ICWAI (Institute of Cost and Works Accountants of India) is the only professional body specialised in the field of Cost and Management Accounting in India. ICWAI regulates, promotes, and develops the profession of Cost Accountancy in India. A cost accounting degree equips a candidate with the proper knowledge to manage the finance department of the organization and make sure managerial decisions are going well within the available resources.
The field of Cost and Works Accountancy is an emerging study in the commerce sector. The role of a Cost and Works Accountant covers assimilation, collection, analysis, and collation of financial information from all areas of an organization. They play a key role in the company as their quality of information determines the up or down of the organization.
CWA Eligibility:
The basic eligibility criteria for a Cost and Works Accountancy (CWA) differ from college to college with a little modification. Candidates are required to fulfill the common eligibility criteria to get admission into the Cost and Works Accountancy (CWA) that depends on the following levels:
- ICWA Foundation: Candidates who have passed or appearing in class 10+2 are eligible to apply and must have completed the age of 17 years.
- ICWA Intermediate: Students must have passed the class 10+2 and Foundation Course/ Graduation in any discipline.
- ICWA Final: Candidates can apply for this course after qualifying for the ICWA Intermediate course from the institution.
Career prospects of doing CWA from ICWAI:
In the field of CWA, there are huge job options candidates will get after completing the CWA degree program from ICWAI. Career aspects in Cost and Works Accountancy are open in both the public and private sectors.
- Cost Accountants are in great demand in the private sector, government sector, banking & finance sector, education, developmental agencies, training & research sector as well as in service & public utility sector.
- They can be also hired for senior-level positions in organizations as a Managing Director, Chief Internal Auditor, Finance Director, Financial Controller, Chief Accountant, Senior Marketing Manager, etc.
- Candidates can opt for Ph.D. which can be absorbed as teaching faculty in universities for commerce and allied fields as professors, readers, and lecturers after passing the final stage and they can also do their own business through a consultancy firm.
CWA Job profiles:
Currently, there are ample amount of job scopes in the banking and insurance sector as we are going through a market-driven economy where absolute decisions on strategic issues of finance and business are most important for the proper functioning of an organization or firm.
The field of cost and works accountancy assesses high profile jobs both in the government as well as in private sectors. The annual salary packages and its remuneration are one of the best in the market. The rate of employment opportunities in CWA is high and candidates can be placed as managing director, chairman, finance director, general manager, chief executive, etc.
Following are a few of the common taken up job roles in the field of CWA:
Job Profile | Job Description |
---|---|
Internal Auditor | They are trained professional assigned with providing objective and independent evaluations of financial and operational business activities of a company. |
Cost Accountant | They are responsible for the reduction of a company's financial waste by increasing profits. Their job role is to determine the actual costs of manufacturing or providing a service and preparing the company budget. |
Finance Manager | Their job role is to perform data analysis and advise senior managers on profit-maximizing ideas. Also, they are responsible for the financial health of an organization as they have to create financial reports. |
Chief Financial Officer | They are the senior executives responsible for managing the financial actions of a company. They are also responsible for tracking the cash flow and financial planning of the company. |