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Careers as a Cost Accountant is expected to witness a massive rise between 2018 – 2028, according to the IBEF, the job opportunities as Cost Accountant will grow 6% more producing 90,000 jobs. They have also stated that the salary that is offered to Cost Accountants all across the globe is arount INR 40 LPA. There are three levels for this course - CMA Foundation, CMA Intermediate, and CMA Finals. The duration of the course varies from 8 months to 18 months. There is a 100-hour training which every student must take to complete this course.
Candidates aspiring to become a Cost Accountant can also pursue MBA in Accounting. CMA is the most commonly chosen course to become a cost accountant. It is an established fact that a Cost Accountant certified candidate gets 30% more salary than a non Cost Accountant certified candidate. India is home to several top MBA Accounting Colleges who grant admission on the basis of various Management Entrance Exams such as CAT, SNAP and XAT.
The average course fee for the Foundation course is INR 4000, Intermediate Course is INR 20,000 and for CMA Final Course the fee is INR 17,000. Cost Accountants hold designations like CTO, Treasurer, CFO, Controller, VP, Finance Manager, Senior Accountant, Cost Accountant. Also Check: Cost Accountant Salary
1.1 What Does a Cost Accountant Do
2.1 Cost Accountant
2.4 Finance Manager
4.1 CMA
5.2 BSc Accountancy
How To Become A Cost Accountant: Quick Facts
| Industry | Cost Accounting |
| Eligibility | 10+2 with any stream (Except Arts) |
| Average Starting Salary | INR 400,000 - 50,00,000 |
| Job Opportunity | Business Firms, Banking & Financial Sector, Research And Training, Government Work. |
What Does a Cost Accountant Do
Cost Accountants are the professionals who analyse the product costs that are being made and sold by the organisation.
They inspect the related costs in the production network and perform productivity examinations. Cost bookkeepers assist associations with distinguishing the items, administrations, measures or even offices that are the most or least beneficial. A portion of their particular duties include:
- Planning month to month and quarterly bookkeeping reports for accommodation to the executives
- Creating quarterly reports for senior administration dependent on a stock hold investigation
- Proposing changes to methods and approaches to expand the association's income
- Examining authoritative information and checking on paces of work, overhead and deterioration to suggest strategy changes that will improve numbers
- Setting up the standard expenses of items and administrations and refreshing them as suitable dependent on the related costs
- Keeping up and assessing the overall record and asset reports
Know More: About Diploma in Accounting
Types Of Cost Accountants
After completing all three levels of Cost Accountant, one is offered the following types of job roles,
Cost Accountant
A Cost Accountant examines reviews and prepares final documents. They are even specialized in managing all financial aspects of a business. Cost Accountants are associated with Supply chains and profitability analysis.
| Requirement | Graduation in any stream preferably Accountancy and Finance |
| Salary in India | INR 7,00,000 |
Chief Financial Officer
The chief financial officer is the officer of a company who is in charge of the company's finances, including financial planning, financial risk management, record-keeping, and financial reporting. CFO is also responsible for Data Analysis for the company.
| Requirement | Complete Certified Public Accountant Complete Bachelors Degree in Finance |
| Salary in India | INR 3,46,70,00 |
Financial Analyst
A Financial analyst works in a variety of industries, including banks, pension funds, insurance companies, and others. Financial analysts advise businesses and individuals on how to spend money to maximize profits.
| Requirement | 3+ years of Business Finance Relevant Experience |
| Salary in India | INR 5,00,000 |
Finance Manager
A Finance Manager is in charge of the budgeting process and assists the executive management team in creating the correct business decisions for the organization by providing insights and financial business advice.
| Requirement | Graduate with Specialisation in Finance and Business Administration |
| Salary in India | INR 8,00,000 |
Financial Risk Manager
A financial risk manager aims at identifying risks to a company's assets, earning capacity, or achievement. His main job is to maintain the risk of the company, which will protect your company.
| Requirement | 2+ years of work experience in managing financial risks |
| Salary in India | INR 1,6000,000 |
How To Become A Cost Accountant In India
Cost Accountants can mean different things to different organizations, but the overall job is to see the budget of the organization. The budget of the organization comprises operational costs and purchasing costs.
School Level Preparation
If a student decides to pursue a career as a cost accountant at the high school level, then they can choose any subject except fine arts. It's not mandatory to select Mathematics Or Accounts for the entrance examination. But if you select Mathematics and Accounts it will be easier for you to clear your entrance examination and your CMA course as it is tough and requires a lot of skills and practice.
Undergraduate Preparation
Once you've completed your 10+2 and you've cleared your entrance, you're ready for the course. If you've a Graduation degree you can directly apply for CMA Intermediate but if you are not a graduate then you can start from level 1, that's CMA Foundation. The length of time it takes to complete the CMA program is determined by the level, of course, you take up.
Courses to Become a Cost Accountant
The reputed certification of Cost & Management Accountant or the Cost Accountant is given by the Institute of Cost Accountant of India. Earlier, known as Cost and Works Accountant of India is now widely known as Institute of Cost Management Accountant. There is no technical difference between ICWA and CMA.
CMA
Their CMA course is conducted in three levels as CMA Foundation, CMA Intermediate and CMA Final. Admissions in CMA can be done directly to Intermediate courses if the candidate is a graduate. If the candidate is a school pass out that is 10+2 pass out then they can take admission in the foundation course. CMA exams are conducted twice a year mainly in June and December.
CMA Course Details
| Level Name | Eligibility | Course Fee |
|---|---|---|
| CMA Foundation | Candidates must have qualified 10+2 Graduates can directly apply for CMA Intermediate. | INR 4000 |
| CMA Intermediate | Students must have passed 10+2 They must have completed CMA Foundation Course Candidates who have qualified ICSI Foundation or ICAI Intermediate can apply for this course Applicants will have to complete CSS for 3 days and Computer Training for 100 hours. | INR 20,000 |
| CMA Final | Candidates who have passed CMA intermediate can apply | INR 17,000 |
|
Training During CMA Intermediate Course Computer Training - 100hours Communication and Soft Skill Training - 3 days |
||
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Training During CMA Final Course Industry Oriented Training Program - 7 days Practical Training - 15th Months |
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Related Courses to Become a Cost Accountant
Besides the professional course of CMA, students can also pursue the following courses in Accounting.
BBA in Accounting
This course is a mixture of both finance and business, where students are taught about auditing, making financial reports and accounting. BBA in Accounting are experts in analysing data and making business decisions.
| Particulars | Details |
|---|---|
| Duration | 3 years. |
| Eligibility | 10+2 (with Maths preferred) |
| Average Course Fee | INR 90,000 to INR 5,00,000 |
| Average Starting Salary | INR 2,00,000 to INR 5,00,000 |
BSc Accountancy
BSc in Accountancy is related to analysis of various provisions and information of the business or the organisation. Their job role includes resource allocation, decision making and expertise in accounting.
| Particulars | Details |
|---|---|
| Duration | 3 Years |
| Eligibility | 10+2 with minimum 50% |
| Average Course Fee | INR 20,000 to INR 4,00,000 |
| Average Starting Salary | INR 3,00,000 to 10,00,000 |
BA in Accountancy
BA in Accountancy can be pursued by students who had Humanities, Science or Commerce in their higher secondary education. However it is mandatory that the students have studied subjects like Accountancy, Finance, and Business studies.
| Particulars | Details |
|---|---|
| Duration | 3 years |
| Eligibility | 10+2 with minimum 50% |
| Average Course Fee | INR 70,000 to INR 3,00,000 |
| Average Starting Salary | INR 3,00,000 to INR 10,00,000 |
BCom in Accountancy
Students who wish to do higher studies in Accountancy such as Masters in Accountancy must do BCom in Accountancy. BCom in Accountancy helps the student to get clarity in money, business and management.
| Particulars | Details |
|---|---|
| Duration | 3 years |
| Eligibility | 10+2 with minimum 50% |
| Average Course Fee | INR 20,000 - INR 5,00,000 |
| Average Starting Salary | INR 2,00,000 - INR 10,00,000 |
MCom in Accounting
After doing BA in Accounting, BSc in Accounting, BCom in Accounting, students can pursue higher studies in MCom in Accounting. Students who have the basic knowledge about accounting and finance can pursue this course to be proficient.
| Particulars | Details |
|---|---|
| Duration | 2 years |
| Eligibility | Minimum score of 50% (Relaxable for reserved category students) marks at graduation level |
| Average Course Fee | Between INR 8,000 to 2.25 Lacs |
| Average Starting Salary | INR 15,000 to 19,000 |
MBA in Accounting
This course is specially designed for the students who have done BBA in Accounting. MBA accounting is a highly technical course.
| Particulars | Details |
|---|---|
| Duration | 2 years |
| Eligibility | Bachelor's degree in any field with a minimum of 50% aggregate |
| Average Course Fee | INR 4,00,000 - INR 15,00,000 |
| Average Starting Salary | INR 8,00,000 - INR 25,00,000 |
How Much Does it Cost to Become an Accountant
Here are some of the colleges that offer Cost Accountant courses and other relevant courses. To know how much does it cost to become an accountant, follow the table given below,
| Institute Name | Average Annual Fees |
|---|---|
| Presidency College | INR 2 L |
| BML Munjal University | INR 5.79 L |
| Delhi Technical University | INR 1.66 L |
| Institute of Business Studies and Research | INR 5.70 L |
| Rabindranath Tagore University | INR 70,000 |
| Jawaharlal Nehru Technological University | INR 80,000 |
| GD Goenka University | INR 3.73 L |
How To Become A Cost Accountant In Abroad
Apart from India, CMA (Certified Management Accountant) courses are available in many countries such as The United States, Canada, the Middle East, and Africa.
Education Requirements -
- A Bachelor's degree in Accounting is required for an entry-level position as a Cost Accountant, and a Master's degree or a Master of Business Administration (MBA) with a focus in accounting is considered necessary for advanced positions.
- A Bachelor's degree is typically completed in four years.
- In comparison to India, you can complete your CMA (US) (Certified Management Accountant) exams in 6–9 months.
- There are only two exams that you must clear.
- You will require professional assistance, which you can obtain from IPFC Academy, which is the leader in CMA (US) training.
Cost Accountant in UK
There are three levels of Cost Accountant in the UK and all three courses are conducted in computer based objective test and case study.
Operational Level: After completion of this course students will get CIMA Diploma degree in Management Accounting.
Management level: Candidates must have qualified operational level. After completion of this course students will get CIMA Diploma degree in Management Accounting.
Strategic level: Candidates must have completed Operational Level and Management Level. After completion of this course students will become Associate Chartered Management Accountant.
Cost Accountant in Australia
The Cost Accounting courses offered in Australia are in 2 level,
Professional Level
- Degree in Accounting, Commerce or Finance
- Professional Qualification in Accounting
- Degree in Business related field
Technician Level
- Degree in any field apart from accounting
- Advanced Diploma in Accounting
- Degree in Accounting, Commerce or Finance
- Qualified in Management Accountancy
Benefits Of Career As A Cost Accountant
The benefits of career as a Cost Accountant is relatively higher than any other profession. One gets the opportunity for advancement, competitive salary in the market, and will grow in depth knowledge about tax and business law.
Competitive Salary
A Cost Accountant with less than 5 years of experience can expect to earn around 4 LPA, while a mid-career employee can expect to earn around 6 LPA, An experienced Cost Accountant can expect to earn around 9-10 LPA. The salary is primarily determined by the company and the individual.
Job Security
A large portion of accounting work is digitized, which means it can be done online, from anywhere.If they want better income they can work abroad or they can stay in India and work online. If the candidate is experienced and proficient in his job then there is barely any chance of job-loss.
Positive Impact Of Cost Accountant
Due to the specialised education and skills of CMA, CMAs may hold top management positions in both the government and industry, such as Chairman and Managing Director, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, and Cost Controller and many more roles.
Experience
Every time you work as a cost accountant, you can gain a lot of experience; it's a continuous learning process; every time you learn a strategy, a new technique, a new method, you can gain a lot of knowledge.
Is Cost Accounting a Good Career
Cost accountants are in high demand in the government, private, banking, and finance sectors, development agencies, education, training, and research, as well as the service and public utility sectors.
Do Accountants Make a lot of Money
Accountants can earn a good living depending on their location and job type; the median annual wage for an accountant in May 2023 was $73,560. Finance and insurance, management of companies and enterprises, tax preparation, and government are among the highest-paying industries for accountants.
What is the Highest-Paid Accountant
- Chief Financial Officer (CFO) Salary Range on Glassdoor: INR 60,000 – INR 70,000 Controller. Salary Range on Glassdoor: $78,000 – $155,000
- Director of Accounting Salary Range on Glassdoor: INR 88,000 – INR174,000
- Senior Accountant Tax Accountant Accounts Payable Specialist Finance Manager
What is the Role of a Cost Accountant
Cost accountants assist in the planning, budgeting, and monitoring of performance, as well as the establishment of standard unit costs and the recommendation of appropriate cost-cutting opportunities. The role is critical in determining where a company's money is being spent as well as which products, departments, or services are the most profitable.
What is the Five Main Purpose of Cost Accounting
The following are the primary goals of cost accounting:
- Cost determination
- Selling price determination
- Cost control and cost reduction
- Determining the profit of each activity
- Assisting management in decision-making.
How Many Years Does it Take to Become a Cost Accountant
A Bachelor's degree in Accounting is required for an entry-level position as a Cost Accountant, and a Master's degree or a Master of Business Administration (MBA) with a focus in accounting is required for advanced positions. A Bachelor's degree is typically completed in four years.
Top Recruiters for CMA (Certified Management Accountant) Course
Almost all the top Companies in India hire Cost Accountant but the most reputed ones are:
| ITC Tobacco Division | ITC Food Division | ITC Hotels |
| L&T Constructions | Wipro | Amazon |
| Nestle | Power Grid Corporation on India | Vedanta Limited |
| Cipla Ltd. | Bharat Electronics Ltd. | Galaxy Surfactants |
Salary Of A Cost Accountant In India
The salary of Cost Accountants in both private and Government Organisation is high. Here we have collected the average salary for Cost Accountants on the basis of their job profiles
| Job Roles for Cost Accountant | Average Annual Salary |
|---|---|
| Accounting and Auditing Clerk | INR 2.5 L |
| Forensic Accountant | INR 4.5 L |
| Chief Accounting Officer | INR 3.5 L |
| Investment Analyst | INR 2.5 L |
| Audit Manager | INR 5 L |
| Personal Finance Consultant | INR 3.25 L |
| Economic Officer | INR 5.82 L |
| Investment Banker | INR 2.92 L |
| Banking Manager | INR 4 L |
How To Become A Cost Accountant: FAQs
Ques. Can I appear for CMA (Certified Management Accountant) Intermediate before completing graduation?
Ans. You can register for the exam but not take it because to be eligible for CMA Intermediate the candidate shall complete his graduation or CMA FOUNDATION.
Ques. What is the syllabus of CMA (Certified Management Accountant) Foundation?
Ans.
Paper 1: Fundamentals of Economics and Management
Paper 2: Fundamentals of Accounting
Paper 3: Fundamentals of Laws and Ethics
Paper 4: Fundamentals of Business Mathematics & Statistic.
Ques. What is the syllabus of CMA (Certified Management Accountant) Intermediate?
Paper 6: Laws, Ethics and Governance
Paper 7: Direct Taxation
Paper 8: Cost accounting and financial management
Paper 9: Operation Management Information System
Paper 10: Cost and Management Accounting
Paper 11: Indirect Taxation
Paper 12: Company Accounts & Audit
Ques. What is the syllabus of CMA (Certified Management Accountant) Final?
Ans. Paper 13: Corporate Laws and Compliance
Paper 14: Advanced Financial Management
Paper 15: Business Strategy & Strategic Cost Management
Paper 16: Tax Management and Practice
Paper 17: Strategic Performance Management
Paper 18: Corporate Financial Reporting
Paper 19: Cost and Management Audit
Paper 20: Financial Analysis & Business Valuation
Ques. When can I apply for CMA (Certified Management Accountant) course?
Ques. Should I have an accounts background to appear for the entrance examination?
Ques. Is it compulsory for me to take mathematics to apply for entrance examination?
Ques. Can I apply for CMA (Certified Management Accountant) course if I'm from Science stream?
Ques. How many levels are there in CMA (Certified Management Accountant) course?
Ans. There are total number of 3 Level's to complete the course.
Level 1 - CMA FOUNDATION
Level 2 - CMA INTERMEDIATE
Level 3 - CMA FINAL'S.
Ques. Is it difficult to clear all the levels of CMA (Certified Management Accountant) Course?
Ans. Yes, it's difficult to clear the examination. Not alot of people can clear it on their first attempt. The pass rate is around 1-2% only. But if you study well and focus on your studies you can clear it out in your first attempt.
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