Cost and Management Accountancy

Cost and Management Accountancy

Swati Salunkhe talks about the field of Cost and Management Accountancy. Cost accounting is a type of management accounting. It is a specialized area of expertise concerned with analyzing the costs of products manufactured or sold by a company. In order for a corporation to be profitable, it’s critical to understand the precise costs associated with a product and use that information to set appropriate prices. Cost accountants do just that and are therefore vital to overall financial decision-making.

To get into this field one needs to be a class 12th student be it from any stream. After class 12th one needs to clear foundation, intermediate and final levels. But it also goes with its grilling process that is one need to also gain 3 years practical application too. It is a professional course so the professional body which was formally known as ICWAI (Institute of Cost and Work Accountants of India or ICMAI (Institute of Cost and Management Accountants of India). Students who have a grasp of Economics, interested in number crunching and also understanding and controlling the budget can look at it as a career.

Along with the required qualification one needs to have certain skills sets like Communication skills, Number crunching ability, and keen business sense and negotiation skills. There are widespread areas of work for CMA like Manufacturing units, Public and Private sector companies, Banking sector, insurance sector, Central and state government, or consultancy services. With today’s new economic policies and the online market growing, cost accountants play a major role in pricing the same product for different companies. It is a field which requires trade knowledge and understanding of Economics. With the advancement in the economy, one can expect an increase in demand for professionals in this sphere as well.