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{{short description|National Professional Cost and Management Accounting body in India}} {{short description|National Professional Cost and Management Accounting body in India}}
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{{Use dmy dates|date=April 2020}} {{Use dmy dates|date=April 2020}}


{{Use Indian English|date=January 2022}} {{Use Indian English|date=January 2022}}
{{Infobox organization {{Infobox organization
| name = Institute of Cost Accountants of India | name = Institute of Cost Accountants of India
| pronounce = | pronounce =
| nickname = | nickname =
| named_after = | named_after =
| image = | image =
| image_size = | image_size =
| alt = ICWAI | alt = ICWAI
| caption = | caption =
| logo = ICMAI Logo.png | logo =
| logo_alt = | logo_alt =
| logo_caption = | logo_caption =
| abbreviation = ICMAI | abbreviation = ICMAI
| predecessor = | predecessor =
| merged = | merged =
| successor = | successor =
| formation = {{Start date and years ago|df=yes|1959|05|28}} | formation = {{Start date and age|df=yes|1959|05|28}}
| founding_location = | founding_location =
| merger = | merger =
| vat_id =
| tax_id = <!-- or | vat_id = (for European organizations) -->
| registration_id = <!-- for non-profit org --> | registration_id = <!-- for non-profit org -->
| status = Active | status = Active
| purpose = | purpose =
| headquarters = CMA Bhawan, 12 Sudder Street, Kolkata – 700016 India Kolkata, India | headquarters = CMA Bhawan, 12 Sudder Street, Kolkata – 700016 India Kolkata, India
| coordinates = {{Coord|22.558103|88.353672|display=inline}} | coordinates = {{Coord|22.558103|88.353672|display=inline}}
| region = India | region = India
| services = | services =
| products = | products =
| methods = | methods =
| fields = | fields =
| membership = | membership =
| membership_year = | membership_year =
| owner = <!-- or | owners = --> | owner = <!-- or | owners = -->
| sec_gen = <!-- or | gen_sec for General Secretary --> | sec_gen = <!-- or | gen_sec for General Secretary -->
| leader_title = President | leader_title = President
| leader_name = CMA Vijendra Sharma | leader_name = CMA Ashwinkumar G. Dalwadi
| leader_title2 = Vice President | leader_title2 = Vice President
| leader_name2 = CMA Rakesh Bhalla | leader_name2 = CMA Bibhuti Bhusan Nayak
| leader_title3 = Secretery | leader_title3 = Secretary
| leader_name3 = CMA Kaushik Banerjee | leader_name3 = CMA Kaushik Banerjee
| leader_title4 = | leader_title4 =
| leader_name4 = | leader_name4 =
| board_of_directors = | board_of_directors =
| main_organ = | main_organ =
| parent_organization = ], ] | parent_organization = ], ]
| subsidiaries = | subsidiaries =
| secessions = | secessions =
| affiliations = | affiliations =
| budget = | budget =
| budget_year = | budget_year =
| revenue = | revenue =
| revenue_year = | revenue_year =
| disbursements = | disbursements =
| expenses = | expenses =
| expenses_year = | expenses_year =
| endowment = | endowment =
| endowment_year = | endowment_year =
| staff = | staff =
| staff_year = | staff_year =
| volunteers = | volunteers =
| volunteers_year = | volunteers_year =
| members = 90000+ | members = 98,500
| students = 6,80,000 (Approx) | students = 7,50,000 (Approx)
| website = {{url|https://www.icmai.in}} | website = {{URL|https://www.icmai.in}}
| remarks = | remarks =
| formerly = The Institute of Cost & Works Accountants of India | formerly = The Institute of Cost & Works Accountants of India
| footnotes = | footnotes =
}} }}


'''The Institute of Cost Accountants of India''' ('''ICMAI'''), which was previously known as '''The Institute of Cost & Works Accountants of India''' ('''ICWAI''') is a ] in India under the ] of ], ]. It was established on 28 May 1959 as a ] under the ] enacted by the ] for regulation of the ] of ] and ] Accountants in India. It has as its prime responsibility (by the Ministry of Corporate Affairs) to contribute to the ] and ] profession at the global level. It is the largest CMA body in Asia and 2nd largest in the World. '''The Institute of Cost Accountants of India''' ('''ICMAI'''), which was previously known as '''The Institute of Cost & Works Accountants of India''' ('''ICWAI''') is a ] in India. It is under the ] of the ] of the ]. It has as its prime responsibility (by the Ministry of Corporate Affairs) to contribute to the cost and management accounting profession at the global level.

In India, ] are issued and developed by the Cost Accounting Standards Board (CASB) constituted by ICMAI<ref></ref> with the objective of formulating the Cost Accounting Standards. Similarly, Standards on Cost Auditing are issued the Cost Auditing and Assurance Standards Board (CAASB) constituted by the Institute with the responsibility to formulate standards and develop guidance notes in the areas of auditing, assurance, related services and quality control. The other reputed accounting research bodies in India are ], ], ] and ].

Members of the Institute are known as ''Cost and Management Accountants (CMAs)'' or ''Cost Accountants'' (either ] or Associate). CMAs are subject to a published ] and professional standards, violation of which is subject to disciplinary action. Only a member of ICMAI can be appointed as cost auditor of a company under the ]. The management of the Institute is vested with its council with the president acting as its Chief Executive Authority. A person can become a member of ICMAI and become a cost auditor of Indian Companies. The professional membership organization is known for its non-profit service. ICMAI has entered into ] with other professional accounting bodies worldwide for reciprocal membership recognition. ICMAI is one of the founding members of the ] (IFAC), ] (SAFA), and ] (CAPA).

The Institute of Cost Accountants of India was established under the ] passed by the Parliament of India with the objective of regulating the profession of Cost and Works Accountants in India. It prescribes the qualifications for a ] and conducts the requisite examinations and grants ].


== History == == History ==


The Institute of Cost Accountants of India was first formed as a registered limited company on 14 June 1944 as per the provisions of the Companies Act of 1913. Post Independence, the Institute got statutory recognition when the ] enacted "]" (Act No.23rd of 1959),<ref>{{cite web|url=http://www.mca.gov.in/Ministry/actsbills/pdf/Cost_and_works_Accountants_Act_1959.pdf |title=ICWAI Act on MCA website |access-date=30 July 2012}}</ref> a special act, on 28 May 1959 to accord statutory recognition to ICMAI (previously ICWAI) as an autonomous professional Institute. The Institute of Cost Accountants of India was first formed as a registered limited company on 14 June 1944 as per the provisions of the Companies Act of 1913. Post Independence, the Institute got statutory recognition when the ] enacted "The Cost and Works Accountants Act, 1959" (Act No.23rd of 1959),<ref>{{cite web|url=http://www.mca.gov.in/Ministry/actsbills/pdf/Cost_and_works_Accountants_Act_1959.pdf |title=ICWAI Act on MCA website |access-date=30 July 2012}}</ref> a special act, on 28 May 1959 to accord statutory recognition to ICMAI (previously ICWAI) as an autonomous professional Institute.


The CWA Amendment bill of 2011 was passed by both the Houses of Indian Parliament. ] and the ] on 12 December 2011 and assented by the president of India on 12 January 2012. The changes were published in the Official Gazette of India on 13 January 2012.<ref></ref> As of now, there are a total of 98,500 active members of ICMAI.<ref>{{Cite web |date=13 June 2023 |title=Official Notification by Institute of Cost Accountants of India to adopt the acronym 'ICMAI'. |url=https://icmai.in/upload/Institute/Notifications/Acronym_ICMAI_1306_23.pdf |website=ICMAI}}</ref>
It has since been continuously contributing to the growth of the industrial and economic climate of the country. The Institute of Cost Accountants of India is the only recognized statutory professional organization and licensing body in India specializing exclusively in Cost and Management Accountancy. The head office is situated in ] and operates through four regional councils are ], ], ] and ] as well as through a number of important chapters situated elsewhere in India and abroad. As of now, there are more than 90,000 active members of ICMAI.

The CWA Amendment Bill of 2011 was passed by both the Houses of Indian Parliament. ] and the ] on 12 December 2011 and assented by the president of India on 12 January 2012. The changes were published in the Official Gazette of India on 13 January 2012.<ref></ref>

== Motto, Vision and Mission ==
]

The ] of the ICMAI is "Asato mā sadgamaya, tamasomā jyotir gamaya, mrityormāamritam gamaya, Oṁ śhānti śhānti śhāntiḥ" (Sanskrit), which literally means "From ignorance, lead me to truth; From darkness, lead me to light; From death, lead me to immortality; Peace, Peace, Peace". It is a ] from the ] (]). An extract of the verses are also present on the Institute's emblem with the figure of an illuminated earthen lamp which seems perfectly synced with first line of its motto. ICMAI also has a separate logo for exclusive use by its members.

ICMAI in its prospectus<ref></ref> puts its Vision Statement as "The Institute of Cost Accountants of India would be the preferred source of resources and professionals for the financial leadership of enterprises globally."

The Mission Statement of ICMAI as per the prospectus is "The CMA Professionals would ethically drive enterprises globally by creating value to stakeholders in the socio-economic context through competencies drawn from the integration of strategy, management and accounting."


== International affiliations == == International affiliations ==


The ICMAI is a Founding Member of the ] (IFAC),<ref>{{cite web|url=http://www.ifac.org/History/founding_member_bodies.php |title=Founding Members of IFAC in 1977 |publisher=Ifac.org |access-date=30 July 2012}}</ref> ] (CAPA)<ref>{{cite web |url=http://www.capa.com.my/section.cfm?id=24 |title=India |publisher=CAPA |access-date=30 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120915140531/http://www.capa.com.my/section.cfm?id=24 |archive-date=15 September 2012 }}</ref> and ] (SAFA).<ref>{{cite web |url=http://www.esafa.org/About/MemberMain.aspx# |title=SAFA Member Institutions |publisher=SAFA|access-date=30 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20111009141024/http://www.esafa.org/About/MemberMain.aspx |archive-date=9 October 2011 }}</ref> ICMAI is a member of the National Foundation of Corporate Governance (NFCG).<ref>{{cite web|author=Seemant Ahlawat |url=http://www.nfcgindia.org/aboutus.htm |title=Stakeholder in NFCG |publisher=Nfcgindia.org |date=1 October 2003 |access-date=30 July 2012}}</ref> The ICMAI is a Founding Member of the ] (IFAC),<ref>{{cite web|url=http://www.ifac.org/History/founding_member_bodies.php |title=Founding Members of IFAC in 1977 |publisher=Ifac.org |access-date=30 July 2012}}</ref> ] (CAPA)<ref>{{cite web |url=http://www.capa.com.my/section.cfm?id=24 |title=India |publisher=CAPA |access-date=30 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120915140531/http://www.capa.com.my/section.cfm?id=24 |archive-date=15 September 2012 }}</ref> and ] (SAFA)<ref>{{cite web |url=http://www.esafa.org/About/MemberMain.aspx# |title=SAFA Member Institutions |publisher=SAFA|access-date=30 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20111009141024/http://www.esafa.org/About/MemberMain.aspx |archive-date=9 October 2011 }}</ref> and Associate member of ASEAN Federation of Accountants.<ref>{{cite web | url=http://www.afa-accountants.org/news-149-AFA%20Welcomes%20ICMAI%20as%20an%20AFA%20Associate%20Member.html | title=ASEAN Federation of Accountants (AFA) }}</ref> ICMAI is also a member of the National Foundation of Corporate Governance (NFCG).<ref>{{cite web|author=Seemant Ahlawat |url=http://www.nfcgindia.org/aboutus.htm |title=Stakeholder in NFCG |publisher=Nfcgindia.org |date=1 October 2003 |access-date=30 July 2012}}</ref>


== Qualification and syllabus ==
Apart from the above, the Institute is also a member of the ] (NFCG), ] (FICCI), ] (CII) and ] (ASSOCHAM).


]
== Membership ==
This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations<ref></ref> and three years of practical training<ref></ref> in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Cost audits, GST audits, Internal audit, Corporate laws, etc. and enables an individual to become a CMA (Cost & Management Accountant).
Members of the Institute are known as ]. Becoming a member requires passing the prescribed examinations, 36 months of practical training and meeting other requirements under the Act and Regulations. The Institute has more than 90,000 members currently.


* The institute has introduced new Syllabus 2022 which fulfills the requirements of the New Education Policy, 2020 and has increased the level of skill development and improved Course Learning objectives<ref>{{cite web | url=https://icmai.in/studentswebsite/CMA_Syl_2022.php | title=Studies }}</ref>
=== Associates and fellows ===
Generally, associates are members of the Institute with less than five years of membership after which they become entitled to apply for being a fellow member. Some associate members, particularly those not in practice, often voluntarily chose not to apply to be a fellow due to a variety of reasons.

An associate member who has been in continuous practice in India or has worked for a commercial or government organization for at least five years and meets other conditions as prescribed can apply to the Institute to get designated as a "Fellow". Responsibilities and voting rights of both types of members remain the same but only fellows can be elected to the council and regional councils of ICMAI. Fellows are perceived as enjoying a higher status due to their long professional experience.

=== Practicing Cost Accountants ===
Any member wanting to engage in public practice has to first apply for and obtain a ''Certificate of Practice (COP)'' from the Council of ICMAI. Only members holding a Practicing Certificate may act as cost auditors of Indian companies.

In India, an individual Accountant, a ] or a ] of Accountants can practice the profession of Accountancy.

Companies in India cannot practice profession of accountancy.

== Role of Cost and Management Accountants ==
Cost and Management Accountants '''work in all fields of business and finance, including taxation, financial reporting and management, strategic management and auditing'''. CMAs also aim to strengthen the manufacturing and service sector by providing values like cost effectiveness, cost reduction techniques, resource management and Budget & MIS etc.

Job roles of CMAs include Financial Planning and Analysis, Cost Management, Financial Reporting, Strategic Planning, Risk Management, etc. CMAs are considered fit for ], ] as well as ], the latter two being their domain of expertise.
Some CMAs are engaged in public practice work, others work in the private sector and some are employed by government bodies.

== Council of the Institute ==
The management of the affairs of the Institute is undertaken by a council constituted under the ]. The council consists of 15 elected fellow members and up to 5 members nominated by the ]. The elected members of the council are elected under the ] system by the members of the Institute. The council is re-elected every four years. The council elects two of its members to be president and vice-president who hold office for one year. The president is the chief executive authority of the council.

== Network of the Institute ==
The network of the Institute consists of Regional Offices, Chapters, Centers for Excellence, Overseas Center and CMA Support Centres.

The Institute currently has 4 Regional Offices in ], ], ] and ], 11 Overseas Centers, 53 CMA Support Centres and a Centre For Excellence at ].
] showing the ] of the four Regional Councils of ICMAI.]]

=== Regions and Chapters<ref></ref> ===
'''Eastern Region Chapters (Regional Office Kolkata)'''

Agartala Chapter | Asansol Chapter | Balasore Chapter | Bankura Chapter | Bhubaneswar Chapter | Bokaro Steel City Chapter | Chandrapura | Cuttack Jagatsinghpur Kendrapara Chapter | Dhanbad-Sindri Chapter | Duliajan Chapter | Durgapur Chapter | Guwahati Chapter | Hazaribag Chapter | Howrah Chapter | Jajpur-Keonjhar Chapter | Jamshedpur Chapter | Kharagpur Chapter | Muzaffarpur Chapter | Naihati - Ichapur Chapter | Patna Chapter | Patna Saheb Chapter | Rajpur Chapter | Ranchi Chapter | Rourkela Chapter | Sambalpur Chapter | Serampore-Hooghly Chapter | Siliguri-Gangtok Chapter | South Odisha Chapter | Talcher-Angul Chapter |

'''Northern Region Chapters (Regional Office Delhi)'''

Agra-Mathura Chapter | Ajmer-Bhilwara Chapter | Allahabad Chapter | Beawar Chapter | Bikaner Jhunjhunu Chapter | Chandigarh-Panchkula-Mohali Chapter | Dehradun Chapter | Faridabad Chapter | Ghaziabad Chapter | Gorakhpur Chapter | Gurgaon Chapter | Hardwar-Rishikesh Chapter | Jaipur Chapter | Jalandhar Chapter | Jammu Chapter | Jhansi Chapter | Jodhpur Chapter | Kanpur Chapter | Karnal-Panipat Chapter | Kota Chapter | Lucknow Chapter | Ludhiana Chapter | Meerut Chapter | Naya Nangal Chapter | Noida Chapter | Patiala Chapter | Rewari Chapter | Saharanpur Chapter | Shimla Chapter | Sonepat Chapter | Srinagar Chapter | Udaipur Chapter |

'''Southern Region Chapters (Regional Office Chennai)'''

BENGALURU Chapter | Cochin Chapter | Coimbatore Chapter | Dindigul Chapter | Erode Chapter | Godavari Chapter | Hosur Chapter | Hyderabad Chapter | Kottayam Chapter | Kozhikode-Malappuram Chapter | Madurai Chapter | Mangalore Chapter | Mysore Chapter | Nellai-Pearl Chapter | Nellore Chapter | Neyveli Chapter | Palakkad Chapter | Pondicherry Chapter | Ranipet-Vellore Chapter | Salem Chapter | Sathavahana Chapter | Thrissur Chapter | Tiruchirappalli Chapter | Tirupati Chapter | Trivandrum Chapter | Ukkunagaram Chapter | Vijayawada Chapter | Visakhapatnam Chapter | Warangal Chapter |

'''Western Region Chapters (Regional Office Mumbai)'''

Ahmedabad Chapter | Aurangabad Chapter | Baroda Chapter | Bharuch-Ankleshwar Chapter | Bhilai Chapter | Bhopal Chapter | Bilaspur Chapter | Goa Chapter | Indore-Dewas Chapter | Jabalpur Chapter | Kalyan-Ambernath Chapter | Kolhapur-Sangli Chapter | Kutch Gandhidham | Nagpur Chapter | Nashik Chapter | Navi Mumbai Chapter | Pimpri-Chinchwad-Akurdi Chapter | Pune Chapter | Raipur Chapter | Singrauli Chapter | Solapur Chapter | Surat-South Gujarat Chapter | Vapi-Daman-Silvassa Chapter of Cost Accountants | Vindhyanagar Chapter |

=== Overseas Centers<ref></ref> ===
The Institute currently has 11 overseas centers at ], ], ], ], ], ], ], ], ], ] and ].

=== CMA Support Centers<ref></ref> ===
The Institute has setup CMA Support Centers in order to promote and support the academic courses of the Institute in their location and provide assistance to students seeking admission. The Institute currently has 53 CMA Support Centers in various states in India with the most of them present in Southern Region.

== Qualification ==
A person is eligible to apply for membership of ICMAI upon completion of all the three levels (Foundation, Intermediate, and Final) of examinations<ref></ref> and three years of practical training<ref></ref> in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Cost audits, GST audits, Internal audit, Corporate laws, etc. and enables an individual to become a Cost & Management Accountant (CMA).

== Syllabus ==
* The Institute has introduced new Syllabus 2022 which fulfills the requirements of the New Education Policy, 2020 and has increased the level of skill development and improved Course Learning objectives.<ref>{{cite web |title=Studies |url=https://icmai.in/studentswebsite/CMA_Syl_2022.php}}</ref>
* The old syllabus was introduced in August 2016 following the International Education Guidelines (IEG) of ] to get the advantages in the process of Mutual Recognition Agreement (MRA) among different member countries of the world under GATS in ]. * The old syllabus was introduced in August 2016 following the International Education Guidelines (IEG) of ] to get the advantages in the process of Mutual Recognition Agreement (MRA) among different member countries of the world under GATS in ].
* Subjects for examinations include ], ], ], ], ], ], ], ], ] & ], ], ], ] and ] etc. * Subjects for examinations include ], ], ], ], ], ], ], ], etc.
* Students who have passed the degree examination of any recognized university or equivalent are eligible for admission directly to the Intermediate Level. * Students who have passed the degree examination of any recognized university or equivalent are eligible for admission directly to the Intermediate Level.
* Paper-wise exemptions on the basis of reciprocal arrangement are available to students who have passed ] Final Examinations. * Paper-wise exemptions on the basis of reciprocal arrangement are available to students who have passed ] Final Examinations.<ref>{{Cite web |url=http://www.icmai.in/student/exemptions/forvariousqualifications |title=Welcome to the Institute of Cost Accountants of India Website ::Students &#124; Exemptions &#124; for Various Qualification |access-date=25 April 2013 |archive-url=https://web.archive.org/web/20130425064233/http://www.icmai.in/student/exemptions/forvariousqualifications |archive-date=25 April 2013 |url-status=dead }}</ref>
* Examinations are held twice a year, in June and December, in various examination centers in India and overseas centers. The results are declared in August and February for the June term and December term exams respectively. * Examinations are held twice a year, in June and December, in various examination centers in India and overseas centers. The results are declared in August and February for the June term and December term exams respectively.<ref></ref>

== Examination ==
Entry to the profession can be made by taking the CMA Foundation Course after completion of schooling (12th grade). Alternatively, candidates may get admission directly into Intermediate Course on completion of graduation or after completion of Intermediate of Chartered Accountant or Company Secretary. A comprehensive 140 hours of Skills Training including ], ], ] and ] training by ] have to be completed before appearing for both or remaining groups of Intermediate. Paper-wise exemptions on the basis of reciprocal arrangement are available to students who have passed ] Final Examinations.<ref>{{Cite web |title=Welcome to the Institute of Cost Accountants of India Website ::Students &#124; Exemptions &#124; for Various Qualification |url=http://www.icmai.in/student/exemptions/forvariousqualifications |url-status=dead |archive-url=https://web.archive.org/web/20130425064233/http://www.icmai.in/student/exemptions/forvariousqualifications |archive-date=25 April 2013 |access-date=25 April 2013}}</ref>

The first level of examination i.e., Foundation level is MCQ-based with 4 papers while the latter two levels being a mix of objective and subjective exams with 8 papers in each. Intermediate and Final level exams can be given either as complete 8 papers or in two groups of 4 papers each. A candidate needs to score at least 40% marks in each paper and 50% in aggregate in order to pass the level or group. Examinations are held twice a year, in June and December, in various examination centers in India and overseas centers. The results are declared in August and February for the June term and December term exams respectively.<ref></ref>

ICMAI has entered into an agreement with ] (IGNOU), to help CMA students acquire a ] and ] by writing four papers for each. A ] (B.Com) with major in Financial & Cost Accounting and ] in Management Accounting & Financial Strategies can be obtained from IGNOU provided the student is able to pass the term end examination conducted by IGNOU. This initiative has helped a lot of students attain both the degrees without any duplication of subjects and credits.

ICMAI offers study materials and describes the syllabus in great detail via a prospectus. While ICMAI claims that this study material on the website is sufficient for motivated students to study, most students opt to attend ] or learn from ] portals.

== Notable alumni ==


==Notable Alumni==
*], ], Management Advisor
{| class="wikitable"
*], Finance Secretary, Government of India<ref>{{Cite web |url=https://supremo.nic.in/ERSheetHtml.aspx?OffIDErhtml=14436&PageId= |title=Archived copy |access-date=11 November 2019 |archive-date=26 August 2018 |archive-url=https://web.archive.org/web/20180826123502/https://supremo.nic.in/ERSheetHtml.aspx?OffIDErhtml=14436&PageId= |url-status=dead }}</ref>
|+
*], former CEO, ]
|-
*], Professor, ]
! Name!! Position !! Organization
*], Executive Director of ]
|-
*], Entrepreneur
| ]|| Former ]|| ]
*], Entrepreneur
|-
*], Professor
| ]|| Former CEO || ]
*], Musician
|-
*]
| ]|| Professor || ]
*], Finance Secretary, Government of India
|-
*], IPS, Government of India
| ]|| ], Management Advisor ||
|-
| ]|| Executive Director || ]
|-
| ]|| ], Entrepreneur || ]
|-
| rowspan="2" | ]|| Professor, Ex-Director ||]
|-
|Professor
|]
]
|-
| ]|| Musician ||
|-
| ], || ]|| ]
|-
| ] (])|| Director General || ]
|-
|P. Vasudevan
|Executive Director
|]
|-
|Sundararaman Ramamurthy
|Managing Director & Chief Executive Officer
|]
|-
| Pradip Kumar Das || Chairman & Managing Director || ]
|-
| Pomila Jaspal || Director(Finance) || ]
|-
| Jaikumar Srinivasan || Director (Finance & HR) || ]
|-
| Rajendra Prasad Goyal || Chairman & Managing Director and Director (Finance) || ]
|-
| Parminder Chopra || Chairman & Managing Director
|]
|-
| Prasanna Tantri || Independent Director || ]
|-
| G Ravisankar || Director (Finance) || ]
|-
| Mukesh Agrawal || Director (Finance) || ]
|-
| Anil Kumar Tulsiani || Director (Finance) || ]
|-
| C.B. Ananthakrishnan || Director (Finance) & CFO with Addl. Charge of Chairman and Managing Director || ]
|-
| Anil Jerath || Director (Finance) || ]
|-
| Rajendra Kumar Parakh || Director (Finance) || ]
|-
| Sanjeev Singhal || Chairman & Managing Director and Director (Finance) || ]
|-
| Rakesh Kumar Jain || Director (Finance) || ]
|-
| Sanjay Jindal || Director (Finance) || ]
|-
| Baldev kaur Sokhey || Director (Finance) || ]
|-
| D Guhan || Director (Finance) || ]
|-
| Amitava Mukherjee || Chairman & Managing Director and Director (Finance) || ]
|-
| Krishna Gopal Agarwal || Director (Finance) || ]
|-
| Ragini Advani || Director (Finance) || ]
|-
| Ramesh Chandra Joshi || Director (Finance) || ]
|-
| Anuj Kumar || Director (Finance) || ]
|-
| R.K Dash || Director (Finance) || ]
|-
| Sunil Shivaling Bagi || Director (Finance) || ]
|-
| Lokesh Kumar Aggarwal || Director (Finance) || ]
|-
| Rajeev Shrivastava || Director (Finance) || ]
|-
| Hira Nand || Director (Finance) || ]
|-
| Gaurav Gulati || Director (Finance) || ]
|-
| Prasanna Kumar Acharya || Director (Finance) || ]
|-
| Anupam Agarwal || Director (Finance) || ]
|-
| Ajay Agarwal || Director (Finance) || ]
|-
| C I Acharya || Director (Finance) || ]
|-
| G Srinivasan || Director (Finance) || ]
|-
| Sarada Bhusham Mohanty || Director (Finance) || ]
|-
| Rajneesh Jain || Chief Financial Officer || ]
|-
| R. Shankar Raman || President, Whole-time Director & CFO || ]
|-
| Vasudeva Maipady || Chief Financial Officer || ]
|-
| Dr. Devesh Prakash || Financial Accounting & Advisory Services Partner || ]
|-
|Sujata Guhathakurta
|Senior Executive Vice President & Head Debt Capital Market
|]
|-
|Santosh Dalvi
|Partner & Deputy Head of Indirect Taxes
|]
|-
|Suresh Manglani
|Chief Executive Officer
|Adani Gas Ltd
|-
|Subhasri Sriram
|Director
|]
|-
|Srividya Gopal
|Managing Director & Southeast Asia Leader, Valuation Advisory Services
|] Singapore
|-
|Pawan Kumar (])
|Chief Advisor Cost
|], ]
|-
|Manikumar S
|Director
|]
|-
|Arun Ramnathan
|Part time Chairman
|]
|-
|Parag Sharma
|Joint Managing Director & Chief Financial Officer
|]
|-
|Jyoti Saraph
|Director (Finance)
|] India
|-
|Sanjay Mehrotra
|Director (Finance)
|]
|-
|Shilpa Joshi
|Whole-Time Director & Chief Financial Officer
|]
|-
|Sanjay Kallapur
|Professor
|]
|-
|Geeta Sharma
|Director (Finance)
|]
|-
|Kedar Upadhye
|Chief Financial Office
|]
|-
|Biranchi Narayan Sahoo
|Executive Director
|]
|-
|Sanjeev Mantri
|Managing Director & Chief Executive Officer
|]
|-
|Ashok Patra
|Director (Finance)
|]
|-
|Monaz Noble
|Non-Executive & Non-Independent Director
|]
|-
| rowspan="2" |D. Sundaram
|Lead Independent Director
|]
|-
|Vice Chairman & Managing Director
|TVS Capital Funds Ltd
|-
|VN Iyer
|Group CFO
|]
]
|-
|Sudha Pai
|CFO
|]
|-
|Shyam Bhartia
|Founder & Chairman
|]
|-
|Anil Sardana
|Managing Director & Chief Executive Officer
|]
|}


== References == == References ==

Latest revision as of 07:07, 19 August 2024

National Professional Cost and Management Accounting body in India
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Institute of Cost Accountants of India
AbbreviationICMAI
Formation28 May 1959; 65 years ago (1959-05-28)
Legal statusActive
HeadquartersCMA Bhawan, 12 Sudder Street, Kolkata – 700016 India Kolkata, India
Coordinates22°33′29″N 88°21′13″E / 22.558103°N 88.353672°E / 22.558103; 88.353672
Region India
Members98,500
PresidentCMA Ashwinkumar G. Dalwadi
Vice PresidentCMA Bibhuti Bhusan Nayak
SecretaryCMA Kaushik Banerjee
Parent organizationMinistry of Corporate Affairs, Government of India
Students7,50,000 (Approx)
Websitewww.icmai.in
Formerly calledThe Institute of Cost & Works Accountants of India

The Institute of Cost Accountants of India (ICMAI), which was previously known as The Institute of Cost & Works Accountants of India (ICWAI) is a professional accountancy body in India. It is under the ownership of the Ministry of Corporate Affairs of the Government of India. It has as its prime responsibility (by the Ministry of Corporate Affairs) to contribute to the cost and management accounting profession at the global level.

History

The Institute of Cost Accountants of India was first formed as a registered limited company on 14 June 1944 as per the provisions of the Companies Act of 1913. Post Independence, the Institute got statutory recognition when the Parliament of India enacted "The Cost and Works Accountants Act, 1959" (Act No.23rd of 1959), a special act, on 28 May 1959 to accord statutory recognition to ICMAI (previously ICWAI) as an autonomous professional Institute.

The CWA Amendment bill of 2011 was passed by both the Houses of Indian Parliament. Lok Sabha and the Rajya Sabha on 12 December 2011 and assented by the president of India on 12 January 2012. The changes were published in the Official Gazette of India on 13 January 2012. As of now, there are a total of 98,500 active members of ICMAI.

International affiliations

The ICMAI is a Founding Member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA) and Associate member of ASEAN Federation of Accountants. ICMAI is also a member of the National Foundation of Corporate Governance (NFCG).

Qualification and syllabus

CMA Logo for exclusive use by Indian CMAs

This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations and three years of practical training in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Cost audits, GST audits, Internal audit, Corporate laws, etc. and enables an individual to become a CMA (Cost & Management Accountant).

  • The institute has introduced new Syllabus 2022 which fulfills the requirements of the New Education Policy, 2020 and has increased the level of skill development and improved Course Learning objectives
  • The old syllabus was introduced in August 2016 following the International Education Guidelines (IEG) of IFAC to get the advantages in the process of Mutual Recognition Agreement (MRA) among different member countries of the world under GATS in WTO.
  • Subjects for examinations include Management Accounting, Financial Accounting, Strategic Management, Taxation, Corporate Law, Financial Management, Business Valuation, and Operations Management, etc.
  • Students who have passed the degree examination of any recognized university or equivalent are eligible for admission directly to the Intermediate Level.
  • Paper-wise exemptions on the basis of reciprocal arrangement are available to students who have passed Institute of Company Secretaries of India Final Examinations.
  • Examinations are held twice a year, in June and December, in various examination centers in India and overseas centers. The results are declared in August and February for the June term and December term exams respectively.

Notable Alumni

Name Position Organization
Subhash Chandra Garg Former Finance Secretary Government of India
Chanda Kochhar Former CEO ICICI Bank
J Ramachandran Professor IIMB
Mrityunjay Athreya Padma Bhushan, Management Advisor
P. K. Mukherjee Executive Director Sesa Sterlite Limited
Kailasam Raghavendra Rao Padma Shri, Entrepreneur Orchid Chemicals & Pharmaceuticals Limited
B. B. Chakrabarti Professor, Ex-Director Indian Institute of Management Ranchi
Professor Indian Institute of Management Calcutta

Indian Institute of Management Sirmaur

G. J. R. Krishnan Musician
T. V. Somanathan, Finance Secretary Government of India
Sadanand Date (IPS) Director General National Investigation Agency
P. Vasudevan Executive Director Reserve Bank of India
Sundararaman Ramamurthy Managing Director & Chief Executive Officer Bombay Stock Exchange
Pradip Kumar Das Chairman & Managing Director Indian Renewable Energy Development Agency
Pomila Jaspal Director(Finance) Oil and Natural Gas Corporation
Jaikumar Srinivasan Director (Finance & HR) NTPC Limited
Rajendra Prasad Goyal Chairman & Managing Director and Director (Finance) NHPC
Parminder Chopra Chairman & Managing Director Power Finance Corporation
Prasanna Tantri Independent Director Power Finance Corporation
G Ravisankar Director (Finance) Power Grid Corporation of India
Mukesh Agrawal Director (Finance) Coal India Limited
Anil Kumar Tulsiani Director (Finance) Steel Authority of India Limited
C.B. Ananthakrishnan Director (Finance) & CFO with Addl. Charge of Chairman and Managing Director Hindustan Aeronautics Limited
Anil Jerath Director (Finance) BEML
Rajendra Kumar Parakh Director (Finance) Electronics Corporation of India Limited
Sanjeev Singhal Chairman & Managing Director and Director (Finance) Mazagon Dock Shipbuilders
Rakesh Kumar Jain Director (Finance) GAIL
Sanjay Jindal Director (Finance) Engineers India
Baldev kaur Sokhey Director (Finance) NBCC (India) Limited
D Guhan Director (Finance) Housing and Urban Development Corporation
Amitava Mukherjee Chairman & Managing Director and Director (Finance) National Mineral Development Corporation
Krishna Gopal Agarwal Director (Finance) Rail India Technical and Economic Service
Ragini Advani Director (Finance) Ircon International
Ramesh Chandra Joshi Director (Finance) National Aluminium Company
Anuj Kumar Director (Finance) Central Warehousing Corporation
R.K Dash Director (Finance) Garden Reach Shipbuilders & Engineers
Sunil Shivaling Bagi Director (Finance) Goa Shipyard
Lokesh Kumar Aggarwal Director (Finance) India Tourism Development Corporation
Rajeev Shrivastava Director (Finance) Indian Telephone Industries Limited
Hira Nand Director (Finance) National Fertilizers Limited
Gaurav Gulati Director (Finance) National Small Industries Corporation
Prasanna Kumar Acharya Director (Finance) NLC India Limited
Anupam Agarwal Director (Finance) Ongc Videsh
Ajay Agarwal Director (Finance) Security Printing and Minting Corporation of India
C I Acharya Director (Finance) Shipping Corporation of India
G Srinivasan Director (Finance) South Eastern Coalfields
Sarada Bhusham Mohanty Director (Finance) Uranium Corporation of India
Rajneesh Jain Chief Financial Officer Reliance Jio Infocomm Limited
R. Shankar Raman President, Whole-time Director & CFO Larsen & Toubro
Vasudeva Maipady Chief Financial Officer Infosys BPM
Dr. Devesh Prakash Financial Accounting & Advisory Services Partner EY India
Sujata Guhathakurta Senior Executive Vice President & Head Debt Capital Market Kotak Mahindra Bank
Santosh Dalvi Partner & Deputy Head of Indirect Taxes KPMG India
Suresh Manglani Chief Executive Officer Adani Gas Ltd
Subhasri Sriram Director Shriram Life Insurance
Srividya Gopal Managing Director & Southeast Asia Leader, Valuation Advisory Services Kroll Singapore
Pawan Kumar (ICoAS) Chief Advisor Cost Ministry of Finance, Government of India
Manikumar S Director SIDBI
Arun Ramnathan Part time Chairman Equitas Small Finance Bank
Parag Sharma Joint Managing Director & Chief Financial Officer Shriram Finance
Jyoti Saraph Director (Finance) Abbott India
Sanjay Mehrotra Director (Finance) Power System Operation Corporation
Shilpa Joshi Whole-Time Director & Chief Financial Officer Novartis India
Sanjay Kallapur Professor Indian School of Business
Geeta Sharma Director (Finance) HLL Lifecare
Kedar Upadhye Chief Financial Office Biocon Biologics
Biranchi Narayan Sahoo Executive Director Securities and Exchange Board of India
Sanjeev Mantri Managing Director & Chief Executive Officer ICICI Lombard
Ashok Patra Director (Finance) Projects and Development India Limited
Monaz Noble Non-Executive & Non-Independent Director Novartis India
D. Sundaram Lead Independent Director Infosys
Vice Chairman & Managing Director TVS Capital Funds Ltd
VN Iyer Group CFO Blue Dart Express Ltd

Blue Dart Aviation Ltd

Sudha Pai CFO Blue Dart Express Ltd
Shyam Bhartia Founder & Chairman Jubilant Bhartia Group
Anil Sardana Managing Director & Chief Executive Officer Adani Transmission Ltd

References

  1. "ICWAI Act on MCA website" (PDF). Retrieved 30 July 2012.
  2. Official Gazette ICWAI to ICMAI
  3. "Official Notification by Institute of Cost Accountants of India to adopt the acronym 'ICMAI'" (PDF). ICMAI. 13 June 2023.
  4. "Founding Members of IFAC in 1977". Ifac.org. Retrieved 30 July 2012.
  5. "India". CAPA. Archived from the original on 15 September 2012. Retrieved 30 July 2012.
  6. "SAFA Member Institutions". SAFA. Archived from the original on 9 October 2011. Retrieved 30 July 2012.
  7. "ASEAN Federation of Accountants (AFA)".
  8. Seemant Ahlawat (1 October 2003). "Stakeholder in NFCG". Nfcgindia.org. Retrieved 30 July 2012.
  9. Present Syllabus of ICMAI
  10. new practical training scheme
  11. "Studies".
  12. "Welcome to the Institute of Cost Accountants of India Website ::Students | Exemptions | for Various Qualification". Archived from the original on 25 April 2013. Retrieved 25 April 2013.
  13. ICMAI Examination
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