Alicolours at 10:00, 2 October 2025

2025-10-02T10:00:53Z

New page

{{short description|Professional Cost and Management Accounting body in India}}
{{Use dmy dates|date=April 2025}}
{{Use Indian English|date=January 2025}}

{{Infobox organization
| name = The Institute of Cost Accountants of India
| pronounce =
| nickname =
| named_after =
| image =
| image_size =
| alt = ICWAI
| caption =
| logo = ICMAI and CMA logo.jpg
| logo_alt =
| logo_caption =
| abbreviation = ICMAI
| predecessor =
| merged =
| successor =
| formation = {{Start date and age|df=yes|1959|05|28}}
| founding_location =
| merger =
| vat_id =
| registration_id = 
| status = Established under the Cost and Works Accountants Act, 1959 Statutory body enacted by the Parliament of India
| purpose =
| headquarters = CMA Bhawan, 12 Sudder Street, Kolkata – 700016, India. ( till 2024-25 ) <br/>
CMA Bhawan 3, Institutional Area Lodhi Road, New Delhi - 110003, India (since 2025-26)
| coordinates = {{Coord|22.558103|88.353672|display=inline}}
| region = India
| services =
| products =
| methods =
| fields =
| membership =
| membership_year =
| owner = 
| sec_gen = 
| leader_title = President
| leader_name = CMA TCA Srinivasa Prasad
| leader_title2 = Vice President
| leader_name2 = CMA Neeraj D. Joshi
| leader_title3 = Secretary
| leader_name3 = CMA Dr. Debaprosanna Nandy
| leader_title4 =
| leader_name4 =
| board_of_directors =
| main_organ =
| parent_organization = [[Ministry of Corporate Affairs]], [[Government of India]]
| subsidiaries =
| secessions =
| affiliations =
| budget =
| budget_year =
| revenue =
| revenue_year =
| disbursements =
| expenses =
| expenses_year =
| endowment =
| endowment_year =
| staff =
| staff_year =
| volunteers =
| volunteers_year =
| members = 100,000
| students = 750,000 (Approx)
| website = {{URL|https://www.icmai.in}}
| remarks =
| formerly = The Institute of Cost & Works Accountants of India
| footnotes =
}}

The '''Institute of Cost Accountants of India''' ('''ICMAI'''), which was previously known as the '''Institute of Cost & Works Accountants of India''' ('''ICWAI'''), is a [[professional accountancy body]] under the [[Ministry of Corporate Affairs]], [[Government of India]]. It has as its prime responsibility, as assigned by the Ministry, to promote and develop the cost and management accounting profession at the global level.

== History ==

The Institute of Cost Accountants of India was first formed as a registered limited company on 14 June 1944 under the provisions of the Companies Act of 1913. Post Independence, the Institute received statutory recognition when the [[Parliament of India]] enacted "The Cost and Works Accountants Act, 1959" (Act No.23rd of 1959),<ref>{{cite web |url=http://www.mca.gov.in/Ministry/actsbills/pdf/Cost_and_works_Accountants_Act_1959.pdf |title=ICWAI Act on MCA website |access-date=30 July 2012 |archive-date=25 April 2012 |archive-url=https://web.archive.org/web/20120425131134/http://www.mca.gov.in/Ministry/actsbills/pdf/Cost_and_works_Accountants_Act_1959.pdf |url-status=dead }}</ref> a special act, on 28 May 1959 to accord statutory recognition to ICWAI (now ICMAI) as an autonomous professional Institute.

The CWA Amendment bill of 2011 was passed by both Houses of the Indian Parliament, [[Lok Sabha]] and the [[Rajya Sabha]], on 12 December 2011 and assented by the president of India on 12 January 2012. The changes were published in the Official Gazette of India on 13 January 2012.<ref>[https://drive.google.com/file/d/1W0HVbgktCdazY1OvtCttzlekr-F26Hi7/view?usp=sharing Official Gazette ICWAI to ICMAI]</ref> As of 2023, there are a total of 98,500 active members of ICMAI.<ref>{{Cite web |date=13 June 2023 |title=Official Notification by Institute of Cost Accountants of India to adopt the acronym 'ICMAI'. |url=https://icmai.in/upload/Institute/Notifications/Acronym_ICMAI_1306_23.pdf |website=ICMAI}}</ref>

== International affiliations ==

The ICMAI is a Founding Member of the [[International Federation of Accountants]] (IFAC),<ref>{{cite web |url=http://www.ifac.org/History/founding_member_bodies.php |title=Founding Members of IFAC in 1977 |publisher=Ifac.org |access-date=30 July 2012 |archive-date=13 March 2011 |archive-url=https://web.archive.org/web/20110313064314/http://www.ifac.org/History/founding_member_bodies.php |url-status=dead }}</ref> [[Confederation of Asian and Pacific Accountants]] (CAPA)<ref>{{cite web |url=http://www.capa.com.my/section.cfm?id=24 |title=India |publisher=CAPA |access-date=30 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120915140531/http://www.capa.com.my/section.cfm?id=24 |archive-date=15 September 2012 }}</ref> and [[South Asian Federation of Accountants]] (SAFA)<ref>{{cite web |url=http://www.esafa.org/About/MemberMain.aspx# |title=SAFA Member Institutions |publisher=SAFA|access-date=30 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20111009141024/http://www.esafa.org/About/MemberMain.aspx |archive-date=9 October 2011 }}</ref> and Associate member of ASEAN Federation of Accountants.<ref>{{cite web | url=http://www.afa-accountants.org/news-149-AFA%20Welcomes%20ICMAI%20as%20an%20AFA%20Associate%20Member.html | title=ASEAN Federation of Accountants (AFA) }}</ref> ICMAI is also a member of the National Foundation of Corporate Governance (NFCG).<ref>{{cite web |author=Seemant Ahlawat |url=http://www.nfcgindia.org/aboutus.htm |title=Stakeholder in NFCG |publisher=Nfcgindia.org |date=1 October 2003 |access-date=30 July 2012 |archive-date=15 October 2012 |archive-url=https://web.archive.org/web/20121015004734/http://www.nfcgindia.org/aboutus.htm |url-status=dead }}</ref>

== Qualification and syllabus ==

[[File:CMAlogo, to be used by Indian CMAs.jpg|thumb|right|CMA Logo for exclusive use by Indian CMAs]]
This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations<ref>[https://icmai.in/upload/Students/Syllabus2022/Curriculum_2022.pdf Present Syllabus of ICMAI]</ref> and three years of practical training<ref>[https://icmai.in/studentswebsite/training_prac_train_new.php new practical training scheme]</ref> in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Cost audits, GST audits, Internal audit, Corporate laws, etc. and enables an individual to become a CMA (Cost & Management Accountant).

* The institute has introduced new Syllabus 2022 which fulfills the requirements of the New Education Policy, 2020 and has increased the level of skill development and improved Course Learning objectives<ref>{{cite web | url=https://icmai.in/studentswebsite/CMA_Syl_2022.php | title=Studies }}</ref>
* The old syllabus was introduced in August 2016 following the International Education Guidelines (IEG) of [[International Federation of Accountants|IFAC]] to get the advantages in the process of Mutual Recognition Agreement (MRA) among different member countries of the world under GATS in [[WTO]].
* Subjects for examinations include [[Cost Accounting]], [[Management Accounting]], [[Corporate Law]], [[Financial Accounting]], [[Operations Management]], [[Strategic Management]], [[Taxation]], [[Financial Management]], Strategic Cost Management, Cost and Management Audit, [[Performance Management]] & [[Business valuation]], etc.
* Students who have passed the degree examination of any recognized university or equivalent are eligible for admission directly to the Intermediate Level.
* Paper-wise exemptions on the basis of reciprocal arrangement are available to students who have passed [[Institute of Company Secretaries of India]] examinations.<ref>{{Cite web |url=http://www.icmai.in/student/exemptions/forvariousqualifications |title=Welcome to the Institute of Cost Accountants of India Website ::Students | Exemptions | for Various Qualification |access-date=25 April 2013 |archive-url=https://web.archive.org/web/20130425064233/http://www.icmai.in/student/exemptions/forvariousqualifications |archive-date=25 April 2013 |url-status=dead }}</ref>
* Examinations are held twice a year, in June and December, in various examination centers in India and overseas centers. The results are declared in August and February for the June term and December term exams respectively.<ref>[http://icmai.in/studentswebsite/exam.php ICMAI Examination]</ref>

==Notable alumni==
{| class="wikitable"
|+
|-
! Name!! Position !! Organization
|-
| [[Subhash Chandra Garg]]|| Former [[Finance Secretary (India)|Finance Secretary]]|| [[Government of India]]
|-
| [[Chanda Kochhar]]|| Former CEO || [[ICICI Bank]]
|-
| [[J Ramachandran]]|| Professor || [[Indian Institute of Management Bangalore|IIMB]]
|-
| [[Mrityunjay Athreya]]|| [[Padma Bhushan]], Management Advisor ||
|-
| [[P. K. Mukherjee]]|| Executive Director || [[Sesa Sterlite Limited]]
|-
| [[Kailasam Raghavendra Rao]]|| [[Padma Shri]], Entrepreneur || [[Orchid Chemicals & Pharmaceuticals Limited]]
|-
| rowspan="2" | [[B. B. Chakrabarti]]|| Professor, Ex-Director ||[[Indian Institute of Management Ranchi]]
|-
|Professor
|[[Indian Institute of Management Calcutta]]<br>[[Indian Institute of Management Sirmaur]]
|-
| [[G. J. R. Krishnan]]|| Musician ||
|-
| [[T. V. Somanathan]] || [[Finance Secretary (India)|Finance Secretary]]|| [[Government of India]]
|-
| [[Sadanand Date]] ([[Indian Police Service|IPS]])|| Director General || [[National Investigation Agency]]
|}

== References ==
{{reflist}}

{{IFAC Members}}
{{Indian Professional Regulators}}

[[Category:Member bodies of the International Federation of Accountants]]
[[Category:Accounting in India]]
[[Category:Management accounting]]
[[Category:Professional associations based in India]]
[[Category:Organisations based in Kolkata]]
[[Category:Educational boards based in Kolkata]]
[[Category:1959 establishments in West Bengal]]
[[Category:Organizations established in 1959]]

Institute of Cost Accountants of India - Revision history

Alicolours at 10:00, 2 October 2025