Hi,

This is indeed a good question. Yes, a cost accountant has a good and some of the better job prospects. The corporate houses are in neck to neck competition to reap the all possible benefits from the current and upcoming free markets all over the world. The more the businesses expand, the more will be the job prospects for cost accountants owing to the critical need of cost accountants to oversee financial and management operations to help organizations work smoothly and efficiently. As I said earlier a Cost Accountant has many such opportunities in various fields such as, own practice, as an employee, in the education field, in government departments and further study for ambitious professional who wants to expand the career scope to a new level.

Cost Accountant as an Employee:

It is vindicated and proved that the cost and management accountants have contributed to the highest level to help businesses thrive exponentially and become efficient reducing the unnecessary cost. The successes trail of businesses inspires other to hire these professionals which in turn accentuate the demand for the cost and management accountant. We may find spot these professionals out at the various important, strategic and top managerial positions like

• Chief Accountant
• Cost Controller
• Managing Director
• Finance Director
• Marketing Manager
• Chief Internal Auditor
• CEO and CFO
• Financial Controller, etc.

Cost Accountants in Practice of profession on their own:

Practicing as a cost accountant opens a great career avenue for CMA-Cost and Management Accountancy Professional. You having your own firm to provide various services on your own have some of the following things to do as an area of expertise:-

• Cost Record Maintenance
• Valuation and Special Audits
• Certification of Cost of production
• Certification works under EXIM policy
• Tax Consultancy
• Project Management Consultant
• Surveyor and loss assessor
• Business valuation and other financial services
• As a Trustee, Receiver, Appraiser, Executor, Administrator, Arbitrator, Valuer, etc.
• And taking the appointments made by the government and judicial authorities.

Cost Accountants in Educational Field:

According to the UGC act for teaching faculty for the Management and Business administration in universities and colleges, the qualification for assistant professorship, associate professorship and professor and the for the principal, head and the director of the institution, has been specified containing one of the criteria as the candidate requires professionally qualified Cost and Management Accountant. Therefore the CMA professional possesses this one another professional job prospects in his/her career life.

Cost Accountants in Government Departments:

The government has recognized the importance of the Cost Accountancy as it helps control the cost and makes government efficient. The government has added along with other class one services like IAS, a separate Indian Cost and Accounts Service (ICAS) as a new cadre. The ICAS services help government advising on cost pricing and to frame the effective and appropriate fiscal policies.

Further study for Cost Accountant (A member of ICAI):

A member of the ICAI – Institute of Cost Accountants of India can enroll for other such reputed Cost and Management Institution world over. For Example, A Member of ICAI is qualified to be a member of IMA – Institute of Management Accountants, USA.

 A Member is also qualified for Ph.D. and M.Phil in commerce in many Indian Universities.

There is a MoU between CIMA, UK (The Chartered Institute of Management Accountants) and ICAI which has resulted in CIMA Professional Gateway Examination through which the ICAI members can become members of the CIMA.

Dear aspirant, the above are the indicative references and you with ICAI Membership/Cost Accountant Professional can have a number of job opportunities. For more such information you just talk to our Professional Experts at CareerGuide. Hope this helps you!