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Career as a Cost Accountant

Updated: Jun 1, 2020


ICWA stands for Institute of Cost and Works Accountants of India. It is now called Institutes of Cost Accounts (ICAI) of India. The institute is a licensed body for cost accountancy management in India. The primary objective of this professional body is to regulate and develop the profession of cost accountancy in India by providing coaching and training in the field of cost and management accountancy.

Skills Required:

  • You should be able to manage cost accounting procedures & methods.

  • You must have a good knowledge of standard concepts, procedures, and practices in the related field.

  • You should be able to perform several tasks and must have good presentation skills.


Eligibility and Duration

ICWA Foundation: Minimum 8 months duration.

ICWA Intermediate: Minimum 10-month duration.

ICWA Final: Minimum 18 months duration.


Course Eligibility:

ICWA Foundation: To apply for this course, students must have passed 10th or equivalent from any recognized institution or board. Candidates who have passed or appearing in 12th are also eligible to apply. Candidates must have completed the age of 17 years.

ICWA Intermediate: Students must have passed the Senior Secondary School Examination (10+2) and Foundation Course/ Graduation in any discipline other than fine arts.

ICWA Final: You can apply for this course after qualifying the ICWA Intermediate course from the institution.

ICWA Registration Fee:

ICWA Foundation Course – Rs. 4000/-

ICWA Intermediate Course – Rs. 20000/-

ICWA Final Course – Rs. 17000/-


Career Scope

ICWA degree holders are highly demanded in the government sector, private enterprises, development agencies, banking & finance sector, education and training sectors. With the advancement of the economy, demands for cost and management professionals are rising rapidly.


Duties

  • Plan, study and collect data to determine the costs of business activities.

  • Analyze financial information and prepare reports accordingly.

  • To work with computer technology related to accounting.

  • To give advice to managerial staff about revenues and costs.

  • Implement cost accounting strategies to increase a company business.

  • To maintain cost accounting system.

Salary

Approximately ₹ 4 Lakhs

The average salary of an entry-level CMA (CWA/ICWA) professional is approximately ₹ 4 Lakhs per annum, while a mid-level professional earns around ₹ 6 Lakhs per annum. An experienced or senior-level professional can earn a salary of about ₹ 10 Lakhs per annum.

Frequent Questions Asked

What is ICWAI course?

The Institute of Cost Accountants of India (ICAI) formerly known as ICWAI (Institute of Cost & Works Accountants of India) is a premier institution of India which offers education and develops the profession of Cost Accountancy in the country. “ICWA course is a gateway to become a cost management accountant.”


How difficult is ICWAI?

ICWA is not difficult as you think, if you are graduate and above average than you can give its exams without any tuition support. ICWA is similar to CS and CA, that is it consists of 3 level, Intermediate Level and.


How can I join ICWAI?

ICWA Foundation: To apply for this course, students must have passed 10th or equivalent from any recognized institution or board. Candidates who have passed or appearing in 12th are also eligible to apply. Candidates must have completed the age of 17 years.


REFERENCES



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