Institute of Cost and works accountants of India is abbreviated as ICWA which offers the course known as “CWA Course". It is also known as CMA course (Cost Management Accounting course). This course has 3 different stages- CWA Foundation, CWA intermediate and CWA final
. Among these, the CWA intermediate is also known as CWA Executive and CWA Final also known as CWA Professional.
10th passed candidate from recognized board can register for this course. A 12th passed student or a Diploma holder in commerce recognized by all India council of technical education are also eligible for this course.
The duration is separate for all the three stages as mentioned below-
- Foundation: The duration of this course is eight months minimum
- Intermediate: The duration of this course is ten months minimum
- Final: The duration of this course is eighteen months minimum
|Institute of Cost and Work Accountants of India changed its name to Institute of Cost Accountants of India by ICWAI amendment act, 2011 and after that, its members can use designations like ACMA and FCMA, instead of ACWAI and FCMAI.|
What is CMA? CMA stands for cost and management accountant. Earlier this was known by CWA (Cost and Work Account) but as this profession is globally named as Cost and Management Accounting, that's why ICWAI urged to change its name to match with international conventions and make its members globally competitive. Hence there is nothing new in CMA but it is similar to ICWA.
The concept of cost accounting came into the picture in the industrial sector during the second world war. Modern world markets are focused on consumer sovereignty. With a wide variety of substitutes available and a lot of competitive firms, consumers are becoming more price sensitive. The price of a product depends upon the cost incurred by producers in producing it. Therefore one of the basic works of cost accountants is dealing with cost ascertainment by market analysis, reduction of cost to get best deals and to maximize the profit of employer and then maintain stability by cost control. But the scope of CMA is not so small, in connection with pricing and costing they further deals in certifying these cost records, verifying them, indirect taxation and much more.
In general, cost accounting is an important part of management Accounting. Students are generally confused between ICWA, ICWAI, CWA but all these are the same.
Course Overview Regarding the CMA course, examinations are conducted by the Institute of Cost Accountants of India. Like CA, this also has three levels, foundation, intermediate level, and then final level. One leverage is provided in this course that in CA examination dates are fixed(twice a year) but one can give CMA examinations whenever he/she desires in the time period when the testing window is open, which are generally open for 6 months.
In the three stages of CMA course one has to go through 20 examinations and candidate who is able to complete all examinations band training period can receive membership of ICAI.
Examinations Under the foundation level program there are 4 papers in total which are:
1) Fundamentals of Business Mathematics and Statistics.
2) Fundamentals of Laws and ethics.
3) Fundamentals of Accounting.
4) Fundamentals of Economics and Management.
The Intermediate level comprises of 8 papers in total which are:
1) Company Accounts and audit.
2) Indirect taxation
3) Cost and Management Accounting
4) Operation management and information system
5) Cost Accounting and Financial Management
7) Law ethics and Governance
8) Financial Accounting
The Final program consists of 8 papers again which are:
1) Financial analysis and business valuation
2) Cost and Management's Audit
3) Corporate Financial Reporting
4) Strategic Performance management
5) Tax management and practice
6) Business Strategy and strategic cost management
7) Advanced financial management
8) Corporate Laws and compliance.
Salary Your salary package after completing such professional courses depends upon your capability as well as experience level and the number of years you have spent in the corporate world. But you can draw an initial salary package of 5-7 lakhs per annum after completing all the papers and training.
- Dev Arora
The course content is designed and divided into 3 stages as mentioned above. Among them the basic topics like Fundamentals of Accounting, Fundamentals of Laws & Ethics, Fundamentals of Economics & Management, etc are included in Foundation part.
Topics like Direct – Indirect Taxation, Cost and Management Accountancy, etc are included in Intermediate part.
The last part includes study of topics like Advanced Financial Management, Tax Management & Practice, Corporate Laws & Compliance, etc.
Details about Regional Offices for ICWA Admission
It has 4 centers-
- Mumbai- It covers Madhya Pradesh, Gujarat, Goa, Chhattisgarh, Maharashtra and Union territories- Nagar haveli, Dadra and Daman Diu. The address for communication is- “Western India Regional Council, “Rohit Chambers", 4th floor, Janmabhoomi Marg, Fort, Mumbai – 400001." For details, candidates can follow the website “www.icwai-wirc.org".
- Chennai-This region covers Tamil Nadu, Andhra Pradesh, Kerala, Karnataka, Pondicherry and a Union territory- Lakshadweep. The address for communication is “Southern India Regional Council, 4, Montieth Lane, Egmore, Chennai – 600008". The website “www.sircoficwai.com" can be used to obtain further details.
- Kolkata-It includes Manipur, Arunachal Pradesh, Bihar, Assam, Jharkhand, Meghalaya, Mizoram, West Bengal, Nagaland, Tripura, Orissa, Sikkim, The Andaman & Nicobar Islands and Foreign Countries. The address for communication is “Eastern India Regional Council, 84, Harish Mukherjee Road, Kolkata – 700025
- New Delhi- The areas covered under this city are Delhi, Himachal Pradesh, Haryana, Jammu & Kashmir, Rajasthan, Punjab, Uttaranchal, Uttar Pradesh and a Union Territory- Chandigarh. The address for communication is “Northern India Regional Council, 3, Institutional ares, lodi road, New Delhi – 110003.
Certification CWA/ICWA Admissions for 2022 - 2023 Academic Year
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