Rising demand for cost accountants

The strong growth in the manufacturing sector and quantum leap registered by the service industry has increased the demand for cost and management accountants(CMAs) in India. The country, however, is facing an acute shortage of these professionals.

Milind Date, Vice-president (Finance) Praj Industries and senior faculty at the Pune Chapter of Cost Accountants (PCCA), said: "The Indian industry needs around 4,500 CMAs every year but we are able to provide only 2,000 candidates. In Pune alone, the industry needs around 400 cost accountants every year but only 60 to 70 candidates enter the field."

He added a huge window of opportunity has been created with the advent of service sector in the industries including IT-BPO, hospitality, hotel, banking, insurance and financial services' sectors.

As the role of a management accountant has changed, there is a simultaneous shift in his outlook -- from cost to value; from inward looking to customer-oriented; and from a mere collector and presenter of financial data to a change agent. "The contribution of a management accountant is now more strategic than ever before," he added.