ICMAI Full Form, Objectives and Courses

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ICMAI Full Form, Objectives and Courses

ICMAI full form is Institute of Cost Accountants of India. It was formerly known as the Institute of Cost & Works Accountants of India (ICWAI). ICMAI is responsible for regulating the Cost and Management Accountancy, enrolling students for ICMAI courses, providing training to students and more. 

Check out this blog post to know about ICMAI objectives, head office, regional councils, overseas centres, courses and more!

What is ICMAI Full Form?

The full form of ICMAI is the Institute of Cost Accountants of India. ICMAI was established in 1944 under the provisions of the Companies Act 1913. It got the recognition as a statutory professional body on 28 May 1959 under the Act of Parliament ‘Cost and Works Accountants Act 1959’ to regulate the profession of cost and management accountancy. Back then, the Institute of Cost Accountants of India (ICMAI) was known as Institute of Cost & Works Accountants of India (ICWAI). The name of ICWAI was changed to ICMAI in January 2012. 

The ICMAI, as part of its responsibilities, issues certificates to individuals who qualify as Cost And Management Accountants in India. It enrolls students in ICMAI courses, provides coaching and training facilities, organizes professional development programs for its members and conducts research in the field of Cost and Management Accountancy. 

The Institute aims to promote cost competitiveness, effective cost management, efficient resource use and a structured approach to cost and management accounting as essential drivers of the profession. 

The first president of ICMAI was M. Shoaib in the period 1944-1948. At present (in 2025), the ICMAI president is CMA TCA Srinivasa Prasad and the ICMAI vice president is CMA Neeraj Dhananjay Joshi.

Head Office, Regional Councils and Overseas Centres of ICMAI

The Head Office of ICMAI is located at 3, Institutional Area Lodhi Road, New Delhi - 110003. In addition to this, it has four Regional Councils: Eastern India Regional Council (EIRC) in Kolkata, Southern India Regional Council (SIRC) in Chennai, Western India Regional Council (WIRC) in Mumbai and Northern India Regional Council (NIRC) in New Delhi.

Moreover, it has 11 Overseas Centers located in Bahrain, Botswana, Muscat, Nepal, Singapore, Tanzania, Washington, Zambia, Canada, Dubai and London. 

Objectives of ICMAI

The goals and objectives of ICMAI institute are as follows:

• ICMAI is dedicated to developing the Cost and Management Accountancy function as a powerful tool for management control across all areas of economic activity. 

• It supervises the individuals practicing the CMA profession and ensures strict adherence to the best ethical standards.

• It also promotes and encourages the adoption of scientific methods in cost and management accountancy.

• The organization also focuses on developing a professional body of members and equips each member with the necessary skills to fulfill their roles and achieve the Institute's objectives within the context of a developing economy. 

• ICMAI assists the candidates in staying up to date with the most recent developments in the concepts and procedures of cost and management accounting. Additionally, it incorporates these changes since they are necessary for the industry and other economic activities to remain viable over the long term.

• In order to exchange ideas for professional development, the ICMAI also hosts conferences and seminars on topics of professional interest across the nation.

• Furthermore, ICMAI engages in research and publishes various materials covering diverse economic topics for its readers. This includes the publication of books and booklets that provide valuable information of professional interest to members working in industrial, educational and commercial sectors both in India and abroad.

Courses Offered by ICMAI

ICMAI offers the following courses:

• Foundation Course

• Intermediate Course

• Final Course

• Certificate Course on GST

• Advanced Certificate Course on GST

• Certificate Course on TDS (Direct Tax)

• Certificate Course on Return Filling (Income Tax)

• GST Course for College and Universities

• Advanced Course on GST Audit and Assessment Procedure

• Advanced Course on Income Tax Assessment and Appeal

• Certificate Course on International Trade

Conclusion

ICMAI is a statutory professional body that regulates the profession of CMA in India. It was previously known as ICWAI. However, ICWAI’s name was changed to ICMAI in 2012. ICMAI monitors the cost accountants in the country and ensures they adhere to the best ethical standards. To become a Cost Accountant in India, it is essential to complete the CMA course offered by ICMAI. 

Frequently Asked Questions (FAQs)

Q1. What is ICMAI full form?

A. The full form of ICMAI is the Institute of Cost Accountants of India.

Q2. What is the function of ICMAI?

A. Its function is to promote, regulate and develop the profession of cost and management accountancy in India.

Q3. How many Regional Councils does ICMAI have?

A. ICMAI has a total of four Regional Councils. They are: (i) Eastern India Regional Council (EIRC) in Kolkata, (ii) Southern India Regional Council (SIRC) in Chennai, (iii) Western India Regional Council (WIRC) in Mumbai and (iv) Northern India Regional Council (NIRC) in New Delhi.

Q4. How can I become a Cost Accountant in India?

A. To become a Cost Accountant in India, you need to clear the CMA course offered by ICMAI. This course contains three levels: Foundation, Intermediate and Final. You must clear all the levels. Additionally, you must also complete the necessary training as prescribed by the Institute.

Q5. How many Overseas Centres does ICMAI have?

A. ICMAI has a total of 11 overseas centres. They are situated in Dubai, London, Bahrain, Botswana, Muscat, Nepal, Singapore, Tanzania, Washington, Zambia and Canada.

Q6. Where is the headquarters of ICMAI?

A. The headquarters of ICMAI is located in New Delhi. The address is: 3, Institutional Area Lodhi Road, New Delhi - 110003.

Q7. Who is a Cost Accountant?

A. A cost accountant is a professional who offers services related to the costing or pricing of goods and services, as well as the preparation, verification and certification of cost accounting and related statements.

Q8. Who is the President of ICMAI for the 2025-2026 period?

A. The ICMAI President for the 2025-2026 period is CMA TCA Srinivasa Prasad. He carries more than 40 years of experience in the fields of Finance, Cost, Management, Information Technology, Human Resources and Corporate Social Responsibility among others.

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