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The Institute of Cost Accountants of India (formerly known as The Institute of Cost and Works Accountants of India) was established in 1944 as a registered company under the Companies Act. On May 28, 1959, the Institute gained statutory recognition through a special act of Parliament—the Cost and Works Accountants Act, 1959.
Institute of Cost Accountants of India Abbreviation ICMAI Formation 28 May 1959 ; 65 years ago (1959-05-28) Legal status Active Headquarters CMA Bhawan, 12 Sudder Street, Kolkata – 700016 India Kolkata, India Coordinates 22°33′29″N 88°21′13″E / 22.558103°N 88.353672°E / 22.558103; 88.353672 Region India Members 98,500 President CMA Ashwinkumar G. Dalwadi Vice ...
Institute of Cost Accountants of India; Institute of Management Accountants USA; Institute of Certified Management Accountants (Australia); Certified Management Accountants of Canada. Since the Canadian body merged with the CPA Canada in September 2015, there are only 2 global bodies that offer the CMA certification, IMA (USA) and ICMA (Australia).
The CMA is a well-recognized certification among employers. CMA has better Career in Management Accounting than institute of Cost Accountants in SAARC nations. In its latest salary survey, IMA finds the median income for CMAs is about 28% higher in the U.S. than for their peers without the designation. [14]
UK qualified students are eligible for exemptions in the following papers of the CMA qualification (2012 syllabus) offered by The Institute of Cost Accountants of India: [58] Foundation: Complete exemption. Intermediate: Paper 5- Financial Accounting Paper 6- Laws, Ethics & Governance Paper 8- Cost Accounting and Financial Management
The flagship CMA Preparatory Program [14] consists of two subjects, Strategic Cost Management and Strategic Business Analysis for which the entry criterion [15] is either a degree in accounting or a recognised professional qualification in accounting. The CMA Preparatory Program was only open to those with a university degree in accounting; or ...
CIMA is the largest and the oldest management accounting body in the world, with 115,000 members and 6,500 CGMA students in 2020. [ 3 ] The Chartered Global Management Accountant ( CGMA ) qualification has the academic standing of a master's degree in the UK (recognised at Level 7 by NARIC ).
Only a member of ICAI can be appointed as statutory auditor of a company under the Companies Act, 2013. 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 ICAI and become a financial (i.e. statutory) auditor of Indian Companies.