Opportunities Today : May  2005 Issue



The Institute of Cost and Works Accountants of India is the only professional body specializing in the field of cost and management accountancy in India. The Institute was first formed as a company in 1944. Government of India accorded statutory recognition to the institute in the year 1959. 

It has its head quarter at Kolkata and Chennai representing western, northern,eastern and Southem regions respectively. Under the jurisdiction of the respective regional councils there are 92 branches located in major cities all over the country and 6 overseas centres engaged in promoting the profession of cost and management accountancy. 

-The institute is a member of the International Federation of Accountants Committee (IFAC), the Confederation of Asian and Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA). The institute as a leader in the field in the South Asian Region is also imparting training to accountants from overseas countries.

Eligibility for Enrolment:

Any person who is above 18 years of age and completed graduation in any discipline is eligible for direct registration for intermediate course. Those who do not have the above qualification but passed 10+2 standard shall have to pass a foundation course examination before entry as a student for Intermediate Course A. The course fee is quite affordable. The Institute has on its rolls a large number of registered students appearing for Intermediate and final examination conducted by the institute.

Every student of the Institute shall undergo mandatory coaching for a specified period either through a chain of oral coaching centres established all over the country or through postal coaching with the respective Regional Council.

The examinations for foundation course, intermediate and final examinations of the institute are held twice in a year in June and December. The Institute's examinations have been acclaimed as one of very high standards of proficiency. Qualified and experienced Cost and Management Accountants are in continuous demand in the industry as well as other organisations for placements at senior and middle level management positions.

Openings after qualifying :

1] Statutory Fields: Over 44 selected industries have been covered under statutory maintenance of cost accounting records under Companies Act, 1956. Further audit of the cost accounting records by a qualified practicing cost accountant (ICEA), have been prescribed.

2] Non-Statutory Fields: The other fields for Cost Accountants include installation of costing system, 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, conducting project appraisal, feasibility studies, project monitoring, project management and control, financial management, project consultancy, design of management, organizations and methods, tax planning, diagnosis and revival of sick units, merchant banking, investment counselling, management and internal audit, training energy audit and environment audit.

Thus, in last 10 years scope for nonstatutory field have tremendously increased for the cost and management accountants being good result shown by them in various fields.

ICWAI has been accorded due recognitions by :

A). Universities - Many Indian universities have recognized ICWA qualification as sufficient for pursuing the Ph.D. It was also resolved by Association of Indian Universities to accept Bachelor Degree holder plus ICWA for registration as M.Phil and Ph.D candidates in the Commerce and allied disciplines. Fellow member of ICWAI has been taken as equivalent qualification of Ph.D. for eligibility of professor by some universities like Indore University.

B) State Governments and other organizations in addition to cost audit and cost consultancy services, the professional has been recognized by the state governments for conducting Internal Audit in the State PSU's. Several nationalized banks have empanelled cost accountants for conducting the physical verification of inventories declared by their clients for availing working capital assistance. The professional has also been recognized for conducting loss survey for insurance policy.

C) Indian Cost Accounts Service (ICAS) - Government of India has constituted an all India cadre known as Indian Cost Accounts Service (ICAS) at par with other Class I service such as IAS, IFS etc, to advice the government in Cost and Pricing and in framing the appropriate fiscal and tax policies.

From above details it is clear, job opportunities are adequately available in Govt./PSU's and Private Sector with due consideration comparable with other professional qualifications. Fees and expenses on the courses are quite affordable.

For any further information, Contact: Institute of Cost And Work Accounting of India

4th Floor, Rohit Chambers, Janmboomi Marg, Fort, Mumbai - 400 001, Tel no. 2287 2010 / 2204 3416 Fax no. 2287 0763. 

Email: mumbai@wircicwai.org Website: www.wircicwai.org