Which course is more beneficial – ICWA or CA?
Aspirants who are looking for a lucrative career in accounting, auditing or taxation can pursue either ICWA or CA course. Career opportunities available after pursuing any of these courses include Auditors, Managers, Accountants and Credit Officers. Several reputed companies like ICICI Prudential, IFFCO etc offer lucrative job opportunities to ICWA and CA holders such as Financial Analyst, Cost analyst and Accounts Officer. The career opportunities available after doing these courses is immense and both the courses have their own merits.
Benefits of doing ICWA
ICWA course is very beneficial as it enables the candidates to pursue their career as Cost and Management Accountant. Besides being a cost accountant, ICWA holders can enter into managerial positions available in various organizations under private as well as public sector. It is possible for them to join as Credit Officer, Chief Accountant or Managers in various banks like Union Bank of India, Dena Bank etc and earn a salary between Rs. 1, 00, 000/- to Rs 6, 00, 000/- per annum.
Another job opportunity available for them is to work as an Internal Auditor of Securities Exchange Board of India (SEBI). National Steel and Agro Industries Limited also recruit ICWA holders to the post of Internal Auditors. Remuneration offered for an Internal Auditor is between Rs. 4, 00, 000/- to Rs. 6, 00, 000/- per annum. Other job types available for ICWA holders in Consultancy Firms, Financial Institutions, Developmental Agencies, Government Departments and Other regulatory bodies are
- Cost Consultant
- Finance Director
- Financial Controller
- Cost Controller
- Financial Consultant
After completing ICWA course, one can pursue Ph.D in Commerce or any subject related to it.
Benefits of doing CA
CA course enable candidates to pursue their career as Chartered Accountant in various multinational companies like HDFC, Max New York Life, Birla Sun-Life etc. Chartered Accountant can earn a salary of Rs.2, 00, 000/- to Rs. 12, 00, 000/- per annum. Experience matters a lot to excel in the field of Chartered Accountancy and earn higher salary. Right after completing CA course, one can work as Industrial or Management Trainees in ICICI Prudential and earn a salary up to Rs. 6, 00, 000/- per annum. Indian Farmers Fertilizer Cooperative Limited (IFFCO) recruits CA holders to the post of Financial Management Trainee with a salary package between Rs. 1, 00,000/- to Rs. 3, 00, 00/- per annum. Other career avenues available for CA holders in private as well as government organizations are
- Taxation Manager
- Finance Controller
- Accounts Manager
- Finance Director
- Finance Advisor
CA holders can pursue either Diploma in Insurance or Diploma in Information System Auditing to widen their career prospects.
Which is more beneficial?
ICWA course is much better than CA course even though career opportunities are similar for both of them. This is because the ICWA course is approved by Association of Indian Universities and hence it is possible to pursue Ph.D course in Commerce or associate subjects right after completing it. But CA course enable the candidates to become the member of Institute of Chartered Accountants of India (ICAI). Therefore it is better to pursue this course as an add-on course to widen the career prospects. Those who look for a career in abroad after CA can have some difficulties as certain Universities in USA does not accept ICAI score for admission to their programs.
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