Institute of Cost and Works Accountants of India, Kolkata, is the only recognized statutory professional organization and licensing body in India specializing exclusively in Cost and Management Accountancy. Members of the Institute currently occupy high echelons like Chairman, Managing Director, Finance Director, Chief Executive, and Finance Manager in many public and private sectors organizations. Cost Accountancy qualification has also been recognized by the Academic Councils of many Universities in India for the purpose of admission of the Ph.D. courses in Commerce.
A cost accountant may build up his own practice by obtaining a license from the institute which would enable him to practice as a cost accountant, either individually or in partnership with one or more members. His clients include private and public companies, large medium and small scale undertakings, partnership and proprietary concerns, industrial commercial and service undertakings.
The Ministry of Company Affairs has taken initiatives in developing Mutual Recognition Agreement (MRA) with different professional bodies of different countries in Accounting Sector to enhance opportunities for the members of the Institute in trade-in services under WTO regime. This involves uplifting the standard and aligning the course curriculum, which the Institute has been doing regularly.
Developing countries around the world have shown keen interest in offering employment opportunities for the members of the Institute. Realizing the importance of the profession in the economic development of the nation, the Central Government has constituted the Indian Cost Accounts Service (ICAS) at par with other Class-I services, to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.