Career In ICWA & Cost Accounting

If you are interested to become a Cost Management Accountant…. then ICWA will be one of the best course for you as per your interest.

The Institute of Cost Accountants of India (ICAI) formerly known as ICWAI (Institute of Cost & Works Accountants of India) is a premier institution of India which offers education and develops the profession of Cost Accountancy in the country.

“ICWA course is a gateway to become a cost management accountant.”

At present ICWA course has been renamed to CMA which stands for Cost Management Accounting. This course provides you an in-depth knowledge to manage business within the available resources. As a cost accountant, you have to collect and analyze the financial information from all the areas of a company.

This course comprises of three stages, i.e. CMA Foundation, CMA Intermediate and CMA Final. You can pursue this course through correspondence or through online from an accredited university.

career in cost accounting

Difference between CA & ICWA:

  • ICWA degree provides the knowledge on how to manage finance competently and CA degree gives you the knowledge of taxation, auditing, and accounting.
  • You can apply for CA course after passing 12th while for the ICWA foundation course you have to pass a 10th or equivalent exam from any recognized board.
  • CAs are involved in the core accounting work of a company while Cost Accountants are involved in the costing part of a financial transaction.
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Skills Required for a Cost Accountant:

  • You should be able to manage cost accounting procedures & methods.
  • You must have a good knowledge of standard concepts, procedures, and practices in the related field.
  • You should be able to perform several tasks and must have good presentation skills.

Eligibility and Duration

What is the eligibility to pursue ICWA & Cost Accounting courses?

The ICWA course has been divided into three stages which are Foundation, Intermediate, and Final. The detailed information about these stages are mentioned below:

Course Duration:

ICWA Foundation: Minimum 8 months duration.

ICWA Intermediate: Minimum 10 month duration.

ICWA Final: Minimum 18 months duration.

Course Eligibility:

ICWA Foundation: To apply for this course, students must have passed 10th or equivalent from any recognized institution or board. Candidates who have passed or appearing in 12th are also eligible to apply. Candidates must have completed the age of 17 years.

ICWA Intermediate: Students must have passed the Senior Secondary School Examination (10+2) and Foundation Course/ Graduation in any discipline other than fine arts.

ICWA Final: You can apply for this course after qualifying the ICWA Intermediate course from the institution.

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Admission

How to apply for admission in these courses?

Admissions will be based on ICWAI entrance examination organized by the Institute of Cost Accountants of India (ICAI) i.e. Foundation, Intermediate, and Final exam. These examinations conducted two times in a year, i.e. June and December.

Students who are seeking for applying for the entrance examinations in December month are needed to apply latest by 30th June of the similar year. Those students want to apply for exams in June month are needed to apply by 31st December of the previous year.

ICWA Registration Fee:

  • ICWA Foundation Course – Rs. 4000/-
  • ICWA Intermediate Course – Rs. 20000/-
  • ICWA Final Course – Rs. 17000/-

Are there any good colleges to pursue ICWA & Cost Accounting courses in India?

Some good colleges to pursue ICWA & Cost Accounting courses are listed below:

  • The Institute of Cost Accountants of India (ICAI), Bangalore
  • Narsee Monjee College of Commerce and Economics, Mumbai
  • Bharathy Educational Centre, Namakkal
  • GC Rao Academy, Bangalore
  • Knowledge Academy of Research and Education (KARE), Palarivattom

Career Scope

“There are plenty of employment opportunities are available for the ICWA qualified people. Once you have completed the ICWA course, you can start up your career as a Cost Accountant”.

ICWA degree holders are highly demanded in the government sector, private enterprises, development agencies, banking & finance sector, education and training sectors. With the advancement of the economy, demands for cost and management professionals are rising rapidly.

Duties of a Cost Management Accountant:

  • Plan, study and collect data to determine the costs of business activities.
  • Analyze financial information and prepare reports accordingly.
  • To work with computer technology related to accounting.
  • To give advice to managerial staff about revenues and costs.
  • Implement cost accounting strategies to increase a company business.
  • To maintain cost accounting system.

Some popular areas where you can find jobs are consultancy firms, developmental agencies, departments of company affairs, training & research organizations, service industry, stock exchanges, public utility sector and other regulatory bodies.

Job Titles:

  • Finance Director
  • Managing Director
  • Associate Professor
  • Accountant
  • Cost Controller
  • Chief Auditor
  • Cost Accountant
  • Chief Accountant
  • Chief Internal Auditor
  • Financial Consultant
  • Managing Director
  • Financial Controller

Some Recruiters are:

  • Micro Inks Limited
  • Inext Infotech Services
  • Zexus Air Services Pvt Ltd
  • Government and Private Institutions
  • ALTRET Industries Pvt. Ltd.

Salary

“This is a field which provides satisfaction in terms of position as well as salary for successful candidates.”

In India, you can expect a starting salary between Rs.3 to 4 lacs per annum. Your salaries will also depend upon your working job profile, sector and experience in this field.

In abroad (USA), the average salary of a Cost Accountant is around $53k per annum.

“With good qualifications and experience, the pay packages offered to Cost Accountant are beyond the limits”.

Books & Study Materials

Presently, the market is full with a number of books & study materials of ICWA & cost accounting. Here we are listing some best books for the ICWA courses:

Accounts study Material, Law and audit by N.D kapoor

Students Guide to Accounting Standards (CA/ ICWA Final Examination) by D. S. Rawat

Scanner ICWA Stage I by Dr. Arun Kumar

  • Cost Accounting Text and Problems for CS/ICWA Examinations by N. K. Agarwal
  • Direct Tax by Girish Ahuja
  • Cost and Management Accounting (for All India) by S.P. Jain & K.L. Narang
  • Essentials of Cost and Management Accounting (for ICWA Inter, Stage 1) by V.K. Saxena & C.D. Vashist
  • Advanced Cost and Management Accounting – Problems and Solutions by V.K.Saxena & C.D.Vashist
  • Modern Cost and Management Accounting by M Hanif
  • Advanced Management Accounting (Cost Management and Operations Research) by Dr. J.B. Gupta

If you have any other queries regarding Cost and Work Accountancy (ICWA), you can leave your queries below.

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Displaying 226 Comments
  1. neha saini says:

    i am passed b.com in 2014 and also completed my LL.B after b.com in 2018.Is i am applicable for ICWA or CA course now and is there any beneficial point for me if i am apply for this with my LL.b graduation.

  2. Abhishek kumar says:

    I will start in icwa ..which sector are comfort in good careers

  3. Suresh Gawade says:

    Sir, I have completed B.com and i wish to pursue ICWA. I am 36 year old . so please give me a guidelines about this course.

  4. Gauri H BHoir says:

    Hello sir I’m completed my graduation in BAF nd now im doing MCOM Fulltime so plzz advice me its better option of doing CMA with mcom ????

  5. Gauri says:

    Hello sir I’m completed my graduation in BAF nd now im doing MCOM Fulltime so plzz advice me its better option of doing CMA with mcom ????

  6. Yash Rahul Mungale says:

    Sir
    I am very interested to the course but I need some guidance of you.
    For CMA’s where are job opportunity?? Plzz guide me.

  7. Sneha Vinayak More says:

    I am appeared Mcom final year but I need course of icwa.bcaz I want getting knowledge of finance and cost.

  8. Megha sijin says:

    Can you please tell about job opportunities of cost accountants in government sectors

  9. Vikash kushwaha says:

    Dear sir,
    I completed my 10+2 from science but now I am pursuing b.com. can I eligible for CWA course. If I eligible for CWA course than how can I take addmission for CWA .
    Please help me sir..

  10. Rakesh Kumar says:

    hi i have completed B.Com in 2008, and now i am working.
    so can i join this course.

  11. Raghuvendra sungh says:

    I will study in 12th class after 4 month what can i do give me some ideas

  12. Niths says:

    Do we get job in usa after icwa from india?

  13. S ASHOK KUMAR says:

    I completed M.Com
    Can i join icwa
    How to approach admission
    What is the use of icwa

  14. KARTHIKEYAN says:

    I completed in diploma in computer technology and B.C.A Completed in Madurai kamarajar university.but I am Working Senior Accounts executive. so can i do ICWA Intermediate course eligible or Not?

  15. Ashna Azad says:

    Does this course require bcom degree and also can science students can apply for this course

  16. sanjay says:

    i had completed my b.com in 2007 now working with MSEDCL. should i able to complete this

  17. Bhoop Singh says:

    I have completed 12 with Commerce I want to do ICWA or CMA please tell me details about
    Course and college

  18. PUSHPA Raj Vaishya says:

    I’ve completed M.Com account I’m interested in icwa

  19. Hritvik roy chaudhary says:

    I have cleared ca foundation.so if i want to apply for ICWA course,for which stage will be i eligible?

  20. Tanya verma says:

    I m just passed b. Com1st year what should i do after this

  21. Bharti Sharma says:

    I want to know that in the couse of ICWA learn tally..or not????

  22. Rejuan azam fakir says:

    I completed b.com…so can i go for CMA course,plz tell me

  23. Sagar phirangi says:

    I HaD finished my bcom wheather it is the right time to ICWA

  24. panneer selvam says:

    I completed Bcom(CA) now im worked in accounts department of private company.i need this feature and career crowing from this ICWA cource details…and then i thinking about complete the Mcom(CA) then complete ICWA cource is better my career!!!

  25. Akash nayak says:

    Information about which
    Field of working in icwa course

  26. M.keerthivasan says:

    I’ve completed 12 th I’m interest in CMA

  27. M.keerthivasan says:

    I’ve completed 12 th I’m interested in ICWA

  28. Madhu says:

    I am doing b.comca is there any possibility to do icwa

  29. Manasi says:

    I just completed my bcom, now can i go for the icwa..?? I dont have an any experiance. So for me it is usefull or not..??

  30. khushi says:

    I am still not sure about my knowledge for this course.. Also, doing it from India will make me applicable for foreign job as cost accountant ??? Please answer

  31. Abeer chatterjee says:

    Dear sir,
    I have just passed my ICMAI Intermediate Exam in December 2017 . My question to you sir, after completing my final exam how will student get a job since there is no practical knowledge only theoretical. And everything is on software so after passing CMA final exam as a fresher how will I get a job. I just want a suggestion from you.

    Regards,

    Abeer Chatterjee.

  32. Rishabh Bindra says:

    I wanted to know about the qualificatins like graduation courses and other requirements to persue icwa(cma).
    I also want to know what kind of jobs can we get after the copletion of course

  33. gnaneswari.r says:

    i m working as junior accounts officer in bsnl
    can i do icwa
    in what ways it will be useful for me

  34. shuchi says:

    i have completed 12 without maths commerce. can i do icwa. what is the best institute in delhi. plz send me address on my mobile no .

  35. Samiksha says:

    I have passed 12th science (64%) in 2017 and had taken gap of 1 year how can I apply for ICWA? Which colleges provide this course with minimum fees?

  36. wahid says:

    Please clarify on :
    1. I have completed ICWA Inter in 1995. Can I rejoin and enrol for Final?
    2. Is there any maximum age restriction to join, particularly in the above situation.

  37. Shraddha Veer says:

    I have completed my TY bcom in 2016
    Am I eligible for ICWA?
    which is the best coaching classes to pursue the same in mumbai western line?

  38. Ratnesh Jain says:

    it is a course similar to CA,
    then why any college is required ?
    Coaching Institutes can be helpful

  39. Vikas shelke says:

    Maharatrain best college

  40. Krishna parangi says:

    आईसीडब्ल्यूए की राजस्थान में सबसे बेस्ट कॉलेज कौन सी है

  41. Nandana says:

    Sir
    I scored 73% for cbse class 12 in bio maths.
    I don’t want to be a doctor but something related to medicine which assure me a job.

  42. mahesh says:

    Hi sir
    please give a best suggestion for better in CMA or ICWA courier.

  43. Abde Ali says:

    Which college of cma course in indore

  44. siddharth says:

    I want to ask sir:-
    Can we give foundation exam of cma after class10 or we have to wait for completion of class12?
    Please reply its all about my career!!

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