Cost Accountant - How to become a Cost Accountant


Cost Accountant collects assimilates, collate and analyse the financial information from all areas of an organisation. It is one of the most essential management services. With increase in competition and consequent economic pressures, cost and management accountancy has been finely interwoven into the main fabric of management. There is no denying the fact that an organisations success or failure is dependent on the quality of information made available to the management. This is where a cost accountant's productivity is of vital importance to the company.

 

Cost Accountant Eligibility

1. Educational Qualification

  • The minimum eligibility required for the Foundation course for ICWA is 10+2 or an equivalent examination. Candidate who has enrolled for the 10+2 examination can apply for provisional admission.
  • Candidates who have passed the Foundation Course, and are not less than 17 years of age can apply for the Intermediate course. Graduates, post-graduates (excluding fine arts) and those who have passed final exam of ICWAI or ICAI or of any other accountancy Institution in India or abroad recognized by the Council of the Institute can directly enrol to the intermediate course without doing foundation course.
  • After passing the intermediate course a registered candidate can apply for the Final course.

2. Age - 17 years of age for joining foundation course and not less than 18 years for joining intermediate course.

 

Cost Accountant Required Skills

  • Cost Accountants should be able to determine and implement cost accounting procedures and methods.
  • They are responsible for the preparation and analysis of cost reports and costing audits; examines and reviews unusual cost records and ensures cost data is allocated correctly.
  • They should also be familiar with standard concepts, practices, and procedures within a particular field.
  • They should be able to perform a variety of tasks; works under general supervision; typically reports to a supervisor or manager; a certain degree of creativity and latitude is required.

 

How to become a Cost Accountant?

Step 1

Foundation Course

Students who have registered themselves with the Institute of Cost and Works Accounts of India (ICWAI) are required to pass the Foundation Examination.

Eligibility/conditions for this course are as follow:-

Candidates who have passed/appeared senior secondary (10+2) can apply for foundation course.

Important:- Exams are held twice a year i.e.  on 18th to 21st June and on 26th to 29th December.

For June Term Examination apply before 18th December of previous year and for December Term Examination apply before 26th June.

The minimum duration of the course is eight months.

 

How and Where to Register for Foundation Course:

All students shall submit their Postal Application form, duly filled in with all the relevant documents and fee etc. to their respective Regional Councils only. Regional Councils and area covered by the region are given at the end.

Course of Study

  • Paper 1: Organization & Management Fundamentals
  • Paper 2: Accounting
  • Paper 3: Economics and Business Fundamentals
  • Paper 4: Business Mathematics and Statistics Fundamentals

Step 2

Intermediate Course-

The minimum duration of this course is ten months.

Eligibility for Admission:

  • Is not less than 18 years of age; and
  • Has passed degree Examination of any recognized University or equivalent

Candidates those who have passed the foundation course and are 18 years or above can apply for intermediate course.

Course of Study

Group-I

Paper 5: Financial Accounting (One Paper: 3 hours: 100 marks)

Paper 6: Commercial & Industrial Laws and Auditing (One Paper: 3 hours: 100 marks)

A. Commercial & Industrial Law (50 marks)

B. Auditing (50 Marks)

Paper 7: Applied Direct Taxation (One Paper: 3 hours: 100 marks)

Group-II

Paper 8: Cost & Management Accounting (One Paper: 3 hours: 100 marks)

Paper 9: Operation Management and Information Systems (One Paper: 3hours:100 marks

A. Operation Management (50 marks)

B. Information Systems (50) 

Paper 10: Applied Indirect Taxes (One Paper: 3 hours:100 marks)

Step 3

Final course

One can apply for the final examination after one clearing all the eight papers in the Intermediate.

Final exam syllabus include

  • All the 8 papers;
  • Dissertation (5000 words),
  • Computer (100 hours),
  • Modular training (15 days),
  • Audit / Industrial training (6 months).

The minimum duration to complete this course is Eighteen months.

Important:- Candidates of Foundation, Intermediate and Final Examinations can solve their questions in Hindi language.

Examinations are held twice in a year i.e in June and December  at various centers of the country and

At three Overseas Centres – i.Dubai, ii.Sultanate of Oman and iii.Botswana

Success Ladder to be a Cost Accountant

  • 10+2 Passed Candidates can join Foundation Examination
  • Successful candidate in foundation and graduates can join Intermediate Course (10 months)
  • Success here leads to Final Course (18 months minimum)
  • Success in Finals and 3 years Practical Experience
  • The Cost Accountants (Members of the Institute)

To reach this Level one has to apply any one of the following address in prescribed form according to their area of residence.

 

Address of Regional Councils of ICWAI

Address 1.

Western India Regional Council

"Rohit Chambers",4th Floor

Janmabhoomi Marg,Fort

Mumbai - 400 001

Ph : 022-22872010/ 22841138/ 22043406/ 22043416

Fax : 91- 022- 22870763

Email :wirc@icwai.org

Web site : www. icwai-wirc.org

Area Covered:-

The State of Chhattisgarh, Gujarat, Madhya Pardesh, Maharashtra, Goa and the Union Territories: Daman Diu., Dadra, and Nagar Heveli

 

Address 2.

Southern India Regional Council

4, Montieth Lane, Egmore,

Chennai - 600 008

Ph:044-28554443/28554326/28528219

Fax : 91- 044- 28554651

Website:www.sircoficwai.com

Email: sirc@icwai.org

Area Covered:-

The State of Andhra Pradesh, Karnatka, Kerala, Tamilnadu, Pondicherry and the Unition Terrritory: the Lakshadweep

 

Address 3.

Eastern India Regional Council

84, Harish Mukherjee Road,

Kolkatta - 700 025

Ph : 033 -24553418 /24555957

Fax : 91 033-2455-7920

Email :eirc@icwai.org

Area Covered:-

The States of Assam, Arunachal Pradesh, Bihar, Jharkhand, Manipur, Maghalaya, Mizoram, Nagaland, Orissa, Tripura, West Bengal, Sikkim, the Union Territories: The Andaman and Nicobar Islands and Foreign Countries.

 

Address 4.

Northern India Regional Council

3, Institutional Area, Lodi Road,

New Delhi - 110 003

Ph : 011 - 24626678 / 24615788

Fax : 24622156

Email :nirc@icwai.org

 

Area Covered:-

The States of Delhi, Haryana, Himachal Pradesh, Jammu and Kashmir, Punjab, Rajastan, Uttar Pradesh, Uttraanchal and the Union Territory: Chandigarh.

 

Cost Accountant Career Prospects

Once passed the examination the candidate can serve at any of the following capacities at various positions given below

  • Serve in an industry as there is lot of scope in the banking and insurance sectors
  • Opt for government service.
  • Can practice as a consultant or impart teaching at institutes or at universities.

ICWAI programme has been recognised by Association of Indian Universities for admission to Ph. D courses in commerce and allied subjects.

 

Cost Accountant Job Description

With the cut throat competition in the industry at various levels because of the increasing consumerism the industry is in the pursuit of reducing their cost of production to maintain themselves in the race. That is where the professional of this filed are required because of their expertise. Their job involves cutting the cost of production to be competitive.

 

Cost Accountant Salary

There is no minimum or maximum limit for the salary of Cost Accountant. It vary approximately from Rs. 25,000 to Rs.1,00,000 depending upon the knowledge and expertise of the individual Cost Accountant. Due to their utmost importance in the management of any organisation these professional are suitably compensated for their services to their respective organizations.

  Page Views: 16957 | Updated On: 09-Jul-2014