Sector
BFSI
Keyword

Cost Analyst

Chartered Accountant

Senior Cost Accountant

Minimum ? Bachelor?s degree in Accounting/Finance

3+ years of Accounting/Finance experience or 5+ years of experience in Industrial Engineering

The tasks a Cost Accountant is expected to perform include:

Devisingandcontrollingsystemofdeterminingunitcostofproductsorservices

Calculating actual or average cost per unit considering various factors such as cost of raw materials, depreciation of machinery, payment of wages, rent and interest and other overhead expenses, etc.

Analyzing cost records such as raw materials purchase, wages and salaries paid, depreciation of machinery and overhead charges to ascertain distribution of cost of various divisions of management and production

Determining the performance of each unit

Reviewingbalancesheets,operatingincomeandexpenseaccountsandloanaccountstoestimateandevaluateassetsandliabilities

Verifying and inspecting cash reserves

Establishing guidelines for procedures and policies that comply with new regulations and ensure their implementation

Knowledge of determining performance of each unit by computing machine hour rate, labour hour rate, etc. to calculate output

Proficient in devising methods in order to find out sources of wastage of material and non -remunerative labour and suggest measures for eliminating or reducing wastage

Adept with spotting out financial weakness in methods of production and suggesting measures for improvement

Well-versed with assisting management in setting standards for future cost and budgets for controlling expenses, deciding price structure, new investment, automation-making policy, etc. and also in deciding quantum of work to be assigned to employees

Knowledge of ascertaining proper bases of distribution of cost of various divisions of management

Proficient in classifying overhead charges into fixed and variable, controllable and uncontrollable etc. and suggesting measures for their reduction or elimination

Well-versed with devising suitable form for determining quantum of work to be performed by each unit

Specialisation in Management Accounting

Good communication skills

Strong organisational skills

Detail-oriented

Analytical skills

Independent worker

Computer knowledge

It is a desk job

May need to handle a team

Local travelling is not a part of this job role

Part-time work and contractual jobs are available in some cities

Work from home option is not available

Working hours

Companies usually work for 5/6 days a week for 8/9 hours everyday. This may vary from company to company

Shift system maybe available

Is the job suitable for a candidate with special needs?This job is suitable for candidates with One Arm (OA), One Leg (OL), One Arm and One Leg (OAL), Both Leg (BL), Muscular Weakness (MW) and those who have their Hearing Impaired (HH)

This job is not listed as hazardous or dangerous under The Factories Act, 1948 (section 87)Occupational hazards include strain on eyes, cervical spondylosis and lumbar spondylosis, carpal tunnel syndrome, mental stress, etc.

For freshers - INR 27,000 to INR 32,000 per month For candidates with 2-4 years of experience or more - INR 32,000 to INR 40,000 per month(*Thisfieldtoopentherelevantjobtitlewhenclicked)

Overview of Banking, Financial Services and Insurance Industry in IndiaThe BFSI industry is one of the fastest growing sectors in the country. Public Sector Banks (PSB) and Non-Banking Financial Companies (NBFC) have been the leading employers in the Indian banking sector, accounting for more than 73 percent employees. PSBs are much ahead of Private Sector Banks in expanding overseas presence, accounting for over 90% of 171 overseas branches as of FY13.Banking credit is expected to grow at a CAGR of 17 percent during 2012-13 to 2016-17. The banking and NBFCs are expected to generate around 1.5 million new jobs between 2013?14 and 2016?17 on account of business expansion, retirement primarily in PSBs and entry of new banks in the private sector. The sector currently employs over 2.55 million employees and is slated to employ more than 4.2 million employees by 2022. This implies additional creation of 1.6 million jobs in the nine-year period. Keeping in mind the current employment, and the expected growth in the Banking and NBFC, we project that the total employment in the particular segment would increase from about 1.89 million in 2013 to 3.2 million jobs in 2022, which translates to an incremental human resource requirement of about 1.3 million jobs. All these factors mean that there will be a huge demand of Cost Accountants across towns and cities in India.

Banks across India

Chartered Accountant firms across India

Non-Banking Financial Companies across India

Towns and cities across India