A Cost Accountant records the costs of production involved in manufacturing goods and delivering services of a firm. They also develop budgets and cost-control initiatives, which can increase profits for a business.
Personal Competencies
• You are detail oriented
• You like to work with numbers
• You like to have clear instructions to follow
Entry Pathway
1. Complete 10+2 in Commerce or Science stream
2. Complete Institute of Cost and Management Accountants of India (ICMAI) foundation course, followed by ICMAI intermediate and ICMAI final courses
OR
Pursue ICMAI foundation course along with a Bachelor's degree in Accountancy/Accounting or any related subject. Follow this up with ICMAI intermediate and ICMAI final courses
OR
Complete Bachelor's degree in Accountancy/Accounting or any related subject, and then follow it up With ICMAI intermediate and final courses
OR
Complete Bachelor's degree in Accountancy or Accounting, complete ICMAI intermediate course. Then do a Master's in Business Administration/ Economics/ Finance/ Commerce/finance and Accounting or related field and follow it up with the ICMAI final course
Please check the duration of the course during enrolment
Where will you study?
The course is offered by the Department of Finance/Banking/Business Analysis.
This list of institutes is indicative only.
GOVERNMENT INSTITUTES
1. Institute of Cost Accountants of India, New Delhi
2. Indian Institute of Management, Bengaluru
3. Indian Institute of Management, Kolkata
4. Indian Institute of Management, Kozhikode
5. Indian Institute of Management, Indore
6. Indian Institute of Management, Lucknow
7. Faculty of Management Studies, University of Delhi, New Delhi
8. Department of Management Studies Indian Institute of Technology, New Delhi
PRIVATE INSTITUTES
(Please check if Institute is affiliated and accredited with UGC before applying)
1. Xavier School of Management, Jamshedpur
2. Management Development Institute (MDI), Gurgaon
3. SP Jain Institute of Management & Research, Mumbai
4. T A Pai Management Institute, Manipal
5. Great Lakes Institute of Management, Chennai
6. IBS Business School, Hyderabad
7. Goa Institute of Management, Sattari, Goa
8. Institute of Management Technology, Ghaziabad
DISTANCE LEARNING INSTITUTE
Indira Gandhi National Open University (IGNOU)
Fees
The approx. fee for pursing the ICMAI foundation, intermediate and final courses is around INR 55,000*
*These figures are estimated numbers and will vary from Institute to Institute.
Scholarships & Loans
SCHOLARSHIPS
• National Scholarship Portal - Visit http://www.scholarships.gov.in. Under this portal there are Central Government Schemes offered by different departments, UGC/AICTE Schemes and State Schemes.*
• Visit http://www.buddy4study.com for details on available scholarships. This is a gateway to scholarships starting from Class Xl.*
• Scholarships are also available in the Institutes based on merit*
*(Availability of these scholarships can vary from time to time)
LOANS
• VidyaLakshmi, http://www.vidyalakshmi.co.in, is a portal for students seeking education loan. This portal has been developed under the guidance of the Department of financial Services, (Ministry of Finance), Ministry of Education, Government of India and Indian Banks Association (IBA).
• Some states have student credit cards with Iow interest rates, for instance, West Bengal, Odisha, Bihar, etc.
• All banks give education loans.
Where will you work?
Places of Work: Banks, Chartered Accountant firms, Non-Banking Financial Units, Developmental Agencies, Education, Training and Research sector among others.
Entrepreneurship: You can start your own business.
Work Environment: It is a desk job. You are likely to work 5 to 6 days a week and 8 to 9 hours every day. This may vary from organization to organization.
Opportunities for work exist for differently abled in this field
Subhadra Dutta Gupta is a Cost Accountant and a member of The Institute of Cost Accountant of India since 1999. She is currently practicing with Subhadra Dutta & Associates in Kolkata. She has over 23 years of experience and specializes in Income Tax and Business Law.*
COST & WORKS ACCOUNTANT
NCS Code: 2411.03 | BF010• You are detail oriented
• You like to work with numbers
• You like to have clear instructions to follow
1. Complete 10+2 in Commerce or Science stream
2. Complete Institute of Cost and Management Accountants of India (ICMAI) foundation course, followed by ICMAI intermediate and ICMAI final courses
OR
Pursue ICMAI foundation course along with a Bachelor's degree in Accountancy/Accounting or any related subject. Follow this up with ICMAI intermediate and ICMAI final courses
OR
Complete Bachelor's degree in Accountancy/Accounting or any related subject, and then follow it up With ICMAI intermediate and final courses
OR
Complete Bachelor's degree in Accountancy or Accounting, complete ICMAI intermediate course. Then do a Master's in Business Administration/ Economics/ Finance/ Commerce/finance and Accounting or related field and follow it up with the ICMAI final course
Please check the duration of the course during enrolment
The course is offered by the Department of Finance/Banking/Business Analysis.
This list of institutes is indicative only.
GOVERNMENT INSTITUTES
1. Institute of Cost Accountants of India, New Delhi
2. Indian Institute of Management, Bengaluru
3. Indian Institute of Management, Kolkata
4. Indian Institute of Management, Kozhikode
5. Indian Institute of Management, Indore
6. Indian Institute of Management, Lucknow
7. Faculty of Management Studies, University of Delhi, New Delhi
8. Department of Management Studies Indian Institute of Technology, New Delhi
PRIVATE INSTITUTES
(Please check if Institute is affiliated and accredited with UGC before applying)
1. Xavier School of Management, Jamshedpur
2. Management Development Institute (MDI), Gurgaon
3. SP Jain Institute of Management & Research, Mumbai
4. T A Pai Management Institute, Manipal
5. Great Lakes Institute of Management, Chennai
6. IBS Business School, Hyderabad
7. Goa Institute of Management, Sattari, Goa
8. Institute of Management Technology, Ghaziabad
Information on Institute rankings is available at -https://www.nirfindia.org/Rankings/2023/Ranking.html
DISTANCE LEARNING INSTITUTE
Indira Gandhi National Open University (IGNOU)
The approx. fee for pursing the ICMAI foundation, intermediate and final courses is around INR 55,000*
*These figures are estimated numbers and will vary from Institute to Institute.
SCHOLARSHIPS
• National Scholarship Portal - Visit http://www.scholarships.gov.in. Under this portal there are Central Government Schemes offered by different departments, UGC/AICTE Schemes and State Schemes.*
• Visit http://www.buddy4study.com for details on available scholarships. This is a gateway to scholarships starting from Class Xl.*
• Scholarships are also available in the Institutes based on merit*
*(Availability of these scholarships can vary from time to time)
LOANS
• VidyaLakshmi, http://www.vidyalakshmi.co.in, is a portal for students seeking education loan. This portal has been developed under the guidance of the Department of financial Services, (Ministry of Finance), Ministry of Education, Government of India and Indian Banks Association (IBA).
• Some states have student credit cards with Iow interest rates, for instance, West Bengal, Odisha, Bihar, etc.
• All banks give education loans.
Places of Work: Banks, Chartered Accountant firms, Non-Banking Financial Units, Developmental Agencies, Education, Training and Research sector among others.
Entrepreneurship: You can start your own business.
Work Environment: It is a desk job. You are likely to work 5 to 6 days a week and 8 to 9 hours every day. This may vary from organization to organization.
Opportunities for work exist for differently abled in this field
Clerk → Cost Accountant → Junior Cost Accountant → Cost Accountant → Senior Cost Accountant → Cost Accounts Officer → Chief Cost Accountant
The approx. salary of a financial Accountant ranges between INR 8,000 - 12,000*
per month for new entrants and INR 20,000 to 35,000* per month for candidates with experience.
Source: https://bit.ly/3HTy9hG
Experts from the field
Subhadra Dutta Gupta is a Cost Accountant and a member of The Institute of Cost Accountant of India since 1999. She is currently practicing with Subhadra Dutta & Associates in Kolkata. She has over 23 years of experience and specializes in Income Tax and Business Law.*
Source: https://www.indiafilings.com/kolkata/cost-accountant/subhadra-duttagupta
The above information is for training purposes only and will not be used for any commercial gains
cost analyst, senior cost accountant