How to be a Cost Management Accountant

If you are interested to become a Cost Management Accountant then ICWA will be your best option. The Institute of Cost Accountants of India (ICAI) formerly known as ICWAI(Institute of Cost & Works Accountants of India).ICWA course is a gateway to becoming a cost management accountant.

What are the stages of the ICWA course?

At present ICWA has been renamed to CMA(Cost Management Accounting). This course comprises of three stages name as CMA Foundation, CMA Intermediate, and CMA Final.
You can do any of these courses through an online or correspondence course.

What is the difference between CA & ICWA?

1)ICWA degree provides the knowledge on how to manage finance competently whereas CA degree gives you the knowledge of Taxation, Auditing, and Accounting.
2)You can apply for CA course after passing 12th while ICWA foundation you have to pass 10th or equivalent exam.
3)CAS is involved in the core accounting work of a company while Cost Accountants are involved in the costing part of a financial transaction.

What are the important skills required of a Cost Accountant?

Skills:1)You should be able to manage cost accounting procedures and methods.
2)You must have good knowledge of standard concepts, procedures, and practices in the related field.
3)You should have good presentation skills and the ability to perform several tasks.

What is the time duration of various courses of ICWA?

1)ICWA Foundation: Minimum of 8 months
2)ICWA Intermediate: Minimum 10 months
3)ICWA FInal: Minimum 18 months

What should be your eligibility for doing various ICWA courses?

1)ICWA Foundation: To apply for this course you have to pass 10th or equivalent from any recognized board
2)ICWA Intermediate: Students must have passed the 12th standard with a foundation course. Graduate candidates in any discipline other than fine arts are also eligible for this course.
3)ICWA Final: You can apply for this course after qualifying the ICWA Intermediate course.

How much salary of a Cost Accountant?

Salary: In India, you can expect a starting salary between Rs 3 to 4 lakhs per annum. In abroad(USA)the average salary of a Cost accountant is around $53k per annum.

Which are the good books and study materials in the market of ICWA and Cost accounting?

1)Accounts study Material, Law, and audit by N.D Kapoor
2)Students Guide to Accounting Standards (CA/ ICWA Final Examination) by D. S. Rawat
3)Scanner ICWA Stage I by Dr. Arun Kumar
4)Cost Accounting Text and Problems for CS/ICWA Examinations by N. K. Agarwal
5)Direct Tax by Girish Ahuja
6)Cost and Management Accounting (for All India) by S.P. Jain & K.L. Narang
7)Essentials of Cost and Management Accounting (for ICWA Inter, Stage 1) by V.K. Saxena & C.D. Vashist
8)Advanced Cost and Management Accounting – Problems and Solutions by V.K.Saxena & C.D.Vashist
9)Modern Cost and Management Accounting by M Hanif
10)Advanced Management Accounting (Cost Management and Operations Research) by Dr. J.B. Gupta

How many opportunities are there of a Cost accountant?

1)Management of Public & Private sector enterprises
2)Financial Institutions
3)All India Cost Accounts Service(ICAS)
6)Independent practice

What is the syllabus of ICWA courses?

Foundation course:1)Fundamentals of Economics And Management
2)Fundamentals of Accounting
3)Fundamentals of Laws and Ethics
4)Fundamentals of Business Mathematics and Statistics
Intermediate course Group-1
1)Financial Accounting
2)Laws and Ethics
3)Direct Taxation
4)Administrative Procedure and ICDS
5)Cost Accounting
Intermediate course Group-2
1)Operations Management & Strategic Management
2)Cost & Management Accounting and Financial Management
3)Indirect Taxation
4)Company Accounts & Audit
Final course Group-1
1)Corporate Laws & Compliance
2)Strategic Financial Management
3)Strategic Cost Management – Decision Making
4)Direct Tax Laws and International Taxation
Final Course Group-2
1)Corporate Financial Reporting
2)Indirect Tax Laws and Practice
3)Cost and Management Audit
4)Strategic Performance Management and Business Valuation