The Institute of Cost and Accountants of India (ICAI), formerly known as ICWAI (The Institute of Cost and Accountants of India) is the only recognized statutory professional organization and licensing body in India specializing exclusively in Cost and Management Accountancy. ICWAI provides training programmes in areas of cost and account management and contributes to the economic and industrial development of the nation. Cost and Work Accountancy can be studied after +2 or after graduation with the institute. Courses offered at ICWAI are divided into three stages: Foundation, Intermediate and Final.
For the Foundation course, a pass at the 10 + 2 or Senior secondary or intermediate examination of a Board/University recognized by the Central Government or State Government or equivalent examination as recognized by the All India Council of Technical Education or National Council of Higher Education. For Intermediate, the minimum academic qualification required is a pass at the 10 + 2 +3 level or at the foundation level examinations. For the Final course, there is no restriction on other academic pursuits. This level of the courses can be pursued along with any graduation or Post Graduation Courses.
Career Prospects of Cost Accountant
In the present scenario, CWAs are in great demand in private enterprises, government sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Because of their quality training, they can hold even top management position in private enterprises like Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager and Chief Internal Auditor. Options are also open to CWA to directly register in M.Phil and Ph.D. courses in commerce as in any Indian university. All India Council for Technical Education decided that
Fellow members of ICWAI are treated at par with the persons holding Ph.D. degree for appointment in the posts of Professor and Lecturer in Professional and management Institutes. CWAs also can enter into Cost Accounting Services of the Central Govt. Besides this, CWAs can take up their independent practices. The types of service that practicing CWAs can offer are varied. Certified CWAs can maintain cost accounting records, and do cost auditing for companies,certify import and export documents under the Exim Policy, do excise audit and can act as a trustee, executor, administrator, receiver, valuer, etc.
Cost and Works Accountancy is a profession where returns are quite high be it public, private sector or own consultancy firm. Salaries of CWA employed in public or private sector companies vary depending upon qualification and experience. Average salaries at junior level are 15000 to 20000 per month while a senior most CWA can expect to get 30000 to 35000 per month in domestic markets. Cost and Works Accountants who are engaged in consultancy and private practice are also earning handsome returns depending upon the numbers and kinds of clients they have.
Sources: Institute of Cost accountants of India, shiksha.com, oriyaonline.com