ICWA - Cost and Works accountancy
A key accounting function that directly impacts expenditure and profitability of a company, cost and works accountancy is gaining more importance.
The complexities of the business are increasing and profit margin is becoming thinner in the open economy In this fact unfolding scenario, the role of management Accountant assumes considerable significance. The cost and works Accountant assigns value in terms of money to the products , services or works completed by the firm and analyses the profit potential of the various products of the company. Cost accounting is also useful in fixing the wages; incentives etc. in proportion to the company’s productivity
The Institute of Cost and Works Accountants of India (ICWAI), is a statutory regulatory body that imparts cost and works accountancy education and conducts examinations. There are three stages prior to qualifying for the ICWAI membership:
Foundation, Intermediate and Final examinations
Student should take at least two years for passing ICWAI examinations in first attempt or minimum one year after graduation.
When to apply for ICWA
Exams are held two times in a year i.e. on 11th to 18th June and on 10th to 17th December.
For June Term Examination apply before 05th December of previous year and for December Term Examination apply before 05th June.
Eligibility: Those who are above 17 years of age and have passed or appeared for 110+2 or equivalent examination are eligible to enroll for the foundation course.
Fee for ICWA Foundation:
Tuition Fee: 3,500/- + Oral Coaching fee: 3,500/- + Application : 200/-
After clearing the Foundation courses, a student registers for the intermediate course. The foundation course is waived in the case of gazetted officers, post-graduates qualified engineers holding a degree and graduates qualified engineers holding a degree and graduates from other stream with 50% marks. They are generally allowed to register with the institute fir the intermediate examination.
A registered student has to pass the intermediate and final examinations of the institute within seven years from the date of registration, failing which the registration shall be cancelled
Fee for ICWA Intermediate:
Postal Tution Fee: 7,000/- + Oral coaching fee: 11,000/- + Application : 200/-
No one shall be admitted to the final examination unless they have qualified the intermediate examination and got their registration numbers from the ICWAI. In the final examination stage , Coaching completion Certificate (CCC) should be obtained.
The students is required to submit dissertation under the guidance of a Person having FICWA or FCA or FCS, University professor or associate professor.
Graduate/ Associate/Fellow Membership
Those who pass the final examination get the Graduate membership. Those who gain one year experience are eligible get Associate membership. An Associate Member can use the title AICWA after his name. An associate Member after three years relevant experience can apply to the Council for Fellowship. (FICWAI), Member, he can use the title FICWA after his name.
Regional Councils of ICWAI
Eastern India Regional Council, 84, Harish Mukherjee Road,
Kolkatta - 700 025 , Ph : 033 -24553418 /24555957
Southern India Regional Council,
Chennai - 600 008 ,
Western India Regional Council ,
Janmabhoomi Marg,Fort ,
Northern India Regional Council, 3, Institutional Area, Lodi Road,
New Delhi - 110 003 , Ph : 011 - 24626678 / 24615788
Job Prospects: In the modern context a Cost Accountant may opt for Cost Accounting, Accounting, Financial Management, Auditing /Internal Auditing, direct & Indirect Taxation, Systems Analysis& Systems management , Functional Consultancy in Erp Implementation, Process Analysis in BPO houses, Teaching in College/ Management Institute etc
ICWA - Cost and Works accountancy