Cost and Works Accountancy
The Cost and Works Accountant plays a significant role in guid-ing managerial decisions. He ensures that the management deci-sions are properly based on sound information. He assigns value in terms of money to the products, services or works completed by the firm and analyses the profit potential of the various products of the company. Cost accounting is also useful in fixing the wages, incentives etc. in proportion to the company's productivity.
Job Market: The Cost and Works Accountant has a vital role to play in the large companies which sell multiple products or services from multiple locations and where performance based perks are offered to bring the best out of the workers. In the modern context where emphasis is on Activity-based Costing, the work of the Cost Accountant becomes more clear cut and precise. Those specialised in this field end up as Accountants, Costing Engineers, Finance Managers etc. of large firms.
Training: The Institute of Cost and Works Accountants of India (ICWAI) exclusively administers this programme.
After passing the +2/equivalent examination, the aspirant can register for the Foundational Course. The course covers basic knowledge in business fundamentals and economics, management and organisation, basic maths and statistics and commercial laws.
After passing the Foundation Course candidates can proceed to the next level which comprises the Intermediate and Final Course. Admission to the Intermediate Course is also available to those who have not passed the Foundation level if they are graduate/equivalent or passed final examination of ICAI/ICSI/equivalent and are 18 years of age. Registered students must complete the Inter and Final examinations within 7 years of Registration. Postal or Oral Tuition is available from the Coaching Directorate of the Institute through its Regional Councils and recognised Institutions. Normal period for postal tuition for Inter and Final Examinations is 18 months. Examinations are held twice a year in June and December.
Graduate/Associate/Fellow Membership:
A student who has passed the Final Examination can apply to the Council for en-rolment as 'Graduate of the Institute'. A Graduate of the Institute who has 3 or more years of practical experience in an Industrial or Commercial unit may seek Associate Membership of the Institute. An Associate Member can use the title AICWA after his name. An Associate Member with 5 years relevant experience can apply to the Council for Fellowship. After becoming a Fellow Member, he can use the title FICWA after his name.
Post-Membership examination includes Management Accoun-tancy Examination which can be taken after a year's Associateship. It is held once a year at the same centres and on the same dates as the Inter and Final Examinations. Bachelor's Degree holders with ICWAI can register for M.Phil and Ph.D in commerce and allied disciplines.
Future Prospects: In the modern management scenario where businesses are run on sound judgement and planning the Cost & Works Accountant has a vital role to play. Liberalisation and globalisation have enhanced the importance of Cost and Works Accountants. Budgeting, Profit Planning, Product Pricing, In-ventory and Working Capital Management, Capacity Utilisation of Resources, Energy Audit, Management Audit, Planning of Mergers etc. are key areas where the Cost and Works Accountant can contribute his expertise.
CIMA, ACCA, AICPA: are Internationally recognised bodies offering specialised training in this field.
Chartered Institute of Management Accountants (CIMA): in UK is the only body specialicing in Management Accountancy.
For further details contact: Chartered Institute of Management Accountants (CIMA), 63, Portland Place, London, W1N 4AB
CIMA coordinators in India: Nanabhoi & Co., Cost Ac-countants, Jer Mansion, 79 August Kranti Marg, Gowalia Tank, Mumbai-400 036
Association of Chartered Certified Accountants (ACCA): is recognised in over 130 countries and is available in India also. Examinations are monitored by the British Council.
For details contact: Student Counsellors at British Council Libraries in Mumbai, Chennai, Calcutta, Bangalore and Delhi Or write to their Representative in India, Map Consultants, 124, Sector-14, Gurgaon-122 001
Certified Public Accountants (CPA): are strategic business advi-sors and decision makers. This qualification help in international placements and with MNCs. The progrmme is administered by the American Institute of Certified Public Accountants, New York (AICPA).
For further information, write to:American Institute of Certi-fied Public Accounts, 1211, Avenue of the Americas, New York, NY 10036
Addresses of the Regional Councils of ICWAI
1. The Institute of Cost and Works Accountants of India, 12, Sud-der Street, Calcutta-700 016 West Bengal (Head Quarters)
2. Northern India Regional Council of ICWAI, 3 Institutional Area, Lodi Road, New Delhi-110003
3. Southern India Regional Council of ICWAI, 65, Montieth Road, Egmore, Chennai-600 008 Tamil Nadu
4. Western India Regional Council of ICWAI, Rohit Chambers, Ghoga Street, Fort, Mumbai-400 001
5. Eastern India Regional Council of ICWAI, 84, Harish Mukher-jee Road, Calcutta-700 025
Some Useful Addresses in Kerala
1. The Secretary, Trivandrum Chapter of ICWAI, TE9/881-1, Jawahar Lane, Vellayambalam, Trivandrum-10
2. The Secretary, Kottayam Chapter of ICWAI, Baselius College Buildings, Kottayam-1
3. The Secretary, Cochin Chapter of ICWAI, ICWA Bhavan, Door No. 36/897-A, Judge Avenue, Kaloor, Cochin-17
4. The Secretary, Trichur Chapter of ICWAI, IV/294, Tana, Irin-jalakuda-680 121
5. The Secretary, Palakkad Chapter of ICWAI, Kits College, Court Road, Palakkad-678 001
The Cost and Works Accountant plays a significant role in guid-ing managerial decisions. He ensures that the management deci-sions are properly based on sound information. He assigns value in terms of money to the products, services or works completed by the firm and analyses the profit potential of the various products of the company. Cost accounting is also useful in fixing the wages, incentives etc. in proportion to the company's productivity.
Job Market: The Cost and Works Accountant has a vital role to play in the large companies which sell multiple products or services from multiple locations and where performance based perks are offered to bring the best out of the workers. In the modern context where emphasis is on Activity-based Costing, the work of the Cost Accountant becomes more clear cut and precise. Those specialised in this field end up as Accountants, Costing Engineers, Finance Managers etc. of large firms.
Training: The Institute of Cost and Works Accountants of India (ICWAI) exclusively administers this programme.
After passing the +2/equivalent examination, the aspirant can register for the Foundational Course. The course covers basic knowledge in business fundamentals and economics, management and organisation, basic maths and statistics and commercial laws.
After passing the Foundation Course candidates can proceed to the next level which comprises the Intermediate and Final Course. Admission to the Intermediate Course is also available to those who have not passed the Foundation level if they are graduate/equivalent or passed final examination of ICAI/ICSI/equivalent and are 18 years of age. Registered students must complete the Inter and Final examinations within 7 years of Registration. Postal or Oral Tuition is available from the Coaching Directorate of the Institute through its Regional Councils and recognised Institutions. Normal period for postal tuition for Inter and Final Examinations is 18 months. Examinations are held twice a year in June and December.
Graduate/Associate/Fellow Membership:
A student who has passed the Final Examination can apply to the Council for en-rolment as 'Graduate of the Institute'. A Graduate of the Institute who has 3 or more years of practical experience in an Industrial or Commercial unit may seek Associate Membership of the Institute. An Associate Member can use the title AICWA after his name. An Associate Member with 5 years relevant experience can apply to the Council for Fellowship. After becoming a Fellow Member, he can use the title FICWA after his name.
Post-Membership examination includes Management Accoun-tancy Examination which can be taken after a year's Associateship. It is held once a year at the same centres and on the same dates as the Inter and Final Examinations. Bachelor's Degree holders with ICWAI can register for M.Phil and Ph.D in commerce and allied disciplines.
Future Prospects: In the modern management scenario where businesses are run on sound judgement and planning the Cost & Works Accountant has a vital role to play. Liberalisation and globalisation have enhanced the importance of Cost and Works Accountants. Budgeting, Profit Planning, Product Pricing, In-ventory and Working Capital Management, Capacity Utilisation of Resources, Energy Audit, Management Audit, Planning of Mergers etc. are key areas where the Cost and Works Accountant can contribute his expertise.
CIMA, ACCA, AICPA: are Internationally recognised bodies offering specialised training in this field.
Chartered Institute of Management Accountants (CIMA): in UK is the only body specialicing in Management Accountancy.
For further details contact: Chartered Institute of Management Accountants (CIMA), 63, Portland Place, London, W1N 4AB
CIMA coordinators in India: Nanabhoi & Co., Cost Ac-countants, Jer Mansion, 79 August Kranti Marg, Gowalia Tank, Mumbai-400 036
Association of Chartered Certified Accountants (ACCA): is recognised in over 130 countries and is available in India also. Examinations are monitored by the British Council.
For details contact: Student Counsellors at British Council Libraries in Mumbai, Chennai, Calcutta, Bangalore and Delhi Or write to their Representative in India, Map Consultants, 124, Sector-14, Gurgaon-122 001
Certified Public Accountants (CPA): are strategic business advi-sors and decision makers. This qualification help in international placements and with MNCs. The progrmme is administered by the American Institute of Certified Public Accountants, New York (AICPA).
For further information, write to:American Institute of Certi-fied Public Accounts, 1211, Avenue of the Americas, New York, NY 10036
Addresses of the Regional Councils of ICWAI
1. The Institute of Cost and Works Accountants of India, 12, Sud-der Street, Calcutta-700 016 West Bengal (Head Quarters)
2. Northern India Regional Council of ICWAI, 3 Institutional Area, Lodi Road, New Delhi-110003
3. Southern India Regional Council of ICWAI, 65, Montieth Road, Egmore, Chennai-600 008 Tamil Nadu
4. Western India Regional Council of ICWAI, Rohit Chambers, Ghoga Street, Fort, Mumbai-400 001
5. Eastern India Regional Council of ICWAI, 84, Harish Mukher-jee Road, Calcutta-700 025
Some Useful Addresses in Kerala
1. The Secretary, Trivandrum Chapter of ICWAI, TE9/881-1, Jawahar Lane, Vellayambalam, Trivandrum-10
2. The Secretary, Kottayam Chapter of ICWAI, Baselius College Buildings, Kottayam-1
3. The Secretary, Cochin Chapter of ICWAI, ICWA Bhavan, Door No. 36/897-A, Judge Avenue, Kaloor, Cochin-17
4. The Secretary, Trichur Chapter of ICWAI, IV/294, Tana, Irin-jalakuda-680 121
5. The Secretary, Palakkad Chapter of ICWAI, Kits College, Court Road, Palakkad-678 001
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