The Institute of Cost Accountants of India was first established in 1944 as a registered company under the Companies Act with the objectives of promoting, regulating and developing the profession of Cost Accountancy. On 28th May, 1959, the Institute was established by a special act of Parliament, namely, the Cost and Works Accountants Act, 1959 as a statutory professional body for the regulation of the profession of Cost and Management Accountancy. The Institute has since been continuously contributing to the growth of the industrial and economic climate of the country. The Institute is the only recognised statutory professional body in India specialising exclusively in Cost and Management Accountancy.

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The Institute of Cost Accountants of India is a Founder member of International Federation of Accountants (IFAC), Confederation of Asian & Pacific Accountants (CAPA) & South Asian Federation of Accountants (SAFA). The Institute is also a member of International Valuation Standards Council (IVSC), UK and International Integrated Reporting Council (IIRC), UK.

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With the current emphasis on management of resources, the specialized knowledge of evaluating operating efficiency and strategic management, the professional members of the Institute are known as ''Cost and Management Accountants (CMAs)''. ICMAI is the largest Cost & Management Accounting body in the world, having more than 5,00,000 students and 90,000 members all over the globe. The Institute is headquartered at Kolkata with an office in New Delhi. The Institute operates through 4 regional councils at Kolkata, Delhi, Mumbai and Chennai and 116 Chapters situated at important cities in the country as well as 11 Overseas Centres, 61 CMA Support Centres & 382 ROCCs. It is under the administrative control of the Ministry of Corporate Affairs, Government of India.