Career Guide on Bio-Chemistry in India

Biochemistry

Introduction

Biochemistry is a branch which is concerned with the chemistry of the biological processes. The study of biochemistry deals with the chemical combinations and reactions which take place in biological processes such as growth, metabolism, reproduction, heredity etc., as well as the effect of the environment on living organisms. Studying structures and functions of enzymes, protiens, carbohydrates, fats, process of metabolism and the molecular basis of the action of genes also form a part of biochemistry. Advances made in biochemistry has made significant contributions towards elucidation and understanding of the DNA structure.

Nature of Work

Biochemists generally pursue research related work in the following fields.

  1. MEDICINE: Biochemists, in this field carry out diagnostic tests and investigations for finding out causes of diseases. Their major concern is to study the role of genetic transmission of diseases from one generation to another. They also try to figure out the chemical changes that take place in the cells of the body parts which signal the onset of various diseases such as tuberculosis, cancer, diabetes, mental disorders like epilepsy etc. Research related to identification and analysis of chemical processes like muscular contraction, reproduction, metabolism etc also relates to their job.
  2. AGRICULTURE: Biochemists develop and inovate new improved techniques for crop cultivation, pest control management and crop storage management. Contributions made in this field by biochemists has helped to better the output and quality of agricultural produce.
  3. NUTRITION: In this field biochemists have researched and studied the effects of certain food stuffs, minerals, protiens, carbohydrates, fats and vitamins, when consumed in excess or in deficient quantities, on the human body. The mechanism of fermentation process which has been practised for past many years was discovered by biochemists only.

Personality

Biochemistry is a field of intense research, hence to be a good biochemist requires, inquisitive attitude, determination, perseverance and keen observation sense along with intelligence and hard work. Research is often a team work and therefore the individual should have team spirit, to work as a part of the unit. The work sometimes consume a lot of time so patience, stamina to work for long hours and tenacity become other important requisites.

Professional Courses

Biochemistry can be pursued by those having background in science at 10+2 level. Individuals interested in pursuing this subject can intially study the subject in the B.Sc. course and further continue with it till M.Sc. and Ph.D. level.

Career Prospects

The career prospects and employment opportunities of biochemists have shown considerable improvement over the past years. Jobs are being offered by both government and private medical institutions and hospitals engaged in research activities related to various diseases and disorders like AIDS, cancer, mental disorders etc. The pharmaceutical industry where genetically engineered drugs are developed and manufactured also look forward to employing biochemists. Research related agricultural industries and institutions also absorb individuals with background in biochemistry.

Biotechnology: Career Guide In india

Biotechnology

Introduction

Biotechnology is an interdisciplinary science including not only biology, but also subjects like mathematics, physics, chemistry and engineering. It is a blend of various technologies applied together to living cells for production of a particular product or for improving upon it. Its use and application ranges from fields like agriculture to industry (food, pharmaceutical, chemical,  bioproducts, textiles etc.), medicine, nutrition, environmental conservation, animal sciences etc. making it one of the fastest growing fields. The work is generally carried out in the laboratories, as it is a scientific research oriented field.

Nature of Work

The nature of work of biotechnologists, being interdisciplinary, requires working together of people from different fields such as biology, chemistry, biochemistry, microbiology, molecular biology, immunology, genetics, engineering, food science, agriculture etc. Some of the fields where biotechnology studies are applicable are as follows.

  1. MEDICINE AND HEALTH CARE: Biotechnology’s application in this area has helped in the development of various medicines, vaccines and diagnostics. The remarkable development work carried out by biotechnologists in this field has led to improvement in the  methods of diagnosis,  medicines and vaccinations for diseases which once thought were incurable are no more a cause of worry, which has been a blessing for humankind.
  2. INDUSTRIAL RESEARCH AND DEVELOPMENT: Both the government and the private sector employ biotechnologists. They conduct research and development work, for increasing productivity, improving energy production and conservation, minimizing pollution and industrial waste etc. Biotechnologists also find opportunities at places involving activities like chemical processes, genetic engineering, textile development, cosmetic development etc..
  3. AGRICULTURE AND ANIMAL HUSBANDRY: Indian economy is very much dependent on agriculture and  biotechnologists have made major advancements in this area. Over the years, the agricultural output has been improving, owing to the improvements in the quality of seeds, insecticides and fertilizers. The latest technologies like micro propagation and tissue culture has further helped agriculturists to overcome problems like soil imbalances, genetic breeding and crop diseases. Biotechnologists are also encouraging a shift from chemically prepared fertilizers and insecticides to biochemicals and bioinsecticides.

Biotechnology’s intervention in the area of animal husbandry has improved animal breeding. Numerous kinds of  genetically engineered, high yielding animal breeds have come up which has increased the output of dairy products as well as the meat products. India has in fact, become the largest milk producer in the world

  1. ENVIRONMENT: Environmental biotechnology has become another area of extensive work due to the dangers brought about by increasing levels of environmental pollution. A lot of hard work is being done to protect our environment. In this field, the job of a biotechnologist spans from checking industrial air pollution levels, treatment of industrial waste to recycling of sewage sludge..

Personality

As the work is largely related to scientific research. It becomes quite important to have a good academic background in science. Hard work and high level of intelligence with a scientific bent of mind, determination, perseverance, imagination, innovative attitude, ability to work for long hours, originality, team spirit are some important essentials for becoming a successful biotechnologist.

Professional Courses

Candidates having background in science at the intermediate level can take up B.Tech. programme in Biotechnology. P.G. courses available are M.Sc. Biotechnology, M.Sc. (Agriculture) Biotechnology, M.V.Sc. (Animal) Biotechnology, M.Tech. Biotechnology, M.Sc./M.V.Sc. in Veterinary Biotechnology, M.Sc. (Marine) Biotechnology, Medical Biotechnology, M.Tech. in Biomedical Engineering/Biotechnology. Depending upon the aptitude and necessity, more advanced courses such PH.D. and Post-DoctoralResearch in Biotechnology can also be pursued.

Specialization

Being an interdisciplinary subject with diverse areas of study, biotechnological procedures apply themselves to a wide range of fields allowing students from different backgrounds and interests to specialize in fields of their choice. Some of the fields of specialization are Molecular Biology, Microbiology, Biochemistry, Biophysics, Botany, Zoology, Pharmacology, Physiology, Horticulture, TissueCulture, AgriculturalEngineering, Animal Sciences, Dairy Technology, Fisheries, Medicine,Life Sciences,  and Genetics

Career Prospects

In recent times, biotechnology as a subject has grown rapidly. And as far as employment is concerned, it has become the second fastest growing sector after multi-media. Candidates with postgraduate degree in biotechnology get absorbed in corporate and government sector, both. Qualified  biotechnologists are employed in leading indian business houses and MNCs including pharmaceutical companies, chemical industries, bio-processing industries, agriculture related industries and pollution control activities of the major industries etc. They can even join government and corporate run research and development organizations. On the whole making it a good career opportunity for the bright young people.

Remuneration Remuneration very much depends upon academic qualification, institute or university  from which the degree is attained and the level of work experience. In the corporate sector, fresh IIT pass outs may get anything in the range of Rs. 70,000 p.a. to Rs. 85,000 p.a. and fresh B.Sc./B. Tech. graduates from other universities may get anything in the range of Rs. 50,000 p.a. to Rs. 70,000 p.a. Those workimg in the research institutes can expect something around Rs. 60,000 p.a.

Career Guide on Banking In india

Banking

Introduction

Banks are institutuions that take care of the money of individuals and corporates. Banks pay interest on the deposited money, provide loans to people for business or personal use. They also offer a wide range of services like exchange of foreign currency, giving advise related to investment and insurance and acting as trustees.

With the Information technology boom, a new dimension has been added to face of banking. The operations have been computerized to provide more efficient service to the customers. Most banks are now offering the facility to use ATM card so that cash can be withdrawn or money can be deposited via cheque 24 hours a day. Each and every bank provides a credit card facility to the customers to make life simpler. Not only this with the wide prevalence of the Internet, lot of banks offer an online information to the customers – one can just go to the web site and get information about the account balance etc. sitting at the desk. Home banking as a service is provided by certain banks, wherein a bank representative visit the customer’s home to open an account for him/her.

There is a tremendous competition in the banking sector to come up with innovative and customer friendly schemes. Most of the banks have all their branches connected via the computer network. There is a growing need for better and better banking facilities due to international trade and industrial liberalization which have contributed a lot to the change in the banking environment. All this has created an increase in opportunities in banking jobs and a requirement for people with marketing and technological skills apart from financial background.

Nature of Work

There are various different levels at which a person can join the bank namely clerk, a Grade I officer, a Grade II officer or as a manager.

As a bank manager, a person is responsible for profit, people and resource management and strategic planning to generate more profits. There is a lot of competition due to entry of various foreign banks and financial institutes in the Indian market. Aggressive marketing and innovative policies hold the key to the success of the bank operations. A manager should be able to judge this based on the area where the operations are carried on, and the type of customers that the bank is catering to. Manager should provide constant support and motivation to the staff so that they give the best possible service to their customers. Managers need to interact and communicate with CEOs of corporates who are interested in getting their operations funded and then following up on the big customers who avail loans from the bank.

With most banks getting computerized, it has become absolutely necessary for a person to be a computer literate so th at he/she is able to use the software packages to perform the daily transactions. A bank clerk is involved in various operations like keeping a record of accounts, loans, mortgages, providing services like payrolls and inventory accounting to the customers. The other positions in a bank are for typist, secretary, receptionist, safe deposit attendants, messengers, file clerks and custodians. In small banks there is a lot of job rotation of an employee, hence the responsibilities are not very clearly demarcated. However, in bigger banks each employee is specialized in his/her role.

There is an intensive training course for providing training in the actual work involved in the bank operations. Each employee goes through such a training and is allocated responsibilities which he can perform the best.

Merchant banking

Merchant banking implies investment management. This includes management of mutual funds, public issues, trusts, securities and international funds. It involves dealing with the corporate clients and advising them on various issues like – mergers, acquisitions, public issues, capital structure decisions etc. This being the era where mergers and acquisitions are hot, the scope of merchant banking has grown to a large extent.

Treasury and Forex functions

This aspect of banking is becoming increasingly important as the forex flow in the country is increasing and the international markets are funding the operations of the corporates in India. The success of any business is measured by the fund management, this makes treasury management as a very critical finance function. Management of treasury profit center requires a wide variety of knowledge in the area of global money markets and financial instruments such as deposit certificates, treasury bills, forecasting, source evaluation and cost of domestic and foreign currency funds. Treasury and risk management ensures cost effectiveness in planning strategies in this era of deregulation.

The currency values, interest rates, share index and commodities affect the financial derivatives like futures, swaps and other tools of risk management. Corporates therefore employ well trained professionals to manage treasury and forex functions so that they can ensure competent management.

In a forex marketing job, which is an interbank job, a person needs to assess various markets on the behalf of the bank to advise corporates or other banks who need foreign currency. The job requires one to be constantly updated about the policies of the regulatory bodies, monitoring the current prices, making predictions based on analysis of trends etc.

Personality

A good banker is a person who has a well-organized mind with an eye for detail. It helps in maintenance of records accurately and neatly. The person should have a mathematical aptitude. Employees joining as officers should be able to lead, motivate and manage the bank staff. Good verbal and written communication skills help in effective interaction with the clients as well as the staff. Integrity and honesty play a major role in all dealings related to money, staff and clients. A person responsible for foreign exchange transactions needs to have a sharp, quick and analytical mind.

Entry Level Information

Candidates get recruited at 2 levels in the banks – clerical level and officer level. The procedure of selection varies with nationalized and international banks.

Selection procedure for RBI- The Reserve Bank of India is the topmost financial institution in India which makes all the policies and regulations for the other banks. It conducts tests for three types of entry level positions:

  1. Clerical grade
  2. Grade A officers
  3. Grade B officers

The entry point for clerical staff is in the cash department as examiners of coins and notes. They are promoted to the next grade when they successfully clear the relevant examinations after 5-10 years of service.

There is an All India Exam conducted for class I posts. Graduates, Post Graduates, CA’s, MBA’s in the 21-26 years of age group are eligible. The candidates are tested in logical reasoning, mental ability, numerical aptitude and general English.

The examination is in parts. Paper I is a written test comprising of General Mental Ability (Objective type). Paper II is a subjective one which has English Essays/Comprehension/Precise writing etc. Paper III is on Economics and Social problems.

Selected candidates are shortlisted for an interview which forms the basis for the final selection.

Selection procedure for other nationalized banks- Anyone in the age group of 18-26 years having a degree is eligible for appearing in the written test. The format of the test is similar to the RBI examination. Test is followed by an interview. Clerical staff gets recruited through regional boards. The eligibility and test format are the same as for PO examination.

Selection procedure for nationalized commercial banks Commercial banks regularly advertise through their Banking Service Recruitment Board (BSRB) to recruit Probationary Officers (‘PO’). Each region has its own BSRB which carries out the recruitment. Eligibility is a graduate in any discipline with an upper age limit of 28 years.

Information about the examination

The office cadre examination has 2 parts – objective and subjective.

Written Test – The test of reasoning judges the analytical and problem solving skills of the candidate. The English language test focuses on the grammar, synonyms, antonyms, vocabulary etc. General awareness tests the understanding of environmental and social issues, people and events etc. The quantitative aptitude test measures the numerical ability and accuracy in mathematical calculations. The questions range from purely numeric calculations to problems of arithmetic reasoning, graph and table reading, percentage analysis, categorization and quantitative analysis. The subjective part of the paper typically involves imagining oneself in a situation such as observer in a public meeting. One has to then comprehend the situation, provide unique observations and analysis.

Interviews – Selection in the interview is based on the knowledge of the subject of study, personality and awareness. Candidate’s communication skills and leadership qualities are judged during the interview. Typically 30% of the candidates get selected after the interview.

Career Guide on Architecture

Architecture

Introduction

Growth and prosperity of an economy, to an extent is reflected in its physical appearance. The industry responsible for this is the construction industry, which for quite sometime is experiencing boom. Times have changed and so has our focus. From, the basic necessity of housing and shelter of yesteryears, emphasis is now given on comfort, luxury and style. All this has importantly led to creation of avenues for those interested in making a career in this sector. In the last few decades our economy has witnessed hectic and massive construction activities, new structures have been raised, townships have evolved, evident of growth in the sector.

The construction task involves both the designer and constructors. Any built structure is an outcome of close coordination and participation of a number of people, technical and non-technical, including architects, contractors, surveyors, engineers, designers alongwith bricklayers, masons, carpenters, electricians, plumbers etc. Everyone is specialised in his own area hence beyond comparison.

Nature of Work

Architecture, in particular is the study which deals with planning and designing of building and structures. The subject, not new at all, has been practiced since ages in different parts of the world. Everybody has heard about Roman, Victorian, Moslem and Indian architecture, examples of which even stand today. Architects blend their vision and dreams with materials to erect milestones which leave a powerful imprint on human mankind. Today, architecture has taken a totally different shape. The rapidly changing demands and requirements asks for professionally trained architects who can not only cope with changing times but also design and deliver quality, environment friendly constructions.

Designing any structure not only moves around giving physical facelift to it but involves other important factors which are equally important like its functional utility, safety and economy. Arhitects engage themselves in designing of a variety of structures including houses, apartments and colonies, offices and industrial complexes, hospitals, hotels, airport terminals, stadia, shopping and commercial complexes, schools etc. They provide professional services to individuals and organisations not only regarding new constructions but also in alterations and renovations.

Clients approach architects with some idea of what they want, but with little awareness regarding its feasibility. A good architect is the one who strikes a right balance between aesthetics and practicality. The work starts on the basis of ideas and requirements of the client like its appearance, financial budget and time frame. The arhitect then begins his job with sketching and making plans with details of sizes, specification and estimates of the cost of the structure. Sometimes models and graghic are also used for presentations. Once the plans are finalised and accepted by the client, the architect has to obtain the approval and permission of the local authority for construction. Subsequently, the architect negotiates contracts with building contractors, engineers and surveyors after which the construction starts. The architect is the overall incharge of the contract, his responsibility begins right form designing and planning the structure until the very same is erected. Architects can work alone as well as in a team. They also work with firms and organisations, some of which specialize in a particular type of construction. Architects even indulge in interior designing; an upcomimg field which involves scientific and artistic skills. Demand for interior designers continue to be high with these no longer limiting to corporate offices and hotels alone. One can see it coming into houses in a big way. Interior designers require abstract reasoning and three dimensional space perception to translate ideas into realities. Understanding client’s need is at the very core of the profession.

Personality

Students having academically good background in physics and mathematics are better suited for the study of architecture. An aspirant for the field of architecture should be a creative artist with an interest and bent towards designing. Ability to sketch, free hand plan though not utmost important but is beneficial while explaining to the clients the very intricate details of the structure. He needs to have an imaginative and perspective outlook. Awareness of social and environmental factors, observant attitude adds to the advantage while designing structures. Apart from being technically sound, good mathematical ability is important as the work involves complex designing problems, building economies and cost estimations. Often architects deal with legal procedures and documents making it necessary for them to understand legal language related to the profession.

Good communication skills, hardwork, physical stamina to work on the desk as well on the site, a high degree of concentration level, flexibility, patience, team spirit, responsibility and accountability are some other important traits of the profession.

Professional Courses

Anybody who has studied Physics, Mathematics and Chemistry at the 10+2 level can apply for admission to study architecture at the graduate level in colleges offering the course. B.Arch is a 5 year course and most schools and colleges select students through a written test. Further on completion of the graduate course, if interested, one can study architecture at the post graduate course which varies from 18 months to 2 years.

Entrance test for B.Arch Courses- The Council of Architecture conducts an aptitude test on an All India basis for admission to colleges of Architecture. Engineering colleges select students on the basis of the result to the appropriate engineering courses. Some other renowned institutes carry their own selection tests to identify suitable candidates while some give weightage to class 12 marks and entrance examinations to select students.

Colleges, Institutions and Universities

Some of the Colleges/Institutions/Universities offering Graduate/Post-Graduate courses in Architecture are mentioned below.

  1. School of Planning & Architecture, 4, Block-B, IP Estate, New Delhi 110002.
  2. Punjab University, Chandigarh College of Architecture, Chandigarh 160012.
  3. School of Architecture CEPT, Navrangpura, Ahmedabad 380009.
  4. Lucknow University, Govt. College of Architecture, Tagore Road, Lucknow 226002.
  5. Goa University, College of Architecture, Campal Panaji, Goa – 1.
  6. University of Mumbai, Sir J J College of Architecture, 78/3, Dr. D.N. Road, Mumbai 400001.
  7. Indian Education Society’s College of Architecture, 791, Bandra Reclamation, Bandra (W), Mumbai 400050.
  8. Pune University, Marathwada Mitra Mandal College of Architecture, 302, A, Deccan Gymkhana, Pune 411004.
  9. Jawaharlal Nehru Technological University, School of Planning & Architecture, Mahavir Marg, Hyderabad 500028.
  10. Kerala University, College of Engineering, Thiruvananthpuram 695016.
  11. Anna University, School of Architecture & Planning, Sardar Patel Rd., Chennai 600025.
  12. IPS Academy, School of Architecture, Rajendra Nagar, Indore 452012.
  13. Bengal Engineering College, PO Botanic Garden, Howrah, West Bengal.
  14. Sushant School of Art and Architecture, Sushant lok, District Gurgaon, Haryana.
  15. Vastu Kala Academy, School of Architecture & Interior Designing, 9/1, Institutional Area, Aruna Asaf Ali Marg, New Delhi 110067.

Specialization

Though few in number, some architects prefer to go in for specialization at the post graduate level. They may choose to specialize in India or Abroad. The subjects of specialization may include urban designing, regional planning, building engineering and management, architectural conservation, industrial design, landscape arhitecture, naval architecture, architecture concerning traffic and transport planning etc. Sometimes even without pursuing specialization courses in any particular field, architects on gaining experience engage themselves in a particular type of work for eg:- in construction of housing societies and apartments, schools, hospitals, commercial complexes etc.

Career Prospects

Substantial increase in investments in the construction sector has been recorded year after year. As far as architects are concerned, there is a huge gap in the demand and supply. Annual requirement projections of architects stands over 10,000 which is expected to rise further and the training facilities available are still short. All these factors contribute in making this field a very competetive one with healthy career prospects.

Employment opportunities for architects are available in government as well as private sectors. Some of the government organisations include Public Works Department, the Archaeological Department, Ministry of Defence, Departments of Railways, Post and Telegraphs, Public Sector Undertakings, National Building Organisation, Town and Country Planning Organisation, National Institute of Urban Affairs, Housing and Urban Development Corporation, National Building Construction Corporation Ltd., City Development Authorities etc. Besides these organisations, various other institutes and agencies like State Departments, Housing Boards, Local Bodies responsible for construction works also recruit architects.

Openings in the private sector exist with the Builders, Architecture Firms, Consultants etc. Architects with some experience can even set up their own business as Consultants and Contractors.

Remunerations

A well qualified architect can start up with a salary of around Rs. 7,000 p.m. in the government organisations. It continues to rise with time and experience. In the private sector, the scale is not fixed but surely one can expect to earn a good amount of money through this profession. Freshers can get a salary ranging anywhere from Rs. 3,000 p.m. to Rs. 10,000 p.m. Such variations in salaries are influenced by many factors like the type of the organisation, its size, qualification and experience of the candidate etc.

Career Guide: Agriculture

Agriculture

Introduction

India is agriculture based country and it plays an important role in driving the state of Indian economy. The impact of agriculture is not only on the production of food grains, vegetables and fruits, but on so many agriculture dependent industries which get its raw material from agriculture sector. A good monsoon would drive the SENSEX raging as bull, while floods or other such calamities would bring it to a grinding halt.

In recent years, Indian state of agriculture has improved a lot and it has started using state of art farming methodology, genetically improved seeds and cross bred varieties for high yield.

Nature of Work

Following are major career areas in the field of agriculture:

  • Agricultural Research
  • Agri-Business
  • Agro Industry
  • Agricultural Education
  • Agricultural Journalism
  • Services in Agriculture
  • Banking
  • Farming
  • Conservation
  • Agricultural Engineering
  • Management

Personality

First and foremost requirement for choosing Agriculture as a career is the interest in this area, knack for agri based industry and field, ability to withstand the pressure and uncertainties and attitude for helping people and educating them.

Another important trait required is love for the outfields, stay in rural india and far from the fast urban world.

Indian study, colleges, career, university online institute schools

Universities offering online degrees A.T. Still University of Health Sciences, American InterContinental University Online, American Sentinel University, Arizona Universities Network, Ashford University, Azusa Pacific University, Baker College Online, Bellevue University, Benedictine University, Boston University, California Coast University, California State University, Northridge, Capella University, Centenary College, Champlain College, Cleveland Institute of Electronics, Colorado Technical University Online, Concord Law School, Crown College, Deaconess College of Nursing, DePaul University, DeVry University, Eastern Kentucky University, Ellis College of New York Institute of Technology, Everest College Online, Everglades University, Florida Hospital College of Health Sciences, Florida Institute of Technology, Florida Metropolitan University, Fort Hays State University, Franklin University, George Washington University, Gonzaga University, Grand Canyon University, Herzing College, Hondros College, Independence University, Indiana State University, Indiana Wesleyan University, Jacksonville University, Jamestown Community College, Jones International University, Kaplan University, Keiser College, Lehigh University, Marist College, Miami International University of Art and Design, Minnesota School of Business, Mountain State University, National American University, Northcentral University, Northern Arizona University, Norwich University, Oregon State University, Penn Foster, Portland State University, Rasmussen College, Regis University, Roosevelt University, Saint Joseph’s College, Saint Leo University, South University, Southwestern College, Stonecliffe College Online, Strayer University, The Art Institute Online, The International Import-Export Institute, The University of Liverpool – Online Higher Education, The University of Notre Dame Mendoza College of Busines, The University of Scranton, Thunderbird, The Garvin School of International Management, Tiffin University, Touro University International, Tulane University, UMassOnline, University Alliance, University of Cincinnati, University of Delaware, University of Florida, University of Maryland University College, University of Maryland, College Park, University of Nebraska at Kearney, University of Phoenix Online, Utica College, Vanderbilt University, Vermont College of Union Institute and University, Villanova University, Virginia College Online, Walden University, Westwood College Online, Worcester Polytechnic Institute, Western Governors University,

Career Guide on Cost & Management Accountants in India

Cost & Management Accountants

 

Introduction

A business organisation can grow well if it has a strong accounts department. Moreover, it is the accounts department which can draw up a good resource utilisation programme and cost saving mechanism so that the profit margin of the company can be increased. Cost and management accountancy in particular is one subject which deals with this problem and helps in evaluating and managing costs. It finds its origin way back in the II world war period when the need to evaluate defence cost was felt. These days, in fact, it has attained greater significance, especially in the corporate sector

Nature of Work

The role and importance of cost and management accountants has increased manifold on account of growing competition in the corporate sector. Broadly speaking, their job comprises of closely analysing costs and devising ways to reduce it as far as possibe.

Cost and management accounting helps in planning, monitoring and controlling the cost and price of a product or a service. Nowadays with multi-product ventures taking place, it has become important to know and understand the exact cost of production of products and services at different stages, to minimize the expenditure incurred on them and to ensure better utilization of money. This is where the role of cost and management accountant comes.

Cost and management accountants evaluate the operating efficiency and effectiveness of production and service management by collecting, compiling, organising, verifying, comparing and analysing information from different departments of the organisation. In large organisations, these information may be made available on computer based systems specially designed to systemize the work. The process involves critical monitoring of relevant costs and overheads like material, labour, capital costs etc., involved in making a product or providing a service. They analyse the sales trend to strike a balance between the demand and supply, to prevent over production. They also monitor the performance, to spot and report on problems and prevent them from occurring in future. This analysis helps in comparing the financial performances, making assessments and projections, providing figures for future costing and pricing policies and other managerial decisions.

Personality

As cost and management accounting deals with the cost and benefit analysis of a product or service, it demands analytical and attentive mindset with an objective outlook. Fair amount of awareness about global economic contitions is important. The CMAs often deal with making future projections and forecasts regarding the prices, costs etc. which makes it important to have good judgemental qualities. The job also involves interacting and working with a number of people and to coordinate with them requires, good communication skills and team spirit.

Professional Course

Cost and management accountancy can be pursued after 10+2. The course comprises of three stages:- Foundation, Intermediate and Final. These stages are further discussed seperately in the following segment.

  1. FOUNDATION: Candidates who have passed senior secondary under 10+2 scheme in any discipline shall pass a Foundation Course Examination to become eligible as a student for Intermediate Examination. The Foundation Course has the following subjects.
    • Business Fundementals and Economics
    • Management and Organisation
    • Basic Mathematics and Statistics
    • Commercial Laws
  2. INTERMEDIATE: Candidates who are 17 years of age and have completed graduation in any discipline or those who have cleared the Foundation Examination are eligible for registration for the Intermediate Examination. It is obligatory for registered students to undergo either postal or oral tuition imparted by the Institute before appearing for the Intermediate and Final Examinations. The following are the subjects in the Intermediate Examination.

GROUP I:

    • Financial Acounting
    • Cost Accounting
    • Corporate Laws and Secretarial Practice
    • Direct Taxation

GROUP II

    • Cost and Management Accounting
    • Auditing
    • Indirect Taxation
    • Quantitative Methods
  1. FINAL: After clearing the Intermediate Examination, students are eligible to appear for the Final Examination. The subjects in the Final Examination are

GROUP I

    • Advanced Financial Accounting
    • Information Technology and Computer Applications
    • Operations Management and Control
    • Project Management and control

GROUP II

    • Advanced Management Accounting – Techniques and Applications
    • Advanced Financial Management
    • Advanced Management Accounting – Strategic management
    • Cost Audit

Institution

The Institute of Cost and Works Accountants of India was given statutory recognition by the central government in the year 1959. The Institute has 4 Regional Councils at Mumbai, Calcutta, Chennai and New Delhi. It has over a period of time established a chain of chapters throughout the country and abroad, in all major cities and towns to provide assistance to the students and to perform other functions.

Specialization

After successfully clearing all the papers of both Intermediate and Final Examinations, students can apply for the Associateship of the Institute. Students having practical experience of 3 years in fields of financial/cost accounting and commercial aspect of an industry can apply for the Associateship.

Career Prospects

A qualified Cost Accountant leaves for himself, plenty of career options. The recognition granted by central and state governments has added to their career prospects. The importance of the profession in economic development of the country has led to their involvement in advising the government in cost and pricing policies and also in framing of tax and fiscal policies. They are treated at par with other class – I services. In organisations like Railways, Indian Army, Nationalised Banks services of Cost Accountants are often required for costing, budgeting, auditing purposes. They can also pursue teaching in various universities as Professors, Readers, Lecturers.

Apart from the opportunities available in the government sector, Cost Accountants can also look forward to the corporate world. They can work as executers, administrators, appraisers, valuers, secretarial and tax consultants, advisors etc. With advancement in career and experience, they can even rise to top positions like Financial Auditor, Financial Advisor, Finance Director etc.

It is not a bad idea for Cost Accountants to build up their own practice. Cost Accountants can set up their own practice either individually or in partnership, after obtaining license from the Institute. The clients in a private practice may vary depending upon the size of practice. It may range from large public and private companies to small partnership and proprietory concerns.

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