman, SIRC-ICAI; CMA M. Venkateshwarlu, Chairman, ICAI-Hyderabad Chapter.
Speaking on the occasion Chief Guest CMA Biswarup Basu said, The Institute of Cost Accountants of India, has vast infrastructure with four Regional Councils, Southern India, Eastern India, Western India and Northern India Regional councils. We have 111 chapters all over India and eleven overseas center, recently we opened an overseas center at London, we are becoming a global body. Therefore, we made an appeal to our Hon’ble Finance Minister Smt Nirmala Sitaraman ji to change our name to The Institute of Cost and Management Accountants of India, all over the world our profession is known as Cost and Management Accountants, therefore the request. With the passage of time, we have proved that we have expertise in Cost and Management Accountancy, GST, taxation matters and many of our members hold senior positions in the industry. There are instances where our members are holding the position of Managing Director, the Managing Director of Shipping Corporation is a Cost Accountant, there are several others holding the highest position in the Industry, some are Vice Chancellors of Universities, there is excellent scope for our profession. We have about five lakh students, our course covers foundation, intermediate and final. This being a professional course, there is tremendous opportunity for a Cost and Management Accountant today. Any student passing out of this course get excellent remuneration package, in GAIL they offer 18 lakh package. Updating knowledge, keeping abreast with the latest and learning the latest technology is essential to excel in this profession. To keep ourselves abreast with the changes happening in the professional world, we are teaching our children as part of the curriculum aspects like Artificial Intelligence, Block Chain, Cyber Security and Data analytics, our students need to be acquainted with these modern techniques. There is immense prosperity for our profession with these leanings. CMAs have expertise in GST matters, he is also recognized as insolvency professional and there are several other avenues for our professionals.
CMA S. Papa Rao said, The Institute of Cost Accountants of India, is the name given by Britishers, they too had the same name for the profession in their country, since then they changed the name of their institute twice to Institute of Cost and Management Accountants and later Chartered institute of Management Accountants, London. We have been pursuing with the Government to change our name to Institute of Cost and Management Accountants of India but are experiencing bureaucratic delays. CA course gives prominence to taxation and auditing, while we the CMAs give prominence to cost and management accountancy and Company Secretaries give prominence to legal aspects. While CAs mostly go for practice, CMAs mostly go for employment though we too can practice. Average salary this profession attract is Rs o to 7 lakhs and Companies like ONGC, 1OC offer up to Rs 18 lakhs at the beginning of the career. I have been educating students for long to go for this course. South India contributes almost 54% of the students, members and revenue to the Institute. Combine Telugu states contribute the maximum number of students among this. Therefore, we need more and better infrastructure here in these states to cope with the demand and need the support of the President to improve the infrastructure. Hyderabad Chapter is one of the best in the country.
CMA M. Venkateshwarlu, the Hyderabad Chapter is improving on its infrastructure here to meet the growing needs of students and professionals. We are continuing our courses with the same vigor as before pandemic and the students pursuing their course here have greater chances of clearing the course and the pass percentage will be high. Our imparting of the course is so through that there is no need to seek the help of private institutions to complete the course.
The Institute of Cost Accountants of India (erstwhile The Institute of Cost and Works Accountants of India) was first formed in 1944 as a registered company under the Companies Act with the objects of promoting, regulating and developing the profession of Cost Accountancy. On 28th May 1959, the Institute was established by a special Act of Parliament, namely, the Cost and Works Accountants Act, 1959 as a statutory professional body for the regulation of the profession of Cost and Management accountancy. The Institute is under the administrative control of the Ministry of Corporate Affairs, Government of India.
The Institute is headquartered in Kolkata having four Regional Councils at Kolkata, Delhi, Mumbai and Chennai, 110 Chapters in India and 11 overseas Centres. The Institute is the 2nd largest Cost & Management Accounting body in the World and the largest in Asia, having approximately 5,00,000 students and 85,000 qualified CMAs either in practice or in employment all over the globe. The Institute is a founder member of International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA). The Institute is also a member of International Valuation Standards Council (IVSC), UK. And also has its representative in the Council of International Integrated Reporting Council (IIRC), UK.
The Institute as a part of its obligation regulates the profession of Cost and Management Accountancy. The Institute also pursues the vision of cost competitiveness, cost management, efficient use of resources and structured approach to cost accounting as the key drivers of the profession. Since last 76 years, the CMA profession has strived relentlessly to promote the socio-economic development of the country. The CMAs are considered to be the powerhouse in the Indian economy as they are trained to be cost competitive, utilize available resources in an efficient and cost-effective manner through cost optimization, efficient deployment of scarce resources leading to cost control, cost reduction and cost consciousness.
The Institute has been working continuously to strengthen the cost competitiveness of Indian industry by inculcating cost management focus through propagating best practices in cost management and cost accounting / auditing. The Institute feels very strongly that Resource Optimization should be made necessary in Government establishments covering their programs and schemes by adoption of suitable CMA techniques targeting growth & efficiency and ensuring timely and effective societal welfare. CMA techniques accurately links responsibilities with resource decisions and provide the decision maker transparent and relevant information.
ICWAI Management Accounting Research Foundation (ICWAI MARF) arm of the Institute is undertaking research studies to propagate the Cost Consciousness and Cost Culture amongst the Government departments. Recently, ICWAIMARF has submitted the Final Report and Pilot Study Reports on Performance Costing System in Indian Railways. Reports have been well received & highly appreciated by the Indian Railways.
