Institue of Cost and Works Accountants of India

Professional Accountancy Certificationicmai.in

The Institute of Cost Accountants of India (ICMAI) is a statutory professional body under India's Ministry of Corporate Affairs that delivers the three-tier CMA certification (Foundation, Intermediate, Final) to roughly 100,000 members and is now extending into MSME para-professional training via the government-backed Corporate Mitra scheme.

Company typePrivate
Founded1959
HeadquartersKolkata, India
Headcount101–250
GTM typeB2C
OfferingServices

What Institue of Cost and Works Accountants of India does

The Institute of Cost Accountants of India (ICMAI) is a statutory professional body established in 1959 under the Cost and Works Accountants Act and operating under the Ministry of Corporate Affairs, Government of India. Its core function is to confer the Certified Management Accountant (CMA) credential through a three-tier examination pathway — Foundation, Intermediate and Final — and to maintain a community of approximately 100,000 members, self-described as the largest CMA body in the world. Examinations are administered and results published through official portals icmai.in and eicmai.in, and candidates must achieve a minimum 40% per paper and 50% aggregate to qualify.

Institue of Cost and Works Accountants of India firmographics

Firmographics

Name: Institue of Cost and Works Accountants of India
Legal name: The Institute of Cost Accountants of India
Website: https://icmai.in
Company type: Private
Founded year: 1959
Operating status: Operating
Headcount range: 101–250 employees
Short description: The Institute of Cost Accountants of India (ICMAI) is a statutory professional body under India's Ministry of Corporate Affairs that delivers the three-tier CMA certification (Foundation, Intermediate, Final) to roughly 100,000 members and is now extending into MSME para-professional training via the government-backed Corporate Mitra scheme.
Ownership category
akta.pro rank

Institue of Cost and Works Accountants of India industry classification

Industry

Product category: Professional Accountancy Certification
NAICS: Colleges, Universities, and Professional Schools (6113), Colleges, Universities, and Professional Schools (61131), Technical and Trade Schools (6115)
SIC: Services-Educational Services (8200), Services-Membership Organizations (8600)
akta.pro industry: PRIMARYEDANAIAD
Accounting & Finance Certification Prep (CPA, CMA, CFA, FRM)
Education/Tutoring & Test Preparation/Professional Certification & Licensure Exam Prep
SECONDARYEDABAKAN
Audit, Inspection & Quality Compliance (Internal Auditing, CAPA)
Education/Corporate Training & Professional Development/Operations, Quality & Lean/Six Sigma Training

Keywords

Professional accountancy certification
Cost management accounting
Professional body services
Insolvency professional services
Continuing professional education

Where Institue of Cost and Works Accountants of India is headquartered

Location

Headquarters

HQ city: Kolkata
HQ country: India
HQ region: Asia

Offices2 records

Markets served

Institue of Cost and Works Accountants of India business model

Business model

GTM type: B2C
Offering type: Services
Cost components: Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

Professional Examination Fees: Revenue generated from conducting CMA Foundation, Intermediate, and Final examinations. Candidates pay fees to register for exams and obtain scorecards.
Course Registration Fees: Fees collected from candidates registering for various levels of the CMA program (Foundation, Intermediate, Final).
Corporate Mitra Training Program: Course fee of Rs 3,000 plus GST for para-professional training program. Concessions available for women and candidates from specified regions (50% concession).

Pricing tiers

Model	Billing	Price
One time/ perpetual license	Pay-as-you-go	Corporate Mitra Para-Professional Training

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Institue of Cost and Works Accountants of India product offering

Product offering

Core offering

ICMAI conducts three-tier professional certification examinations in Cost and Management Accounting (CMA Foundation, Intermediate, and Final), trains and certifies insolvency professionals through its wholly-owned subsidiary IPA-ICMAI, and delivers the Corporate Mitra training program in partnership with IIT Madras, ICAI, and ICSI to create para-professionals supporting MSMEs with regulatory compliance.

Product overview

ICMAI offers a three-tier professional certification program in Cost and Management Accounting: CMA Foundation (entry-level), CMA Intermediate, and CMA Final. The institute operates official examination and scorecard portals (icmai.in and eicmai.in) for candidates to access results and subject-wise marks. Additionally, ICMAI has partnered with ICAI, ICSI, and IIT Madras to deliver the Corporate Mitra training program, a government initiative to train para-professionals for MSME compliance support.

Differentiator

Problem solved

Functional benefit

Products and services

CMA Foundation Entry-level certification examination for aspiring Cost and Management Accountants, targeting students and professionals beginning the CMA qualification journey. Part of the three-tier CMA program (Foundation, Intermediate, Final).
CMA Intermediate Second-tier certification in the three-tier CMA program, building on Foundation knowledge with advanced cost and management accounting concepts for candidates progressing toward full CMA qualification.
CMA Final Final-level certification examination in the CMA program, the culminating stage before becoming a qualified Cost and Management Accountant eligible for cost audits and regulated roles.
Corporate Mitra Training Program A 12-month training program developed in partnership with IIT Madras, ICAI, and ICSI to create certified para-professionals supporting MSMEs with business and regulatory compliance. Includes 120-180 hours of online learning through the SWAYAM Plus portal followed by on-the-job training.
Insolvency Professional Services (IPA-ICMAI) Insolvency professional training and certification services delivered through the Insolvency Professional Agency of ICMAI (IPA-ICMAI), a wholly-owned subsidiary, supporting professionals involved in corporate insolvency resolution and bankruptcy proceedings under the IBC framework.

Quantifiable outcome

Three-tier professional journey: Foundation → Intermediate → Final with structured progression
+1 more outcomes

Companies that use Institue of Cost and Works Accountants of India

Customer profile

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Institue of Cost and Works Accountants of India technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Feature1 record

Institue of Cost and Works Accountants of India partnerships and signals

Strategic signal

Partnerships

Seven partnerships are on record, tiered core and minor.

IIT MadrascoreStrategic or Co-development Partner · 25 June 2026MoU signed with IIT Madras to operationalize the Corporate Mitra scheme announced in Union Budget 2026-27. The partnership aims to create a pool of certified para-professionals to support MSMEs with business and regulatory compliance through 150 hours of online learning followed by six months of on-the-job training.
ICAI (Institute of Chartered Accountants of India)coreStrategic or Co-development Partner · 25 June 2026Partnership with ICAI under the Corporate Mitra scheme to train para-professionals for MSME compliance support. ICAI, ICSI, and ICMAI are the three professional accounting bodies collaborating with IIT Madras.
ICSI (Institute of Company Secretaries of India)coreStrategic or Co-development Partner · 25 June 2026Partnership with ICSI under the Corporate Mitra scheme. ICSI (with ~75,000 members) and ICMAI (with ~1 lakh members) are jointly lobbying for recognition under the Income Tax Bill 2025.
Ministry of Corporate Affairs (MCA)coreStrategic or Co-development Partner · 25 June 2026MCA is facilitating the Corporate Mitra scheme implementation through a steering committee and nationwide rollout. The Ministry presented a plan to the PMO to build a domestic audit ecosystem, proposing amendments to the Cost and Works Accountants Act.
SWAYAM PluscoreTechnology or Integration · 25 June 2026SWAYAM Plus provides the online learning platform for the Corporate Mitra training program, offering approximately 150 hours of expert-led sessions for para-professional training.
Association of Corporate Advisers & Executives (ACAE)minorStrategic or Co-development Partner · 18 April 2026ACAE collaborated with IPA-ICMAI to organize the 'IBC at Ten: Innovation, Reform and Emerging Challenges' conclave in Kolkata, bringing together approximately 200 delegates including judiciary members, regulators, and insolvency professionals.
IP NetminorStrategic or Co-development Partner · 18 April 2026IP Net co-organized the IBC Conclave 2026 with IPA-ICMAI and ACAE, focusing on the decade-long journey and future reforms of India's insolvency framework.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Institue of Cost and Works Accountants of India competitors and assessment

Company assessment

Broad incumbents

Association of Chartered Certified Accountants (ACCA): Global accountancy body offering a multi-tier qualification with strong presence in India and competing for the same candidate pool as ICMAI, though broader in scope across accounting, audit, and finance.
American Institute of Certified Public Accountants (AICPA): US CPA credentialing body now merged with CIMA. Comparable to ICMAI as a top-tier professional accountancy certification body, though serving a different geography and broader audit/tax scope.
CFA Institute: Global body issuing the Chartered Financial Analyst designation. Comparable to ICMAI as a high-prestige, exam-based finance professional certification with tiered examinations and global employer recognition.

Direct peers

Institute of Management Accountants (IMA): US-based professional body issuing the CMA (Certified Management Accountant) credential. The most internationally recognized direct counterpart to ICMAI's CMA, with similar target audience of management accountants.
Chartered Institute of Management Accountants (CIMA): Global management accounting body offering the CGMA designation. Directly comparable in professional positioning to ICMAI's CMA, though more internationally oriented and without ICMAI's statutory monopoly in India.
Institute of Company Secretaries of India (ICSI): Statutory body for company secretaries in India, jointly lobbying with ICMAI under the Income Tax Bill 2025 and co-delivering the Corporate Mitra scheme. Operates an analogous tiered certification and member-services model.
Institute of Chartered Accountants of India (ICAI): India's premier chartered accountancy body and the most direct peer to ICMAI. Both are statutory professional accountancy bodies under the Ministry of Corporate Affairs offering tiered certification programs and serving overlapping candidate pools in India.

Regional players

Insolvency and Bankruptcy Board of India (IBBI): Primary regulator of insolvency professionals in India. IPA-ICMAI operates under IBBI's regulatory framework, making IBBI the key institutional counterpart relevant to ICMAI's insolvency professional agency subsidiary.

Others

SWAYAM / SWAYAM Plus: Government of India online learning platform that hosts ICMAI's Corporate Mitra training content. Comparable as a delivery/technology partner rather than competitor; relevant infrastructure for ICMAI's digital training expansion.
National Financial Reporting Authority (NFRA): India's audit and accounting standards regulator that recognizes ICMAI-qualified professionals. Functions as an institutional stakeholder rather than a direct competitor, but materially shapes ICMAI's credential value.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Institue of Cost and Works Accountants of India financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Institue of Cost and Works Accountants of India leadership team

Management profile

Number of profiles

Institue of Cost and Works Accountants of India subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

Institue of Cost and Works Accountants of India funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Institue of Cost and Works Accountants of India M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Institue of Cost and Works Accountants of India

What does Institue of Cost and Works Accountants of India do?

Is Institue of Cost and Works Accountants of India a public or private company?

Institue of Cost and Works Accountants of India is a private company. It is classified as state government owned and is currently operating.

When was Institue of Cost and Works Accountants of India founded?

Institue of Cost and Works Accountants of India was founded in 1959. It employs 101 to 250 people.

Where is Institue of Cost and Works Accountants of India based?

Institue of Cost and Works Accountants of India is headquartered in Kolkata, India, in the Asia region.

How does Institue of Cost and Works Accountants of India make money?

Three revenue lines are on record. Professional Examination Fees are the primary driver. The others are course Registration Fees and corporate Mitra Training Program.

Who are Institue of Cost and Works Accountants of India's main competitors?

Broad incumbents on record are Association of Chartered Certified Accountants (ACCA), American Institute of Certified Public Accountants (AICPA) and CFA Institute. Direct peers are Institute of Management Accountants (IMA), Chartered Institute of Management Accountants (CIMA), Institute of Company Secretaries of India (ICSI) and Institute of Chartered Accountants of India (ICAI). Insolvency and Bankruptcy Board of India (IBBI) is listed as a regional player. Others are SWAYAM / SWAYAM Plus and National Financial Reporting Authority (NFRA).

Does Institue of Cost and Works Accountants of India have an API?

No public API is recorded for Institue of Cost and Works Accountants of India.

What industry is Institue of Cost and Works Accountants of India in?

Institue of Cost and Works Accountants of India's product category is Professional Accountancy Certification. Its primary akta.pro industry code is EDANAIAD, Accounting & Finance Certification Prep (CPA, CMA, CFA, FRM), with a secondary code of EDABAKAN, Audit, Inspection & Quality Compliance (Internal Auditing, CAPA). Its NAICS code is 6113 and its SIC code is 8200.