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ICWA (Institute of Cost and Works Accountants) Course, Admissions, Eligibility, Syllabus

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ICWA (Institute of Cost and Works Accountants) Course, Admissions, Eligibility, Syllabus

Edited By Team Careers360 | Updated on Feb 21, 2024 04:28 PM IST | #ICWA

ICWA (CMA) is a three-year management course, which comprises three stages namely foundation, intermediate, and final. Offered by the Institute of Cost and Works Accountants (ICWA), the course is aimed at nurturing future business leaders. The ICWA course curriculum is designed based on International Standards set by IFAC, IAESB (International Accounting Education Standards Board), and Initial Professional Development - Professional Skills through IEG (International Educational Guidelines). ICWA helps students in developing professional qualifications in cost management accounting while offering them the education required to excel as cost management accountants worldwide.

To pursue the ICWA course, students need to clear the ICWAI examination which assesses the eligibility of students to become a cost management accountant. After completion of the ICWA 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 (CMA) course provide in-depth knowledge to the students which in turn helps them manage businesses with the available resources. A cost management accountant is responsible for collecting and analysing financial records from all the sections of the organisation. Upon completion of the ICWA CMA course, students will not only gather the required education and qualification for the job but are also bestowed with various opportunities across the financial industry. If an individual has a keen interest in managing the numerous departments’ accounts of the organisation, this course is for them. Read on to know more about the ICWA course below.

Highlights of ICWA

ParticularsDetails

Course Name

ICWA (CMA)

Conducted by

Institute of Cost and Works Accountant

Level

Professional

Duration

3 Years

Average Fee

Foundation Stage- Rs. 6,000

Intermediate Stage- Rs. 23,100

Final Stage- Rs. 25,000

Career Opportunities

CMD, CEO, Cost Controller, Cost Advisor, Finance Controller, Research Analyst, Dean/Professor of Finance

Average Salary

Rs. 500,000 to Rs. 600,000 per annum

ICWA Course Fee Structure

Students willing to join the ICWA CMA course are required to pay the ICWA course fee. As the ICWA course is offered at three stages, the fee will vary for each stage course. The ICWA CMA fee for the Foundation course is Rs 6,000. The intermediate course fee is Rs 23,100 and the fee for the final course is Rs 25,000.

Why Choose ICWA Course?

A Cost Management Accountant (CMA) is responsible for collecting and analysing financial records from all the sections of the organisation. The ICWA course can be pursued either through the online medium from an accredited university or through correspondence. After the completion of this course, candidates will not only upskill themselves with relevant education and qualification but also explore lucrative employment opportunities in the financial industry. If a candidate has a keen interest in managing the numerous departments’ accounts of the organisation, this course is beneficial for them.

ICWA Course Eligibility Criteria

The ICWA 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 are 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.

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 CMA Application Process

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, in June and December, by the Institute of Cost and Works Accountants of India

Students can join the ICWA course by applying for admission online or offline. They are required to register themselves through the Online Student Registration System by providing all the required details. They need to choose the course stage and enter the required information like highest qualification, registration type, coaching type, state, region/chapter, and email id. After that, they need to click on the send OTP tab.

For offline enrollment, students need to fill up the postal application form and submit it along with relevant documents and remittances to their respective Regional Councils / Chapters.

ICWA Syllabus

The ICWA syllabus is designed to nurture the business leaders of tomorrow. The syllabus for each stage comprises core courses. In the Final course, students will have the opportunity to choose from any one of three elective papers. We have discussed below the ICWA syllabus for all three stages.

ICWA Syllabus: Foundation
Paper 1: Fundamentals Of Business Laws And Business CommunicationPaper 2: Fundamentals Of Financial And Cost Accounting
Paper 3: Fundamentals Of Business Mathematics And StatisticsPaper 4: Fundamentals Of Business Economics And Management
ICWA Syllabus: Intermediate
Paper 5: Business Laws And EthicsPaper 6: Financial Accounting
Paper 7: Direct And Indirect TaxationPaper 8: Cost Accounting
Paper 9: Operations Management And Strategic ManagementPaper 10: Corporate Accounting And Auditing
Paper 11: Financial Management And Business Data AnalyticsPaper 12: Management Accounting
ICWA Syllabus: Final
Paper 13- Corporate And Economic LawsPaper 14 - Strategic Financial Management
Paper 15- Direct Tax Laws And International TaxationPaper 16 - Strategic Cost Management
Paper 17- Cost And Management AuditPaper 18- Corporate Financial Reporting
Paper 19 – Indirect Tax Laws And Practice

Paper 20 A - Strategic Performance Management And Business Valuation

Paper 20 B - Risk Management In Banking And Insurance

Paper 20 C - Entrepreneurship And Startup

ICWA Course Specializations

The ICWA course is segregated into three stages - the ICWA Foundation course, the ICWA Intermediate course, and the ICWA Final course. All three stages offer different insights into financial management education and enable students to be professionally ready for their careers. The courses 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.

ICWA CMA Foundation: The ICWA Foundation course is the first and foremost stage of the course. In this stage, students are introduced to the basics of cost management tactics and whereabouts regarding the financial industry. The ICWA Foundation course is to be completed in a minimum duration of eight months.

ICWA Intermediate: The ICWA Intermediate course is the second stage of the course. If students successfully complete the foundation course, they are required to complete the intermediate course. In the Intermediate course, 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.

ICWA Final: The ICWA Final course is the last stage of the course. Regarded as the toughest of all three courses, the Final course 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.

What after ICWA Course?

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 to the subjects taught in the ICWA course and this helps you excel in your career as a financial management accountant. The job scope and employment scale for cost management accountants are 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.

ICWA course graduates can enter 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.

Employment Areas

ICWA CMA graduates can work in different areas. They will explore lucrative careers in project management, GST Audit, Internal Audit, and consultancies. We have mentioned below some of the popular employment areas for ICWA CMA graduates.

  • Indian Revenue Services (IRS)
  • Indian Foreign Services (IFS)
  • Indian Economic Services (IES)
  • Indian Audit and Accountant Services (IAAS)
  • Indian Cost Accounts Services (ICAS)
  • Indian Administrative Services (IAS)
  • Consultancies
  • Banks
  • Stock Market

Courses Similar to Cost Management Accounting

Frequently Asked Question (FAQs)

1. What is an ICWA course?

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.

2. What is the eligibility of ICWA intermediate course?

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.

3. What is the admission process of ICWA course?

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.

4. What is the scope of ICWA course?

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.

5. What is the salary of ICWA?

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.

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Questions related to ICWA

Have a question related to ICWA ?

Yes, you can take professional courses such as CA along with your graduation. Although you might face problems in college attendance as most college will require 75% attendance compulsory and as you will be taking tuitions for your professional courses. It might get difficult to manage both at the same time but there are many students that follow this path. So if you are good with time management then you can surely go with it.

About the CA course, it is not likely that any other course in this field will take over as every other day especially in our country, so many people are getting aware about personal finance and term related to finance. Hence it can be said that the scope and demand of CA will only increase in the next 4 to 5 years.

Hi,

It's depends from which college/university you are pursuing B.com. Like If you are pursuing BCOM from those college/university in which ICAI has done MOU e.g. IGNOU, then you just need to give 5–6 papers which will conducted by IGNOU, the rest you just need to clear your IPCC. Afterwards, you will eligible to get your degree of BCOM. Interesting thing that here you can clear your BCOM in just one year in case you have already cleared IPCC.

But, this thing is not possible in other college and university (DU, etc.) in which ICAI has not done MOU. Therefore you will need to clear all of their respective exams of BCOM, as they doesn't allow exemptions.


Hope this helps.

Hi aspirant,

Hope you are doing good.

Nowadays all of the IITs give a huge weightage to your profile. If your profile is strong then the chances for you to get the call increase.

So, IIT Kharagpur gives a lot of weightage to the work experience which you already have and it is a plus point. And the cut-off required to get a call from this college is 83-85.

Cut off required to get a call from other IITs are:

IIT Bombay- 85 percentile or more and in the worst case, you can expect it at 83.

IIT Kanpur- Above 81 percentile.

IIT Delhi- Cut off will be around 87 percentile.

IIT Madras- This college also puts a lot of weightage on your academics and you can expect a call above 82 percentile.


Hope it gives you a fair idea of how much you need to score in your CAT exam to get a call from these IITs.


All the best.


Hello,

I am glad that you have taken a bold step to begin your journey with CMA course. CMA course is conducted and managed by Institute of Cost Accountants of India.

The exam consists of three stages

1. CMA Foundation

2. CMA Inter &

3. CMA Final

As you have already completed Graduation, you are exempted from Foundation stage and can take admission into Inter stage directly.

The admission process is online and the exam is conducted twice in a year in June & December.

For more information about admission, you may check

https://eicmai.in/studentonlineregsystem/Home.aspx


All the best for your CMA Journey

Hope it helps

Feel Free to ask any doubts


Hello.

Yes you can complete ICWA with graduation. But as you are applying for ICWA without a graduation degree then you have to apply for the ICWA foundation course for which you need to have passed your 12th standard and must be of 17 years or more. It is a course of 8 months. After completing your graduation, you can apply for ICWA intermediate course. For further information please click on the link given below:-

https://www.careers360.com/courses/icwa-institute-of-cost-and-works-accountants

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Producer

An individual who is pursuing a career as a producer is responsible for managing the business aspects of production. They are involved in each aspect of production from its inception to deception. Famous movie producers review the script, recommend changes and visualise the story. 

They are responsible for overseeing the finance involved in the project and distributing the film for broadcasting on various platforms. A career as a producer is quite fulfilling as well as exhaustive in terms of playing different roles in order for a production to be successful. Famous movie producers are responsible for hiring creative and technical personnel on contract basis.

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Copy Writer

In a career as a copywriter, one has to consult with the client and understand the brief well. A career as a copywriter has a lot to offer to deserving candidates. Several new mediums of advertising are opening therefore making it a lucrative career choice. Students can pursue various copywriter courses such as Journalism, Advertising, Marketing Management. Here, we have discussed how to become a freelance copywriter, copywriter career path, how to become a copywriter in India, and copywriting career outlook. 

5 Jobs Available
Vlogger

In a career as a vlogger, one generally works for himself or herself. However, once an individual has gained viewership there are several brands and companies that approach them for paid collaboration. It is one of those fields where an individual can earn well while following his or her passion. 

Ever since internet costs got reduced the viewership for these types of content has increased on a large scale. Therefore, a career as a vlogger has a lot to offer. If you want to know more about the Vlogger eligibility, roles and responsibilities then continue reading the article. 

3 Jobs Available
Publisher

For publishing books, newspapers, magazines and digital material, editorial and commercial strategies are set by publishers. Individuals in publishing career paths make choices about the markets their businesses will reach and the type of content that their audience will be served. Individuals in book publisher careers collaborate with editorial staff, designers, authors, and freelance contributors who develop and manage the creation of content.

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Journalist

Careers in journalism are filled with excitement as well as responsibilities. One cannot afford to miss out on the details. As it is the small details that provide insights into a story. Depending on those insights a journalist goes about writing a news article. A journalism career can be stressful at times but if you are someone who is passionate about it then it is the right choice for you. If you want to know more about the media field and journalist career then continue reading this article.

3 Jobs Available
Editor

Individuals in the editor career path is an unsung hero of the news industry who polishes the language of the news stories provided by stringers, reporters, copywriters and content writers and also news agencies. Individuals who opt for a career as an editor make it more persuasive, concise and clear for readers. In this article, we will discuss the details of the editor's career path such as how to become an editor in India, editor salary in India and editor skills and qualities.

3 Jobs Available
Reporter

Individuals who opt for a career as a reporter may often be at work on national holidays and festivities. He or she pitches various story ideas and covers news stories in risky situations. Students can pursue a BMC (Bachelor of Mass Communication), B.M.M. (Bachelor of Mass Media), or MAJMC (MA in Journalism and Mass Communication) to become a reporter. While we sit at home reporters travel to locations to collect information that carries a news value.  

2 Jobs Available
Corporate Executive

Are you searching for a Corporate Executive job description? A Corporate Executive role comes with administrative duties. He or she provides support to the leadership of the organisation. A Corporate Executive fulfils the business purpose and ensures its financial stability. In this article, we are going to discuss how to become corporate executive.

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Multimedia Specialist

A multimedia specialist is a media professional who creates, audio, videos, graphic image files, computer animations for multimedia applications. He or she is responsible for planning, producing, and maintaining websites and applications. 

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Welding Engineer

Welding Engineer Job Description: A Welding Engineer work involves managing welding projects and supervising welding teams. He or she is responsible for reviewing welding procedures, processes and documentation. A career as Welding Engineer involves conducting failure analyses and causes on welding issues. 

5 Jobs Available
QA Manager
4 Jobs Available
Quality Controller

A quality controller plays a crucial role in an organisation. He or she is responsible for performing quality checks on manufactured products. He or she identifies the defects in a product and rejects the product. 

A quality controller records detailed information about products with defects and sends it to the supervisor or plant manager to take necessary actions to improve the production process.

3 Jobs Available
Production Manager
3 Jobs Available
Product Manager

A Product Manager is a professional responsible for product planning and marketing. He or she manages the product throughout the Product Life Cycle, gathering and prioritising the product. A product manager job description includes defining the product vision and working closely with team members of other departments to deliver winning products.  

3 Jobs Available
QA Lead

A QA Lead is in charge of the QA Team. The role of QA Lead comes with the responsibility of assessing services and products in order to determine that he or she meets the quality standards. He or she develops, implements and manages test plans. 

2 Jobs Available
Structural Engineer

A Structural Engineer designs buildings, bridges, and other related structures. He or she analyzes the structures and makes sure the structures are strong enough to be used by the people. A career as a Structural Engineer requires working in the construction process. It comes under the civil engineering discipline. A Structure Engineer creates structural models with the help of computer-aided design software. 

2 Jobs Available
Process Development Engineer

The Process Development Engineers design, implement, manufacture, mine, and other production systems using technical knowledge and expertise in the industry. They use computer modeling software to test technologies and machinery. An individual who is opting career as Process Development Engineer is responsible for developing cost-effective and efficient processes. They also monitor the production process and ensure it functions smoothly and efficiently.

2 Jobs Available
QA Manager
4 Jobs Available
AWS Solution Architect

An AWS Solution Architect is someone who specializes in developing and implementing cloud computing systems. He or she has a good understanding of the various aspects of cloud computing and can confidently deploy and manage their systems. He or she troubleshoots the issues and evaluates the risk from the third party. 

4 Jobs Available
Azure Administrator

An Azure Administrator is a professional responsible for implementing, monitoring, and maintaining Azure Solutions. He or she manages cloud infrastructure service instances and various cloud servers as well as sets up public and private cloud systems. 

4 Jobs Available
Computer Programmer

Careers in computer programming primarily refer to the systematic act of writing code and moreover include wider computer science areas. The word 'programmer' or 'coder' has entered into practice with the growing number of newly self-taught tech enthusiasts. Computer programming careers involve the use of designs created by software developers and engineers and transforming them into commands that can be implemented by computers. These commands result in regular usage of social media sites, word-processing applications and browsers.

3 Jobs Available
Product Manager

A Product Manager is a professional responsible for product planning and marketing. He or she manages the product throughout the Product Life Cycle, gathering and prioritising the product. A product manager job description includes defining the product vision and working closely with team members of other departments to deliver winning products.  

3 Jobs Available
Information Security Manager

Individuals in the information security manager career path involves in overseeing and controlling all aspects of computer security. The IT security manager job description includes planning and carrying out security measures to protect the business data and information from corruption, theft, unauthorised access, and deliberate attack 

3 Jobs Available
ITSM Manager
3 Jobs Available
Automation Test Engineer

An Automation Test Engineer job involves executing automated test scripts. He or she identifies the project’s problems and troubleshoots them. The role involves documenting the defect using management tools. He or she works with the application team in order to resolve any issues arising during the testing process. 

2 Jobs Available
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