Institute of Cost Accountants of India - ICAI

About Institute of Cost Accountants of India - ICAI

It was during the early years of World War II, that the concept of cost as an independent entity made its beginning in the industrial circles of the world. Due to the prohibitive cost of defence operations, the then governments at war found it difficult to ascertain the price of defence purchases and thus evolved the concept of cost + contracts. This forced the contractors to submit the cost of the work to be undertaken by them, in order to be awarded the contract. 1945 brought the end of the war, and the nations ravaged by the effects of war began large-scale reconstruction of their economies through industrialisation. The end of colonialism meant that many nations gained their independence, and this process increased rapidly. The late forties and fifties can really be termed the golden era of industrialisation. The importance of cost accounting as being central to the formation of government policies provided the foundation of the rapid growth of the profession. What began as a mere exercise in estimating the cost later developed into a movement for efficiency and optimum utilisation of scarce resources. The profession was established by a special act of Parliament, namely, the Cost and Works Accountant Act, 1959. With the passing of the act, "The Institute of Cost and works Accountants of India" was established in 1944 and was registered as a company under the Companies act with the objectives of promoting, regulating, and developing the profession of Cost Accountancy. It has since been continuously contributing to the growth of the industrial and economic climate of the country. The Institute has also introduced the Certified Accounting Technician Course (CAT), a one year program with two levels: -Foundation Course (Entry Level) and Competency Level.

The Institute of Cost and Works Accountants of India is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost and Management Accountancy. The head office is situated at 12, Sudder Street, Kolkata - 700016 and operates through four regional councils loacted at Kolkata, Chennai, Delhi and Mumbai as well as through a number of important chapters situated elsewhere in India and abroad. The Association of Indian Universities {AIU} resolved on May 28, 1991 that Bachelor Degree holders, who have passed ICWAI Final Examination be allowed by the Indian Universities to register for M.Phil. and Ph.D. in Commerce and allied disciplines. Since then the Institute is approaching different Universities to make necessary provision in their respective Rules so that Members of our Institute having Graduation qualification can register themselves for Ph.D. courses in Commerce and allied areas. Till now the Institute is in receipt of approval from 35 Indian Universities. Recently, in response to our letter No. DS-3{UL}/11/2000 dated November 17,2000 to AIU it has been clarified by AIU {vide their letter No.EV/II{2}/2000/179741 dated November 29,2000} that recognition awarded by AIU is generally accepted by the Universities in our country. The Institute of Cost and Works Accountants of India (ICWAI) and Indira Gandhi National Open University (IGNOU) has signed a Memorandum of Understanding (MoU). The Institute of Cost and Works Accountants of India in its drive to promote and propagate the profession of cost and management accountancy has now taken the initiative to promote an Institute of Cost and Management Accountants in Oman. The Institute of Cost and Works Accountants of India (ICWAI) has entered into a Memorandum of Understanding (MoU) with the Institute of Management Accountants (IMA), USA to enable mutual recognition and cooperation between the two institutes to develop the profession of Management Accountancy for the benefit of their members and students in the pursuit of excellence in education and training and continuing professional development in Management Accountancy. ICWAI has also entered into a Memorandum of Understanding (MoU) with the Institute of Management Accountants (IMA), USA. It has chapters in overseas regions including Nepal, Dubai, Sultanate of Oman, Zambia, Tanzania, Botswana. The Institute has established four regional councils to assist the Central Council in discharge of its functions.

Four Regional Councils of ICWAI:

• Western India Regional Council - Mumbai.
• Eastern India Regional Council - Kolkatta.
• Southern India Regional Council - Chennai.
• Northern India Regional Council - New Delhi.

Course - The course is divided into Intermediate and Final with eight papers each. Both has 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 Hours(50) has been included. After one clears 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. 10+2 candidates has to complete the Foundation Course of the institute to join the Intermediate course.

Passing ICWA Examinations - There are a few guidelines that will supplement student's efforts in passing the ICWA examinations. For more info - http://www.icwai.org/icwai/students-exam-guide.asp

Facilities

Training - With effect from 1st day of January 2008, every registered student under the Revised syllabus 2008 shall be required to undergo practical training for a period of 3 years on whole time basis to the satisfaction of the Council in any one or more of the following organizations given under clause 2 and in the areas given in clause 3 for the purpose of recognition for training. For more info - http://www.icwai.org/icwai/students-SchemeforPracticalTraining.asp

Fellowship - An associate member may apply to the Council for advancement to Fellowship, if he fulfils subject to the satisfaction of the council either of the following conditions:

• He should have been an associate member of the Institute for a continuous period of not less than five years and in continuous practice in India as a Cost Accountant for at least five years, or

• He should have been an associate member of the institute for a continuous period of not less than five years and immediately before the date of application should have held for a continuous period of not less than five years a position as Chief Cost Accountant or an equivalent appointment, by whatever name designated, in an organisation approved for the purpose by the Council. Application for Associate Membership/Fellow Membership should be made in the prescribed Form "B". Every person whose application for admission to the membership of the institute is not accepted by the Council shall be entitled to a refund of the fee paid by him.