ICAI seeks name change to Institute of Cost and Management Accountants of India

Our Bureau Hyderabad | Updated on February 15, 2021

Includes AI, Block Chain, Cyber Security, Data analytics in curriculam

The Institute of Cost Accountants of India has appealed to Finance Minister Nirmala Sitharaman to rename the institute to The Institute of Cost and Management Accountants of India.

“All over the world, our profession is known as Cost and Management Accountants, therefore the request. With the passage of time, we have proved that we have expertise in Cost and Management Accountancy, GST, taxation matters and many of our members hold senior positions in the industry,” Biswarup Basu, President-ICAI, said.

After inaugurating the Chapter’s renovated buildings, CMA Bhavans of The Institute of Cost Accountants of India, Hyderabad Chapter, at Himayatnagar and Sanathnagar, on Sunday, Biswarup Basu said, “The Institute of Cost Accountants of India, has a vast infrastructure with four Regional Councils, Southern India, Eastern India, Western India and Northern India Regional councils. We have 111 chapters all over India and eleven overseas centres, and recently we opened an centre in London, we are becoming a global body.”

“This being a professional course, there is a tremendous opportunity for a Cost and Management Accountant today. Any student passing out of this course get an excellent remuneration package. In GAIL they offer ₹18 lakh package. Updating knowledge, keeping abreast with the latest and learning the latest technology is essential to excel in this profession,” he said.

To keep ourselves abreast with the changes happening in the professional world, we teach Artificial Intelligence, Blockchain, Cyber Security and Data analytics as students need to be acquainted with these modern techniques. There is immense prosperity for our profession with these leanings. CMAs have expertise in GST matters, he is also recognized as insolvency professional, and there are several other avenues for our professionals, he said.

CMA S. Papa Rao said, The Institute of Cost Accountants of India, said, “CA course gives prominence to taxation and auditing, while we the CMAs give prominence to cost and management accountancy and Company Secretaries give prominence to legal aspects. While CAs mostly go for practice, CMAs mostly go for employment though we too can practice.”

The Institute is headquartered in Kolkata having four Regional Councils at Kolkata, Delhi, Mumbai and Chennai, 110 Chapters in India and 11 overseas Centres. The Institute is the 2nd largest Cost & Management Accounting body globally and the largest in Asia, having approximately 5,00,000 students and 85,000 qualified CMAs either in practice or in employment all over the globe.

UK NARIC (National Recognition Information Centre in United Kingdom has recently completed its benchmarking of qualifications offered by the Institute of Cost Accountants of India in the context of the UK and UAE education system and recommended that the CMA Intermediate Course is comparable to RQF Level 6, Bachelor degree standard and the CMA Final Course & Cost Accountant (CMA) designation both considered comparable to RQF Level 7, Master’s degree standard.

Published on February 15, 2021

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