ICWA (Institute of Cost and Works Accountants) Course, Admissions, Eligibility, Syllabus
What is an ICWA?
ICWA course is a minimum three-year course offered by the Institute of Cost and Works Accountants of India that comprises three stages namely foundation, intermediate, and final. The course is pursued by students who aim to become cost management accountants. The institute helps in developing the professional qualifications of its candidates and offers them the education required to excel as a cost management accountant worldwide.
In order to pursue the course, students are required to clear the entrance examination known as the ICWAI examination which assesses the eligibility of students to become a cost management accountant. After completion of the course, students are introduced to an exciting world of financial management opportunities and are provided with the experience essential for taking on the demands of the ever-changing world.
All three stages of the ICWA course ensure in-depth knowledge to candidates which in turn helps them manage the business with the available resources. A cost management accountant is responsible for collecting and analyzing financial records from all the sections of the organization. The course can be pursued either through the online medium from an accredited university or through correspondence.
Also Read: Cost Management Accounting Course
After the completion of this course, candidates not only gather the required education and qualification for the job but are also bestowed with various opportunities across the financial industry. If a candidate has a good interest in managing the numerous departments’ accounts of the organization, then this course is perfect for candidates.
Highlights of ICWA
Name of the course | Institute of Cost and Work Accountants of India |
Abbreviation | ICWA |
Type | Certification |
Level | Professional |
Duration | 3 years |
Average Fee | Foundation Stage- Rs. 4,000 Intermediate Stage- Rs. 20,000 Final Stage- Rs.17,000 |
Career Opportunities | Financial Analyst, Research Analyst, Cost Manager, Chief Accountant, Auditor, Financial Controller |
Average Salary | Rs. 500,000 to Rs. 600,000 per annum |
Advantages of ICWA
A cost management accountant is responsible for collecting and analyzing financial records from all the sections of the organization. The course can be pursued either through the online medium from an accredited university or through correspondence.
After the completion of this course, candidates not only gather the required education and qualification for the job but are also bestowed with various opportunities across the financial industry. If a candidate has a good interest in managing the numerous departments’ accounts of the organization, then this course is perfect for candidates.
Types of ICWA
The course can be regarded as of both undergraduate and postgraduate levels. The foundation course is pursued by candidates who have completed their high school studies from a recognized board in India. The intermediate level is pursued by candidates who have completed their undergraduate. And the final level of the course is pursued by candidates in order to gain advanced skills in cost management accounting.
The ICWA foundation stage is the first and foremost stage of the course. In this foundation stage, students are introduced to the basics of cost management tactics and whereabouts regarding the financial industry. The course is to be completed in a minimum duration of eight months.
The ICWA intermediate stage is the second stage of the course. If students successfully complete the foundation course, then they are required to complete the intermediate course. In intermediate courses, students learn about financial accounting in-depth and are introduced to various financial sections such as direct and indirect taxation, cost accounting, and many more. The course is regarded as a little tougher than the previous course.
The ICWA final stage is the last stage of the course. Regarded as the toughest of all three courses, the final stage offers an insight into the management of different financial aspects such as strategic financial management and certain laws related to different taxation.
ICWA Eligibility
Eligibility criteria can be defined as the minimum prerequisites prescribed by the authority in order to be eligible for admission to a particular course. If candidates meet the basic requirements then they are required to clear the entrance examination ICWAI exam conducted by the Institute of Cost and Works Accountants of India. The eligibility criteria for all the stages are different from one another. The eligibility criteria according to the stage is discussed below:
ICWA foundation eligibility:
In order to pursue the ICWA foundation course, students are required to successfully complete their 10th standard from a recognized board in India.
Students appearing for the 10+2 examination are also eligible for the ICWA foundation course.
Students are required to meet the age limit which is a minimum of 17 years old.
ICWA intermediate eligibility:
In order to pursue the ICWA intermediate course, students are required to successfully complete their 10+2 from a recognized board in India.
Students are required to complete either the foundation course or graduation from any field other than fine arts from a recognized university in India.
ICWAI final eligibility:
In order to pursue the ICWA final course, students are required to successfully complete the intermediate level of the ICWA course.
ICWA Admissions
Admissions to the course are offered on the basis of an entrance examination conducted by the Institute of Cost and Works Accountants of India. There are separate entrance exams for all three stages. However, the qualification exam of the previous stage is termed the entrance exam for the next stage, and students are judged on the basis of their scores obtained from these qualification/entrance examinations. The entrance examinations are conducted two times a year by the Institute of Cost and Works Accountants of India namely in June and December.
Students who wish to attend the course in December are required to apply maximum by 30th June of the same year. And students who wish to attend the course in June are required to apply maximum by 30th December of the previous year. The registration fee for all three courses foundation, intermediate, and final is Rs. 4,000, Rs. 20,000, and Rs. 17,000 respectively.
Top ICWA Exams
Since the course is conducted by the Institute of Cost and Works Accountants of India, there are no other examinations but the ICWA exam itself. After the successful completion of the course, students are required to take the examination in order to assess their skills and education gained during the course. There are mainly two exams conducted by the ICWA which are as follows:
ICWA intermediate entrance examination: The ICWA intermediate examination is conducted by the Institute of Cost and Works Accountants of India in order to assess the qualifications of students gained in the foundation course. After successful completion of the entrance exam, students are required to pursue the intermediate course.
ICWA final examination: The ICWA final examination is conducted by the Institute of Cost and Works Accountants of India in order to assess the credibility of students’ education gained in all three courses combined.
ICWA Courses
There are no different courses available in the ICWA course. Since the course is conducted by the Institute of Cost and Works Accountants of India, there are no other courses but the ICWA course itself. However, the course is segregated into three stages which are the ICWA foundation stage, ICWA intermediate stage, and ICWA final stage. All three stages offer different insights to financial management education and enable students to be professionally ready for their careers.
ICWA Specializations
As mentioned above, the course is segregated into three stages. The three stages are known as ICWA foundation, ICWA intermediate, and ICWA final. All three stages offer different insights into financial management education and enable students to be professionally ready for their careers. In order to reach the next stage, students are required to clear the previous stage through examination. However, the major highlights of all three stages are discussed below:
ICWA foundation: The ICWA foundation stage is the first and foremost stage of the course. In this foundation stage, students are introduced to the basics of cost management tactics and whereabouts regarding the financial industry. The course is to be completed in a minimum duration of eight months. After completion, of the course, students are required to appear for the examination that analyses the quality of the education gained by a candidate during the course.
Check Other Related Articles
ICWA intermediate: The ICWA intermediate stage is the second stage of the course. If students successfully complete the foundation course, then they are required to complete the intermediate course. In intermediate courses, students learn about financial accounting in-depth and are introduced to various financial sections such as direct and indirect taxation, cost accounting, and many more. The course is regarded as a little tougher than the previous course. After completing the course, students are required to appear for the examination that analyses the quality of the education gained by a candidate during the course.
Check Other Related Articles
ICWA final: The ICWA final stage is the last stage of the course. Regarded as the toughest of all three courses, the final stage offers an insight into the management of different financial aspects such as strategic financial management and certain laws related to different taxation. After completing the course, students are required to appear for the examination that analyses the quality of the education gained by a candidate during the course.
Check Other Related Articles
ICWA Syllabus
ICWA Syllabus: Foundation
Paper No. | Subject |
Paper 1 | Fundamentals of Economics |
Paper 2 | Fundamentals of Accounting |
Paper 3 | Fundamentals of Law and Ethics |
Paper 4 | Business Mathematics and Statistics: Fundamentals |
ICWA Syllabus: Intermediate
Paper No. | Group 1 | Paper No. | Group 2 |
Paper 5 | Financial Accounting | Paper 9 | OMSM: Operations and Strategic Management |
Paper 6 | Law & Ethics | Paper 10 | Cost & Management Accounting/Financial Management |
Paper 7 | Direct Taxation | Paper 11 | Indirect Taxation |
Paper 8 | Cost Accounting | Paper 12 | CAA: Company Accounts & Audit |
ICWA Syllabus: Final
Paper No. | Group 3 | Paper No. | Group 4 |
Paper 13 | Corporate Law & Compliance | Paper 17 | Corporate Financial Reporting |
Paper 14 | SFM: Strategic Financial Management | Paper 18 | Indirect Tax Laws, Practice |
Paper 15 | SCMD: Strategic Cost Mgt: Decision Making | Paper 19 | Cost & Management Audit |
Paper 16 | Direct Tax Laws; International Taxation | Paper 20 | SFP: Strategic Performance Mgt & Business Valuation |
Scope of ICWA
The scope for a cost management accountant is huge. There is an undeniable requirement of the post in each and every organization no matter what their work is. There is a huge advantage of the subjects taught and this helps you excel in your career as a financial management accountant.
The job scope and employment scale for cost management accountants is expanding with higher employment options. An individual can also excel in selecting on financial features or administration, as this domain covers both niches.
Students with good command over the subject and appropriate knowledge about the finance and management industry are given the first priority during the employment drive. In the present scenario, internships are considered an essential and important aspect of the career-building process. Also, employers seek students who possess industry experience exposure along with good academic performance.
Financial education is low in India today but with an increasing number of educated investors getting into the field, a cost management accountant will have to have the academic qualifications to enable him/her to walk their talk. ICWA course is the way to go. High-paced development in the finance and corporate industry definitely calls for large employment throughout the country. It broadly seeks graduates having commerce, economics, finance, mathematics, and management background in education. Graduates get started in financial planning companies. Mutual fund firms also hire fresh and skilled graduates and so do stock brokerage houses. The mutual fund company mainly contains sales and marketing, fund accounting, investment and research, operations, and management. Candidates can choose to become a cost management accountant and with an experience of around five years go further to become a research analyst.
Career Opportunities after ICWA
Candidates who have completed the ICWA course have a variety of job options available to them. The Indian financial market is among the most established in the world, and because to its rapid expansion, it has gained access to the greatest emerging market exchanges. Around Mumbai, the first capital market was developed. During the second half of the 19th century, there were about 250 active security brokers there. The following list includes the various jobs that may be pursued upon the completion of the ICWA course:
Financial analyst: A financial analyst is a professional who is responsible to determine the cost of operations by establishing standard costs; collecting operational data. A financial analyst is also responsible for identifying financial status by comparing and assessing actual results with plans and forecasts. He/she guides cost analysis solutions by organizing and enforcing strategies and processes; providing trends and forecasts; explaining procedures and techniques; recommending actions.
Cost manager: A cost manager is responsible for overseeing the entire credit-granting procedure, including the ongoing implementation of credit policies. In order to maximize firm sales and bad debt losses, cost managers must routinely analyze the credit of current customers and evaluate the creditworthiness of prospective consumers. Depending on the organization and position they are working on, cost managers have different functions and duties.
Research analyst: Research analysts are the professionals who collect and analyze data, research trends along with evaluating economic problems for resources, goods, and services. Research analysts are responsible for applying both qualitative and quantitative economic analysis to niches within a variety of sectors. For instance, education, health, development, and the environment. Some research analysts are also required to study the cost of products, healthcare, or energy, along with examining employment levels, business cycles, exchange rates, taxes, inflation, or interest rates.
Courses Similar to Cost Management Accounting
Cost Accountancy | Financial Management | Auditing |
Banking | Banking and Insurance | Chartered Accountancy |
Corporate Secretaryship | Accounting Management | Investment Banking |
Frequently Asked Question (FAQs) - ICWA (Institute of Cost and Works Accountants) Course, Admissions, Eligibility, Syllabus
Question: What is the salary of ICWA?
Answer:
The average salary of an entry-level CMA professional is approximately Rs. 4 Lakhs per annum, while a mid-level professional earns around Rs. 6 Lakhs per annum. An experienced or senior-level professional can earn a salary of about Rs. 10 Lakhs per annum.
Question: What is the scope of ICWA course?
Answer:
With more employment opportunities, the cost management accountant's job scope and pay scale are expanding. A person can also succeed by choosing financial characteristics or administration, as this domain covers both specialties.
Question: What is the admission process of ICWA course?
Answer:
Admissions to the course are offered on the basis of entrance examination conducted by the Institute of Cost and Works Accountants of India. There are separate entrance exams for all three stages.
Question: What is the eligibility of ICWA intermediate course?
Answer:
Students must successfully complete their 10+2 from an approved Indian board in order to enrol in the ICWA intermediate programme. Students must either pass the foundation course or graduate from an Indian university in a subject other than the fine arts.
Question: What is an ICWA course?
Answer:
The Institute of Cost and Works Accountants of India offers the ICWA course, a minimum three-year programme that is divided into foundation, intermediate, and final levels. Students who want to become cost management accountants enroll in the course.