CMA graduates can work as management trainees in PSU’s during article ship training. Government examinations like GATE and UPSC help for filling vacancies in these CMA PSU Jobs. The departments in which the CMA vacancies exist are central government ministry, central government autonomous bodies, and Central Universities, Central PSU, State PSU, and State public service commission. The ICAI website, newspaper and Government websites provide details about the vacancies in the Government departments. Let us shed light on the opportunities with the CMA placement portal and growth that the Government sector has for Cost and management accountants. This blog aims to respond to the inquiry that “how will I get Job in PSUs as a CMA?”
Opportunities in PSUs
CMA Course is a blend of global business and domestic business. To cope up with the competition from the global market, CMA professionals use their skills. Cost accountants in India help for building the business, building the economy and administrating the government sector. The ministries where there is demand for ICWA jobs 2021 are the Ministry of commerce, ministry of finance, ministry of corporate affairs, ministry of textile, ministry of chemicals and fertilizers, ministry of consumer affairs, and food and public distribution. The structure of the accounting courses, CIMA, UK, CMA, USA and CMA, India share a different format. And accordingly, the exemption subject database works for the completed student. The former President of India, Dr APJ Abdul Kalam said that in the globalized business world, it is essential to enlarge the opportunities in Cost audit to the manufacturing, service, education and health care sector.
The different names of the posts in Government for Cost accountants are managing director, finance director, Cost controller, associate professor, Chief auditor, cost controller, chief accountant and cost accountant. The news from ICWA Government Jobs 2021 in India shows that there is a vacancy in the following government offices: call from MGVCL for Deputy Superintendent, HPPSC invites application for Assistant officer, BECIL have openings for deputy manager, ICAR is looking for finance and accounts professionals, Indian institute of foreign trade have a vacancy for the post of finance executive recruitment, there is opening post for Junior officer in IIT Nagpur, Braithwaite & Company offer job openings for executive and manager, BPSC has vacancies for 138 ADO, IICA has openings for cost accountants, CIPET has published circular for the vacancy as manager and chief manager, five assistant manager post is available with NAFED, RCDF have a vacancy for assistant manager posts, AYCL has opened for supervisor, and NMDC has 21 vacant posts for the manager and deputy manager. In the driving force of specialized knowledge, cost accountants can hold top positions in the Government sector. Cost accountancy blends scientific research and technology in planning the commercial and the industrial branches of India.
Growth in PSUs
The role and responsibilities of cost accountants in government offices are valuable. As private companies, the competitive element is at par in government-owned Companies. Indian Cost accounts service is the centre organized by the central government for the cost and management accountants. Government departments have multiple functions and diverse activities like the private sector. Cost accountants get a lucrative salary from the PSU. In the PSU, the first preference is to CWA completed students. 4 lakh to 6 lakh is the salary range of a CMA student at the entry-level. After gaining experience from different functions, the employee gets 10 lakh and more. There is a screening process in PSUs for CMA.
PSU’s differ in organizational culture and IT strategy. PSUs operate with a monopoly strategy that pays way to the free market and leading-edge. The competition commission of India controls the competition with MRTP Act. In the year 2009, the sections of Competition ACT were made as practical. The trade policies work in the opposite direction of the Competition law. Goodwin and Martinez Licetti (2016) of the World Bank showcase the competition in different countries and the best practices to handle the competition. India holds the rank of 100th position for the index of “Ease of Doing Business”. On the “Enforcing Contracts” index from the World Bank,“India ranked in the 164th position out of 190 positions”. The government agencies and ministries revise the formats of PSUs. The three government agencies that participate in the administration of PSUs are CCI, CVC and CAG. Public sector undertakings need to involve employment generation, industrial development, capital formation, import-substitution, and economic growth.
With technological advancement and efficient allocation of human resources, the competitiveness in the PSUs can be increased. Competitiveness is the reason for the growth of big economies like the US and China. Examples of small economies with potential growth and marked as competitive are South Korea and Singapore. Private players have reached the global market in India, but the Public sector units have a long way to go to reach the global market. The prosperity of a country is measured with the help of per capita income and national income. Human capital is the reason for economic development as it contributes to the professional skills, competencies from the global market and knowledge sharing. Cost Accountants enhance the human capital that ultimately ends up in economic growth. Public sector undertaking employs chartered accountants to manage the competition and enhance economic growth.