We are living in a market-driven economy where suitable decisions on strategic issues of business and finance are of utmost importance for the smooth functioning of a firm. This strategic management decisions on firm business necessitates the significance of cost and works accountant. Cost and works accountant is the core member of an organization who designs business policies considering the past and present financial performances of the company. The job of CWA requires a high degree of motivation, concentration, and determination.
These are the professionals who try to ensure high returns by cutting down costs and resources. They work hard in the area of planning and management thereby increase the profit margin of the company. They improve profitability by reducing costs.
Cost and Works Accountancy (CWA) is one of the newest disciplines in the realm of commerce and business. Cost and Works Accountant has to perform the duties like collection, assimilation, collation, and analysis of financial information of an organization. He plays a strategic role for the organization as the success or failure attributes are dependent upon him. Cost and works accountant has a great say in the management, therefore, they are also called a management accountant both in India and abroad.
Institute of Cost and Works Accountants of India (ICWAI)
Institute of Cost and Works Accountants of India is the only statutory body of Government of India, which facilitate training program for costs and accountant management. ICWAI promotes, regulates, and develops the profession of CWA in India.
The institute has branches in India and abroad. The institute has four regional centers in India-Delhi, Kolkata, Chennai, and New Delhi. ICWAI plays vital roles in the field of costs and account management thus contributes to the economic and industrial developments of the country
ICWAI Headquarters and Regional Centres
The addresses of the head as well as a regional officer are:
- The Institute of Cost and Works Accountants of India, 12, Sudder Street, Kolkata-700016.
- Northern India Regional Council of the ICWAI, 3, Industrial Area, Lodhi Road, New Delhi-110003
- Western India Regional Council of the ICWAI, 65, Montieth Lane, Egmore, Chennai-600008
- Eastern India Regional Council of the ICWAI, 84, Harish Mukherjee Road, Kolkata-700005
The course of Cost and Works Accountancy is open for all students. The minimum eligibility criteria to enroll in ICWAI is 10+2 for the foundation course. At the time of admission in the foundation course, the students must complete 17 years.
Graduate in any discipline may join the Intermediate Course which is of 18 months duration. The minimum age for the intermediate course is 18 years. After successfully completing the Intermediate course, one is eligible for the Final Course, which is also of 18 months duration. One can become a member of ICWAI when passed the final examination along with a minimum of three years of experience. After the final course, one may join M. Phil or Ph.D. in commerce and allied subjects. Presently, a total of 35 Indian Universities have approved the course offered by ICWAI.
Examinations are being conducted twice a year-June and December in centers across the country. Examination is also held for overseas students at the centers – Dubai, Sultanate of Oman, and Bostwana.
Cost and Works Accountancy Examinations
To enroll in the foundation course, the student has to appear for the preliminary examination after passing the 10+2 exam. The examination consists of papers-English, Elementary mathematics, and GK. The examinations for the intermediate course comprise financial accounts, cost accounts, corporate laws, secretarial practices, and direct taxation.
Course Details of Cost and Works Accountancy
Foundation course comprises 4 papers:
- Business Fundamentals and Economics
- Management and Organisation
- Basic Mathematics and Statistics
- Commercial laws
Both the Intermediate and the Final Courses comprise eight papers each. The subjects included in the Intermediate course are:
- Financial Accounting
- Cost Accounting
- Corporate Laws and Secretarial Practice
- Direct Taxation
- Cost and Management Accounting
- Indirect Taxation
- Quantitative Methods
Recently, in the Intermediate course, two group discussions, two seminars, and a computer class of 50 hours has been also included.
The Final Course also has eight papers. Besides this, the candidate has to write a dissertation of 5000 words along with a computer class of 100 hours; modular training of 15 days, and industrial training of 6 months. The final course includes the following subjects.
- Advanced Financial Accounting
- Information Technology and Computer Technology
- Operations Management and Control
- Project Management and Control
- Advanced Management Accounting-Techniques and Applications
- Advanced Financial Management
- Advanced Management Accounting-Strategic Management
- Cost Audit
Career Prospects in CWA
Career in Cost and Works Accountancy is open in both the private and public sectors. Cost Accountants are in big demand in top-notch business firms, government bodies, banking and financial sectors, insurance, teaching, research, and training. They are hired for senior-level positions in organizations for the posts like Chief Internal Auditor, Managing Director, Finance Director, Financial Controller, Chief Accountant, Senior Marketing Manager, etc. After passing the final stage, one may go for M.Phil or Ph.D. thus can be absorbed as teaching faculty in universities for commerce and allied fields as professors, readers, and lecturers. CWAs can also do their own business through a consultancy firm.
There is a challenge in the field too as only renowned organizations are employing the CWAs. Setting up own consultancy firm is also not easy.
Jobs in Cost and Works Accountancy
The field of cost and works accountancy encompasses high profile jobs both in the private as well as government sectors. The salary packages and remuneration are one of the best in the market. Employment opportunities in CWA are available as chairman, managing director, finance director, chief executive, general manager, etc. There is plenty of job scopes in the banking and insurance sector too. It has been made mandatory by the government of India for 38 companies to employ cost accountant. In organizations like Indian Railway, Indian Army, Nationalised Banks and other bigger bodies, the services of these cost accountants are required to facilitate the works of costing, budgeting, auditing, and other finance and policy works.
Salary in CWAs
Since cost and works accountancy is one of the most sought after professions to place themselves in a senior-level position. The remuneration of CWA depends upon knowledge and experience. The fresher may get Rs 25, 000 to Rs 30, 000. However, getting experience of 3 or 4 years, one may draw a salary of Rs 50, 000 per month. One can collect a fat salary as the experience increases.
Universities offer Ph.D. Courses in CWA
- Madras University, Chennai (www.unom.ac.in)
- University of Poona, Pune (www.unipune.ac.in)
- Nagpur University, Nagpur (www.nagpuruniversity.org)
- Punjab University, Chandigarh (www.english.puchd.ac.in)
- Mangalore University, Mangalore (www.mangaloreuniversity.ac.in)
- Meerut University, Meerut (www.meerutuniversity.org)
- Sardar Patel University, Gujarat (www.spuvvn.edu)
- University of Kerala, Trivandrum (www.keralauniversity.edu)
- Guru Nanak Dev University, Amritsar (www.gndu.ac.in)
- University of Mysore, Mysore (www.uni-mysore.ac.in)
- Karnataka University, Karnataka (www.kud.ac.in)
- Osmania University, Hyderabad (www.osmania.ac.in)
- BHU (www.bhu.ac.in)
- University of Bombay, Mumbai (www.mu.ac.in)
- Bangalore University, Bangalore (www.bangaloreuniversity.ac.in)
- Pondicherry University, Pondicherry (www.pondiuni.edu.in)
- Madurai Kamraj University (www.mkudde.org)
- The University of Kashmir, Srinagar (www.kashmiruniversity.net)
- South Gujarat University, Surat (www.vnsgu.ac.in)
- North Gujarat University (www.ngu.ac.in)
- Vikram University, Ujjain (www.vikramuniv.net)
- Punjabi University, Patiala (www.punjabiuniversity.ac.in)
- Maharishi Dayanand University, Rohtak (www.mdurohtak.ac.in)
- Cochin University of Science & Technology, Cochin (www.cusat.ac.in)
- Shivaji University, Kolhapur (www.unishivaji.ac.in)
- Gauhati University, Guwahati (www.gauhati.ac.in)
- Tezpur University, Tezpur (www.tezu.ernet.in)
- Manipur University, Imphal (www.manipuruniv.ac.in)
- Vidyasagar University, Midnapore (www.vidyasagar.ac.in)
- Sambalpur University, Sambalpur (www.suniv.ac.in)
- Guru Ghasidas University, Bilaspur (www.ggu.ac.in)
- Alagappa University, Karaikudi (www.alagappauniversity.ac.in)
- Yashwantrao Chavan Maharashtra Open University, Nasik (www.ycmou.digitaluniversity.ac)
- Sri Venkateshwara University, Tirupati (www.svuniversity.in)
- North Maharashtra University, Jalgaon (www.nmu.ac.in)