Managing cost has become one of the most important life-line for any organisation’s survival.
Organisations require efficient cost management to increase profitability and avoid unwanted expenses.
With the global competitive nature and economic demands, a company’s success totally depends on the quality of service it provides with minimum cost input.
A cost accounting degree thus equips you with the knowledge on how to manage finance efficiently and ensure managerial decisions are well within the available resources.
What would you do in this profession?
A cost accountant is generally involved in the following functions:-
- Collection, compilation and analysis of financial information / reports
- assessing the feasibility of projects vis-à-vis funds available
- designing and implementing effective cost control and cost management system
- carrying out audit work
- guiding the management on risks involved and suggesting effective cost cutting measures
Scope of Cost Accounting – Career prospects
The scope of cost accounting is tremendous in the country. Having a cost accountant is the need of the hour for every organisation, whether government or private.
The fact that every organisation needs a control on its finance, for its own survival, throws open to you the tremendous career prospects this field holds.
Alternatively, you may also take up consultancy work with small and big firms.
The opportunity is huge, while the need of the hour is to grab this opportunity by getting a professional degree in cost accounting.
What skills should you posses?
The basic skills an aspiring cost accountant should develop / possess are:-
- good numerical ability
- analytical mind to interpret facts and figures
- logical and methodical approach in work
- attention to detail, as any misses would mean financial loss
- ability to interact and express clearly
Eligibility, Entrance Exams and Institutes
The minimum qualification to pursue cost accountancy is a pass in XII or graduation (preferably in Commerce).
The Institute of Costs and Works Accountants of India (ICWAI) conducts the cost accounting course in India.
for course details, years of study, exam pattern, eligibility, training etc., visit the official site – http://www.icwai.org/
Students who have completed their CA program can opt for MBA degree, which will further enhance their career prospects for management role in organisations (see Finance MBA)