What is ICMAI? History and the primary qualification of the ICMAI
History:
In 1944, the Institute of Cost and Management Accountants of India (ICMAI) was formed as a registered Ltd as per the provisions of the then companies Act, 1913. Objectives of ICMAI include regulating, promoting, and developing the value Accountancy profession. This act was enacted to accord statutory recognition to ICWAI as an autonomous professional Institute. The CWA Amendment bill, 2011 was presented in both houses of parliament – Lok Sabha and thus the before the Rajya Sabha too on 12 December 2011. On 12 January 2012, the Honorable President of India gave approval to the CWA Amendment bill. The changes were published within the Official Gazette of India on 13 January 2012.
Qualification and syllabus of ICMAI
The primary qualification of the ICMAI is CMA completion which includes completion of up to three levels – Foundation, Intermediate, and Final examinations and three years of practical training in areas like Management Accounting, accountancy, Financial Accounting, Taxation, Audits, Corporate Laws, etc. which enables an individual to become a perfect Management Accountant.
- The new syllabus has been introduced in August 2016 following the International Education Guidelines (IEG) of IFAC to urge the benefits within the standards of Mutual Recognition Agreement (MRA) among various 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, financial reporting, and price & management audit etc.
- Students who have passed the degree examination of any recognised university or equivalent are eligible for admission to the Intermediate level.
- Paper-wise exemptions on the thought of reciprocal arrangement are available to students who have passed the Institute of Company Secretaries of India Final Examinations.
- Examinations are held twice a year – June and December in various examination centres in India and also overseas centres. The Results are declared in between the months of August and February for the June term and the December term exams respectively.
A student is supposed to pass three levels of examination (Foundation, Intermediate, and Final) and complete three years of practical training to be eligible for becoming an associate member of the institute.
The members of the ICAI reach the positions ACMA i.e. Associate Cost and Management Accountant and FCMA i.e. Fellow Cost and Management Accountant, as applicable and supported by the membership of the institute.
Membership
A person who has passed the final examination of the Institute and has obtained the membership for a period of not more but three years of practical experience within the sector of Cost & Management Accountancy and other related areas can apply for Associate Membership. The suitable experience as above could even be acquired before or after passing the last stage of the Examination or partly before and partly after passing the said examination.
According to Sec 2(b) of CWA Act 1959, “Cost and Management Accountant” means an aspirant who could also be a member of the institute. Sec 5(1) provides that the members of the Institute shall be divided into two classes designated respectively as Associates and Fellows.
- Associate Member (ACMA): this is often the essential membership of the institute. Application for Associate Membership should be made in prescribed Form ‘M2’ available at the Headquarters of the Institute in Kolkata and thus the offices of Regional Councils. The application should be accompanied with the prescribed fees mentioned within the section ‘M-2’, experience certificate(s) duly attested by the employer(s) in original and photocopy of certificates of date of birth and highest academic qualification of the applicant. After admission to membership, members are entitled to use the letter “ACMA” after his name to point that he or she is an Associate Member of the ICAI (Institute of Cost accountants of India) or ICMAI
- Fellow Member (FCMA): An Associate Member who has been in continuous practice in India for a minimum of 5 years or a member who has been an Associate for an endless period of not more but five years and who possesses such qualifications and knowledge because the Council may prescribe apply for a Fellow Membership of ICAI (Institute of cost accountants of India) or ICMAI. An individual whose name is entered within the Register as a fellow of the Institute then his name shall be entitled to use the letters “FCMA” after his name to point out that he’s a Fellow of the ICAI(ICMAI).
What does ICMAI wish to accomplish?
ICMAI is consistently looking to grow in a variety of its objectives which include:
- Making Cost and Management Accountancy a helpful tool altogether for economic activities
- Staying up-to-date with all the changing trends within the sector and Economics as a whole
- Operating ethically and condemning unethical practices within the profession
- To hold conferences on new and interesting professional subjects which can add value to the prevailing Cost and Accounting subjects
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