Membership, Qualifying Examination & Roles of Cost Managers

Membership, Qualifying Examination And Roles Of Cost Managers

CICMN... Building a cost effective and
efficient economy

Developing an integrated multi-discipline and cross-functional cost management practice for the maximization of bottom-line and performance.

Membership

The membership of the institute is drawn from those within the managerial cadre and also those in management projection cutting across all disciplines. Those granted direct membership concession and given pre-induction training are those who holds minimum of 1st degree-BSc or HND in any discipline. As the institute commences its professional examination, those with lower qualification would have to go through the Diploma in Cost Management in order to qualify to write the professional examination. The membership strength of the institute stands at over 5,500 from both public and private sectors of the economy.

Qualifying Examination

The qualifying examination of the institute is in three (3) levels as follows:
01

Preliminary Level

This Level shall offer courses in:
  • Basic Cost Management Practice
  • Accountancy
  • Business Law
  • Information Communication and Technology
  • Management as a contemporary study
02

Professional Level 1

This Level shall offer courses in:
  • Principles and Practice of Negotiation
  • Cost Managerial Psychology
  • Cost Management Professional Practice
  • Production and Process Management
  • Target Cost Management
03

Professional Level 2

This Level shall offer courses in:
  • Public Sector Cost Management
  • Capacity and Asset Management
  • Activity Based Cost Management
  • Applied Cost Management Professional Practice
  • Multi-disciplinary case study

The functions of Cost Managers

Beyond the specifically focused roles as exemplified in the management of cost in Construction and Project management, the cost manager’s roles here relate to the overall cost management focus aimed at achieving organizational effectiveness. The roles include:
  • Building and maintaining cost database for effective benchmarking
  • Monitoring systems and processes for cost effectiveness
  • Diagnosing Cost management Needs for organizations
  • Formulation and Implementation Cost Management Strategies
  • Cost reduction and savings functions
  • Cost reduction and savings functions
  • Cost Management capacity building

It must be noted and appreciated that a Cost Manager role in an economy is very distinct as shown above from the function of an Accountant be it Financial, Cost or Management Accountants.