ICWA Full Form

What is the full form of ICWA?

The ICWA full form is Institute of Cost and Works Accountants of India. The Institute is a licensed Cost Accounting Control Agency in India. The main objective of this professional body is to regulate and develop the accounting profession in India by providing coaching and training in cost accounting and management accounting. After completing the ICWA course, you will become a cost accountant. Cost accountants are essentially cost auditors who review cost statements. Cost accountants are in great demand in government and various private sectors such as pharmaceuticals, banking, finance and education. You can also work independently as a cost accountant or as a firm in partnership with another cost accountant.

This Story also Contains

1. What is the full form of ICWA?
2. History of ICWA:
3. Advantages of ICWA:
4. Types of ICWA:
5. Eligibility for ICWA
6. Career Opportunities after ICWA

History of ICWA:

• The ICWA was first established in 1944 as a registered limited company under the provisions of the then company law of 1913 with the initial aim of promoting, controlling and improving the cost accounting field.

• Both Houses of the Indian Parliament, viz Lok Sabha & Rajya Sabha, approved the CWA Amendment Act 2011 on 12 December 2011 and passed on 12 January 2012 by the Honourable President of India. The amendment was published in the Indian Law Gazette on 13 January 2012.

Advantages of ICWA:

Cost accountants are responsible for collecting and verifying financial data from each department of the company. This course can be taken through the accredited university's online platform or in person.

Applicants who successfully complete this course will gain the necessary knowledge and qualifications for the position, as well as access a range of opportunities in the financial sector. This course is ideal for candidates interested in managing accounts for multiple departments within an organisation.

Types of ICWA:

This course is suitable for both undergraduate and graduate students. Applicants graduating from Indian Recognized Council High School may enrol in Foundation Courses. Applicants who have completed a bachelor's degree aim for the intermediate level. Candidates take the final level of the course to develop advanced accounting and expense management skills.

The ICWA Foundation level is the first and most important step in the course. Students are introduced to the basics of cost management strategies and their place in the financial industry at this introductory level. The course is expected to take at least 8 months.

The intermediate stage of the ICWA course is the second stage. After successfully completing the foundation level, students are required to take the intermediate-level course. Intermediate students learn advanced financial accounting and become familiar with a variety of financial topics such as direct and indirect taxation, cost accounting, and more. The course is considered a bit more difficult than the previous one.

The final stage of the ICWA is the final stage of the course. The third level, considered the most difficult of all three courses, provides an understanding of the management of many financial matters, such as strategic financial management and specific rules relating to different types of taxation.

Eligibility for ICWA

Candidates must pass the entrance exam ICWAI administered by the Institute of Cost and Works Accountants of India if they fulfil the minimum requirements. Each step has a different set of requirements for qualifying. The following is mentioned regarding the stage-specific eligibility requirements:

• ICWA foundation eligibility :

• Students must successfully pass their 10th standard from a recognised board in India in order to enrol in the ICWA foundation course.

• Students who are taking the 10+2 exam can enrol in the ICWA foundation course as well.

• The minimum age requirement for students is 17, and they must meet it.

• ICWA intermediate eligibility:

• Students must successfully complete their 10+2 from an accredited board in India in order to enrol in the ICWA intermediate programme.

• Students must either pass the foundation course or graduate from an Indian university in a subject other than the fine arts.

• ICWAI final eligibility:

• Students must successfully finish the intermediate level of the ICWA course in order to enrol in the final course.

Career Opportunities after ICWA

• Financial analyst: A financial analyst is a specialist whose job it is to set standard expenses and gather operational data in order to calculate the cost of operations. By comparing and evaluating actual outcomes with plans and estimates, a financial analyst must also determine the company's financial state. He/she organises and enforces plans and processes, provides trends and projections, explains procedures and approaches, and suggests actions to steer cost analysis solutions.

• Cost manager: A cost manager is in charge of supervising every step of the credit-granting process, including the continual application of credit policies. Cost managers must frequently assess the credit of present customers and judge the creditworthiness of potential customers in order to maximise firm sales and bad debt losses. Cost managers perform a variety of tasks and have a variety of responsibilities depending on the organisation and position they have.

Research analyst: Research analysts are experts in data collection and analysis, trend research, and the assessment of economic issues relating to resources, goods, and services. It is the responsibility of research analysts to apply both qualitative and quantitative economic analysis to specific industry niches. For instance, the environment, development, health, and education. Along with looking at employment levels, business cycles, currency rates, taxes, inflation, or interest rates, certain research analysts are also expected to investigate the cost of goods, healthcare, or energy.