A cost accountant is the one who expertise in assisting in managerial operations, maintaining a budget, identifying accountability for making profit and effectiveness of production and service management. His responsibilities include implementing effective management, inventory control, investment analysis, project management, audit, cost control, data interpretation related to business activities.
One could get the job in a private firm or go for government service. Banking and insurance are the top recruiters among others. The government made it mandatory to hire a cost accountant for almost all categories of companies which shows the tremendous growth and job opportunities. One can start an independent consultancy service firm too. Option for teaching at universities and colleges is there too. One can start his career with 12000 rupees per month.
The first requirement is that one has to have a passion and love playing with numbers. Other important requirements include the ability to communicate easily, a business sense, and an analytical mind. One must be dedicated and motivated.
The ICWAI takes the examinations in three stages: preliminary, intermediate and final. The candidate is eligible to appear in the exam once he has passed 10+2. Preliminary exam tests candidates’ knowledge in mathematics, English and general knowledge. Gazetted officers, engineers, postgraduates and other graduates with 60% aggregate marks are exempted from the prelim exam. Exams held twice a year by ICWAI. Accountancy and the cost courses are to be completed in two to three years. This is easier than the Chartered Accountancy course.
Merits and Demerits
One has to work in a typical office environment and travel to the clients place more frequently. One has to work within time frames when quarterly, half-yearly and yearly closing of an account. There is no room for creativity which is very cumbersome. One gets bored in a very short span of time due to routine work of accountancy only.