ICWAI (Institute of Cost and Works Accountants of India)

A Cost Accountant (ICWA) is a professional accountant by virtue of his/her being a member of the professional body of accountants conducting the cost accountancy course.

Cost Accountants carry on professional practice as Cost Accountants either individually or as a firm (in partnership with other cost accountants). They are mostly found working as employees/consultants in organizations. Some carry on professional practice and work as employees/consultants in organizations part time.

Cost and Management Accounting, Cost Audit (verification of cost accounting record), are the core areas dealt with by cost accountants. They area also capable of expert level services in the areas of General Management, Personnel Management, Operations Management, Production Management.

A cost accountant specializes in navigating managerial decisions, stabilizing budgets and standards, assessing operational efficiency and the effectiveness of production and service management, identifying accountability for profit variance and so on. His responsibilities include: designing and implementing effective management information and control systems, planning costing systems and methods, inventory control incorporating mathematical models, investment analysis, project management, internal audit, cost audit, diagnosis in the case of sick industries, fund management, pricing planning, interpreting information and data related to business activities and translating them in such a way as to guide the core management into taking the right decisions. Criteria the academic requirement is to pass the examination conducted by the Institute of Cost and Works Accountants of India (ICWAI).

The Cost and Works Accountants of India is a premier, dynamic, vibrant professional institution actively associating itself in the industrial and economic development of the nation. The profession places itself at the service of the nation, government, industry, and the society to realize the objectives of a welfare state resulting in the prosperity and the well being of its people - a fact increasingly realized with the opening up of the country's economy and change in the economic scenario of the world. In today's world, the profession of conventional accounting and auditing has taken a back seat and accountants increasingly contribute towards the management of scarce resources like funds, land and apply strategic decisions. This has opened up further scope and tremendous opportunities Cost and Works accountants to shoulder responsibility as Cost and Management Accountants in accordance with new dimensions and vision here in India and abroad. Members of this profession will be the driving force in the team of management while in employment and a key consultant, an effective Cost and Management Auditor and an appropriate advisor in place. This is why Cost Accountants in India are called Management Accountants all over the world. It's ICWA other name.

Institute of Cost and Works Accountants of India (ICWA)

The Institute of Cost and Works Accountants of India (ICWAI) is a premier professional accountancy body established on May 28, 1959 under the Cost and Works Accountants Act, 1959 (Act No.23rd of 1959) enacted by the Parliament of India to regulate the profession of Cost Accountants in India.

The ICWAI is a Founder Member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA). ICWAI is a member of the National Foundation of Corporate Governance (NFCG). The headquarters of ICWAI is situated in Kolkata, and operates through its four regional councils located at Kolkata, Chennai, Delhi and Mumbai, 94 chapters in India and 7 chapters abroad.

COURSE STRUCTURE:

There are two entry levels for this course.

1. A student pursuing the course after 10 + 2/Senior Secondary/intermediate has to start at the Foundation level.

2. A student starting the pursuit after graduation (10 + 2 + 3) can start at the Executive Programme Level directly.