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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 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 85,000 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

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

• Mrityunjay Athreya, Padma Bhushan, Management Advisor
• Subhash Chandra Garg, Finance Secretary, Government of India
• Chanda Kochhar, former CEO, ICICI Bank
• J Ramachandran, Professor, IIMB
• K Sreekant, Chairman & Managing Director, Power Grid Corporation of India
• P. K. Mukherjee, Executive Director of Sesa Sterlite Limited
• Samir Bhatia, Entrepreneur
• Kailasam Raghavendra Rao, Entrepreneur
• G Ravisankar, Director (Finance), Power Grid Corporation of India
• B. B. Chakrabarti, Professor
• G. J. R. Krishnan, Musician
• Sanjay Subrahmanyam
• T. V. Somanathan, Finance Secretary, Government of India
• Sadanand Date, IPS, Government of India
• Arun Ramanathan, Chairman, Equitas Small Finance Bank
• Jyoti Saraph, Director (Finance), Abbott Laboratories
• Pradip Kumar Das, Chairman & Managing Director, Indian Renewable Energy Development Agency
• KVS Manian, Whole Time Director, Kotak Mahindra Bank
• Shilpa Joshi,Chief Financial Officer & Whole Time Director, Novartis
• Sudha Pai, Chief Financial Officer, Blue Dart Express
• Kedar Upadhye, Chief Financial Officer, Biocon Biologics
• Biranchi Narayan Sahoo, Executive Director, Securities and Exchange Board of India
• Rajneesh Jain, Chief Financial Officer, Reliance Jio
• Sanjeev Mantri, Chairman & Managing Director, ICICI Lombard
• Ashok Kumar Patra, Director (Finance), Projects and Development India Limited
• Prasanna Kumar Acharya, Director (Finance), NLC India Limited
• Sundararaman Ramamurthy, Chief Executive Officer & Managing Director, Bombay Stock Exchange
• P Vasudevan, Executive Director, Reserve Bank of India
• D Sundaram, Independent Director, Infosys

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. http://www.afa-accountants.org/news-149-AFA%20Welcomes%20ICMAI%20as%20an%20AFA%20Associate%20Member.html
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
14. "Archived copy". Archived from the original on 26 August 2018. Retrieved 11 November 2019.{{cite web}}: CS1 maint: archived copy as title (link)

• Member bodies of the International Federation of Accountants
• Accounting in India
• Management accounting
• Professional associations based in India
• Organisations based in Kolkata
• Educational boards based in Kolkata
• 1959 establishments in West Bengal
• Organizations established in 1959