The Institute of Cost and Works Accountants of India (ICWAI) is the professional authority which was established in order to regulate and control the Cost Accounts practicing all over India. The core objectives of the ICWAI are:-

• Promote and widen the implementation of scientific techniques in the practice of cost and management accountancy for proper management control.
• ICWAI prepares the members for its professional body and prepare them fully to fulfill their functions as professional and responsible Cost & Management Accountants.
• ICWAI also aids its members to know the latest developments in the area of cost and management accounting.
• ICWAI course is a fusion of both postal tuition and compulsory coaching classes for a specific period. All students will have to go through these processes. The institution also provides the Study material to the students during the time of admission.

After registering for the exam, students can appear in the examinations that are held by the institution. The exams are held two times a year by ICWAI. This will be during the month of June and December. The exams are carried out at different test centers of the country. The institution also has 3 Overseas Centers. These are at Dubai, Oman and at Botswana.

The candidate who desires to appear in the June Term Examination will have to submit an application before 17th December of preceding year. The students who are appearing for the December Term Examination will have to submit an application and register themselves with the institution before 25th June.

Various Stages of ICWAI

Foundation Course of ICWAI

This course is for duration of 6 months. The foundation course is the initial level and the students who have passed 10+2 will have to compulsorily pass this as to get in to the next level.

Intermediate Course of ICWAI

The intermediate course in ICWAI is the second level and the duration for this course is one year (12 months). The students who have finished their graduation can register themselves directly to the Intermediate level and skip the Foundation Course of ICWAI.

Final Course of ICWAI

The Final Course in ICWAI is the last step and will be for duration of one year as well. This is the last level in the program and after successfully completing the course; the students will become eligible for the practical training. After the practical training, the candidate will become a certified Cost and Management Accountant.

Advantages or Benefits of ICWAI

• ICWAI program has been accepted by Association of Indian Universities. This will enable the candidates to take up Ph. D courses in commerce and associated subjects.
• ICWAI is the basis in crafting a career as a Cost and Management Accountant. This will help the candidate to have an extremely lucrative and high-status career.
• There is ample Job prospect for a Cost and Management Accountant in private as well as public sector.
• Cost and Management Accountant’s is considered to be one of the most productivity add-on’s in to any company’s human resource.

Eligibility Criteria for ICWAI

• Eligibility to Pursue Foundation Course of ICWAI:

Candidates who have a 10+2 pass certificate from a recognized board of India are eligible to apply for the foundation course. The candidates must also be above 17 years of age.

• Eligibility to Pursue Intermediate Course of ICWAI:

Aspirant who have finished the foundation course are eligible for the intermediate course. The students who have done graduation many not have to pass the foundation course. They can directly enroll in to the intermediate course. The candidate must also be above 18 years of age.

• Eligibility to Pursue Final Course of ICWAI:

Candidates who have successfully completed all the 8 papers in the intermediate course of ICWAI are eligible to apply for the Final Course.

Admission Procedure for ICWAI

As for availing admission in to the ICWAI Foundation Course the candidates have to be having 10+2 of a recognized Board. Students waiting for the result are also eligible to apply.

The candidates will have to initially buy the prospectus and pay the fee for the foundation course as to appear the exam. The Cost of Prospectus is Around Rs. 200/-

The students can opt for Postal Tuition as well as Oral Coaching. The Fee, together with the study material will come to around Rs. 3500/-. This has to be remitted by the candidate at the time of joining.

The candidate will also have to enclosed necessary Documents with application form which includes:-

• Bank Draft (as mentioned above)
• Attested Copy of Matriculation Certificate
• Attested copy of 10+2 Certificate or Marks Statement
• Three photographs attested and pasted on the form
• For the intermediate course the Postal Tuition Fee, together with the study material will add up to Rs. 7000/. If the student need to have an Verbal Coaching then the fee will come up to Rs.11,000/- including study material.
• All students who wish to join the course will have to put forward their Postal Application form. The forms must be properly filled and must come with relevant documents and submitted to the respective Regional Councils only.

Colleges and Institutes Conducting Course of ICWAI:

The Institute of Cost and Work Accountants of India (ICWAI) is the only authorized institute in India which offer training in Cost and Work Accounting profession. The head quarter of the institution is located in Kolkata and it has 92 branches located in all major cities in the country.

The institution also runs 6 overseas centers in order to promote the profession of Cost Accounting.

ICWAI course curriculum

The Foundation Course of ICWAI syllabus only includes theoretical examinations. This course has 6 subjects and is prearranged into 4 papers of 100 marks each.

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

The Intermediate Course of ICWAI includes theoretical as well as compulsory practical trainings. The theory exam includes 8 subjects. This is imparted to the students in 2 stages of 4 papers of 100 marks each.

Stage I:

• Business Laws and Communication Skill
• Business Taxation
• Cost and Management Accountancy
• Information Systems and Technology

Stage II:

• Advanced Financial Accounting
• Auditing
• Management Accounting - Performance Management
• Quantitative Methods
• Practical Training:
• Computer Course
• Group Discussion
• Business Communication Seminar

The ICWAI Final Course will have theory papers and compulsory practical trainings. The theory exam has 8 subjects which are divided into two stages of 4 papers of 100 marks each.

Students will also have to get through these and complete the practical trainings, which will be for 3 years as to become qualified for Membership of the Institution.

Stage I:

• Operations and Project Management and Control
• Advanced Financial Management and International Finance
• Strategic Management and Marketing
• Strategic Tax Management

Stage II:

• Management Accounting - Decision Making
• Management Accounting - Financial Strategy and Reporting
• Cost Audit and Management Audit
• Valuation Management and Case Study
• Cost and Management Accountant Training:

Exemption in papers on the basis of additional qualification

In the ICWAI course curriculum students who have additional qualification are given exemption from appearing in few of the subjects papers.

ICSI students can get benefit of exemption in the papers mentioned below:-

Foundation Course (4 Papers)- Complete exemption

Intermediate Course

• Paper 5 - Financial Accounting
• Paper 7 - Applied Direct Taxation

Final Course

• Financial Management & International Finance (Paper 12)
• Indirect & Direct Tax Management ( Paper 14)
• No exemption exists on the basis of any additional qualification in the ICWAI syllabus.

ICWAI Practical training

The candidates who have successfully completed the Final examination will have to undergo the compulsory practical training. This is a mandatory process which will enable the students to have a firsthand experience on the operation of a corporate sector. Training at this stage also facilitates to construct a cadre of professional Cost and Management Accountants who have sound theoretical foundation and practical disclosure.

Guidelines for Passing ICWA Examinations

Despite the fact that, there is no alternative for hard work, few guidelines are provided to supplement the efforts of the students as to pass the ICWA examinations.

Preparation

• Study from materials provided by the Institute for all subjects. Study Notes is a necessity.
• Make brief notes of relevant matters.
• Make a constructive plan and allocate time properly. Know precisely the entire syllabus which needs to be covered.
• Monitor the progress on a weekly basis and strengthen your efforts to cover the backlog, if any.
• Ensure at least two revisions before the actual examination.
• Refer to question papers of previous examinations.
• In the theory subjects, focus must be to understand the concepts and the application thoroughly.
• In numerical subjects focus on learning the technique, formulae and format.
• The effective utilization of a calculator is a must. There for practice by using a calculator to maximum. Speed is a vital prerequisite.
• Write couple of mock examinations. A joint study with friends is also an effective method and will instill a competitive spirit.
• Prepare for the worst as to play down possibility of failing in the examination.

Examination

• While in the examination hall take a swift glimpse at the question paper. Do not spend more than 5 minutes to select the questions you want to answer.
• Answer to the simplest question foremost and then tackle the hard ones.
• Read the question watchfully in order to avoid errors while answering.
• Assign time for each one question on the basis of marks allotted to the question.
• Numerical subjects can be tackled in shorter periods. There for, answer the theory questions if possible at the end.
• Make an impact on the valuator with the opening answer. It should represent you caliber. The key areas are content, orderliness and presentation.

Numerical Questions

• Working notes are essential for answers to be legitimate. Therefore, leave left hand page for rough workings, hypothesis and notes. It should be fairly elaborate.
• Provide necessary assumptions and notes everywhere feasible.

Theory Questions

• Answer to the point and be concise.
• Present relevant points as a list.
• Long essay type answers should be in paragraphs with appropriate headings.
• Present case in point and illustration repeatedly.

Job and Career options for ICWAI

After successful completing the ICWAI final course, the students will be eligible for being a member of ICWAI. After this one can be employed as:

• Chief Accountant
• Chief Internal Auditor
• Cost Accountant
• Cost Consultant
• Cost Controller
• Finance Director
• Financial Consultant
• Financial Controller
• Managing Director
• Marketing Manager
• Teacher

Some Employment Areas:

• Banks
• Company Law Boards
• Consultancy Firms
• Departments of Company Affairs
• Developmental Agencies
• Education Sector
• Financial Institutions
• Government Departments
• Other Regulatory Bodies
• Private Companies
• Public Utility Sector
• Service Industry
• Stock Exchanges
• Training & Research Organizations

Remuneration after ICWAI

ICWAI offer a lucrative profession. Whether it is a Government Service, private firms or ones own firm the pay packages are really good for these professionals.

Most of the MNC’s offer attractive perks to the candidates. Some of them include medical benefits, HRA and many more.

A fresher with ICWAI qualification can bag in a salary in between Rs. 5,000 - Rs. 8,500. With the increase in experience and skills this will easily go up to Rs. 8,500 - Rs. 15,000 in a very short span of time.

An experienced ICWAI holder may even go up to more than Rs. 50,000 in India and 5, 00000 in abroad per month. The salary will vary according to the type of company or the cities working in. Salary and perks also depends up on the association, dedication, hard work which one shows towards the job.