Really worried about the trend by looking at the number of active students in this profession. All put together is not even 1 lakh. Are the students losing interest towards this profession? CCMs have to really work hard to get the confidence among aspirants
@ICMAICMA
Really worried about the trend by looking at the number of active students in this profession. All put together is not even 1 lakh. Are the students losing interest towards this profession? CCMs have to really work hard to get the confidence among aspirants
@ICMAICMA
the bitter truth is
Majority CMA qualified are not getting translated to members
Majority CMA members are not getting translated to voters
Majority voters are not voting for professional development
"few ERs who are elected by few voters are deciding our fate"
@ICAICMA
Cost Accountants have been expected to transform as Management Accountants. But in reality they have been transforming as CAs, CSs, IPs, RVs, Advocates, MBAs etc., due to identify and survival crisis. After few years we may not find any professional solely depending on CMA
Let's have a look at compounding Input - output ratio of CA & CMA :
Approx nos.
CMA
Total input 769000
Total Out put 89000
I/O ratio = 11.5%
CA:
Total input 1215000.
Total output = 380000
I/O ratio = 31.27%
That means CMA course
@ICAICMA
is quite difficult than CA
@theicai
?
New parliament building inauguration on CMA day
@PMOIndia
Let's celebrate the festival of nation and festival of CMAs together 🙏
#INDIARISING
#CMAPRIDE
21 years dream
5 years hard work
3 years practical experience
Makes you proud member of the Institute of Cost Accountants of India
@ICMAICMA
But you are lost when a family member /friend/office mate / employer ask you what's CMA 🙃
By introducing the concept of inventory valuation u/s 142(2A) of the Income Tax Act Cost Accountant is the only professional designation has direct reference in IT act. thanks to
@FinMinIndia
Also wish
@IncomeTaxIndia
can utilise CMA
@ICAICMA
services extensively in coming days
Why CMA course has taxation for 400 marks and no course has given such high weightage to taxation in India?. Result is no proper recognition to CMAs in Income tax
@IncomeTaxIndia
@FinMinIndia
Now this section of IT portal must include Cost Accountants as well. So that pcmas can register on this portal for valuation of inventories.
@IncomeTaxIndia
@ICAICMA
Whenever CMA fraternity was raising concerns over discrimination against CMA profession our fellow financial accountants used to give GYAAN saying "respect cant be demanded but earned". Now they are feeling the heat .... Life is circle and all have to through that cycle.
Dear CMA aspirants,
Make sure that you have the following things in your professional MENU before you complete CMA final .
Good English communication
SAP Financials at least one implementation cycle
Working knowledge in FPNA n exposure to analytics tools - PowerBI n Tableau
Most sought after skills for CMA freshers:
Decent English Communication
Proficiency in Accounting software & Financial statements preparation
Proficiency in Excel & Analytics
Practical understanding of Tax Compliance
Sound knowledge of Financial Planning & Analysis
@IncomeTaxIndia
Why " the Institute of Cost Accountants of India" name missing .
@Infosys
Keep ignoring ICAI CMA for un-known reasons. It was happened even in case of GSTN portal.
Request immediately to fix this.
Wish to see at least 50% CCMs of our institute below 30 years old in upcoming elections.
So genNext CMAs, your choice matters to the future this profession survival and sustainability.
Great job done by our Council
@ICAICMA
....lets jointly appreciate our past, present and even future councils for their contribution to this profession. Thank you
@MCA21India
We Need not expect as popular as other accounting brand but make sure that at least targeted businesses are aware of our existence n value
@ICAICMA
We (Students and Members ) can't keep explaining about this course to each stakeholder as we got enough challenges to deal with 🙏
Everything in this universe has a price to pay but that price becomes a right one only if it is validated and certified by the Cost Accountant
@ICAICMA
@AICMAA
Some good news 😊
SEBI has amended its ICDR Regulations and has allowed CMAs to certify all Key Performance Indicators (KPIs) disclosed in the Offer Documents. Please see Regulation no. (K) (3) at page 257.
Dear client,
You can call me by any name
Cost Accountant
Cost & Management Accountant
Management Accountant
Cost & Works Accountant
Cost Management Accountant.....
I will be there for you and serve you in the capacity of a Professional Accountant 🙏
Now the confusion among accounting & finance profession aspirants increases :
CPA from IIA
CA from ICAI
CMA from ICMAI
CS from ICSI
CPA from AICPA
CA from ACCA
CMA from IMA
CMA from CIMA UK
???🤔
A law student has undergo training with practicing Advocate
A Medico has to undergo practical training with Medical Practitioner
A CA student has to undergo training with Practicing CA
No mandatory for CMA student to undergo training with Practicing CMA ?
More than 90% PCMAs not getting chance to perform Cost Audit in their life time. How the Cost Audit mechanism and frame work will get improved without majority Practitioners participation
@ICAICMA
@AICMAA
@MCA21India
Inspite of having all necessary ingredients to establish as premier professional body in the country..
@ICMAICMA
still struggles to get It's deserved recognition for various political reasons
@MCA21India
@FinMinIndia
Institute name Change and HQ change seems on high priority list of the present council
@ICMAICMA
...let's hope there is some momentum
Also reforms in CARR framework already in pipeline
@MCA21India
😊
a CA aspirant gets practical training opportunity in their core areas such as audits, income tax ,and financial accounting
How many CMA students get practical training in CMA specializes such as Costing, Financial planning and analysis , Strategic decision making???
@ICMAICMA
Biggest setback with CMA
@ICAICMA
is most of the CMA freshers don't get exposure to the practical aspects of costing and it's application?
Request
@CMAVijender9
to come up with practical/application oriented certificate course on COST SYSTEM DESIGN & IMPLEMENTATION
@AICMAA
What does going global means
@ICAICMA
there is no single proper MOU or MRA with global accounting bodies.
Sister institute ICAI already has MRA with CPA AUS, CA SA, CPA IRL, CPA Malasia, CA Nepal
MOU with CA ENG, CPA Canada
Top 3 reforms required
@ICAICMA
councils :
Prohibit nonCMA professionals
Max age limit should be below 55 years
President term must be increased to 3 years and council terms should be reduced to 3 years
The Reserve Bank of India (RBI) has appointed P. Vasudevan as the new executive director (ED), effective from July 3, 2023.
Vasudevan holds a bachelor's degree in commerce and is a fellow member of
#ICMAI
.
Hearty Congratulations to Mr. Vasudevan
@RBI
Accounting course must have subjects like :
Financial Accounting with ERP FI architecture
Cost Accounting with ERP CO architecture
Management Accounting with Business Analytics tools
Corporate laws with compliance handling
Tax laws with practical case studies and solutions
Why an innocent CMA aspirants have to struggle for recognition and identity even after putting 4-5 years sincere effort to qualify this course.
Just bcoz of mishandling this profession by
@MCA21India
and
@ICAICMA
?
CMA fraternity is happy with the leftover things distribution?
Big 3 Management Consulting firms
McKinsey
Bain & Co
BCG
BIG 4 Public Accounting firms
KPMG
EY
Deloitte
PWC
Any idea about Big 3 Management Accounting firms?
We must appreciate the vision of our past and present CCMs
@ICMAICMA
for ensuring that our profession neither fall under accounting nor finance which
#COST
careers of students n members.
If
@ICAICMA
wants to revive from its current situation, it has to do two things immediately
1)Associate with top notch marketing agency for
#brandCMA
2)Form 3 members team (Finance /Legal/Management experts) headed by Rtd IAS officer to liaison with regulatory and ministry🙏
Almost more than 90% both professions have common features. Why don't these institute collaborate with each other and have common - Entrance , study material , practical training and of course common exams wherever possible and let balance 10% handle by respective institutes.
'End is not the end, in fact END means "Effort Never Dies" – If you get No as an answer, remember NO means "Next Opportunity".
Dr. APJ Kalam
It's time to restart
#ICMAI
with refreshed vision and mission ....complete overhaul of this profession is need of the hour.
@MCA21India
Let's quickly go through our Institute journey :
1944 ICWAI under the companies act
1959 ICWAI under Cost and Works Accountants act
2012 ICAI under Cost and Works Accountants act
2022 ICAI under Cost Accountants act
WORKS fully out now, what next?
1)CMA success in employment = qualify CMA with less no. Of attempts +good English communication + Good MS Excel skills+ fair understanding of EPP workflow
2)CMA success in Practice = Business communication and networking +statutory recognition and support by the Govt agencies
Also. due to unavoidable circumstances
@ICMAICMA
:
Online exams became offline
CMA not included in Accountant
Couldnt change institute name
Couldn't retain CMA logo
Couldn't include CMA in RERA
Couldn't save Cost Audit from ICU
Couldn't build brand CMA... so on
Due to unavoidable circumstances, 61st National Cost Convention scheduled on December 8th and 9th at New Delhi has been postponed.
Inconvenience caused in this regard is regretted.
Appreciate team 2014 who took courageous decision for interest of the CMA profession.
Can we expect such a bold step from present team on long standing issues like Accountant definition, Cost Audit scope and Institute Name change etc.,
Top 3 professional challenges CMA fraternity in India facing today .
Lack of Branding / Visibility (90%)
Practical skills / Knowledge (5%)
Communication skills (5%)
@ICAICMA
Help us to get the better branding and visibility. rest assured 👍🙏
National Classification of Occupations clearly classified Cost Accountant as part of the ACCOUNTANT family. How come
@IncomeTaxIndia
@FinMinIndia
missed this basic logic while defining the term Accountant under Income Tax Act 1961.
#CMA
#CostAccountant
#ICAICMA
After recent amendment we are almost in sync with each other 👇
Name of the act :
"COST ACCIUNTANTS" ACT
Institute Name :
Institute of "COST ACCOUNTANTS" of India
Professional Designation :
COST ACCOUNTANT
only issue membership types:
ACMA FCMA have to be changed to ACA FCA😊
CMA Navneet Kumar Jain, Council Member, ICMAI met Shri S. C. L Das (Secretary) MSME, along with MSME team Sh Vinamra Mishra (Director (GA&TP)) & Sh. Vivek Ashish (Dir. (IFW/Budget)) at his office in Udyog Bhawan, New Delhi on 22.12.2023.
CMA course focus on 4 knowledge pillars whereas other sister institutes focus only 2 knowledge pillars(Regulatory Frame work n Financial Reporting ) 1 knowledge pillar ( Regulatory framework) respectively. We know what's the reality "focus less get more scope"😊
Both input and output seems worrying factors and things may become more worse
@ICMAICMA
if administration won't wake-up and immediately take necessary corrective and proactive measures.
global certifications like ACCA CPA CMA CFA etc., emerging as best alternates .....
Honoured to have been recognized as the Best CFO in the Manufacturing (Automobile) sector among large private companies by the esteemed jury led by Shri Mahaveer Singhvi, Joint Secretary, Ministry of External Affairs, GOI along with a team of experts.
Thanks my team & friends
Dear CMA students
2024 belongs to you if let your skill axis rotate between:
1Financial & Management Accounting Module of any ERP
2)Fianancial Reporting Standards
3)Excel Basic to Advanced
4)Good articulation in English
Institute
@ICAICMA
claims :
World's second largest CMA institute
5 Lakh+ students
2 HQs
4RCs
100+ Chapters
Reality Check :
Struggling to place about 1500 qualifieds per term in this second largest populated country
Where is the issue :
Output Quality ?
Business acceptance ?