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{{short description|National Professional Cost and Management Accounting body in India}}
The '''Institute of Cost and Works Accountants of India''' (ICWAI) is the only recognized statutory ] and licensing body in ] specialising exclusively in ].
{{Multiple issues|
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{{Use dmy dates|date=April 2020}}


{{Use Indian English|date=January 2022}}
==Location==
{{Infobox organization
The head office is situated at 12, ], Kolkata 700 016 and operates through four regional councils (Kolkata, Chennai, Delhi and Mumbai), as well as through a number of important chapters situated elsewhere in India and abroad.
| name = Institute of Cost Accountants of India
| pronounce =
| nickname =
| named_after =
| image =
| image_size =
| alt = ICWAI
| caption =
| logo =
| logo_alt =
| logo_caption =
| abbreviation = ICMAI
| predecessor =
| merged =
| successor =
| formation = {{Start date and age|df=yes|1959|05|28}}
| founding_location =
| merger =
| vat_id =
| registration_id = <!-- for non-profit org -->
| status = Active
| purpose =
| headquarters = CMA Bhawan, 12 Sudder Street, Kolkata – 700016 India Kolkata, India
| coordinates = {{Coord|22.558103|88.353672|display=inline}}
| region = India
| services =
| products =
| methods =
| fields =
| membership =
| membership_year =
| owner = <!-- or | owners = -->
| sec_gen = <!-- or | gen_sec for General Secretary -->
| leader_title = President
| leader_name = CMA Ashwinkumar G. Dalwadi
| leader_title2 = Vice President
| leader_name2 = CMA Bibhuti Bhusan Nayak
| leader_title3 = Secretary
| leader_name3 = CMA Kaushik Banerjee
| leader_title4 =
| leader_name4 =
| board_of_directors =
| main_organ =
| parent_organization = ], ]
| subsidiaries =
| secessions =
| affiliations =
| budget =
| budget_year =
| revenue =
| revenue_year =
| disbursements =
| expenses =
| expenses_year =
| endowment =
| endowment_year =
| staff =
| staff_year =
| volunteers =
| volunteers_year =
| members = 98,500
| students = 7,50,000 (Approx)
| website = {{URL|https://www.icmai.in}}
| remarks =
| formerly = The Institute of Cost & Works Accountants of India
| 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. 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.
==Objectives of the Institute==


== History ==
*To develop the Cost and Management Accountancy function as a powerful tool of management control in all spheres of economic activities.
*To promote and develop the adoption of ]s in cost and management accountancy.
*To develop the professional body of members and equip them fully to discharge their functions and fulfill the objectives of the Institute in the context of the developing economy.
*To keep abreast of the latest developments in the cost and ] principles and practices, to incorporate such changes are essential for sustained vitality of the industry and other economic activities.
*To exercise supervision for the entrants to the profession and to ensure strict adherence to the best ethical standards by the profession.
*To organise seminars and conferences on subjects of professional interest in different parts of the country for cross-fertilisation of ideas for professional growth.
*To carry out research and publication activities covering various economic spheres and the publishing of books and booklets for spreading information of professional interest to members in industrial, education and commercial units in India and abroad.


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.
==Employment opportunities==


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>
Members of the Institute are occupying high echelons like Chairman, ], ], Chief Executive, General Manager, Finance Manager, etc. in many Public and ]s organisations and also in the Government


== International affiliations ==
Ministry of Company Affairs ] has tabled the bill for amending the law governing the three professional institutes. The amendments are expected to make the management of corporate affairs more fair, credible and lawful.


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>
==Amendment in 2003==
The Companies (Amendment ) Bill,2003 has the following provisions:


== Qualification and syllabus ==
99. After section 215 of the principal Act, the following section shall be inserted, namely : 215A. (1) Every ] having paid up ] of three crore rupees or more as may be prescribed shall appoint a whole-time qualified accounts officer to be known as the chief accounts officer, who shall either be a member of the ] constituted under the Chartered Accountants Act, 1949 or '''a member of the Institute of Cost and Works Accountants of India''' constituted under the Cost and Works Accountants Act, 1959 and such accounts officer shall be responsible for the proper maintenance of the books of account of the
company, and shall ensure proper disclosure of all required information indicated in the prospectus or any other offer document, and also ensure compliance of the provisions of this Act relating to the accounts of the company.


]
==Government department==
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).


* 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>
There is an existing Cost Accounting Service in Central Govt. named as Indian Cost Accounts Service, which is at par with the Class I Services of the Government of India.
* 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 ].
Company Bill 2003 withdrawn from the House the New concept paper shows the following provisions:
* 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.
* 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.<ref></ref>


==Notable Alumni==
'''Concept paper on company Bill(likely to be taken in monsoon session of parliament)'''
{| class="wikitable"
Definition:
|+
(17) “Chief Accounts Officer” means the chief accounts officer, of a company appointed
|-
under sub-section (1) of section 88, by whatever name called;-Cost accountant referred in the concept rules as a person entitled for this post.
! Name!! Position !! Organization
(19) “Cost Accountant” means a cost accountant as defined in clause (b) of sub-section
|-
(1) of section 2 of the Cost and Works Accountants Act, 1959 and who has obtained a
| ]|| Former ]|| ]
certificate of practice under sub-section (1) of section 6 of that Act;
|-
'''6. Incorporation of Companies'''
| ]|| Former CEO || ]
(1) There shall be presented to the Registrar of the state, under whose
|-
jurisdiction the registered office of the company is to be situate, the
| ]|| Professor || ]
following for registration:
|-
(a) the memorandum of association of the company;
| ]|| ], Management Advisor ||
(b) its articles of association ;
|-
(c) a declaration by an Advocate defined under Advocate’s Act, or
| ]|| Executive Director || ]
a Secretary or a Chartered Accountant, or a Cost Accountant in whole-time
|-
practice, in India who is engaged in the formation of a company, or by a
| ]|| ], Entrepreneur || ]
person named in the Articles as a Director, Manager or Secretary of the
|-
company, that all the requirements of this Act and rules have been
| rowspan="2" | ]|| Professor, Ex-Director ||]
complied with in respect of registration and matters precedent or incidental
|-
thereto.
|Professor
'''60. Special Audit'''
|]
(1) Where the Central Government is of the opinion,—
]
(a) that the affairs of any company are not being managed in accordance with sound
|-
business principles or prudent commercial practices; or
| ]|| Musician ||
(b) that any company is being managed in a manner likely to cause serious injury
|-
and damage to the interest of the trade, industry or business to which it pertains; or
| ], || ]|| ]
(c) that the financial position of any company is such as to endanger its solvency; or
|-
(d) that contravention of the provisions of this Act in relation to the maintenance of
| ] (])|| Director General || ]
accounts of the company or in the conduct of audit have eroded the faith and
|-
confidence in the proper management of the company; or
|P. Vasudevan
(e) that the management of the company is being conducted in any manner
|Executive Director
prejudicial to the interests of holders of securities or development of securities
|]
market or creditors of the company or the public interest;
|-
(f) the management of the company has indulged in insider trading or market
|Sundararaman Ramamurthy
manipulation, the Central Government may, at any time, by order, direct that a
|Managing Director & Chief Executive Officer
special audit of the company’s accounts as it may consider necessary, shall be
|]
conducted either by a chartered accountant or a cost accountant or a firm of such
|-
professionals, as the case may be, or by the company’s auditor himself, for such
| Pradip Kumar Das || Chairman & Managing Director || ]
period or periods, as may be, specified in the order and the auditor so appointed shall
|-
be referred to as a Special Auditor.
| Pomila Jaspal || Director(Finance) || ]
The special auditor shall have the same powers and duties in relation to the
|-
special audit as an auditor of a company has under section 59.
| Jaikumar Srinivasan || Director (Finance & HR) || ]
Provided that the special auditor shall instead of making his report to the
|-
members of the company make the same to the Central Government.
| Rajendra Prasad Goyal || Chairman & Managing Director and Director (Finance) || ]
'''61. Cost Audit'''
|-
(1) Where in the opinion of the Central Government it is necessary so to do in
| Parminder Chopra || Chairman & Managing Director
relation to any company required under clause (d) of sub-section(8) of section(2) to
|]
include in its books of account the particulars referred to therein, the Central
|-
Government may, by order, direct that an audit of cost accounts of the company
| Prasanna Tantri || Independent Director || ]
shall be conducted in such manner as may be specified in the order by an auditor
|-
who shall be a cost accountant within the meaning of the Cost and Works
| G Ravisankar || Director (Finance) || ]
Accountants Act, 1959 (23 of 1959).
|-
(2) An audit conducted by an auditor under this section shall be in addition to an
| Mukesh Agrawal || Director (Finance) || ]
audit conducted by an auditor appointed under section 56
|-
(3) The auditor under this section shall be appointed at the General Meeting of the
| Anil Kumar Tulsiani || Director (Finance) || ]
company in accordance with the provisions of section 56 and subject to conditions
|-
as may be prescribed and the auditor shall have the same powers and duties in
| C.B. Ananthakrishnan || Director (Finance) & CFO with Addl. Charge of Chairman and Managing Director || ]
relation to an audit conducted by him under this section as an auditor of a company
|-
has under section 58 who shall make his report to the Central Government in such
| Anil Jerath || Director (Finance) || ]
form and within such time as may be prescribed and shall also at the same time
|-
forward a copy of the report to the company.
| Rajendra Kumar Parakh || Director (Finance) || ]
(4) The Central Government may direct the conduct of cost audit subject to such
|-
condition and order such action on the report as it may consider necessary.
| Sanjeev Singhal || Chairman & Managing Director and Director (Finance) || ]
(5) If default is made in complying with the provisions of this section, or any of the
|-
directions given by the Central Government under sub-section (4), the company and
| Rakesh Kumar Jain || Director (Finance) || ]
every officer of the company who is in default are punishable under the Act.
|-
'''NATIONAL COMPANY LAW TRIBUNAL
| Sanjay Jindal || Director (Finance) || ]
101. Constitution of National Company Law Tribunal'''
|-
The Central Government shall, by notification in the Official Gazette, constitute a
| Baldev kaur Sokhey || Director (Finance) || ]
Tribunal to be known as the National Company Law Tribunal to exercise and discharge
|-
such powers and functions as are, or may be, conferred on it by or under this Act or
| D Guhan || Director (Finance) || ]
any other law for the time being in force.
|-
The applicant or the appellant may either appear in person or authorise one or more
| Amitava Mukherjee || Chairman & Managing Director and Director (Finance) || ]
chartered accountants or company secretaries or cost accountants or legal practitioners
|-
or the Official Liquidator or Company Liquidator as the case may be or any officer
| Krishna Gopal Agarwal || Director (Finance) || ]
authorized by the Central Government to present his or its case before the Tribunal or
|-
the Appellate Tribunal, as the case may be.
| Ragini Advani || Director (Finance) || ]
Explanation— For the purposes of this section, “legal practitioner” means an advocate
|-
defined under the Advocate’s Act.
| Ramesh Chandra Joshi || Director (Finance) || ]
(1) The liquidator in a winding up by the Court shall have power, with the sanction of the
|-
Court,-
| Anuj Kumar || Director (Finance) || ]
(a) to institute or defend any suit, prosecution, or other legal proceeding, civil or criminal,
|-
in the name and on behalf of the company ;
| R.K Dash || Director (Finance) || ]
(b) to carry on the business of the company so far as may be necessary for the beneficial
|-
winding up of the company ;
| Sunil Shivaling Bagi || Director (Finance) || ]
(c) to sell the immovable and movable property and actionable claims of the company by
|-
public auction or private contract, with power to transfer the whole thereof to any person or
| Lokesh Kumar Aggarwal || Director (Finance) || ]
body corporate, or to sell the same in parcels ;
|-
(d) to raise on the security of the assets of the company any money requisite ;
| Rajeev Shrivastava || Director (Finance) || ]
(e) Appoint one or more Chartered Accountants or Company Secretaries or Cost
|-
Accountant or legal practitioner entitled to appear before the Tribunal under section
| Hira Nand || Director (Finance) || ]
120 to assist him in the performance of his duties.
|-
'''Sec88'''
| Gaurav Gulati || Director (Finance) || ]
88. Appointment of Chief Accounts Officer
|-
(1) Every public company having paid up share capital of such amount as may be
| Prasanna Kumar Acharya || Director (Finance) || ]
prescribed shall appoint a whole-time qualified accounts officer to be known as the
|-
chief accounts officer, who shall be qualified as prescribed and such accounts officer
| Anupam Agarwal || Director (Finance) || ]
shall be responsible for the proper maintenance of the books of account of the
|-
company, and shall ensure proper disclosure of all required information indicated in
| Ajay Agarwal || Director (Finance) || ]
the prospectus or any other offer document, and also ensure compliance of the
|-
provisions of this Act relating to the accounts of the company. The Chief Accounts
| C I Acharya || Director (Finance) || ]
Officer appointed shall also be responsible for the preparation of the annual accounts
|-
of the company.
| G Srinivasan || Director (Finance) || ]
(2) Any default in complying with the provisions of this section is punishable under
|-
the Act.
| Sarada Bhusham Mohanty || Director (Finance) || ]
'''Section 88
|-
'''
| Rajneesh Jain || Chief Financial Officer || ]
1.Every company having paid up share capital of rupees five crore and above shall appoint chief financial officer, who shall posses one or more of the following qualifications:-
|-
| 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 ==
a. Chartered Accountant
{{reflist}}


{{IFAC Members}}
b. Cost Accountant
{{Indian Professional Regulators}}


]
==Practice==
Cost accountants can practice in the following areas:
*In mandatory Cost Audit under Section 233 (B) of the Companies Act, 1956.
*Certification under Export & Import Policy.
*Excise Audit under Section 14A of the Central Excise Act and Special *Audit of Certification Of manufacturing account as per Customs Act.
*] audit in nine states.
*Consultancy Assignments.

==Academic opportunities==
The Association of ] {AIU} resolved on ], ] that ] holders, who have passed ICWAI Final Examination be allowed by the Indian Universities to register for M.Phil. and Ph.D. in Commerce and allied disciplines. Since then the Institute is approaching different Universities to make necessary provision in their respective Rules so that Members of our Institute having Graduation qualification can register themselves for Ph.D. courses in Commerce and allied areas. Till now the Institute is in receipt of approval from 35 Indian Universities. Recently, in response to our letter No. DS-3{UL}/11/2000 dated ], ] to AIU it has been clarified by AIU {vide their letter No.EV/II{2}/2000/179741 dated ], ]} that recognition awarded by AIU is generally accepted by the Universities in our country.

As the Final Examination of the Institute of Cost and Works Accountants of India has already been recognized by AIU, they do not anticipate any difficulty to be faced by the ICWAI candidates in the matter of acceptance of their qualification as sufficient for registering for Ph D/M Phil. ] decided that Fellow members of our Institute will be treated at par with the persons holding Ph.D. degree as far as appointment in the posts of Professor, Associate Professor, Reader, Asst. Professor and Lecturer in Professional/management Institutes are concerned.

==Student organization==
Students of the institute are active and make themselves appear in almost all nation level events. One such ] which is run by students themself is ] (Forum for Elite Students of Cost Accounting). FESCA was founded in 1996 in SIRC (] ]) of ICWAI to represent the students of ICWAI. One of their main event, which is conducted once in a year in COR (Cost O' Rhythm).

==External links==
*
*
*

]
]
] ]
] ]
]
]
]
]
]

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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