It has been felt beyond doubt that there has been increasing awareness amongst the business entrepreneurs of the most vital contribution made by cost and management accountancy services in the business houses to the attainment of business objectives. This has accentuated the demand for cost and management accounting services in all the sectors of economy. Many members of the Institute are holding top management positions, viz., Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager, Chief Internal Auditor. Those managing their own business, have found in themselves a Manager and an Accountant to control and flourish their business. No wonder a Cost Accountant can attain the highest ladder of professional career. There is a sustained demand for qualified, trained and experienced cost accountants. Many members of the Institute are also engaged in cost consultancy services and in teaching cost and management accountancy in Universities and Colleges.
Cost Accountancy qualification has also been recognised by the Academic Councils of many Universities in India for the purpose of admission of the Ph.D. courses in Commerce. It was resolved by Association of Indian Universities to accept Bachelor Degree-holders who have ICWAI Qualification for registration as M.Phil. and Ph.D. candidates in commerce and allied disciplines vide their letter nos. EV/II/(2)/91/80878 dated 16.8.1991 and EV/II/(2)/2000/179741 dated 29.11.2000.
Moreover, as per the decision of the All India Council for Technical Education, Fellow Members of our Institute are treated at par with Ph.D. candidates in so far as appointment in the posts of Professor, Associate Professor, Reader, Asstt.Professor and Lecturer in Professional / Management Institutes are concerned.
Cost and Management Accountants are also holding key position in Central and State Governments. In the matter of employment, promotion and prospects, Cost Accountants are recognised by the government, public and private sectors for placement at various levels in the fields of Accounting and Management functions. The specialisation in costing is an added catalyst for a successful manager and a policy maker.
Developing countries in the overseas have also evinced keen interest in offering employment opportunities for the members of the Institute. Realising the importance of the profession of the Cost and Management Accountancy in the economic development of the nation, the Central Government has constituted an all-India cadre known as Indian Cost Accounts Service (ICAS) at par with other Class-I services such as IAS, IFS etc. to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.
Practice as Cost Accountant. An Cost Accountant may build up his own practice by obtaining a licence from the Institute which would enable him to practice as a Cost Accountant, either individually or in partnership with one or more members of the Institute in practice. His clientele include private and public companies, large, medium and small scale undertakings, partnership and proprietary concerns, industrial, commercial and service undertakings etc.