As a cost and management accountant, you will be responsible for minimising the expenditure and optimum utilization of resources in the firm by using different methods like cost analysis.
A cost and management accountant will be involved in various services like costing, pricing of good/services, and preparation and verification of cost accounting and related statements. They are expected to evaluate the efficiency and effectiveness of production and services in different departments of the company.
Candidates who have chosen any stream at the plus two level would be eligible for higher studies in accountancy related courses, but opting for a commerce stream would be recommended as it will help build a stronger base in the fundamentals of the field.
For candidates who wish to pursue any finance-related subject, studying maths the plus two level will be an added advantage.
After plus two, you can pursue the ICAI (Institute of Cost Accountants of India) foundation course to start your career in this field. Passing the plus two exam would make you eligible for appearing in the ICAI foundation exam.
If you have any graduate degree, you are exempted from the CMA foundation exam. You can directly give the ICAI intermediate exam.
CMA(US) is offered by the institute of management accountants, USA, which gives global recognition in the field of CMA. The examinations for CMA (US) are pretty flexible and it could be completed within one year if the student has an in-depth understanding of the subjects.
After clearing the foundation exam, you can appear in the ICAI intermediate exams. Candidates who have completed their graduation can give the intermediate exam directly without passing ICAI foundation.
Passing ICAI intermediate or professional education exam, and completing articled training are the minimum requirements for appearing in the ICAI final exam.
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Numerical skills and knowledge in financial dealings are necessary for a career in CMA as it would be required to understand the complex numerical information and data that has to be handled as part of the job.
It is necessary to have general business skills, and knowledge and understanding of how companies and industries work as a whole. A cost management accountant must be able to recognize how businesses run and how it is affected by various external factors.
A cost and management accountant must have good analytical thinking capacity as they need to use logic to solve problems. This specific skill will help cost management accountants to formulate plans and review the plans proposed by other departments.
Cost and management accountants will be required to take quick decisions in many critical situations.
A cost and management accountant should be detail oriented and should have an organized approach towards their job.
It's important for a cost management accountant to have an average / above average level of stress tolerance.