10 Things to know about ICWA course

Looking forward to becoming a cost accountant? Here is all you should know about ICWA course-

What is 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.

What is the role of Cost accountant?

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

Skills required

The skills required to be a successful cost accountant are-

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  • -Good knowledge of standard concepts and procedures of the field
  • -Good at calculation
  • -Attention to minute details and errors
  • -Interest in managing the accounts
  • -Ability to perform several tasks
  • -Good presentation skills

Eligibility criteria

The basic eligibility criteria to be met by the aspirant are as follows-

  • -For the Foundation Stage, the candidate must have passed class 10th or 12th.
  • -For the Intermediate stage, the candidate must have qualified the foundation stage.
  • -For the Final stage, the candidate must have qualified the intermediate stage.

Course details

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Foundation Stage: The course duration for the Foundation stage is 8 months.

  • Syllabus
    • -Paper1:- Fundamentals of Economics
    • -Paper2:- Fundamentals of Accounting
    • -Paper3:-Fundamentals of Law and Ethics
    • -Paper4:- Fundamental of Business Mathematics and Statistics

Intermediate Stage: The course duration for the Intermediate stage is 10 months.

Syllabus

  • (Group1)
    • -Paper1:- Financial Accounting
    • -Paper2:- Law and ethics
    • -Paper3:- Direct taxation
    • -Paper4:- Cost accounting
  • (Group2)
    • -Paper1:- Operations and Strategic Management
    • -Paper2:- Cost & Management Accounting/Financial Management
    • -Paper3:- Indirect tax
    • -Paper4:- Company Accounts and Audit
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Final Stage: The course duration for the Final stage is 18 months.

Syllabus

  • (Group1)
    • -Paper1:- Corporate Law & Compliance
    • -Paper2:- Strategic Financial Management
    • -Paper3:- Strategic Cost Management and Decision Making
    • -Paper4:- Direct Tax Laws; International Taxation
  • (Group2)
    • -Paper1:- Corporate Financial Reporting
    • -Paper2:- Indirect tax laws and practice
    • -Paper3:- Cost & Management Audit
    • -Paper4:- Strategic Performance Management and Business Valuation

The ICWA examination is conducted twice a year- June and December.

Top Institutions

Some top institutions to pursue this course are-

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  • -The Institute of Cost Accountants Of India, Bangalore/ Kolkata
  • -Narsee Monjee College, Mumbai
  • -GC Rao Academy, Bangalore

Career options

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.

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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.

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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.

Top Recruiters

Some of the top recruiters that hire cost and management accountants are-

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

Salary

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.

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Difference between CA and ICWA

The difference between CA and ICWA are-

  • -ICWA degree provides knowledge on how to manage finance and management whereas a CA degree gives you the knowledge of taxation, accounting, and auditing.
  • -CAs are involved in the accounting work of a company whereas Cost Accountants are involved in the costing work of the company.
  • -For the CA course, you must have passed class 12th in order to be eligible to pursue the course whereas for the ICWA course you must have passed class 10th to be eligible for the course.

These were some important things to know about ICWA course, which will help you know the course better.

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