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
Eligibility to become an ICWA
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 enroll 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.
How to become a Cost Accountant?
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
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
Those candidates who have passed the foundation course and are 18 years or above can apply for intermediate course.
Course of Study
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)
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)
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
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 :email@example.com 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: firstname.lastname@example.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 :email@example.com 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 :firstname.lastname@example.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 their utmost importance in the management of any organisation these professional are suitably compensated for their services to their respective organizations.