In the next two years, India may require 30 lakh cost accountants to meet the fast-tracking growth of companies, according to P. Raju Iyer, chairman of the Southern India Regional Council of the Institute of Cost Accountants of India.
He made the observation after signing a Memorandum of Understanding with S. Senthil Kumar, secretary of Theivanai Ammal College for Women, here recently.
Mr. Iyer said Prime Minister Narendra Modi was keen that at least two lakh companies be set up nationwide in two years. It meant that these companies would require three million cost accountants. However, as of now, hardly three lakh cost accountants were available.
Besides having ample employment opportunities, cost accountants moved up the social and career ladder. In fact, a number of them had reached the top slots as chairmen and managing directors of reputed companies. For instance, Tamil Nadu Cement Corporation Ltd. and Tamil Nadu Sugars Corporation Ltd. periodically required 50 trainees in the cost accounting section.
Three premier institutes — the Institute of Chartered Accountants, the Institute of Cost Accountants and the Institute of Company Secretaries — had common understanding in the conduct of courses.
For instance, those who completed company secretary course were exempted from seven papers in the cost accountant course and vice-versa. Mr. Iyer pointed out the difference between chartered accountant and cost accountant courses. In the former, candidates would have to work under a senior for three years to qualify for the final examinations. But, in the latter, there is no such requirement. The motto of the Institute of Cost Accountant was ‘earn while learn.’
Mr. Iyer said that his institute was offering cost-effective courses, and a candidate would hardly have to spend Rs. 50,000 from the foundation course to the completion of the course.
Mr. Senthil Kumar said the signing of the MoU with the Institute had helped the college to become its coaching centre, register candidates and supply study materials for the cost accountant course.
College director Kasthuri Bai Dhanasekaran said the MoU was a milestone in the history of the college.