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What is the future of ICWAI professional in todays scenario?

ajay shankar (Asst .Manager (Accounts& finance)) (81 Points)

21 May 2011

sir , can anyone tell me that what is the future and scope of a icwai professional and salary structure of icwai passout.

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CMA. Rakesh Kataria (Practising Cost Accountant) (531 Points)
Replied 02 June 2011

If you are doing CMA your future will be safe see the below development.

1) Name of the Institute will be changed from ICWAI to ICMAI, it will improve international recognition.

2) 14 Industries are covered under Statutory Cost Audit, so Scope of Practice will be enhanced, now in next 2-3 years you will Cost and Management Accountant’s firms in all over India cities.

3) Cost Accountants are Authorized to do VAT audit in all Indian states.

4) Special audit under section 14A and 14AA of Excise Act.

5) CAS4 certification under excise ACT.

6) Also various certification work under customs Act.

7) Filling work under MCA scheme,

8) Management consultancy work

9) Mutual recognition agreements with various international accounting bodies, like CIMA UK, IMA USA, NIA Australia, Russian Accounting Institutes, it will allow our members to work in that country.

10) Efforts are in way to include CMA name in the definition of Accountant under Income tax ACT, 70 % chances are that we will be included.

11) Under proposed Companies Act, CFO of companies should be CMA/CA so, working professional will get boost.

12) Cost Accounting Standards are now become mandatory, so cost certification can be done only by following CAS, so other professional can’t do the cost certifications. As members of ICWAI will be only eligible professional.

13) Also increased completion in Indian industry creates demand of the CMA’s in Indian Industry.

14) For Internal audit CA's and CMA's are equivalen

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