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Indian Cost & Works Accountant (ICWA)

Indian Cost & Works Accountant (ICWA)

Overview:

 The Indian Cost & Works Accountant (ICWA), now known as Cost and Management Accountant (CMA) in India, is a professional certification governed by the Institute of Cost Accountants of India (ICAI). This certification is highly sought after by individuals aiming to specialize in cost accounting, financial management, and internal control functions within organizations.

Duration:

  • Foundation: 8 months

  • Intermediate: 10 months per group

  • Final: 10 months per group

  • Total Duration: Typically takes 3-4 years to complete depending on the student’s pace.

Syllabus (Stage-Wise Breakdown)

The ICWA course consists of three stages: Foundation, Intermediate, and Final.

  1. ICWA Foundation Program (4 Papers):

    • Paper 1: Fundamentals of Economics and Management

    • Paper 2: Fundamentals of Accounting

    • Paper 3: Fundamentals of Laws and Ethics

    • Paper 4: Fundamentals of Business Mathematics and Statistics

  2. ICWA Intermediate Program (8 Papers across two groups):

    • Group 1:

      • Paper 1: Financial Accounting

      • Paper 2: Laws & Ethics

      • Paper 3: Direct Taxation

      • Paper 4: Cost Accounting

    • Group 2:

      • Paper 5: Operations Management & Strategic Management

      • Paper 6: Cost & Management Accounting and Financial Management

      • Paper 7: Indirect Taxation

      • Paper 8: Company Accounts and Audit

  3. ICWA Final Program (8 Papers across two groups):

    • Group 3:

      • Paper 1: Corporate Laws and Compliance

      • Paper 2: Strategic Financial Management

      • Paper 3: Strategic Cost Management – Decision Making

      • Paper 4: Direct Tax Laws and International Taxation

    • Group 4:

      • Paper 5: Corporate Financial Reporting

      • Paper 6: Indirect Tax Laws and Practice

      • Paper 7: Cost and Management Audit

      • Paper 8: Strategic Performance Management and Business Valuation

Average Fees:

  • Foundation: INR 6,000 - 7,000

  • Intermediate: INR 20,000 - 22,000 (for both groups)

  • Final: INR 17,000 - 18,000 (for both groups)

  • Total Average Fees: INR 40,000 - 50,000

Exams to Attend:

  • ICWA Foundation Exam: After completing the Foundation course, candidates must clear the Foundation exam.

  • ICWA Intermediate Exam: After clearing Foundation, candidates must pass both groups of the Intermediate exam.

  • ICWA Final Exam: After clearing Intermediate, candidates need to pass both groups of the Final exam.

  • Practical Training: After clearing the Intermediate level, candidates must undergo practical training in cost management and financial accounting.

Top 10 Institutions in India for ICWA:

  1. ICAI (Institute of Cost Accountants of India), Delhi

  2. St. Xavier’s College, Kolkata

  3. Christ University, Bangalore

  4. Symbiosis College of Arts and Commerce, Pune

  5. Madras Christian College, Chennai

  6. Loyola College, Chennai

  7. Shri Ram College of Commerce (SRCC), Delhi

  8. Narsee Monjee College of Commerce and Economics, Mumbai

  9. Hindu College, Delhi

  10. Lady Shri Ram College for Women, Delhi

Top 10 Institutions in Kerala for ICWA:

  1. ICAI Cochin Chapter

  2. ICAI Thiruvananthapuram Chapter

  3. St. Teresa’s College, Ernakulam

  4. Rajagiri College of Social Sciences, Kochi

  5. Sacred Heart College, Thevara

  6. MES College, Marampally

  7. Maharaja’s College, Ernakulam

  8. Government College, Kottayam

  9. CMS College, Kottayam

  10. Farook College, Kozhikode

Professional Courses