Looking forward to becoming a cost accountant? Here is all you should know about ICWA course-
The Institute of Cost Accountants of India also known as the Institute of Cost & Works Accountants of India is an institution that offers education and develops the profession of Cost Accountancy. This course provides you an in-depth knowledge to manage the business within the available resources, budgets, minimize expenses, and increase the profitability of the business.
Cost Accountant is responsible for minimizing expenses and thereby increasing profits by keeping in mind the actual costs of manufacturing product, fixed cost, variable cots, semi-variable costs, company expenses, analyzing profits, and preparing the company’s budget. Cost accountant have to collect and analyze the financial information from all the departments of a company, Prepare monthly and quarterly accounting reports, assist staff accountant, review rates of depreciation, overhead expenses, and suggest policy changes to improve the profitability of the company, maintain and review the ledgers and reconcile balance sheets, analyze costs of raw materials and see cost-benefit analyses if changing vendors
The skills required to be a successful cost accountant are-
The basic eligibility criteria to be met by the aspirant are as follows-
Foundation Stage: The course duration for the Foundation stage is 8 months.
Intermediate Stage: The course duration for the Intermediate stage is 10 months.
Final Stage: The course duration for the Final stage is 18 months.
The ICWA examination is conducted twice a year- June and December.
Some top institutions to pursue this course are-
Cost and management accountants are highly demanded in the government sector, research organizations, stock exchanges, private sector, banking & finance sector, education, and training sectors. With the advancement of the economy, demands for cost and management professionals is steadily increasing. Below mentioned are various job profile for a cost accountant-
Finance Director:- Finance director is responsible for overseeing, and reviewing, the budgets for each business department and also assist in the company’s budgetary planning.
Managing Director:- The managing director is responsible to give strategic guidance to the board and ensure that the Company achieves its financial goals.
Accountant:- Accountant is responsible for preparing various account entries by collecting relevant account information. They also recommend financial actions by analyzing accounting options to increase the profitability of the business.
Cost Controller:- Cost controller is responsible for controlling the project costs by planning, controlling, and forecasting the project’s budget. They also ensure that the project is completed within the approved budget.
Chief Auditor:- Chief auditor is responsible for ensuring adherence with procedures by examining records, reports, etc.
Cost Accountant:- Cost accountants are responsible for the minimization of a company’s expenses and assist in how to increase profits.
Chief Accountant:- Chief accountants are responsible for all accounting activities. They are responsible for preparing financial reports, assisting departments with annual budgets and reviews, internal control, and tax studies.
Other job profile may include professors, chief internal auditors, financial controllers, financial consultants, etc.
Some of the top recruiters that hire cost and management accountants are-
The starting salary between Rs 3-4 LPA. The salary specifications also depend on the job profile, sector, and experience in the field. With time and experience, one can expect a rise in salary.
The difference between CA and ICWA are-
These were some important things to know about ICWA course, which will help you know the course better.