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Cost Accountant Career

Cost Accountant Career

Cost Accountant Career

Cost Accountant Career Established by a parliamentary act in 1959, The Institute of Cost Accountants of India (I C A I) ,formerly known as The Institute of Cost & Works Accountants of India (I C W A I), is the only specialized professional body in the field of management accountancy & Cost accountancy in India.

The Cost & Management accountants assist in making strategic management decisions with their sheer expertise, knowledge and talent. Cost Accountant Career Study of cost and management accountancy gives a person a clear perspective and understanding to manage one’s business under the given circumstances & situations.

Job Profile Cost Accountant Career

Cost and works accountants (C WAS) work in and beyond the forty-four classes of industries which are product-oriented. Cost accounting is mandatory in these industries. They collate, assimilate, analyse and collect information related to the financial matters from all areas within an organisation. But their chief role is to make sure that the managerial decisions taken by a company falls within the prescribed cost.

Responsibilities of a Cost Accountant Career

  • Designing and implementing effective management information and control systems.

  • Management of funds.

  • Pricing planning.

  • interpretation of information and data related to business activities and the translation of the respective data.

  • Investment analysis.

  • Project management.

  • Internal Audit.

  • Cost audit.

  • Planning of cost methods and systems.

Skills Required

  • Interest in finance matters and every cost-related matter in a company.

  • Strong aptitude skills ( Quantitative aptitude).

  • Strong communication skills.

  • Strong analytical skills.

  • Good in Mathematics.

Salary Packages

  • The average salary package for Fresher Cost accountants is around 6 lakhs I NR / annul.
  • Since the growth prospects are phenomenal, the salary may reach as high as 13 lakhs I NR / annum after work experience of couple of years and in a good top firm.

Job Prospects

  • The institute of Cost and accountants of India has so far completed 56 years and has more than 53,000 members and upwards of two lakh students.
  • Students from the range of 1500-2000 pass out every semester.
  • Almost all of the students who pass the final  exam of cost and accountancy get jobs from employers soon afterwards.
  • The demand is far greater than the amount of students passing the exam, so the employment opportunities for students is immense in this field.

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