Institute of Cost Accountants of India: Difference between revisions

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{{short description|Professional accountants body In India}}
{{short description|Professional Cost and Management Accounting body in India}}
{{Use dmy dates|date=April 2020}}
{{Use dmy dates|date=April 2025}}
{{Use Indian English|date=January 2025}}
 
{{Infobox organization
{{Infobox organization
| name               = The Institute of Cost and Management Accountants of India
| name                     = The Institute of Cost Accountants of India
| pronounce           =
| pronounce               =  
| native_name        = भारत लागत और प्रबंधन लेखाकार संस्थान
| nickname                 =  
| native_name_lang    =  
| named_after             =  
| nickname           =  
| image                   =  
| named_after         =  
| image_size               =  
| image               =  
| alt                     = ICWAI
| image_size         =  
| caption                 =  
| alt                 = ICWA
| logo                     =         ICMAI and CMA logo.jpg
| caption             =  
| logo_alt                 =
| logo               = ICMAI Logo.png
| logo_caption             =  
| logo_size          = 100px
| abbreviation             = ICMAI
| logo_alt           =  
| predecessor             =  
| logo_caption       =  
| merged                   =  
| abbreviation       = ICMAI
| successor               =  
| motto              = Lead me from the unreal to real; from darkness (ignorance) to light (knowledge); and from death to immortality
| formation               = {{Start date and age|df=yes|1959|05|28}}
| predecessor         =  
| founding_location       =  
| merged             =  
| merger                   =  
| successor           =  
| vat_id                   =  
| formation           = {{Start date and years ago|df=yes|1959|05|28}}
| registration_id         = <!-- for non-profit org -->
| founder            =
| status                   = Established under the Cost and Works Accountants Act, 1959 Statutory body enacted by the Parliament of India
| founding_location   =  
| purpose                 =  
| extinction          = <!-- use {{end date and age|df=yes|YYYY|MM|DD}} -->
| headquarters             = CMA Bhawan, 12 Sudder Street, Kolkata – 700016, India. ( till 2024-25 ) <br/>
| merger             =  
CMA Bhawan 3, Institutional Area Lodhi Road, New Delhi - 110003, India (since 2025-26)
| tax_id              = <!-- or | vat_id = (for European organizations) -->
| coordinates             = {{Coord|22.558103|88.353672|display=inline}}
| registration_id     = <!-- for non-profit org -->
| region                   = India
| status             = Recognised statutory professional organisation established by a special [[Act of Parliament]] of the [[Parliament of India]]
| services                 =  
| purpose             =  
| products                 =  
| headquarters       = CMA Bhawan, 12 Sudder Street, Kolkata – 700016 India [[Kolkata]], India
| methods                 =  
| location            = CMA Bhawan, 3 Institutional Area, Lodhi Road, New Delhi – 110003 India
| fields                   =  
| coordinates         = {{Coord|22.558103|88.353672|display=inline}}
| membership               =  
| region             = India
| membership_year         =  
| services           =  
| owner                   = <!-- or | owners = -->
| products           =  
| sec_gen                 = <!-- or | gen_sec for General Secretary -->
| methods             =  
| leader_title             = President
| fields             =  
| leader_name             = CMA TCA Srinivasa Prasad
| membership         =  
| leader_title2           = Vice President
| membership_year =  
| leader_name2             = CMA Neeraj D. Joshi
| owner               = <!-- or | owners = -->
| leader_title3           = Secretary
| sec_gen             = <!-- or | gen_sec for General Secretary -->
| leader_name3             = CMA Dr. Debaprosanna Nandy
| leader_title       = President
| leader_title4           =  
| leader_name         = CMA Biswarup Basu
| leader_name4             =  
| leader_title2       = Vice President
| board_of_directors       =  
| leader_name2       = CMA P. Raju Iyer
| main_organ               =  
| leader_title3       = Immediate Past President
| parent_organization     = [[Ministry of Corporate Affairs]], [[Government of India]]
| leader_name3       = CMA Balwinder Singh
| subsidiaries             =  
| leader_title4       = Past President
| secessions               =  
| leader_name4       = CMA Amit Apte
| affiliations             =  
| board_of_directors =  
| budget                   =  
| main_organ         =  
| budget_year             =  
| parent_organization = [[Ministry of Corporate Affairs]] , [[Government of India]]
| revenue                 =  
| subsidiaries       =  
| revenue_year             =  
| secessions         =  
| disbursements           =  
| affiliations       =  
| expenses                 =  
| budget             =  
| expenses_year           =  
| budget_year =  
| endowment               =  
| revenue             =  
| endowment_year           =  
| revenue_year =  
| staff                   =  
| disbursements       =  
| staff_year               =  
| expenses           =  
| volunteers               =  
| expenses_year =  
| volunteers_year         =  
| endowment           =  
| members                 = 100,000
| endowment_year =  
| students                = 750,000 (Approx)
| staff               =  
| website                 = {{URL|https://www.icmai.in}}
| staff_year =  
| remarks                 =  
| volunteers         =  
| formerly                 = The Institute of Cost & Works Accountants of India
| volunteers_year =  
| footnotes               =  
| members             = 85000 (2020)
| students_year = {{formatnum:650000}}
| website             = {{url|https://www.icmai.in}}
| remarks             = Recognised statutory professional organisation and licensing body in India specialising exclusively in Cost and Management Accountancy
| formerly           = The Institute of Cost & Works Accountants of India
| footnotes           =  
}}
}}
'''The Institute of Cost and Management Accountants of India''' ('''ICMAI'''), previously known as '''The Institute of Cost & Works Accountants of India''' ('''ICWAI'''), is a premier statutory [[professional accountancy body]] in India under the [[jurisdiction]] of [[Ministry of Corporate Affairs]] , [[Government of India]]  with the objects of promoting, regulating and developing the profession of Cost & Management Accountancy. Institute is also known as ICMAI. It is the only licensing cum [[Regulatory agency|regulating body]] of [[Cost accounting|Cost & Management Accountancy]] profession in India. It recommends the Cost and Management  Accounting Standards to be followed by companies in India to which statutory maintenance of cost records applicable. ICMAI is solely responsible for setting the auditing and assurance standards for statutory Cost Audit to be followed in the [[Audit]] of [[cost]] statements in India. It also issues other technical guidelines on several aspects like [[Internal Audit]], [[Management Accounting]] etc. to be followed by practising Cost Accountants while discharging their services. It works closely with the industries, various departments of [[Government of India]], [[State governments in India]] and other Regulating Authorities in India e.g. [[Reserve Bank of India]], [[Insurance Regulatory and Development Authority]], [[Securities and Exchange Board of India]] etc. on several aspects of performance, cost optimisation and reporting.


'''As a part of name change movement of Institute, ICMAI abbreviation is used on formal documents. Official domain of institute is also ICMAI.in.'''
The '''Institute of Cost Accountants of India''' ('''ICMAI'''), which was previously known as the '''Institute of Cost & Works Accountants of India''' ('''ICWAI'''), is a [[professional accountancy body]] under the [[Ministry of Corporate Affairs]], [[Government of India]]. It has as its prime responsibility, as assigned by the Ministry, to promote and develop the cost and management accounting profession at the global level.


The ICMAI is a Founder Member of the [[International Federation of Accountants]] (IFAC),<ref>{{cite web|url=http://www.ifac.org/History/founding_member_bodies.php |title=Founding Members of IFAC in 1977 |publisher=Ifac.org |access-date=30 July 2012}}</ref> [[Confederation of Asian and Pacific Accountants]] (CAPA)<ref>{{cite web |url=http://www.capa.com.my/section.cfm?id=24 |title=ICWAI Membership of CAPA |publisher=Capa.com.my |date=1 July 1949 |access-date=30 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120915140531/http://www.capa.com.my/section.cfm?id=24 |archive-date=15 September 2012  }}</ref> and [[South Asian Federation of Accountants]] (SAFA).<ref>{{cite web |url=http://www.esafa.org/About/MemberMain.aspx# |title=ICMAI membership of SAFA |publisher=Esafa.org |access-date=30 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20111009141024/http://www.esafa.org/About/MemberMain.aspx |archive-date=9 October 2011  }}</ref> ICAI is a member of the National Foundation of Corporate Governance (NFCG).<ref>{{cite web|author=Seemant Ahlawat |url=http://www.nfcgindia.org/aboutus.htm |title=Stakeholder in NFCG |publisher=Nfcgindia.org |date=1 October 2003 |access-date=30 July 2012}}</ref> The headquarters of ICMAI is situated in Kolkata (CMA Bhawan, Sudder Street, Kolkata) and one office at Delhi. The institute operates through its four regional councils located at Kolkata, Chennai, Delhi and Mumbai, 101 chapters in India and 10 chapters abroad. The practicing professionals are also known as CMA.
== History ==


== History ==
The Institute of Cost Accountants of India was first formed as a registered limited company on 14 June 1944 under the provisions of the Companies Act of 1913. Post Independence, the Institute received statutory recognition when the [[Parliament of India]] enacted "The Cost and Works Accountants Act, 1959" (Act No.23rd of 1959),<ref>{{cite web |url=http://www.mca.gov.in/Ministry/actsbills/pdf/Cost_and_works_Accountants_Act_1959.pdf |title=ICWAI Act on MCA website |access-date=30 July 2012 |archive-date=25 April 2012 |archive-url=https://web.archive.org/web/20120425131134/http://www.mca.gov.in/Ministry/actsbills/pdf/Cost_and_works_Accountants_Act_1959.pdf |url-status=dead }}</ref> a special act, on 28 May 1959 to accord statutory recognition to ICWAI (now ICMAI) as an autonomous professional Institute.
 
The CWA Amendment bill of 2011 was passed by both Houses of the Indian Parliament, [[Lok Sabha]] and the [[Rajya Sabha]], on 12 December 2011 and assented by the president of India on 12 January 2012. The changes were published in the Official Gazette of India on 13 January 2012.<ref>[https://drive.google.com/file/d/1W0HVbgktCdazY1OvtCttzlekr-F26Hi7/view?usp=sharing Official Gazette ICWAI to ICMAI]</ref> As of 2023, there are a total of 98,500 active members of ICMAI.<ref>{{Cite web |date=13 June 2023 |title=Official Notification by Institute of Cost Accountants of India to adopt the acronym 'ICMAI'. |url=https://icmai.in/upload/Institute/Notifications/Acronym_ICMAI_1306_23.pdf |website=ICMAI}}</ref>


'''The Institute of Cost and Management Accountants of India (ICMAI)''' was first formed as a registered limited company in 1944 (14 June 1944) as per the provisions of the then companies Act, 1913 with the initial objective of promoting, regulating and developing the profession of Cost Accountancy. Post Independence, the institute got statutory recognition when the [[Parliament of India]] enacted "The Cost and Works Accountants Act" (Act No.23rd of 1959),<ref>{{cite web|url=http://www.mca.gov.in/Ministry/actsbills/pdf/Cost_and_works_Accountants_Act_1959.pdf |title=ICWAI Act on MCA website |access-date=30 July 2012}}</ref> a special act, on 28 May 1959 to accord statutory recognition to ICAI (then ICWAI) as an autonomous professional Institute with the objectives of promoting, regulating, and developing the profession of Cost and Management Accountancy.
== International affiliations ==


The CWA Amendment bill, 2011 was passed by both the Houses of Indian Parliament viz. [[Lok Sabha]] and the [[Rajya Sabha]] on 12 December 2011 and assented by the Honorable President of India on 12 January 2012. The changes were published in the Official Gazette of India on 13 January 2012.<ref>[https://drive.google.com/file/d/1W0HVbgktCdazY1OvtCttzlekr-F26Hi7/view?usp=sharing Official Gazette ICWAI to ICAI]</ref> total as of now 85000 active members in ICMAI.
The ICMAI is a Founding Member of the [[International Federation of Accountants]] (IFAC),<ref>{{cite web |url=http://www.ifac.org/History/founding_member_bodies.php |title=Founding Members of IFAC in 1977 |publisher=Ifac.org |access-date=30 July 2012 |archive-date=13 March 2011 |archive-url=https://web.archive.org/web/20110313064314/http://www.ifac.org/History/founding_member_bodies.php |url-status=dead }}</ref> [[Confederation of Asian and Pacific Accountants]] (CAPA)<ref>{{cite web |url=http://www.capa.com.my/section.cfm?id=24 |title=India |publisher=CAPA |access-date=30 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120915140531/http://www.capa.com.my/section.cfm?id=24 |archive-date=15 September 2012  }}</ref> and [[South Asian Federation of Accountants]] (SAFA)<ref>{{cite web |url=http://www.esafa.org/About/MemberMain.aspx# |title=SAFA Member Institutions |publisher=SAFA|access-date=30 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20111009141024/http://www.esafa.org/About/MemberMain.aspx |archive-date=9 October 2011 }}</ref> and Associate member of ASEAN Federation of Accountants.<ref>{{cite web | url=http://www.afa-accountants.org/news-149-AFA%20Welcomes%20ICMAI%20as%20an%20AFA%20Associate%20Member.html | title=ASEAN Federation of Accountants (AFA) }}</ref> ICMAI is also a member of the National Foundation of Corporate Governance (NFCG).<ref>{{cite web |author=Seemant Ahlawat |url=http://www.nfcgindia.org/aboutus.htm |title=Stakeholder in NFCG |publisher=Nfcgindia.org |date=1 October 2003 |access-date=30 July 2012 |archive-date=15 October 2012 |archive-url=https://web.archive.org/web/20121015004734/http://www.nfcgindia.org/aboutus.htm |url-status=dead }}</ref>


== Qualification and syllabus ==
== Qualification and syllabus ==


=== Cost and Management Accountants (CMAs) ===
[[File:CMAlogo, to be used by Indian CMAs.jpg|thumb|right|CMA Logo for exclusive use by Indian CMAs]]
[[File:CMAlogo, to be used by Indian CMAs.jpg|thumb|right|CMA Logo for exclusive use by Indian CMAs]]
This is the primary qualification of the ICMAI and following completion of up to three levels (Foundation, Intermediate and Final) examinations<ref>[http://icmai.in/upload/Institute/Notifications/Syllabus-2012-Revised-Course.pdf Present Syllabus of ICMAI]</ref> and three years of practical training<ref>[http://icmai.in/studentswebsite/training_prac_train.php new practical training scheme]</ref> in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Audits, Corporate Laws etc. enables an individual to become a Cost & Management Accountant.
This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations<ref>[https://icmai.in/upload/Students/Syllabus2022/Curriculum_2022.pdf Present Syllabus of ICMAI]</ref> and three years of practical training<ref>[https://icmai.in/studentswebsite/training_prac_train_new.php new practical training scheme]</ref> in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Cost audits, GST audits, Internal audit, Corporate laws, etc. and enables an individual to become a CMA (Cost & Management Accountant).
 
* The new syllabus has been introduced in August 2016 following the International Education Guidelines (IEG) of [[International Federation of Accountants|IFAC]] to get the advantages in the process of Mutual Recognition Agreement ( MRA) among /different member countries of the world under GATS in [[WTO]].
* Subjects for examinations include [[management accounting]], [[Financial Accounting]], [[strategic management]], taxation, [[corporate law]], [[Managerial finance|financial management]], [[business valuation]], [[financial reporting]] and cost & management audit etc.
* Students who have passed degree examination of any recognised university or equivalent are eligible for admission directly to Intermediate level.
* Paperwise exemptions on the basis of reciprocal arrangement are available to students who have passed [[Institute of Company Secretaries of India]] Final Examinations.<ref>{{Cite web |url=http://www.icmai.in/student/exemptions/forvariousqualifications |title=Archived copy |access-date=25 April 2013 |archive-url=https://web.archive.org/web/20130425064233/http://www.icmai.in/student/exemptions/forvariousqualifications |archive-date=25 April 2013 |url-status=dead }}</ref>
* Examinations are held twice a year in June and December in various examination centres in India and overseas centres. And Results are declared in the month of August and February for June term and December term exams respectively.<ref>[http://icmai.in/studentswebsite/exam.php ICMAI Examination]</ref>
 
A student has to pass three levels of examination ( Foundation, Intermediate and Final ) and complete three years of practical training to be eligible to apply for associate membership of the institute.
 
The members of the Institute of Cost Accountants of India carry the designation ACMA ( Associate Cost and Management Accountant ) and FCMA (Fellow Cost and Management Accountant), as applicable based on their type of membership of the institute.
 
== Membership ==
 
A person who has passed the Final Examination of the Institute and has obtained for a period of not less than three years of practical experience in the field of Cost & Management Accountancy and other related areas can apply for Associate Membership. The practical experience as above may be acquired prior to or after passing the Final Examination or partly before and partly after passing the said examination. The applicant has to produce evidence to the satisfaction of the Council<ref>[http://www.cmaicmai.in/external/PublicPages/WebsiteDisplay/MembersEnroll.aspx# Guidelines for enrollment to membership]</ref>
 
According to Sec 2(b) of CWA Act 1959, "Cost and Management Accountant" means a person who is a member of the institute. Sec 5(1)provides that the members of the Institute shall be divided into two classes designated respectively as Associates and Fellows.


=== Associate Member (ACMA) ===
* The institute has introduced new Syllabus 2022 which fulfills the requirements of the New Education Policy, 2020 and has increased the level of skill development and improved Course Learning objectives<ref>{{cite web | url=https://icmai.in/studentswebsite/CMA_Syl_2022.php | title=Studies }}</ref>
This is the basic membership of the institute. Application for Associate Membership should be made in prescribed Form 'M2' available at the Headquarters of the Institute in Kolkata and the offices of Regional Councils and Chapters. The application should be accompanied with prescribed fees mentioned in the Form ‘M-2’, experience certificate(s) duly attested by the employer(s) in original and photocopy of certificates of date of birth and highest academic qualification of the applicant. The experience can also be certified by the employer(s) in Form ‘M-2’.<ref>[http://www.cmaicmai.in/external/PublicPages/WebsiteDisplay/docs/rev_aicwa.pdf Guidelines for associate membership]</ref>
* The old syllabus was introduced in August 2016 following the International Education Guidelines (IEG) of [[International Federation of Accountants|IFAC]] to get the advantages in the process of Mutual Recognition Agreement (MRA) among different member countries of the world under GATS in [[WTO]].
* Subjects for examinations include [[Cost Accounting]], [[Management Accounting]], [[Corporate Law]], [[Financial Accounting]], [[Operations Management]], [[Strategic Management]], [[Taxation]], [[Financial Management]], Strategic Cost Management, Cost and Management Audit, [[Performance Management]] & [[Business valuation]], etc.
* Students who have passed the degree examination of any recognized university or equivalent are eligible for admission directly to the Intermediate Level.
* Paper-wise exemptions on the basis of reciprocal arrangement are available to students who have passed [[Institute of Company Secretaries of India]] examinations.<ref>{{Cite web |url=http://www.icmai.in/student/exemptions/forvariousqualifications |title=Welcome to the Institute of Cost Accountants of India Website ::Students &#124; Exemptions &#124; for Various Qualification |access-date=25 April 2013 |archive-url=https://web.archive.org/web/20130425064233/http://www.icmai.in/student/exemptions/forvariousqualifications |archive-date=25 April 2013 |url-status=dead }}</ref>
* Examinations are held twice a year, in June and December, in various examination centers in India and overseas centers. The results are declared in August and February for the June term and December term exams respectively.<ref>[http://icmai.in/studentswebsite/exam.php ICMAI Examination]</ref>


However, for general convenience, institute has established online membership application mechanism.<ref>[http://www.cmaicmai.in/external/ChooseApplicationType.aspx online membership application]</ref> After admission to membership, members are entitled to use the letter "ACMA" after his name to indicate that he or she is an Associate Member of the ICAI(Institute of Cost accountants of India) or ICMAI
==Notable alumni==
{| class="wikitable"
|+
|-
!  Name!! Position !! Organization
|-
| [[Subhash Chandra Garg]]|| Former [[Finance Secretary (India)|Finance Secretary]]|| [[Government of India]]
|-
| [[Chanda Kochhar]]|| Former CEO || [[ICICI Bank]]
|-
| [[J Ramachandran]]|| Professor || [[Indian Institute of Management Bangalore|IIMB]]
|-
| [[Mrityunjay Athreya]]|| [[Padma Bhushan]], Management Advisor ||
|-
| [[P. K. Mukherjee]]|| Executive Director || [[Sesa Sterlite Limited]]
|-
| [[Kailasam Raghavendra Rao]]|| [[Padma Shri]], Entrepreneur || [[Orchid Chemicals & Pharmaceuticals Limited]]
|-
| rowspan="2" | [[B. B. Chakrabarti]]|| Professor, Ex-Director ||[[Indian Institute of Management Ranchi]]
|-
|Professor
|[[Indian Institute of Management Calcutta]]<br>[[Indian Institute of Management Sirmaur]]
|-
| [[G. J. R. Krishnan]]|| Musician ||
|-
| [[T. V. Somanathan]] || [[Finance Secretary (India)|Finance Secretary]]|| [[Government of India]]
|-
| [[Sadanand Date]] ([[Indian Police Service|IPS]])|| Director General || [[National Investigation Agency]]
|}


=== Fellow Member (FCMA) ===
== References ==
An Associate Member who has been in continuous practice in India for at least five years or a member who has been an Associate for a continuous period of not less than five years and who possesses such qualifications and experience as the Council may prescribe apply for Fellow Membership of ICAI (Institute of cost accountants of India)  or ICMAI.<ref>[http://www.cmaicmai.in/external/PublicPages/WebsiteDisplay/docs/rev_ficwa.pdf Guidelines for Fellow Membership]</ref>
 
Any person whose name is entered in the Register as a fellow of the Institute and so long as his name remains so entered, shall be entitled to use the letters "FCMA" after his name to indicate that he is a Fellow of the ICAI(ICMAI).
 
The Council of the Institute has mandated that the members of the Institute should use "CMA" as the prefix before their names to signify that he/she is a professional '''"Cost & Management Accountant".'''
 
== Alumni of CMA /ICWA<!--People listed here MUST be notable. If they do not have an article written about them on Wikipedia, they are not sufficiently notable to be listed here.--> ==
===Finance and accounting ===
*[[Mrityunjay Athreya]], [[Padma Bhushan]], Management Advisor
*[[Subhash Chandra Garg]], [[Government of India]], Finance Secretary<ref>https://supremo.nic.in/ERSheetHtml.aspx?OffIDErhtml=14436&PageId=</ref>
*[[Chanda Kochhar]], [[ICICI Bank]], former CEO
*[[J Ramachandran]], professor, [[Indian Institute of Management Bangalore|IIMB]]
*[[P. K. Mukherjee]], Executive Director of [[Sesa Sterlite Limited]]
*[[Samir Bhatia]], entrepreneur
*[[Kailasam Raghavendra Rao]], Entrepreneur
*[[B. B. Chakrabarti]], professor
*[[G. J. R. Krishnan]], musician
*[[Sanjay Subrahmanyam]]
*[[Abhijeet Bhattacharya, CFO, Royal Philips]]
*[https://in.linkedin.com/in/basant-maheshwari-b6b87315 Basant Maheshwari], Investor, Author
 
==See also==
 
Some of the management accounting bodies worldwide besides the Institute of Cost Accountants of India (ICAI-CMA)/ICMAI:
 
*[[Chartered Institute of Management Accountants]], UK
*[[Institute of Management Accountants]], US
*[[Institute of Certified Management Accountants]], Australia
*[[Society of Management Accountants of Canada]]
*[[Institute of Cost and Management Accountants of Pakistan]]
*[[Institute of Cost and Management Accountants of Bangladesh]]
*[[Chartered Institute of Cost and Management Accountants]], Nigeria
*[[Institute of Certified Management Accountants of Sri Lanka]]
 
==References==
{{reflist}}
{{reflist}}


{{IFAC Members}}
{{IFAC Members}}
{{Indian Professional Regulators}}
{{Indian Professional Regulators}}


Latest revision as of 15:30, 2 October 2025


The Institute of Cost Accountants of India
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AbbreviationICMAI
Formation28 May 1959; 67 years ago (1959-05-28)
Legal statusEstablished under the Cost and Works Accountants Act, 1959 Statutory body enacted by the Parliament of India
HeadquartersCMA Bhawan, 12 Sudder Street, Kolkata – 700016, India. ( till 2024-25 )
CMA Bhawan 3, Institutional Area Lodhi Road, New Delhi - 110003, India (since 2025-26)
Coordinates22°33′29″N 88°21′13″E / 22.558103°N 88.353672°E / 22.558103; 88.353672
Region
India
Members
100,000
President
CMA TCA Srinivasa Prasad
Vice President
CMA Neeraj D. Joshi
Secretary
CMA Dr. Debaprosanna Nandy
Parent organization
Ministry of Corporate Affairs, Government of India
Students
750,000 (Approx)
Websitewww.icmai.in
Formerly called
The Institute of Cost & Works Accountants of India

The Institute of Cost Accountants of India (ICMAI), which was previously known as the Institute of Cost & Works Accountants of India (ICWAI), is a professional accountancy body under the Ministry of Corporate Affairs, Government of India. It has as its prime responsibility, as assigned by the Ministry, to promote and develop the cost and management accounting profession at the global level.

History[edit | edit source]

The Institute of Cost Accountants of India was first formed as a registered limited company on 14 June 1944 under the provisions of the Companies Act of 1913. Post Independence, the Institute received statutory recognition when the Parliament of India enacted "The Cost and Works Accountants Act, 1959" (Act No.23rd of 1959),[1] a special act, on 28 May 1959 to accord statutory recognition to ICWAI (now ICMAI) as an autonomous professional Institute.

The CWA Amendment bill of 2011 was passed by both Houses of the Indian Parliament, Lok Sabha and the Rajya Sabha, on 12 December 2011 and assented by the president of India on 12 January 2012. The changes were published in the Official Gazette of India on 13 January 2012.[2] As of 2023, there are a total of 98,500 active members of ICMAI.[3]

International affiliations[edit | edit source]

The ICMAI is a Founding Member of the International Federation of Accountants (IFAC),[4] Confederation of Asian and Pacific Accountants (CAPA)[5] and South Asian Federation of Accountants (SAFA)[6] and Associate member of ASEAN Federation of Accountants.[7] ICMAI is also a member of the National Foundation of Corporate Governance (NFCG).[8]

Qualification and syllabus[edit | edit source]

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CMA Logo for exclusive use by Indian CMAs

This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations[9] and three years of practical training[10] in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Cost audits, GST audits, Internal audit, Corporate laws, etc. and enables an individual to become a CMA (Cost & Management Accountant).

  • The institute has introduced new Syllabus 2022 which fulfills the requirements of the New Education Policy, 2020 and has increased the level of skill development and improved Course Learning objectives[11]
  • The old syllabus was introduced in August 2016 following the International Education Guidelines (IEG) of IFAC to get the advantages in the process of Mutual Recognition Agreement (MRA) among different member countries of the world under GATS in WTO.
  • Subjects for examinations include Cost Accounting, Management Accounting, Corporate Law, Financial Accounting, Operations Management, Strategic Management, Taxation, Financial Management, Strategic Cost Management, Cost and Management Audit, Performance Management & Business valuation, etc.
  • Students who have passed the degree examination of any recognized university or equivalent are eligible for admission directly to the Intermediate Level.
  • Paper-wise exemptions on the basis of reciprocal arrangement are available to students who have passed Institute of Company Secretaries of India examinations.[12]
  • Examinations are held twice a year, in June and December, in various examination centers in India and overseas centers. The results are declared in August and February for the June term and December term exams respectively.[13]

Notable alumni[edit | edit source]

Name Position Organization
Subhash Chandra Garg Former Finance Secretary Government of India
Chanda Kochhar Former CEO ICICI Bank
J Ramachandran Professor IIMB
Mrityunjay Athreya Padma Bhushan, Management Advisor
P. K. Mukherjee Executive Director Sesa Sterlite Limited
Kailasam Raghavendra Rao Padma Shri, Entrepreneur Orchid Chemicals & Pharmaceuticals Limited
B. B. Chakrabarti Professor, Ex-Director Indian Institute of Management Ranchi
Professor Indian Institute of Management Calcutta
Indian Institute of Management Sirmaur
G. J. R. Krishnan Musician
T. V. Somanathan Finance Secretary Government of India
Sadanand Date (IPS) Director General National Investigation Agency

References[edit | edit source]

  1. ↑ "ICWAI Act on MCA website" (PDF). Archived from the original (PDF) on 25 April 2012. Retrieved 30 July 2012.
  2. ↑ Official Gazette ICWAI to ICMAI
  3. ↑ "Official Notification by Institute of Cost Accountants of India to adopt the acronym 'ICMAI'" (PDF). ICMAI. 13 June 2023.
  4. ↑ "Founding Members of IFAC in 1977". Ifac.org. Archived from the original on 13 March 2011. Retrieved 30 July 2012.
  5. ↑ "India". CAPA. Archived from the original on 15 September 2012. Retrieved 30 July 2012.
  6. ↑ "SAFA Member Institutions". SAFA. Archived from the original on 9 October 2011. Retrieved 30 July 2012.
  7. ↑ "ASEAN Federation of Accountants (AFA)".
  8. ↑ Seemant Ahlawat (1 October 2003). "Stakeholder in NFCG". Nfcgindia.org. Archived from the original on 15 October 2012. Retrieved 30 July 2012.
  9. ↑ Present Syllabus of ICMAI
  10. ↑ new practical training scheme
  11. ↑ "Studies".
  12. ↑ "Welcome to the Institute of Cost Accountants of India Website ::Students | Exemptions | for Various Qualification". Archived from the original on 25 April 2013. Retrieved 25 April 2013.
  13. ↑ ICMAI Examination

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