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Cost and Works Accountant (CWA)

 Course overview

The Institute of Cost and Works Accountants of India (ICWAI), the only professional body specializing in the field of Cost and Management Accountancy in India aims at imparting coaching and training in the subject of Cost & Management Accountancy. It was established by an Act of Parliament in the year 1959, though the same was in existence as a company since 1944.The Institute has four Regional councils in the Metro cities.

Why a CWA?

The Cost and Management Accountants facilitate strategic management decision in respect of economic activities of an organization by their sheer expertise. Study of Cost & Management Accountancy provides in depth knowledge and perspective to manage business under given circumstances. This is a field which provides satisfaction in terms of position as well as remuneration for successful candidates. Cost accountants are involved in the costing part of financial transactions.

What can a CWA course do for your career?

A program in ICWA will give you understanding of the role and aspects of cost and financial management to ensure a fine balance between expenditures and available resources. The work will involve:

  • Assessing the feasibility of the project vis-à-vis available funds
  • Designing cost control and management system
  • Suggesting effective cost cutting measures.

Qualified cost accountants get managerial and executive posts in public and private companies. Cost accountants can practice as auditors and take up consultancy assignments.

Course Content

The three levels of examinations are foundation course, intermediate course and final course.

The subjects for Foundation Course are:

  • Organisation and Management Fundamentals
  • Accounting
  • Economics and Business Fundamentals
  • Business Mathematics and Statistics Fundamentals

The Intermediate Course consists of two Groups comprising of the following papers:

Group – I

  • Financial Accounting
  • Commercial & Industrial Laws and Auditing
  • Applied Direct Taxation

Group – II

  • Cost and Management Accounting
  • Operation Management & Information System
  • Applied Indirect Taxation

The Final Course consists of two Groups comprising of the following papers:

Group – III

  • Capital Market Analysis & Corporate Laws
  • Financial Management and International Finance
  • Management Accounting – Strategic Management
  • Indirect and Direct Tax Management  

Group – IV

  • Management Accounting – Enterprise Performance Management
  • Advanced Financial Accounting and Reporting
  • Cost Audit and Operational Audit
  • Business Valuation Management

Comprehensive study material is provided for all the subjects by the Institute at the time of admission.

Course Fee

Course fee charged by ICWA is approximately Rs 4300 for foundation course, Rs 16000 for the intermediate course, Rs 11000 for the final course.

Application process

Eligibility for taking the foundation course is that the candidate must  be 17 years of age and passed Senior Secondary Examination under 10+2 scheme of a recognized Board. Eligibility for taking the intermediate course is that the candidate should not be less than 18 years of age and should have obtained degree from any recognized university or equivalent.

Is it suitable for me?

A successful Cost and Works Accountant must have an analytical mind to interpret facts and figures, should have a logical approach to work, should be attentive to minute details and have clear communication skills.

Fintotal Insight

CWAs were less preferred to than CAs until a while ago. But things are slowly changing. Although practical training is not a compulsory requirement for clearing the course one can gain a lot by training under a practicing CWA. A CWA can enhance his profile and employability by topping up with a program on Management Accounting. CWAs can take an exclusive test to apply in Chartered Institute of Management Accountants (CIMA).

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