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Cost Accountant About

The duties of a cost accountant include budgeting, cost management, performance evaluation, and asset management within a company or organization. They may work with corporate executives to make a strategic financial plan for the company, or they may prepare financial reports for tax authorities, creditors, stockholders, and regulatory agencies. Cost accountants may advance to higher-level positions within the management accounting world, such as Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, and Chief Internal Auditor among many other important positions.

Cost Accountant
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Career Roles & Responsibilities
  • Develop and maintain the cost accounting system, documents, and records of the organization.
  • Analyze and recommend costs and cost savings.
  • Prepare and complete internal cost audits.
  • Comply with Generally Accepted Accounting Principles (GAAP) for financial statements.
  • Analyze the data collected and log a detailed record of the results.
  • Analyze any changes in goods or services provided in order to determine what effect it has on the cost.
  • Analyze manufacturing costs and prepare regular reports comparing standard costs to actual production costs.
  • Make estimates of new and proposed product costs.
  • Provide management with reports that specify and compare factors that affect the prices and profitability of products or services.
  • Assist in audits and general ledger preparation.
  • Conduct physical inventories and monitor the cycle count program.
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Career Education Path Summary

How to Become a Cost Accountant

 

Stream

Graduation

After Graduation

After Post Graduation

Path1

Clear Class XII in Commerce Stream (Recommended)
  • Pursue Foundation course for 8 months.
  • Pursue an Intermediate course for 10 months.
  • Pursue Final course for 18 months.

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Path2

Clear Class XII in Commerce Stream (Recommended)
  • Pursue graduation in any field except fine arts for 3 years.
  • Pursue an Intermediate course for 10 months.
  • Pursue Final course for 18 months.

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Path3

Clear Class XII in Commerce Stream (Recommended)
  • Pursue graduation in any field except fine arts for 3 years.
  • Pursue the program of Certified Management Accountant (U.S)

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Important Facts

  • The Institute of Cost Accountants of India holds exams for cost management accountant degrees in India.
  • Registration for the ICAI course is open throughout the year However, students who desire to appear for June Term Examination should apply before 31st January of that year and for December Term Examination should apply before 31st July of that year.
  • To be certified as a CMA (U.S) candidates must fulfill both an education requirement and an experience requirement in addition to passing the exam.
  • To be certified as a CMA (U.S) candidates must fulfill both an education requirement and an experience requirement in addition to passing the exam.
  • Bachelor's degree from an accredited college or university
  •  Foundational knowledge of economics, basic statistics, and financial accounting
  • Two continuous years of professional experience
  • CMA (Certified Management Accountant) awarded by IMA (Institute of Management Accountants, USA) is a global professional qualification.
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According to Payscale, cost accountants can earn between $45,000 and $85,000 per year. Those who have been working in the field for three years or less can top out at $71,000, and the uppermost salary can increase as a person gains tenure. Cost accountants who have earned their CPA or CWA will be in an advantageous position to receive a higher cost accountant salary, and those who work for larger companies will fare better as well.

Candidates will need to possess at least an associate's degree, though a bachelor's in accounting or finance is preferred, with some employers requiring a master's degree. In addition, training in SAP Financial Accounting and knowledge in SAP Controlling can boost income, and the Bureau of Labor Statistics projects growth in the area of auditing and accounting that is expected to be faster than average until the year 2024.

  • Perform cost accumulation tasks as a member of the target costing group
  • Be Responsible for budgeting, cost management, performance evaluation, and asset management within a company or organization
  • Collaborate as part of an executive team to create a financial plan for the organization
  • Work with corporate executives or heads of companies to strategically plan for a company
  • Prepare financial reports for tax authorities, creditors, stockholders, and regulatory agencies
  • Plan, study, and collect data to determine costs of business activities such as raw material purchases, inventory, and labour
  • Analyze actual manufacturing costs and prepare periodic reports comparing standard costs with actual production costs
  • Provide management with reports specifying and comparing factors affecting prices and profitability of products or services
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Career Pros Details
  • It offers a good growth potential
  • Demand for cost accountants is high
  • Remuneration and perks are good
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Career Cons Details
  • Work can become monotonous at times
  • Working hours maybe long
  • Have to clear certifications before starting a career

     

 

Reading Comprehension - Understanding written sentences and paragraphs in work-related documents.
Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking - Talking to others to convey information effectively.  
Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Writing - Communicating effectively in writing as appropriate for the needs of the audience.
Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
Coordination - Adjusting actions in relation to others' actions.
Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Management of Personnel Resources - Motivating, developing, and directing people as they work, identifying the best people for the job.
Service Orientation - Actively looking for ways to help people.
Time Management - Managing one's own time and the time of others
Persuasion - Persuading others to change their minds or behavior.
Learning Strategies - Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.  
Mathematics - Using mathematics to solve problems.  
Negotiation - Bringing others together and trying to reconcile differences.  
Instructing - Teaching others how to do something.  
Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.  
Systems Evaluation - Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
Operations Analysis - Analyzing needs and product requirements to create a design.  
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