What are the qualifications required in the field of cost and works accountancy career? What are its future prospects? What is the role of ICWAI?
Answer:
ICWAI stands for the Institute of Cost and works accountants of India. Cost accountants collect, organize, collate and analyse the operational efficiency of large organizations and help the management to evaluate the effectiveness of their products and services. They also help to fix the budget and end price.
Cost and works accountants (CWAs) combine their knowledge of taxation and accountancy with that of management and quantitative techniques to evaluate the financial aspects and determine accountability for cost and profit variance and accordingly provide alternatives in monetary terms for the organization.
By helping the management stabilizes budgets and standards and by evaluating operational efficiency and the effectiveness of production and service management, CWAs at one level guide managerial decisions.
As a cost accountant you can find jobs in accounting (internal audits, book-keeping and financial accounting), finance and taxation, audit and costing in industry (at the plant/factory of a manufacturing firm), move into commercial and administrative functions or look for openings in the government.
The institute offers a three stage postal coaching system. Exams are held twice in one year (in June and December). At the time of applying you must be at least 18 years old.
Graduates are exempted from the foundation course. They can apply for the intermediate stage of the postal coaching at their regional ICWAI centre after completing their graduation.
Admissions for the January-June 10 sessions are open on a first-come first-serve basis. For further details you can contact, the ICWAI Northern Regional Council, ICWAI Bhawan 3, Institutional Area, Lodi Road, New Delhi or log on to www.icwai.org/ www.nirc-icwai.org