The Institute of Cost Accountants of India (ICAI) are a premier, dynamic, vibrant professional institution actively associating itself in the industrial and economic development of the nation.
- The ICAI is the Premier professional body of Cost & Management Accountants in India established on the 28th May 1959 under the Cost and Works Accountants Act, 1959 enacted by the Parliament to regulate the profession of Cost and Management Accountancy in India. By amendment in the year 2011 the name of the institute has been changed to the Institute of Cost Accountants of India (ICAI). A member of the Institute is known as Cost and Management Accountant, in short (CMA).
- The Institute is governed by the Council in accordance with the provisions of the Act.
- The Institute has more than 5,00,000 students and more than 60,000 Members.
- The Institute is a Member of the International Federation of Accountants (IFAC), The Confederation of Asian and Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA)
- The Institute is also recognized by the Government of India as a Premier Scientific and Industrial Research Organization (SIRO)
- The Institute has signed agreement to allow mutual advanced entry for students, with the Chartered Institute of Management Accountants (CIMA), UK.
- The Institute has signed agreement to allow mutual advanced entry for students, with the Association of Chartered Certified Accountants (ACCA) UK
- The Institute has signed a mutual recognition agreement with the Institute of Management Accountants (IMA), USA, so that ICAI members will get automatic membership with IMA.
- The Institute has signed MOU with Institute of Public Accountants (IPA) Australia to recognise the Professional qualifications mutually.
- The Institute has signed MOU with Indira Gandhi National Open University (IGNOU) for recognising Institutes qualification for admission to various courses with paper exemptions.