Openings after qualifying :
1] Statutory Fields: Over 44 selected industries have been covered under statutory maintenance of cost accounting records under Companies Act, 1956. Further audit of the cost accounting records by a qualified practicing cost accountant (ICEA), have been prescribed.
2] Non-Statutory Fields: The other fields for Cost Accountants include installation of costing system, techno-economic studies of projects, specific cost studies, pricing optimum, utilization of capacity and resources, value analysis/ engineering, cost reduction, efficiency and profitability
improvement, profit planning, introduction of standard costing system, services to banks, financial institutions, conducting project appraisal, feasibility studies, project monitoring, project management and control, financial management, project consultancy, design of management, organizations and methods, tax planning, diagnosis and revival of sick units, merchant banking, investment counselling, management and internal audit, training energy audit and environment audit.
B) State Governments and other organizations in addition to cost audit and cost consultancy services, the professional has been recognized by the state governments for conducting Internal Audit in the State PSU's. Several nationalized banks have empanelled cost accountants for conducting the physical verification of inventories declared by their clients for availing working capital assistance. The professional has also been recognized for conducting loss survey for insurance policy.
C) Indian Cost Accounts Service (ICAS) - Government of India has constituted an all India cadre known as Indian Cost Accounts Service (ICAS) at par with other Class I service such as IAS, IFS etc, to advice the government in Cost and Pricing and in framing the appropriate fiscal and tax policies.