Industry needs more cost accountants

Last updated: 05 July 2007 Follow on Google News

Pune, July 03: With a growing demand for cost and management accountants across the country and the professionals playing a more strategic role in an organisation, the Institute of Cost & Works Accountants of India, (ICWAI) Pune chapter has chalked out an expansion plan to improve access of the professional course to more students.

“Indian industry needs around 4500 Cost and Management Accountants (CMAs) every year but we are able to provide only 2,000 candidates. In Pune alone the industry needs around 400 cost accountants every year but an institution provides only 60 to 70 candidates,” said Milind Date, senior faculty at the Pune Chapter of Cost Accountants (PCCA).

Date was speaking to students after the inauguration of PCCA’s first education session for 2007-08 on Tuesday. Chairman of Western India Regional Council (WIRC) Dr N M Veslekar and BMCC principal Aniruddha Deshpande were also present on the occasion. “A window of opportunities has been created with the advent of service sector in the industries including IT, ITES, BPO, KPO, Hospitality, Hotel, Banking and Insurance, Financial Services. Also, the manufacturing sector is embarking on a growth like never before,” said Date.

He further said that the role of management accountants has changed — a shift from cost to value, from an inward looking to customer oriented, from a mere collector and presenter of financial data to a change agent. “Its scope has widened from manufacturing sector to the increasing service sector. The contribution of a management accountant is now more strategic than ever before,” he added.

The ICWAI is a statutory body with its HQ in Kolkata with four regional headquarters at Mumbai, Kolkata, Chennai and New Delhi. The PCCA was established in the year 1968.

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