Career in Cost and Work Accountancy
In the market driven economy of today’s, when a single decision can make or mar the entire company, the demand for professionals who can facilitate strategic management decision in respect of the economic activities of the company, is on rise.This is where the Cost and Work Accountant become inevitable to the needs of the company. Study of Cost & Management Accountancy provides an in depth knowledge and perspective to manage business under given circumstances. The main role of the Cost and Work Accountants is to frame business policy of a company and to give a prognosis for projects to be undertaken based on past and present financial performances. Cost Accountants thus facilitate strategic decisions in respect of diverse economic activities of the company..
Course Details For Career as A Cost Accountant
The course is divided into Intermediate and Final with eight papers each. Both have 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 (50) has been included. After one clearing 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.
Any commerce graduate can enroll for the subject. However 10+2 students can also enroll for ICWA courses after undertaking the Foundation Courses. On clearing the Foundation exams, they can directly get admitted into the intermediate course. The intermediate course is of 18 months duration.Upon clearing the intermediate exams, a candidate is eligible for admission to Final Course, which takes a minimum of 18 months to clear . Candidates passing the final examination with a minimum work experience of three years are eligible to become members of ICWAI.
Examinations are 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.
Career Prospects of Cost Accountant
In the present scenario, CWAs are in great demand in private enterprises, government sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Because of their quality training, they can hold even top management position in private enterprises like Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager and Chief Internal Auditor. Options are also open to CWA to directly register in M.Phil and Ph.D. courses in commerce as in any Indian university. All India Council for Technical Education decided that
Fellow members of ICWAI are treated at par with the persons holding Ph.D. degree for appointment in the posts of Professor and Lecturer in Professional and management Institutes. CWAs also can enter into Cost Accounting Services of the Central Govt. Besides this, CWAs can take up their independent practices. The types of service that practicing CWAs can offer are varied. Certified CWAs can maintain cost accounting records, and do cost auditing for companies,certify import and export documents under the Exim Policy, do excise audit and can act as a trustee, executor, administrator, receiver, valuer, etc.
Cost and Works Accountancy is a profession where returns are quite high be it public, private sector or own consultancy firm. Salaries of CWA employed in public or private sector companies vary depending upon qualification and experience. Average salaries at junior level are 10000 to 15000 per month while a senior most CWA can expect to get 30000 to 35000 per month in domestic markets. Cost and Works Accountants who are engaged in consultancy and private practice are also earning handsome returns depending upon the numbers and kinds of clients they have.
Institutes Offering Course in Cost Accountancy
The Institute of Cost and Works Accountants of India is the only statutory body of Government of India conducting and regulating the CWA course in India. The institute has four regional Centres at Mumbai, Calcutta, Chennai and New Delhi.