ICWA (Institute of Cost and Works Accountants)

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 of three stages namely foundation, intermediate, and final. The course is pursued by students who aim to become a cost management accountant. The institute helps in developing the professional qualifications in its candidates and offers them the education required to excel as a cost management accountant world-wide.

In order to pursue the course, students are required to clear the entrance examination known as ICWAI examination that 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 the three stages of ICWA course ensure in-depth knowledge to candidates which in turn helps them manage the business in the available resources. A cost management accountant is responsible for collecting and analysing financial records from all the sections of the organisation. The course can be pursued either through 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 organisation, then this course is perfect for candidates.

Types of ICWA

The course can be regarded as of both undergraduate and postgraduate level. The foundation course is pursued by the candidates who have completed their high school studies from a recognised board of India. The intermediate level is pursued by the 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 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 with 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 to 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 the 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 is different from one another. The eligibility criteria according to 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 recognised board from India.

• Students appearing for the 10+2 examination are also eligible for the ICWA foundation course.

• Students are required to meet the age limit that 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 from 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 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 as 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 in a year by Institute of Cost and Works Accountants of India namely June, and December.

Students who wish to attend the course in December are required to apply maximum by 30th June of same year. And students who wish to attend the course in June are required to apply maximum by 30th December of previous year. The registration fee for all three courses foundation, intermediate, and final are 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 ICWA exam itself. After the successful completion of course, students are required to take the examination in order to assess their skills and education gained during the course. There are mainly two exam conducted by the ICWA which are as follows:

ICWA intermediate entrance examination: The ICWA intermediate examination is conducted by Institute of Cost and Works Accountants of India in order to assess the qualifications of students gained in 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 Institute of Cost and Works Accountants of India in order to assess the credibility of students’ education gained in all the three courses combined.

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 insight to financial management education and enable students to be professionally ready for the career. 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 is 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 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 course, students are required to appear for the examination that analyses the quality of education gained by a candidate during the course.

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 with 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 education gained by a candidate during the course.

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 to 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 education gained by a candidate during the course.

ICWA Courses

There are no different courses available in ICWA course. Since the course is conducted by the Institute of Cost and Works Accountants of India, there are no other courses but ICWA course itself. However, the course is segregated into three stages which are ICWA foundation stage, ICWA intermediate stage, and ICWA final stage. All three stages offer different insight to financial management education and enable students to be professionally ready for the career.

ICWA Syllabus

ICWA Syllabus: Foundation

ICWA Syllabus: Intermediate

ICWA Syllabus: Final

Scope of ICWA

The scope for a cost management accountant is huge. There is an undeniable requirement of the post in each and every organisation no matter what their work is. There is a huge advantage of the subjects taught and these help you excel in your career as a financial management accountant.

The job scope and employment scale for cost management accountant is expanding with higher employment options. An individual can also excel selecting on financial features or administration, as this domain covers both the 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 in the career-building process. Also, the employers seek the 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 a large employment throughout the country. It broadly seeks for graduates having commerce, economics, finance, mathematics and a management background in education. Graduates get started in the 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

There are various career opportunities available for candidates who have completed the ICWA course. Indian financial market is one of the oldest markets in the world and with a quick rate of growth it has also set foot into the best markets in emerging economies of the world. The capital market was first established around Mumbai that included approaching 250 security brokers who participated in active commerce throughout the second half of the 19th century. Following are the different job positions available after the completion of 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 organising and enforcing strategies and processes; providing trends and forecasts; explaining procedures and techniques; recommending actions.

Cost manager: The position of a cost manager is accountable for the entire credit granting process, including the continuous application of credit policies. As a cost manager , one is required to periodically review the credits of existing customers, and also assess the creditworthiness of potential customers, with the aim of optimising company sales along with bad debt losses. The roles and responsibilities of a cost manager vary according to the organization and position they are working on.

Research analyst: Research analysts are the professionals who collect and analyse 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.