Field of Excellence

Important Fields of Practice for a Cost and Management Accountant

Statutory Fields
The central government in the year 1964, amended the companies Act 1956 by introducing statuary maintenance of cost accounting record in select core industries and audit of the same by qualified cost and management accountants. Today over 40 selected industries are covered under statutory maintenance of cost accounting records under section 209(1) (d) of the companies Act 1956. Further under section 233-B of the same Act, audit of the cost accounting records by a qualified cost accountant, have been prescribed.

The central government is progressively extending the coverage of industries under the provisions of sections 209(1) (d) of the companies act 1956, certification of Import/Export documents under section 14A of central Excise and salt Act.

General and Non-Statutory Fields
The general and non-statutory fields of practice for a cost and management accountant include:

	Installation of costing systems,
	Techno-Economic studies of projects, specific cost studies, pricing, optimum utilization of capacity and resources,
	Value analysis/Engineering, cost reduction,
	Efficiency and profitability improvement,
	Profit planning,
	Introduction of standard costing system,
	Services to banks, financial institutions, insurance companies in conducting:
	- Project appraisal,
	- Feasibility studies,
	- Project monitoring
	- Project management and control
	Financial management in various organizations
	Financial planning, funds flow/cash flow
	Project consultancy
	Design of management, organizations and methods, tax planning
	Diagnosis and revival of sick units
	Investment counseling
	Management and internal audit
	Training productivity
	Energy Audit
	Environment audit etc

Eligilbilty For ICWA

Introduction

The Cost and Management Accountants facilitate strategic management decision in respect of economic activities of an organization by their sheer expertise. Study of Cost & Management Accountancy provides in depth knowledge and perspective to manage business under given circumstances. This is a field which provides satisfaction in terms of position as well as remuneration for successful candidates.

The Institute of Cost and Works Accountants Of India, the only professional body specialized in the field of Cost and Management Accountancy in India aims at imparting coaching and training in the subject of Cost & Management Accountancy. It was established by an Act of Parliament in the year 1959, though the same was in existence as a company since 1944. The Institute has four Regional councils in the Metro cities.

Course : The course is divided into Intermediate and Final with eight papers each. Both has two Stages with 4 papers each. According to the revised syllabus, along with the 8 papers in the Intermediate, two group discussions, two seminars and also computer Hours(50) has been included.

After one clears all the eight papers in the Intermediate, one can go in for the final. In the final along with the 8 papers; Dissertation (5000 words), Computer (100 hours ), Modular training (15 days ),Audit / Industrial training (6 months) is included.

10+2 candidates has to complete the Foundation Course of the institute to join the Intermediate course.

Eligibility: Candidates with 10+2 qualification can join the Institute's Intermediate course after qualifying the Foundation Course examination of the Institute. Students awaiting result of 10+2 examination may be permitted to appear in the Foundation Course examination. Similarly students awaiting result of Graduation examination may also avail the facility of provisional registration. Direct Registration without appearing for the Foundation course is open to Graduates of any discipline.

Examination: Examinations held twice in a year during the month of June and December and are conducted at various centers of the country and also at three Overseas Centres – Dubai, Sultanate of Oman and Botswana for overseas students.

For further details incumbent may obtain a copy of the Prospectus of the Institute, which costs Rs. 100/- and is available from the Institute’s headquarters at 12, Sudder Street, Kolkata – 700 016, or from its four Regional Councils.

Syllabus | Fees

Foundation Course:-

1. Organisation and Management Fundamentals
2. Financial Accounting Fundamentals
3. Economics and Business Fundamentals
4. Business Mathematics and Statistics Fundamentals

Intermediate Course: (Stage I)

5. Cost and Management Accounting
6. Information Systems and Technology
7. Business Laws and Communication Skill
8. Business Taxation

Intermediate Course: (Stage II)

9. Management Accounting – Performance Management
10. Advanced Financial Accounting
11. Auditing
12. Quantitative Methods

Final Course: (Stage III)

13. Operations and Project Management & Control
14. Advanced Financial Management and International Finance
15. Strategic Management and Marketing
16. Strategic Tax Management

Final Course: (Stage IV)

17. Management Accounting – Decision Making
18. Management Accounting – Financial Strategy and Reporting
19. Cost Audit and Management Audit
20. Valuations Management and Case Study

Coaching & Training:- The Institute offers two types of tuition – Postal through its four Regional Councils situated in four metropolises – Mumbai, New Delhi, Chennai and Kolkata and Oral through its more than 106 affiliated Oral Coaching Centres spread all over the country. With a view to bridge the gap between theoretical knowledge and to emphasis practical orientation training requirements for ICWAI students have been presented as given below:-

Intermediate

1.Group Discussions - 2 nos.
2.Business Communication Seminars – 2 nos.
3.Computers hands on – 50 hours

Final

1.Dissertation – 5000 words.
2.Computer Hands on – 100 hours
3.Modular training – 15 days
4.Audit / Industrial training – 6 months

Fee Structure
The fee structure of the Institute is given below: Registration Fee:- Rs. 300 (to be paid one time only)

Coaching Fee	Postal	Oral
Foundation :	800	1000 (including study materials)
Intermediate :	2400	3180
Final :	2640	3480

Examination Fee:

Foundation:	Rs. 400
Intermediate:	Rs. 400 (Any one stage)	Rs. 800 (Both Stages)
Final:	Rs. 450 (Any one Stage)	Rs. 900 (Both Stages)

For further details incumbent may obtain a copy of the Prospectus of the Institute, which costs Rs. 100/- and is available from the Institute’s headquarters at 12, Sudder Street, Kolkata – 700 016, or from its four Regional Councils.

Regional Councils

EASTERN INDIA REGIONAL COUNCIL OF ICWAI
84, Harish Mukherjee Road, Kolkata – 700 025
Ph. No. 455-3418/5957, Fax No. 91-033-4553418

NORTHERN INDIA REGIONAL COUNCIL OF ICWAI
3, Institutional Area, Lodi Road, New Delhi – 110 003
Ph. No. 461-5788, 462-6678, 464-4630/4692/4430
Fax No. 91-011-4622156

SOUTHERN INDIA REGIONAL COUNCIL OF ICWAI
4 (old no 65) Montieth Lane, Egmore, Chennai – 600 008
Ph. No. 855-4443/4326, 872-2772
Fax No. 91-044-8554651

WESTERN INDIA REGIONAL COUNCIL OF ICWAI
Rohit Chambers, Janmabhoomi Marg, Mumbai – 400 001
Ph. No. 287-2010, 204-3416/06, 284-1138
Fax no. 91-022-2870763

Headquarters:-Director(Studies)
12, Sudder Street, Kolkata - 700 016
Phones: 244-1031/34/35, 245-0602/0492
Fax: 91-33-2440993, 91-33-2450026

What isCWA ?

In this era of liberalization Cost Accountants are in great demand in private enterprises, government sector, banking & finance sector, development agencies, education, training & research sector, service & public utility sector etc. The scope for Cost Accountants has increased tremendously as with the spread of liberalization paradigm the role of government has reduced and a number of regulatory agencies have sprung up. Professionals like Cost Accountants are an invaluable aid to such regulatory functions. Cost Accountants are holding top position management positions, viz. Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager, Chief Internal Auditor in private enterprises.

The job of a cost accountant is to give a prognosis for projects to be undertaken based on past and present financial performances. Thus, Cost Accountant can facilitate strategic decisions in respect of diverse economic activities of an organization.

Institute of Cost and works Accountants of India (ICWAI) promotes, regulates, and develops the profession of Cost Accountancy in India. Under AICTE guidelines Cost Accountants are treated at par with PhDs for appointment as Professors, Associate Professors/Readers, Assistant Professors/Lecturers in AICTE approved Management Institutes.

Scheme of ICWAI Examination
The ICWAI examinations are held in three stages: Foundation, Intermediate and Final. A candidate may appear for the Foundation examination after passing Senior Secondary Examination under 10+2 scheme. After passing the Foundation exam, a candidate is eligible for admission to Intermediate course. Graduates in any discipline are eligible for direct admission to Intermediate course. It takes a minimum of 18 months to clear Intermediate Course. After passing Intermediate Course a candidate is eligible for admission to Final Course and it takes a minimum of 18 months to clear Final examination. Candidates who have passed final examination and have a minimum work experience of three years are eligible to become members of Institute of Cost and works Accountants of India.

The Institute of Cost and Works Accountants of India (ICWAI)

The central Government accorded statutory recognition to the ICWAI with the Parliament passing the cost and works Accountants at 1959 (23 of 1959). The central government in the year 1964 amended the companies Act 1956 by introducing statuary maintenance of cost accounting record in select core industries and audit of the same by qualified cost and management accountants.

In the year 1982, by realizing the importance of the profession in the economic development, the central government created an all-India cadre known as Indian cost Accounts Service, at par with class I services of the central government to advise the government on various fiscal matters.

During the year 1994, the Institute celebrated the Golden Jubilee year of the formation.

Association with international professional bodies

The ICWAI is a member of the International Federation of Accountants(IFAC), The Confederation of Asian and Pacific accountants(CAPA), and the South Asian Federation of Accountants (SAFE). In IFAC, The ICWAI is represented in the Financial and Management Accounting Committee and in CAPA in the Executive committee. The ICWAI as a leader in the field in the south Asian Region is also imparting training to accountants from overseas countries.

Location of regional councils, chapters and examination centres

The ICWAI has established four regional councils to assist the central council in discharge of its functions, with head-quarters at Mumbai, Calcutta, chennai and New Delhi.The ICWAI has established a chain of chapters throughout the country and abroad, in all major cities and towns mainly to provide coaching facilities to the students, organize professional development programs for the members, public relations drive to propagate the message of the profession among the local industry, government and other bodies.