Employment
Chartered Accountants, on account of their having completed the chartered accountancy course are considered to be candidates with knowledge, ability and intelligence. For this reason, they are the preferred lot for a lot of accounting and managerial jobs.Financial Manager, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager, Chief Internal Auditor, Managing Director etc., are some such jobs where people with professional accounting knowledge are sought after.
With the growing trend of back office operations, many multi national organisations having their back offices in india employ professional accountants.
Private Practice
A qualified professional can set up his/her own private practice as a practicing cost accountant. Apart from the statutory opportunities that would be available to a cost accountant, one can play the role of a consultant for any organisation relating to the functions of accounting, taxation, auditing, cost management etc.However a cost accountant as a consultant would be preferred in areas of costing and management accounting rather than taxation, financial accounting and auditing functions.
Statutory Opportunities
The law places certain conditions on the performance of certain functions. Where the law requires that a particular function be performed only by a certain professional, it should be so. Such functions are what we call statutory functions.| 1. | Under Sec 209(i)(d) of the Companies Act 1956 there are over 40 select industries where maintenance of cost accounting records is statutory. Under Sec 233 - B these records are to be got audited by a qualified cost accountant. |
| 2. | A cost Accountant is eligible for certification of Import/Export document under Export Import (EXIM) policy. |
| 3. | A Cost Accountant is eligible for Excise Audit under Sec 14 A and Special Audit regarding CENVAT credit availed under Sec 14AA of the Central Excise Act. |
| 4. | A Cost Accountant is allowed to do special audit under the Customs Act. |
Where the specialised knowledge of the professional would be very much crucial in performing the function, we find that they are performed only by the relevant professionals.
Special Government Services
Realising the importance of the profession of Cost and Management Accountancy, the central government has constituted an all India cadre known as Indian Cost Accounts Service (ICAS) at par with other Class - I services such as IAS, IFS etc., to advise the government in cost and pricing and in framing the appropriate fiscal and tax policies.As per the decision of the AICTE (All India Council for Technical Education), Fellow members of ICWAI are treated at par with Ph. D candidates in so far as appointment in the post of Professor, Associate Professor, Reader, Assistant Professor and Lecturer in professional/ Management Institutes.