As well as education, it is also engaged in regulating and promoting the profession of cost and management accountant in Bangladesh.

The government of Bangladesh renamed it as The Institute of Cost and Management Accountants of Bangladesh through promulgation of The Cost and Management Accountants Ordinance 1977 (Ordinance No LIII of 1977).

[4] ICMAB members are known as CMAs with their designatory title ACMA and FCMA.

They play leading roles in the accountancy and finance profession in Bangladesh.

The bodies that have granted exemption to ICMAB members or qualified students are: