Cost Accountants in India have a very vast amount of career opportunities with them. The requirement of Cost Accounting is always there in companies, banks and even government organizations and policies.
Here we are discussing the various career opportunities that are there for a candidate after becoming a member of The Institute of Cost Accountants of India and registered as a Cost Accountant.
The various career opportunities after becoming a Cost Accountant are as follows:
Higher Education in Alternate Fields: To have a decent growth in the career and to enhance their knowledge and skills, the cost accountants can choose to get into education in alternative fields which are either related to their own field like CA, CS etc or may even choose other fields to diversify their knowledge and skills.
Since by having the qualification of a Chartered Accountant one has more chances and opportunities in their career therefore this is a common choice taken by many students who are enrolled in the Cost Accountancy course in The Institute of Cost Accountants of India.
Company Secretary is one of the finest courses for any Commerce or Finance aspirant. After becoming a Cost Accountant if one does get the qualification of becoming a Company Secretary there are very high chances of getting recruited at top positions at companies and also the auditing skills from the cost accountancy course when combined with the knowledge of the Company Secretary course can be very lethal.
This is a very good option for candidates to excel in the field of Finance and Accounts and does give them an additional advantage over many other cost accountants.
After becoming a Cost Accountant, going for an MBA can be a good option for students who want to try entrepreneurial or managerial skills in their career. Having an MBA can also help one find a better career in the field of Business and Finance.
The most important MBA Entrance Examinations in India are as follows:
CAT: The Common Admission Test or CAT is the biggest MBA entrance exam in India. This examination is used for admissions into the various MBA, PGDM and other post graduate management courses in various Management Colleges and Universities all over India including the 20 IIMs or Indian Institute of Management which are the best MBA colleges in India.
Read more about the examination here: CAT
XAT: Xavier Aptitude Test or XAT is the second biggest MBA entrance examination after CAT in India. The score of XAT is used by many MBA colleges in India including XLRI, Jamshedpur which is equivalent to the oldest IIMs in reputation, XIM, Bhubaneswar and Loyola Institute of Business Administration.
Read more about the examination here: XAT
NMAT: The NMIMS Management Aptitude Test or NMAT is conducted by GMAC (Graduate Management Admission Council) for admissions into the MBA and various other post graduate management courses offered at NMIMS, Mumbai (Narsee Monjee Institute of Management Sciences) and various other participating colleges.
The Narsee Monjee Institute of Management is among the top MBA colleges in India so this is an important examination.
Read more about the exam here: NMAT
IIFT MBA (IB): Indian Institute of Foreign Trade takes admissions into its famous MBA in International Business or MBA (IB) course via the entrance test conducted by the National Testing Agency (NTA).
IIFT is among the top MBA colleges in the country and also has high global importance.
Read more about the examination here: IIFT MBA (IB)
SNAP Test: Symbiosis National Aptitude (SNAP) Computer based Test is conducted for admissions into the Symbiosis Institute of Business Management, Pune and other constituent colleges of Symbiosis International University for admissions into their MBA and various other Post Graduate Management courses.
Read more about the examination here: SNAP
Jobs after becoming a Cost Accountant:
How can one join Civil Services after Cost Accountancy?
One can join the Civil Services after becoming a Cost Accountant by successfully clearing the UPSC Civil Services Examination and get selected for one of the Civil services which they choose to join.
Here are the details of UPSC Civil Services Examination:
The competitive examination comprises two successive stages :
(i) Civil Services (Preliminary) Examination (Objective Type) for the selection of candidates for Main Examination; and
(ii) Civil Services (Main) Examination (Written and Interview) for the selection of candidates for the various Services and posts.
The Preliminary Examination will consist of two papers of Objective type (multiple choice questions) and carry a maximum of 400 marks.
The Examination shall comprise of two compulsory Papers of 200 marks each.
Note : (i) Both the question papers will be of the objective type (multiple choice questions) and each will be of two hours duration.
(ii) The General Studies Paper-II of the Civil Services (Preliminary) Examination will be a qualifying paper with minimum qualifying marks fixed at 33%.
(iii) The question papers will be set both in Hindi and English.
The Main Examination will consist of a written examination and an interview test. The written examination will consist of 9 papers of conventional essay type in the subjects mentioned in the subject list below out of which two papers will be qualifying in nature.
Evaluation of the papers, namely, 'Essay', 'General Studies' and Optional Subject of all the candidates would be done simultaneously along with evaluation of their qualifying papers on ‘Indian Languages’ and ‘English’ but the papers on Essay, General Studies and Optional Subject of only such candidates will be taken cognizance who attain 25% marks in ‘Indian Language’ and 25% in English as minimum qualifying standards in these qualifying papers.
Marks obtained for all the compulsory papers (Paper-I to Paper-VII) and Marks obtained in Interview for Personality Test will be counted for ranking.
Candidates who obtain such minimum qualifying marks in the written part of the Main Examination as may be fixed by the Commission at their discretion, shall be summoned by them for an interview for a Personality Test,The number of candidates to be summoned for interview will be about twice of the number of vacancies to be filled. The interview will carry 275 marks (with no minimum qualifying marks).
Personal Interview: The candidate will be interviewed by a Board who will have before them a record of his career. He will be asked questions on matters of general interest. The object of the interview is to assess the personal suitability of the candidate for a career in public service by a Board of competent and unbiased observers.
The test is intended to judge the mental caliber of a candidate. In broad terms this is really an assessment of not only his intellectual qualities but also social traits and his interest in current affairs. Some of the qualities to be judged are mental alertness, critical powers of assimilation, clear and logical exposition, balance of judgement, variety and depth of interest, ability for social cohesion and leadership, intellectual and moral integrity.
2. The technique of the interview is not that of a strict cross-examination but of a natural, though directed and purposive conversation which is intended to reveal the mental qualities of the candidate.
3. The interview test is not intended to be a test either of the specialised or general knowledge of the candidates which has been already tested through their written papers. Candidates are expected to have taken an intelligent interest not only in their special subjects of academic study but also in the events which are happening around them both within and outside their own State or Country as well as in modern currents of thought and in new discoveries which should rouse the curiosity of well educated youth.
Marks thus obtained by the candidates in the Main Examination (written part as well as interview) would determine their final ranking. Candidates will be allotted to the various Services keeping in view their ranks in the examination and the preferences expressed by them for the various Services and posts.
Papers to be counted for merit:
Paper-I Essay 250 Marks
Paper-II General Studies-I: 250 Marks (Indian Heritage and Culture, History and Geography of the World and Society)
Paper-III General Studies -II: 250 Marks (Governance, Constitution, Polity, Social Justice and International relations)
Paper-IV General Studies -III: 250 Marks (Technology, Economic Development, Biodiversity, Environment, Security and Disaster Management)
Paper-V General Studies -IV: 250 Marks (Ethics, Integrity and Aptitude)
Paper-VI Optional Subject: - Paper 1 250 Marks
Paper-VII Optional Subject: - Paper 2 250 Marks
Sub Total (Written test): 1750 Marks
Personality Test: 275 Marks
Grand Total: 2025 Marks
Candidates may choose any one of the optional subjects from amongst the list of subjects given in below:—
Here we are going to talk about the ways in which a Cost Accountant can join the Indian Defence Forces after graduation:
CDSE: The Combined Defense Services Examination or CDSE is conducted by the Union Public Service Commission (UPSC) for selection of candidates in the various courses offered for Permanent and Short Service Commision offered at the following:
Indian Military Academy (IMA), Dehradun
Indian Naval Academy (INA), Ezhimala
Air Force Academy, Hyderabad
Officers Training Academy (OTA), Chennai
Eligibility for CDSE:
(i) For I.M.A. and Officers’ Training Academy, Chennai — Degree of a recognised University or equivalent.
(ii) For Indian Naval Academy—Degree in Engineering from a recognised University/Institution.
(iii) For Air Force Academy—Degree of a recognised University (with Physics and Mathematics at 10+2 level) or Bachelor of Engineering
So, the candidates who have completed the course of Cost Accountancy are eligible for joining: Indian Army and Indian Air Force (Only for Students that have Physics and Mathematics at 10+2 level).
The Selections are done as per the following Procedure:
(a) Written examination
(b) Interview for intelligence and personality test of such candidates as may be called for interview at one of the Services Selection Centres.
INTELLIGENCE AND PERSONALITY TEST:
The SSB procedure consists of a two-stage Selection process - stage I and stage II.
Only those candidates who clear stage I are permitted to appear for stage II.
The details are:-
(a) Stage I comprises of Officer Intelligence Rating (OIR) tests and Picture Perception* Description Test (PP & DT). The candidates will be shortlisted based on combination of performance in OIR Test and PP & DT.
(b) Stage II Comprises of Interview, Group Testing Officer Tasks, Psychology Tests and the Conference. These tests are conducted over 4 days. The details of these tests are given on the website www.joinindianarmy.nic.in .
The personality of a candidate is assessed by three different assessors viz. The Interviewing Officer (IO), Group Testing Officer (GTO) and the Psychologist. There is no separate weightage for each test. The marks are allotted by assessors only after taking into consideration the performance of the candidate holistically in all the tests. In addition, marks for Conference are also allotted based on the initial performance of the Candidate in the three techniques and decision of the Board. All these have equal weightage.
The various tests of IO, GTO and Psych are designed to bring out the presence/absence of Officer Like Qualities and their trainability in a candidate. Accordingly, candidates are Recommended or Not Recommended at the SSB.
Please Note: The Candidates will have to meet the Physical and Medical standards that are set by the Indian Army, Navy and Air Force. Candidates who do not meet the Physical and Medical standards as mentioned in the CDSE notification will not be eligible to join the defence forces.
AFCAT: The Air Force Common Admission Test or AFCAT is conducted for the selection of candidates for the Flying and Ground Duty (Technical and Non-Technical) Branches offering Permanent Commission to Men and Short Service Commission to Men and Women in the Indian Air Force.
Type of Commission:
(a) Permanent Commission (PC) for Men: Candidates joining as PC officers would continue to serve till the age of superannuation in their respective branches as per their rank.
(b) Short Service Commission (SSC) for Men & Women:
(i) The engagement period for Flying Branch (Men and Women) SSC Officers is fourteen years from the date of Commissioning (Non-extendable).
(ii) The initial tenure for Ground Duty (Technical & Non-Technical) SSC Officers would be for a period of ten years. An extension of four years may be granted subject to service requirements, availability of vacancies, willingness, suitability and merit.
Educational Qualifications:
(i) Flying Branch: Candidates should have mandatorily passed with a minimum of 50% marks each in Maths and Physics at 10+2 level and
(a) Graduation with a minimum three years degree course in any discipline from a recognized University with a minimum of 60% marks or equivalent. OR
(b) BE/B Tech degree (Four years course) from a recognised University with a minimum of 60% marks or equivalent. OR
(c) Candidates who have cleared Section A & B examination of Associate Membership of Institution of Engineers (India) or Aeronautical Society of India from a recognised University with a minimum of 60% marks or equivalent.
(ii) Ground Duty (Technical) Branch:
(aa) Aeronautical Engineer (Electronics) {AE (L)}: Candidates with a minimum of 50% marks each in Physics and Mathematics at 10+2 level and a minimum of four years degree graduation/integrated post-graduation qualification in Engineering/ Technology from recognized University OR cleared Sections A and B examination of Associate Membership of Institution of Engineers (India) or Aeronautical Society of India or Graduate membership examination of the Institution of Electronics and Telecommunication Engineers by actual studies with a minimum of 60% marks or equivalent in the following disciplines:-
(aaa) Communication Engineering.
(aab) Computer Engineering/Technology.
(aac) Computer Engineering & Application.
(aad) Computer Science and Engineering/Technology.
(aae) Electrical and Computer Engineering.
(aaf) Electrical and Electronics Engineering.
(aag) Electrical Engineering.
(aah) Electronics Engineering/ Technology.
(aaj) Electronics Science and Engineering.
(aak) Electronics.
(aal) Electronics and Communication Engineering.
(aam) Electronics and Computer Science.
(aan) Electronics and/or Telecommunication Engineering.
(aao) Electronics and/or Telecommunication Engineering (Microwave). (aap) Electronics and Computer Engineering.
(aaq) Electronics Communication and Instrumentation Engineering.
(aar) Electronics Instrument & Control.
(aas) Electronics Instrument & Control Engineering.
(aat) Instrumentation & Control Engineering.
(aau) Instrument & Control Engineering.
(aav) Information Technology.
(aaw) Spacecraft Technology.
(aax) Engineering Physics.
(aay) Electric Power and Machinery Engineering.
(aaz) Infotech Engineering.
(aba) Cyber Security.
(ab) Aeronautical Engineer (Mechanical) {AE (M)}. Candidates with a minimum of 50% marks each in Physics and Mathematics at 10+2 level and a minimum of four years degree graduation/integrated post-graduation qualification in Engineering/Technology from recognised University OR cleared Sections A & B examination of Associate Membership of Institution of Engineers (India) or Aeronautical Society of India by actual studies with a minimum of 60% marks or equivalent in the following disciplines:-
(aaa) Aerospace Engineering.
(aab) Aeronautical Engineering.
(aac) Aircraft Maintenance Engineering.
(aad) Mechanical Engineering.
(aae) Mechanical Engineering and Automation.
(aaf) Mechanical Engineering (Production).
(aag) Mechanical Engineering (Repair and Maintenance).
(aah) Mechatronics.
(aaj) Industrial Engineering.
(aak) Manufacturing Engineering.
(aal) Production and Industrial Engineering.
(aam) Materials Science and Engineering.
(aan) Metallurgical and Materials Engineering.
(aao) Aerospace and Applied Mechanics.
(aap) Automotive Engineering.
(aaq) Robotics
(aar) Nanotechnology
(aas) Rubber Technology and Rubber Engineering.
(iii) Ground Duty (Non-Technical) Branches:
(aa) Administration: Passed 10+2 and Graduate Degree (Minimum three years degree course) in any discipline from a recognised university with a minimum of 60% marks or equivalent or cleared section A & B examination of Associate Membership of Institution of Engineers (India) or Aeronautical Society of India from a recognised university with a minimum of 60% marks or equivalent.
(ab) Education: Passed 10+2 and Post-Graduation with 50% in any discipline including integrated courses offering PG (Single degree without permission to exit and lateral entry) and with 60% marks in Graduation in any discipline.
Physical and Medical Standards: Candidates must go through the Physical and Medical standards that have been already set in the notification. This is extremely important because the candidates who do not satisfy the Physical and Medical standards are not eligible for AFCAT and joining the Indian Air Force.
Examination and Selection Procedure:
All applicants whose applications are submitted by due date will be called for AFCAT at one of the examination centres. It is mandatory for the candidates opting for Ground Duty (Technical) branch to appear in both AFCAT as well as Engineering Knowledge Test (EKT).
Air Force Selection Board (AFSB):
(a)For AFCAT entry, IAF shall prepare a list of candidates who obtain the minimum qualifying marks in the Online AFCAT as fixed by the IAF at their discretion. Candidates who are declared successful in the Online AFCAT will be called at one of the Air Force Selection Boards.
Candidates who have qualified in the written exam are required to choose AFSB date and venue by themselves on the website https://careerindianairforce.cdac.in or https://afcat.cdac.in in order to generate call- up letter for AFSB interview
(b) Physical Fitness: Candidates are advised to be physically fit when they report for SSB in order to be able to undergo various tests at AFSB. You should aim to achieve an ability to run 01 mile (1.6 kms) in 10 minutes, 10 push-ups and 3 chin-ups.
(c) Tattoos: Permanent body tattoos are only permitted on inner face of the forearm (from inside of elbow to the wrist) and on the reverse side of palm/ back (dorsal) side of the hand. Permanent body tattoos on any other part of the body are not acceptable. Tribes with tattoo marks on the face or body as per their existing customs and traditions will be permitted on a case to case basis.
(d) Narcotics: Use/possession of narcotics is banned. Candidates may be tested for presence of drugs in the body during Medicals and subsequently during training/ service career as an officer. If a candidate is found to be using/ in possession of narcotics during any time of training/service career, candidate would be debarred from joining the Indian Air Force or be removed from service if already joined.
(e) The testing at AFSB would consist of three stages as given below:- (i) Stage-I. Officer Intelligence Rating Test along with Picture Perception and discussion test will be conducted on the first day. Stage-I test is a screening test and only those who qualify would undergo subsequent testing. All Stage-I qualified candidates would be subjected to document check to ascertain their eligibility for the branches applied for. Candidates who either do not qualify in Stage-I or do not meet the required eligibility criteria would be sent back on the first day itself.
(ii) Stage-II. Psychological test, Group Tests and Interview would commence after document check for the next five days.
(iii) For Flying Branch. Computerised Pilot Selection System (CPSS) would be administered to recommended candidates only. CPSS is a once in a lifetime test. Candidates who have failed the CPSS/ PABT in an earlier attempt or a Flight Cadet suspended from flying training at Air Force Academy will not be eligible.
(f) Change of Interview Dates. Requests for change of AFSB interview date should be avoided. Requests for postponing interview may be considered under genuine circumstances and that too if it is administratively convenient for which Air Headquarters will be the sole deciding authority. Such requests should be sent to AFSB Centre from where the call for AFSB interview has been received through email only.
(g) Candidates will appear before the AFSB and undergo the test at their own risk and will not be entitled to claim any compensation or other relief from Government in the event of any injury which they may sustain in the course of or as a result of any of the tests given to them at the Selection Board whether due to the negligence of any person or otherwise. Candidates will be required to sign an indemnity bond to this effect on the form appended to the application.
Final Merit List: To be acceptable, candidates should secure the minimum qualifying marks separately in written examination and AFSB test as fixed by the IAF. Candidates will be placed in the order of merit on the basis of the total marks secured by them in the written examination and in the AFSB tests. The form and manner of communication of the result of the examination to individual candidates shall be decided by the IAF at their discretion.10% of the vacancies are reserved for NCC Air Wing Senior Division 'C' certificate holders in Ground Duty (Technical and Nontechnical) Branches. Allotment of PC/ SSC in Ground Duty (Technical and Non-technical) Branches would be based on number of vacancies, performance in the selection process and the choice given by the candidates.
Training: Candidates recommended by the AFSBs and found medically fit by appropriate medical establishments are detailed for training strictly on the basis of merit and availability of vacancies in various branches/ sub-branches.
(a) Duration of Training: The approximate duration of training for Flying and Ground Duty (Technical) Branches is 74 weeks and that of Ground Duty (Non-technical) Branches is 52 weeks at Air Force Training Establishments.
(b) Physical Conditioning: Prospective candidates are advised to keep themselves in good physical condition to adapt to physical training at AFA which encompasses running, swimming, rope climbing and other forms of physical training/conditioning in which they would undergo mandatory tests during training.
Candidates are advised to keep themselves in good physical condition by following the under mentioned routine:-
(i) Running: up to 4 Km. in 15 minutes.
(ii) Skipping.
(iii) Push-ups & Sit-ups: Minimum 20 each.
(iv) Chin-ups: 08.
(v) Rope Climbing: 3 to 4 metres.
(vi) Swimming (25 m).
(c) After admission to Air Force Academy, candidates will not be considered for any other commission. They will not be permitted to appear for any interview or examination after they have been finally selected for training in AFA. No request for withdrawal of candidature received from a candidate after he/she has submitted his/her application will be entertained under any circumstance. PAN Card, Aadhaar card and account in SBI/ Nationalized Bank is mandatory at the time of joining Air Force Academy (AFA).
Career Opportunities in Finance, Tax, Audit and other fields after becoming a Cost Accountant:
These are the various options available for jobs to a Cost Accountant:
Cost & Management Accounting : This deals with the accounting of all the expenses and incomes related to all the departments and various plans and operation of the organization. This is a critical job and does give a good idea to the company management about their expenditures and finance management procedures.
Financial Management : This is managing the financial aspects of every plan and policy of the company or the organization. Financial Management is one of the key aspects of anything that a company wants to do or implement.
Financial/Business Analyst: Cost Accountants do provide the company management with relevant financial and business analysis and thus the role of Analyst becomes very critical in planning any future business plan for any organization.
Systems Analyst & Systems Management: The proper analysis of any system by a good cost accountant does help the company and organization to successfully implement that system and give a lasting impact on the business. Systems Management is also a critical role for the Cost Accountants as the systems set for managing the finances must remain in control to give effective results
Auditing, Internal Control: Since the Company Act does ask for Statutory Audits both Internal and External for Public and Private companies, this becomes an important part while running any company or business. Auditing also helps managing and controlling any unnecessary costs and expenditures done by the business and thus resulting in profits.
Tax Management - Direct and Indirect Tax : This is one of the specialties of the Cost Accountants and is definitely one of the most important things required for any individual as well as business. Proper Tax filings and following due procedures help the business avoid any unnecessary troubles and in running the business smoothly.
Capital Market Analyst, Fund Manager, Portfolio Analyst : The Cost Accountants also help businesses in analysing the Capital Market for future planning, help manage their funds with respect to costs and income data in the audits and also suggest effective and efficient ways to manage and analyze their Portfolio.
ERP Implementation: To set up a good ERP system does help an organization for the long term as things get automated in managing the finances etc. The ERP implementation is easier when you have a cost accountant who is familiar with the cost and finances of the company and helps in smooth implementation of the same.
Process Analysis in BPO/KPO Sector: The BPO or Business Process Outsourcing sector and KPO or Knowledge Process Outsourcing sector are responsible for managing the audits of various companies and organizations for their employees, processes and various other functions etc.
Cost Accountants have the skills of performing the most effective audits which give the ultimate results required by the companies and thus helping the BPO and KPO sectors.
Implementing Business Intelligence Systems: With deep knowledge and experience after working long as a cost accountant one can develop skills to even implement the Business Intelligence Systems that automate the various planning and processes of the company and also helps them develop further plans based upon the cost analysis of the past.
Cost Accountants in India can have a decent career in their field as the requirement of Taxation, Auditing and other Financial processes keeps on increasing with time and almost every company/ government does require these services.
In order to excel in their career along with the Cost Accountancy course one must also get some other qualification to empower their skills and knowledge and it also adds upon their qualification which further helps them in achieving great career heights.
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** Disclaimer: The above information is based upon our own research done through official websites and other sources. There can be mistakes in the information provided above as the procedures for college admissions and entrance examinations keep changing, although we try our best to keep this page regularly updated as much as possible.
** In case you find any information above to be incorrect, or have any feedback or suggestions for us or you need any guidance for the course above or any other course kindly write to us at [email protected].
