What is ICMAI ? It’s History and the primary qualification of the ICMAI

What is ICMAI? Its History and the primary qualification of the ICMAI

History of ICMAI

The Institute of Cost and Management Accountants of India (ICMAI) was established in 1944 as a registered limited liability company (LLC) under the terms of the Companies Act of 1913. ICMAI's goals include regulating, promoting, and growing the field of value accounting. This law was passed to give ICWAI statutory registration as an independent professional institute. On December 12, 2011, the CWA Amendment Bill was introduced in both houses of parliament — the Lok Sabha and the Rajya Sabha. The CWA Amendment law was approved by the Honorable President of India on January 12, 2012. The amendments were published in India's Official Gazette on January 13, 2012.

 

ICMAI qualifications and curriculum

 CMA completion is the ICMAI's primary qualification, which entails passing up to three levels of examinations – Foundation, Intermediate, and Final – as well as three years of practical training in areas such as Management Accounting, accountancy, Financial Accounting, Taxation, Audits, Corporate Laws, and so on, allowing 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 recognized 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 centers in India and also overseas centers. The Results are declared in between the months of August and February for the June term and the December term exams respectively.

 

Membership

Associate Membership is available to anyone who has passed the Institute's final examination and has gained membership for a period of not more than three years of practical experience in the field of cost and management accounting and other relevant fields. The above-mentioned appropriate experience could be obtained before or after passing the final stage of the Examination, or partially before and partly after passing the above-mentioned examination. Continue reading this article History and the primary qualification Here.  

 

Must Read: Scope of CMA in the Government Sector

 

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