The Institute of Cost & Works Accountants of India (ICWAI) is the statutory professional body established under an Act of Parliament viz. The Cost and Works Accountants Act 1959, to develop the Cost and Management Accountancy profession in India. The Institute has been continuously contributing to the Industrial growth and Economic development in the country.

The ICWAI has over 30000 professionals as its members. The number of registered students in the institute rolls exceeds 150,000. Its members occupy high echelons in business and industry like Chairman & Managing Director, Chief executive officer, Finance Director, General Manager, Finance Controller, Finance Manager Internal Auditor etc. There are good number of members engaged in practice in the areas of statutory Cost Audit and Management Consultancy.

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.

The Institute of Cost and Works Accountants Of India, the only professional body specialized in the field of Cost and Management Accountancy in India aims at imparting coaching and training in the subject of Cost & Management Accountancy.

The Institute has four Regional councils in the Metro cities. The Institute's head quarter is at Kolkatta with its regional Councils at Mumbai, Delhi, Chennai and Kolkatta. It has 92 chapters spread all over the country and has 6 overseas chapters.

FAQ

Q1.What is the job of Cost accountant ?
A1. It is one of the most essential management services. It is a fairly new branch, a profession ushered in during the last century. With increase in competition and consequent economic pressures, cost and management accountancy has been finely interwoven into the main fabric of management. Collection, assimilation, collation and analysis of financial information from all areas of an organisation are the functions of a cost accountant. There is no denying the fact that an organisation’s success or failure is dependent on the quality of information made available to the management. This is where a cost accountant’s productivity is of vital importance to the company. It is his primary job to ensure that managerial decisions are well within the cost prescriptions. The cost accountant is expected to give a prognosis for projects to be undertaken based on past and present financial performances. In order to do this a cost accountant needs to take into account factors like cost of raw materials, labour, transport, overheads and the like. Knowledge of these costs will help the cost accountant prepare budgets for the operation that is planned.

Q2.What is the nature of job of a cost accountant ?
A2. A cost accountant specialises in navigating managerial decisions, stabilising budgets and standards, assessing operational efficiency and the effectiveness of production and service management, identifying accountability for profit variance and so on. His responsibilities include: designing and implementing effective management information and control systems, planning costing systems and methods, inventory control incorporating mathematical models, investment analysis, project management, internal audit, cost audit, diagnosis in the case of sick industries, fund management, pricing planning, interpreting information and data related to business activities and translating them in such a way as to guide the core management into taking the right decisions. Criteria The academic requirement is to pass the examination conducted by the Institute of Cost and Works Accountants of India (ICWAI).

Q3.How are the ICWAI examinations held ?
A3.The ICWAI examinations are held in three stages – Foundation, Intermediate and Final. A candidate may appear for the Foundation examination after passing the plus two (twelfth standard) examinations and completing coaching either postal or oral.. The students are tested in Organisation and Management Fundamentals, Financial Accounting Fundamentals, Economics and Business Fundamentals and Business Mathematics and Statistics Fundamentals .The Foundation is waived in the case of gazetted officers, post graduates, qualified engineers holding a degree and graduates from other streams . They are generally allowed to register with the institute for the intermediate examination. For the intermediate exam, there are eight papers – Cost and Management Accounting, Information Systems and Technology, Business Laws and Communication Skill, Business Taxation, Management Accounting-Performance Management, Advanced Financial Accounting, Auditing, Quantitative Methods. For the Final exam, there are eight papers-Operation and Project Management and Control, Advanced Financial Management and International Finance, Strategic Management and Marketing, Strategic Tax Management, Management Accounting-Decision Making, Management Accounting-Financial Strategy and Reporting, Cost Audit and Management Audit, Valuations Management and Case Study. The syllabus covered in the entire course includes book keeping and accountancy, production, productivity, cost effectiveness, cost accountancy, business mathematics and statistics, business and economic laws, principles of management, auditing, tax laws and tax planning, quantitative techniques and methods of cost and management accountancy. The institute has made it mandatory for registered candidates to undergo coaching either directly or through correspondence and training, before appearing for the examinations. The duration of the course through correspondence is eighteen months.   With a view to bridge the gap between theoretical knowledge and to emphasis practical orientation training requirements for ICWAI students have been presented as given below:—  

Intermediate: — 1.   Group Discussions - 2 nos.

                        2.   Business Communication Seminars – 2 nos.

                        3.   Computers hands on – 50 hours  

Final:—              1.    Dissertation – 5000 words.

                       2.    Computer Hands on – 100 hours

                       3.    Modular training – 15 days

                       4.    Audit / Industrial training – 1 year

Q4. What are the qualities essential for cost accountancy ?
A4.As for personal traits, the first requirement is that one needs to be a native numerate. Of course, academic abilities too top the list alongside. Other equally important requirements are an ability to communicate (both written and spoken) concisely, a keen business sense and the ability to negotiate. The job calls for a high sense of motivation, concentration and determination. Regional councils/Chapters and other institutes recognised by the Directorate of Studies of the ICWAI conduct these classes. Examinations are held twice in the year. The Cost and Work Accountancy course may be completed over a period of two or three years. It is generally considered to be easier than the chartered accountancy course.

Q5.What does the future hold?
A5.Once a candidate has passed the examination, there are several options ahead of him. He could either serve in an industry or opt for government service. There is plenty of scope in the banking and insurance sectors. The government has made it mandatory for thirty-eight classes of companies to employ a cost accountant. This very fact throws up tremendous opportunities for one. There is always the option of practising as a consultant. A third option is to impart teaching at institutes or at universities. Higher academic pursuit for a doctorate is also possible. The ICWAI programme has been recognised by some universities for admission to Ph. D courses in commerce. If one can manage an additional CA (Chartered Accountancy) or an MBA (management) degree, the scope for an individual is indeed vast. The returns: For a cost accountant, there is no fixed pay scale. It depends entirely on the organisation that he is employed in. Generally speaking, he could begin around Rs. 6,000 a month. For those with an additional degree such as CA or MBA, the starting salary is likely to be on par with senior executives in the organisation.

Q6.What is the List of Indian Cost and Works Accountant Institutes ?
A6. Head Office – The Institute Of Cost and Works Accounts of India, 12, Sudder Street, Calcutta-700 016.
Regional offices: Northern India Regional Council of the ICWAI, 3, Industrial Area, Lodhi Road, New Delhi-110 003. Western India Regional Council of the ICWAI, Rohit Chambers, 4th Floor, Goga Street, Mumbai-400 007. Southern India Regional Council of the ICWAI, 65, Montieth Lane, Egmore, Chennai-600 008. Eastern India Regional Council of the ICWAI, 84, Harish Mukherjee Road, Calcutta-700 005.

Employment Opportunities :

Public and Private undertakings:
It is a statutory requirement for most of the industries to maintain cost accounting records Under Section 209(i) of the Companies Act 1956. Further under Section 233-B of the same Act, audit of the cost accounting records by a qualified cost accountant have been prescribed. The cost & Management Accountant has to play a vital role in the successful functioning of all Public & Private business concerns. Promotional aspects of these professionals are very high and they can occupy high positions like Chairman, Managing Director, Finance Director, Chief Executive, General Manager, Finance Manager etc.

Govt.Department:
Various departments of the Government Sector depend heavily on Cost & Management Accountants in this era of cost reduction. There is an existing cost accounting service in Central Government named as Indian Cost Accounts Service, which is at par with the Class I Services of the Government of India.

Academic Opportunities:
Almost all Indian Universities have recognised I.C.W.A. qualification. AICTE has decided that fellow members of I.C.W.A. will be treated at par with the persons holding Ph.D degree so far as appointment in the post of Professor, Associate Professor, Reader, Assistant Professor and Lecturer in Professional / Management Institutes are concerned.

Opportunity for Independent Practice:
A cost Accountant may build up his own practice after obtaining a license from the Institute either individually or in partnership with one or more members of the Institute in practice. His clients include private and public companies, large, medium and small scale undertakings, partnership and proprietary concerns, industrial, commercial and service undertakings etc

Opportunity Abroad:

The Institute is a member of the International Federation of Accountants (IFAC), The Confederation of Asian and Pacific Accountants (CAPA), and The South Asian Federation of Accountants (SAFA). In IFAC, the Institute is represented in the Financial and Management Accounting Committee and in CAPA in the Executive Committee.
UNIVERSITIES WHO HAVE ALREADY RECOGNISED THE MEMBERSHIP OF THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA AS SUFFICIENT QUALIFICATION FOR PURSUING Ph.D. COURSES

1.Sardar Patel University,P.B. No. 10 ,Vallabh Vidyanagar -388 120.
2.Guru Nanak Dev University ,Amritsar
3.South Gujarat University ,University Campus Udhana – Magdalla Road ,Surat -395 007
4.Moharshi Dayanand University ,,Rohtak
5.University of Poona ,Ganeshkhind ,Pune -411 007
6.Punjab University ,Chandigarh -160014
7.Nagpur University ,Nagpur
8.Meerut University ,Meerut
9.Mangalore University ,Office of the Mangalore University Light House Hill ,Mangalore -575 003
10.University of Kerala ,Trivandrum
11.University of Mysore ,Viswavidyanilaya Karya Soudha Crawford Hall ,Mysore -5
12.Cochin University of Science & Technology ,Cochin
13.Shivaji University ,Vindyanagar ,Kolhapur -416 004
14.University of Bombay ,Mumbai -400 032
15.Sri Venkateswara University ,Tirupati Andhra Pradesh
16.Varanasi University , Uttar Pradesh
17.Karnataka University , Karnataka
18.Osmania University ,Hyderabad -500007
19.Madras University ,Chennai
20.Punjabi University ,Patiala
21.North Maharashtra University ,Jalgaon
22.Yashwantrao Chavan Maharashtra Open University ,Nasik Maharashtra
23.Alagappa University ,Karaikudi
24.Bangalore University ,University City Campus ,Bangalore -560 001
25.Tezpur University ,Tezpur
26.Guru Ghasidas University Bilaspur , Madhya Pradesh
27.Vikram University ,Ujjain
28.Manipur University ,Canchipur ,Imphal -795 003
29.Pondicherry University ,Pondicherry
30.Vidyasagar University ,Midnapore
31.Madurai Kamraj University ,Madurai
32.North Gujarat University ,Rajmahel Road P.B. No. 21 ,
33.Sambalpur University ,Jyoti Vihar Burla ,Sambalpur -768 019
34.The University of Kashmir ,Srinagar
35.Gauhati University ,Guwahati -781 014
36.Hyderabad University