The Institute of Cost and Management Accountants of India (ICMAI), which was also known as The Institute of Cost & Works Accountants of India (ICWAI) is a
professional accountancy body
A professional accounting body is an organization or association of accountants in a particular jurisdiction. Usually a person needs to be a member of such professional body to hold out to the public of the jurisdiction as an accountant. The desi ...
in India. It is under the
ownership
Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different ...
of
Ministry of Corporate Affairs
The Ministry of Corporate Affairs is an Indian government ministry primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008, and the Insolvency and Bankruptcy Code, 2 ...
of the
Government of India
The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...
. It has been given a prime responsibility by the Ministry of Corporate Affairs to contribute to the cost and management accounting profession at the global level.
The ICMAI is a Founder Member of the
International Federation of Accountants
The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates in ...
(IFAC),
Confederation of Asian and Pacific Accountants
The Confederation of Asian and Pacific Accountants (CAPA) is a regional organization representing 33 national professional accountancy organizations (PAOs) operating in Asia and the Pacific. These PAOs, referred to as CAPA’s members, represent ...
(CAPA) and
South Asian Federation of Accountants
The South Asian Federation of Accountants (SAFA) is a forum of professional accounting bodies in the South Asian Association of Regional Cooperation
The South Asian Association for Regional Cooperation (SAARC) is the regional intergovernment ...
(SAFA). ICMAI is a member of the National Foundation of Corporate Governance (NFCG).
History
The Institute of Cost Accountants of India was first formed as a registered limited company on 14 June 1944 as per the provisions of the then Companies Act, 1913. Post Independence, the institute got statutory recognition when the
Parliament of India
The Parliament of India (International Alphabet of Sanskrit Transliteration, IAST: ) is the supreme legislative body of the Republic of India. It is a bicameralism, bicameral legislature composed of the president of India and two houses: the R ...
enacted "The Cost and Works Accountants Act" (Act No.23rd of 1959), a special act, on 28 May 1959 to accord statutory recognition to ICMAI (previously ICWAI) as an autonomous professional Institute.
The CWA Amendment bill, 2011 was passed by both the Houses of Indian Parliament viz.
Lok Sabha
The Lok Sabha, constitutionally the House of the People, is the lower house of India's bicameral Parliament, with the upper house being the Rajya Sabha. Members of the Lok Sabha are elected by an adult universal suffrage and a first-past ...
and the
Rajya Sabha
The Rajya Sabha, constitutionally the Council of States, is the upper house of the bicameral Parliament of India. , it has a maximum membership of 245, of which 233 are elected by the legislatures of the states and union territories using si ...
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. As of now, there are a total of 85000 active members of ICMAI.
Qualification and syllabus
![CMAlogo, to be used by Indian CMAs](https://upload.wikimedia.org/wikipedia/commons/7/7b/CMAlogo%2C_to_be_used_by_Indian_CMAs.jpg)
This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations and three years of practical training 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 Fulfils the requirements of new education policy 2020 and has increased level of skill development and improved Course learning objectives
* 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
The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation
in the United Nations System, governments use the organization to establish, revise, and e ...
.
* Subjects for examinations include
Corporate Financial Reporting
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and re ...
,
Management Accounting
In management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions.
Definition
One simple definition of management accounting is th ...
,
Financial Accounting
Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use. Stockholders, s ...
,
Strategic Management
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of Resource management, resour ...
,
Taxation
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal person, legal entity) by a governmental organization in order to fund government spending and various public expenditures (regiona ...
,
Corporate Law,
financial management
Financial management is the business function concerned with profitability, expenses, cash and credit, so that the "organization may have the means to carry out its objective as satisfactorily as possible;"
the latter often defined as maximizin ...
,
business valuation Business valuation is a process and a set of procedures used to estimate the economic value of an owner's interest in a business. Here various valuation techniques are used by financial market participants to determine the price they are willing t ...
and
Cost & Management Audit,
Business Valuation Business valuation is a process and a set of procedures used to estimate the economic value of an owner's interest in a business. Here various valuation techniques are used by financial market participants to determine the price they are willing t ...
,
Operations Managementetc.
* 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
The Institute of Company Secretaries of India (ICSI) is a premier national professional body in India under the ownership of Ministry of Corporate Affairs, Government of India with the objective of promoting, regulating and developing the prof ...
Final Examinations.
* 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.
Notable alumni
*
Rajneesh Jain
Rajneesh (born Chandra Mohan Jain; 11 December 193119 January 1990), also known as Acharya Rajneesh, Bhagwan Shree Rajneesh, and later as Osho (), was an Indian godman, mystic, and founder of the Rajneesh movement. He was viewed as a controv ...
, CFO,
Reliance Jio
Reliance Jio Infocomm Limited, doing business as Jio, is an Indian telecommunications company and a subsidiary of Jio Platforms, headquartered in Navi Mumbai, Maharashtra, India. It operates a national LTE network with coverage across all ...
*
Mrityunjay Athreya Mrityunjay may refer to
* Mahamrityunjaya Mantra
* Mrityunjay: The Jnanpith Award-winning 1979 Assamese novel by Birendra Kumar Bhattacharya
* The Marathi novel by Shivaji Sawant
Shivaji Sawant (31 August 1940 – 18 September 2002) was an India ...
,
Padma Bhushan
The Padma Bhushan is the third-highest civilian award in the Republic of India, preceded by the Bharat Ratna and the Padma Vibhushan and followed by the Padma Shri. Instituted on 2 January 1954, the award is given for "distinguished service ...
, management advisor
*
Subhash Chandra Garg
Subhash Chandra Garg (IAST: ) (born 16 October 1960) is a 1983 batch IAS officer of Rajasthan cadre. He served as Economic Affairs Secretary and Finance Secretary of India. He has also served as an executive director in the World Bank.
Education ...
, finance secretary, government of India
*
B. Rajendran, Executive Director,
Securities and Exchange Board of India
*
Subhash Kumar Subhash may refer to:
People
* Subhash Agarwal, Indian professional player and coach of English billiards and snooker
* Subhash Awchat (born 1960), Indian artist and author based in Mumbai
* Subhash Bapurao Wankhede (born 1963), Indian politician a ...
,CFO,
Oil and Natural Gas Corporation
The Oil and Natural Gas Corporation (ONGC) is a central public sector undertaking under the ownership of Ministry of Petroleum and Natural Gas, Government of India. It is headquartered in New Delhi. ONGC was founded on 14 August 1956 by the ...
*
Chanda Kochhar
Chanda Kochhar ( Advani, born 17 November 1961) is the former managing director (MD) and chief executive officer (CEO) of ICICI Bank. Due to a case of conflict of interest, she resigned from her position in 2018. Subsequently, she was fired by I ...
, former CEO,
ICICI Bank
ICICI Bank Limited is an Indian Private bank. It is headquartered at Mumbai. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiari ...
*
Shyam Sunder Bhartia,Founder and Chairman,
Jubilant Bhartia Group
The Jubilant Bhartia Group is an Indian conglomerate with interests in pharmaceuticals, food services, agribusiness, energy, and other services. It was founded in 1978 by Shyam Sundar Bhartia and Hari Bhartia and is headquartered in Noida, Utta ...
Jubilant FoodWorks
Jubilant FoodWorks Limited is an Indian food service company based in Noida, Uttar Pradesh which holds the master franchise for Domino's Pizza in India, Nepal, Sri Lanka and Bangladesh, for Popeyes in India, Bangladesh, Nepal and Bhutan, and a ...
*
J Ramachandran, professor,
IIMB
*
P. K. Mukherjee, executive director of
Sesa Sterlite Limited
Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, India, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.
History Sterlite Industries
Vedanta (then called ...
*
Samir Bhatia
Samir Bhatia is an Indian entrepreneur and is the Founder and CEO of SMEcorner. Samir is a Chartered Accountant and a Cost Accountant, and has worked with companies such as Citibank, HDFC Bank, Barclays Bank and Equifax.
Education
Samir is a ...
, entrepreneur
*
Kailasam Raghavendra Rao, entrepreneur
*
B. B. Chakrabarti, professor
*
G. J. R. Krishnan, musician
*
Sanjay Subrahmanyam
*
T. V. Somanathan, finance secretary, government of India
*
Sadanand Date
Sadanand Date (born December 14, 1966) is an officer of 1990 batch of Indian Police Service (IPS). He has held several important posts at both state and national levels of the IPS, including serving as deputy inspector general of police in the Ce ...
, IPS, Government of India
*
Sanjay Jaju,Joint Secretary Ministry of Defence,GoI
*
Yogesh Sirohi,CFO and Business Services Leader,
PwC
PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounting ...
India
*Suresh Manglani,CEO,
Adani Gas
*
M Nagaraj
M, or m, is the thirteenth letter in the Latin alphabet, used in the modern English alphabet, the alphabets of other western European languages and others worldwide. Its name in English is ''em'' (pronounced ), plural ''ems''.
History
Th ...
,Director(Corporate Planning),
HUDCO
*
Anil Sardana
Anil or Anıl may refer to:
People
* Anil (given name), an Indian given name (including a list of persons with the name)
* Anıl (given name), a Turkish given name (including a list of persons with the name)
* Anil (director), active in the Malaya ...
,MD and CEO,
Adani Transmission Ltd Adani Thermal Power
Adani may refer to:
* Adani (surname)
* Adani Group, an Indian multinational conglomerate
** Adani Foundation, a charitable foundation
*** Gujarat Adani Institute of Medical Sciences, a medical college and hospital in Gujarat, India
** Adani Ports ...
[https://www.adanipower.com/about-us/board-of-directors/anil_sardana]
*
Asim Kumar Mukopadhyay Asim or ASIM may refer to:
*Andromeda Spaceways Inflight Magazine, a fantasy and science fiction magazine
*Aseem, a male given name of Indian origin, often spelled ''Asim''
* Asem, a male given name of Arabic origin, someti ...
,Vice. President & Head-Business Finance,
Tata Motors
Tata Motors Limited is an Indian multinational automotive manufacturing company, headquartered in Mumbai, India, which is part of the Tata Group. The company produces passenger cars, trucks, vans, coaches, buses.
Formerly known as Tata En ...
Ltd.
*
R S Sharma,Ex-Chairman,
ONGC
The Oil and Natural Gas Corporation (ONGC) is a central public sector undertaking under the ownership of Ministry of Petroleum and Natural Gas, Government of India. It is headquartered in New Delhi. ONGC was founded on 14 August 1956 by the ...
*Krupa Venkatesh,Senior Director,
Deloitte
Deloitte Touche Tohmatsu Limited (), commonly referred to as Deloitte, is an international professional services network headquartered in London, England. Deloitte is the largest professional services network by revenue and number of profession ...
India
*
Rajeev Mehrotra,Chairman and Managing Director,
RITES
Rail India Technical and Economic Service Limited, abbreviated as RITES Ltd, is a wholly owned subsidiary of the Indian Railways, Ministry of Railways, Government of India. It is an engineering consultancy corporation, specializing in the field ...
Ltd
*Anil Kumar Tulsiani,Director (Finance),
SAIL
A sail is a tensile structure—which is made from fabric or other membrane materials—that uses wind power to propel sailing craft, including sailing ships, sailboats, windsurfers, ice boats, and even sail-powered land vehicles. Sails may ...
*Rakesh Kumar Jain,Director (Finance),
GAIL
Gail may refer to:
People
*Gail (given name), list of notable people with the given name
Surname
* Jean-Baptiste Gail (1755–1829), French Hellenist scholar
* Max Gail (born 1943), American actor
* Sophie Gail (1775–1819), French singer and ...
*
Sanjeev Churiwala,CFO,
Tata Power
Tata Power Company Limited is an Indian electric utility company based in Mumbai, Maharashtra, India and is part of the Tata Group. The core business of the company is to generate, transmit and distribute electricity. With an installed electri ...
*Shyam Murari Choudhary,CFO,
Western Coalfields Limited
Western Coalfields Limited (WCL) is one of the eight Subsidiary Companies of Coal India Limited (CIL) which is under administrative control of Ministry of Coal. The Company incorporated under the Companies Act, 1956 has its registered office at ...
*
R. Nagarajan
R. Nagarajan (born 14 August 1953) is a former Indian cricket umpire. He stood in one ODI game in 1998.
See also
* List of One Day International cricket umpires
This is a list of cricket umpires who have officiated at least one men's One Da ...
,CFO,
Sri City Private Ltd
*
Manas Datta ,CFO,
Wockhardt
Wockhardt is a global pharmaceutical and biotechnology company headquartered in Mumbai, India. It produces formulations, biopharmaceuticals, nutrition products, vaccines and active pharmaceutical ingredients (APIs).
History
Wockhardt was foun ...
Pharma
*Mohan Parthasarathy,Director (Finance),
CMA CGM
CMA CGM S.A. is a French container transportation and shipping company. It is the world’s 3rd largest container shipping company, using 257 shipping routes between 420 ports in 160 countries. Its headquarters are in Marseille, France The name ...
India
*
K Biswal, Director (Finance),
NTPC Limited
*
Anil Kumar Chaudhary,CEO,
Essar Group
Essar Group is an Indian multinational conglomerate company, founded by Shashi Ruia and Ravi Ruia in 1969. As Essar Global Fund Limited (EGFL), the company controls a number of assets across the core sectors of energy (oil refining, oil a ...
*Ajay Agrawal,ICoAS,Director (Finance),
Security Printing and Minting Corporation of India
The Security Printing & Minting Corporation of India Ltd. (SPMCIL) is a company under the Department of Economic Affairs, a department under Ministry of Finance. It is responsible for conducting printing and minting activities of the Government ...
*Sunil Bhatia,Director (Finance),
Engineers India Limited
*
Harjeet Kaur Joshi,Director (Finance),
Shipping Corporation of India
The Shipping Corporation of India (SCI) is a government corporation that operates and manages vessels servicing both national and international lines. It is under the ownership of Ministry of Shipping, Government of India, with its headquart ...
*
Pomila Jaspal,Director (Finance),
Mangalore Refinery and Petrochemicals Limited
Mangalore Refinery and Petrochemicals Limited (MRPL), is a Division (business), division of Oil and Natural Gas Corporation which is under the ownership of Ministry of Petroleum and Natural Gas of the Government of India. Established in 1988, ...
*
G Ravishankar,Director (Finance),
PowerGrid Corporation of India
Power Grid Corporation of India Limited is an Indian central public sector undertaking under the ownership of Ministry of Power, Government of India. It is engaged mainly in transmission of bulk power across different states of India. It i ...
*
Parmindar Chopra,Director (Finance),
Power Finance Corporation
Power Finance Corporation Ltd. (P. F. C.) is an Indian central public sector undertaking under the ownership of the Ministry of Power, Government of India. Established in 1986, it is the financial backbone of Indian power sector. PFC's net ...
* Krishnan Sankarasubhramaniam,MD and CEO,
Tamilnad Mercantile Bank Limited
Tamilnad Mercantile Bank Limited (TMB) is a bank headquartered at Thoothukudi, Tamil Nadu, India. TMB was founded in 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in November 1962 to widen its appeal beyond the Nadar ...
*Lokesh Kumar Aggarwal,Director (Finance),
India Tourism Development Corporation
The India Tourism Development Corporation (ITDC) is a hospitality, retail and education company owned by Government of India, under Ministry of Tourism. Established in 1966, it owns over 17 properties under the Ashok Group of Hotels brand, acro ...
References
{{Indian Professional Regulators
Member bodies of the International Federation of Accountants
Accounting in India
Management accounting
Professional associations based in India
Organisations based in Kolkata
Educational boards based in Kolkata
1959 establishments in West Bengal
Organizations established in 1959