Chennai, July, 2018: The Institute of Cost Accountants of India (ICAI), the 2nd largest Cost & Management Accounting body in the world and the largest in Asia, has introduced an Executive Diploma Course on Cost and Management Accounting for Engineers. The Course has been specifically designed for engineering professionals to help synergize their domain expertise with the commercial aspects of the business in the most practically oriented manner. The course aims at providing competitive advantage to engineering professionals with ambitious and leadership roles in businesses, wherein this enhanced knowledge in the domain of cost and management accounting (CMA), finance and corporate laws will provide clarity and efficiency in strategic decision making as well as operations.
The six-month course covers critical and relevant topics under five modules, namely:
Costing Principles & Practices and Financial Accounting;
Contract Management and Industrial Laws, Commercial Laws & Company Laws;
Indirect Taxation (GST & Customs Law) and Project Management;
Treasury and Financial Services and Insurance & Risk Management; and
Advanced Cost & Financial Management and Management Reporting.
CMA Manas Kumar Thakur, Immediate Past President, Chairman – Board of Advanced Studies and Training & Education Facilities, Placement Committee, The Institute of Cost Accountants of India, explained, “It is crucial for Engineering professionals of any organization, who are target oriented to reach the top positions (CEO, MD, CMD, etc.), to understand the framework of costing, accounting system in various decision making & financial reporting, resource mapping, effective utilization of scarce resources, essentials of project management, risk measurement analysis, treasury management, inventory management, working knowledge on taxation matters, understanding various ratios & their applications, working capital management, knowledge of various costing tools and techniques which are vital in strategic decision making. This course covers these issues proficiently and aims to help the managers in competent strategic decision making.”
The first batch will start in early July this year, to be followed by the second batch in December. Participants in the course will be evaluated through Online Examinations for each module of the course to be conducted twice in a year. Those scoring more than 50% in the examination for each module and obtain B or higher grade in the Project Work will be awarded the Executive Diploma in Cost and Management Accounting for Engineers by the Institute.
CMA Sanjay Gupta, President, ICAI, shared, “Engineers today, are no longer the stereotype technical professionals, but have evolved to hold and manage various leadership roles in their respective organizations. It is imperative thus, that the additional responsibilities be aided by operational knowledge of the business fundamentals of Costing, Accounts, Taxation, etc. Our objective is to help provide valuable working knowledge on these essential elements of business, enabling engineers with the competitive edge in their career stride.”
In the modern competitive business environment, suitable and sound decision making is crucial. All professionals, irrespective of their domain expertise, need to understand the commercial aspects of the business, to contribute effectively and efficiently to strategic business decision making.
Engineers, being the frontline technocrats, are a part of the team for taking various commercial decisions in the interest of the organization, which requires adequate expertise to understand the various facets of Cost, Finance, Taxation, Business Laws, and other commercial aspects.