Costs and Works Accountancy
Cost and Works Accountancy (CWA) is a new branch of study in the field of commerce and business and is 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 organization are the functions of a cost accountant. The role of a costs and accounts manager in an organisation is so vital that the success or failure story depends on his/her quality of information made available to the management. Cost Accountant can facilitate strategic decisions in respect of diverse economic activities of an organization where he/she is employed as an employee or deployed as consultant.
Institute of Cost and Works Accountants of India (ICWAI) is a premier, dynamic, vibrant professional institution actively associated in providing training programs in the field of costs and account management and thereby helping in the industrial and economic development of the nation.
The ICWAI has opened up further scope and tremendous opportunities for Cost and Works accountants to shoulder responsibility as Cost and Management Accountants in accordance with new dimensions and vision here in India and abroad. Members of this profession will be the driving force in the team of management while in employment and a key consultant, an effective Cost and Management Auditor and an appropriate advisor in place. This is why Cost Accountants in India are called Management Accountants all over the world.
Courses & Eligibility
ICWAI offer Cost and work accountant programme for all the students wishing to make a mark in this field. The programme is divided into three stages-Foundation, Intermediate and Final. For each stage the student have to appear for a separate exam.
For more information about ICWAI and its courses, click here
CWA as profession
Job Opportunities Members of ICWAI are being absorbed as Chairman, Managing Director, Finance
Director, Chief Executive, General Manager, Finance Manager, etc. in many Public and Private sectors organizations and also in the Government departments.
There is an existing Cost Accounting Service in Central Govt. named as Indian Cost Accounts Service, which is at par with the Class I Services of the Government of India.
Independent Practice
Cost Accountants can practice in the following areas:
In mandatory Cost Audit under Section 233 (B) of the Companies Act, 1956.
Certification under Export & Import Policy.
Excise Audit under Section 14A of the Central Excise Act and Special Audit of Certification Of manufacturing account as per Customs Act.
Consultancy Assignments.
Academic Opportunities
The Association of Indian Universities {AIU} resolved on May 28, 1991 that Bachelor Degree holders, who have passed ICWAI Final Examination be allowed by the Indian Universities to register for M.Phil and Ph.D. in Commerce and allied disciplines. Since then the Institute is approaching different Universities to make necessary provision in their respective Rules so that Members of ICWAI having Graduation qualification can register for Ph.D courses in Commerce and allied areas. Till now some 35 Indian Universities have approved the course offered by ICWAI.
As the Final Examination of the Institute of Cost and Works Accountants of India has already been recognized by AIU, they do not anticipate any difficulty to be faced by the ICWAI candidates in the matter of acceptance of their qualification as sufficient for registering for Ph D/M Phil. All India Council for Technical Education decided that Fellow members of the Institute will be treated at par with the persons holding Ph.D. degree as far as appointment in the posts of Professor, Associate Professor, Reader, Asst. Professor and Lecturer in Professional/management Institutes are concerned.
