Career in Cost and Work Accountancy

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Career in Cost and Work Accountancy

In the era of liberalization and market-driven economy, demands of quality professionals are on upswing. Among many such professionals are Cost and Work Accountants (CWA). Their main role is to frame business policy of a company and to give a prognosis for projects to be undertaken based on past and present financial performances. In this way, Cost Accountant can facilitate strategic decisions in respect of diverse economic activities of an organization.

Course Details
Institute of Cost and works Accountants of India (ICWAI) promotes, regulates, and develops the profession of Cost Accountancy in India. The ICWAI examinations are held in three stages: Foundation, Intermediate and Final. A candidate may appear for the Foundation examination after passing 10+2 examination.

Graduates in any discipline are eligible for direct admission to Intermediate course of minimum of 18 months. After this, a candidate is eligible for admission to Final Course, which takes a minimum of 18 months to clear it. Candidates passed in final examination with a minimum work experience of three years are eligible to become members of ICWAI.

Career Prospects
In the present scenario, CWAs are in great demand in private enterprises, government sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Because of their quality training, they can hold even top management position in private enterprises like Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager and Chief Internal Auditor.

Options are also open to CWA to directly register in M.Phil and Ph.D. courses in commerce as decided by the Association of Indian Universities. All India Council for Technical Education decided that Fellow members of ICWAI will be treated at par with the persons holding Ph.D. degree for appointment in the posts of Professor and Lecturer in Professional and management Institutes.

CWAs also can enter into Cost Accounting Services of the Central Govt. Besides this, CWAs can take up their independent practices. The types of service that practicing CWAs can offer are varied. Certified CWAs can maintain cost accounting records, and do cost auditing for companies. CWAs also can certify import and export documents under the Exim Policy. They can do excise audit and can act as a trustee, executor, administrator, receiver, valuer, etc.

Institutes Offering
The Institute of Cost and Works Accountants of India is the only statutory body of Government of India conducting and regulating the CWA course in India. The institute has four regional Centres at Mumbai, Calcutta, Chennai and New Delhi.

Remuneration
Cost and Works Accountancy is a profession where returns are quite high be it public, private sector or own consultancy firm. Salaries of CWA employed in public or private sector companies vary depending upon qualification and experience.

Average salaries at junior level are 10000 to 15000 per month while a senior most CWA can expect to get 30000 to 35000 per month in domestic markets. Cost and Works Accountants who are engaged in consultancy and private practice are also earning handsome returns depending upon the numbers and kinds of clients they have.