Overview

The Cost and Management Accountants facilitate strategic management decision in respect of economic activities of an organization by their sheer expertise. Study of Cost & Management Accountancy provides in depth knowledge and perspective to manage business under given circumstances. This is a field which provides satisfaction in terms of position as well as remuneration for successful candidates.

The Institute of Cost and Works Accountants Of India, the only professional body specialized in the field of Cost and Management Accountancy in India aims at imparting coaching and training in the subject of Cost & Management Accountancy. It was established by an Act of Parliament in the year 1959, though the same was in existence as a company since 1944. The Institute has four Regional councils in the Metro cities.

Courses

The course is divided into Intermediate and Final with eight papers each. Both has two Stages with 4 papers each. According to the revised syllabus, along with the 8 papers in the Intermediate, two group discussions, two seminars and also computer Hours (50) has been included.

After one clears all the eight papers in the Intermediate, one can go in for the final. In the final along with the 8 papers; Dissertation (5000 words), Computer (100 hours), Modular training (15 days), Audit / Industrial training (6 months) is included.

10+2 candidates have to complete the Foundation Course of the institute to join the Intermediate course.

Examinations held twice in a year during the month of June and December and are conducted at various centers of the country and also at three Overseas Centres Dubai, Sultanate of Oman and Botswana for overseas students.

For further details incumbent may obtain a copy of the Prospectus of the Institute, which costs Rs. 100/- and is available from the Institutes headquarters at 12, Sudder Street, Kolkata 700 016, or from its four Regional Councils.

Foundation Course:-

• Organization and Management Fundamentals
• Financial Accounting Fundamentals
• Economics and Business Fundamentals
• Business Mathematics and Statistics Fundamentals

Intermediate Course: (Stage I)

• Cost and Management Accounting
• Information Systems and Technology
• Business Laws and Communication Skill
• Business Taxation

Intermediate Course: (Stage II)

• Management Accounting Performance Management
• Advanced Financial Accounting
• Auditing

Final Course: (Stage III)

• Operations and Project Management & Control
• Advanced Financial Management and International Finance
• Strategic Management and Marketing
• Strategic Tax Management

Final Course: (Stage IV)

• Management Accounting Decision Making
• Management Accounting Financial Strategy and Reporting
• Cost Audit and Management Audit
• Valuations Management and Case Study

Coaching & Training: - The Institute offers two types of tuition Postal through its four Regional Councils situated in four metropolises Mumbai, New Delhi, Chennai and Kolkata and Oral through its more than 106 affiliated Oral Coaching Centres spread all over the country. With a view to bridge the gap between theoretical knowledge and to emphasis practical orientation training requirements for ICWAI students have been presented as given below:-


Intermediate

• Group Discussions - 2 nos.
• Business Communication Seminars 2 nos.
• Computers hands on 50 hours

Final

• Dissertation 5000 words.
• Computer Hands on 100 hours
• Modular training 15 days
• Audit / Industrial training 6 months

Admission

Foundation Course:

• 17 years of age; and
• Passed Senior Secondary Examination under 10+2 scheme of a recognized Board  Incumbents waiting for the result can apply for provisional admission

Intermediate Course:

• Is not less than 18 years of age; and
• Has passed degree Examination of any recognised University or equivalent Incumbents waiting for the result can apply for provisional admission.

Fees Structure

Fee Structure


The fee structure of the Institute is given below: Registration Fee:- Rs. 300 (to be paid one time only)

Examination Fee:

For further details incumbent may obtain a copy of the Prospectus of the Institute, which costs Rs. 100/- and is available from the Institutes headquarters at 12, Sudder Street, Kolkata 700 016, or from its four Regional Councils.

Practicing Cost accountant

Practice as a Cost Accountant

A cost accountant may build up his own practice by obtaining a licence from the institute which would enable him to practice as a cost accountant, either individually or in partnership with one or more members of the institute in practice. His clients include private and public companies, large medium and small scale undertakings, partnership and proprietary concerns, industrial commercial and service undertakings.

The types of service a cost accountant may offer his clients are varied. Some of these are listed below:

Over 44 selected industries have been converted under statutory maintenance of cost accounting records under section 233-B of the same act, audit of the cost accounting records by a qualified cost accountant, have been prescribed. In addition to cost audit as instrumental in the protection of interest of consumers, Tax payer Investors and Government, a cost accountant is eligible for certification of Import/Export documents under the EXIM policy.

Cost and management accountants are entitled to certification job of import/export documents under the EXIM policy. Conduct special audit under section 14AA of the Central Excise Act and MODVAT credit availed of under section 14AA of the Central Excise Act.

CMA's are entitled to conduct VAT audit under various state VAT acts in the country.

Cost accountants are allowed to do special audit under the customs act 1962 by amending the manufacture and other operations in the warehouse regulations, 1966.

Acting as trustee, executor, administrator, arbitrator, receiver, appraiser, valuator, adviser, secretary or secretarial consultant or as a representative for financial matters including taxation, and taking up appointment that may be made by the Central or State governments, courts of law, Labour Tribunals or any other legal authorities.

Practicing as a management or tax consultant.

Other areas of his specialisation include:

Designing and introduction of systems

Control functions, such as inventories, debtors, working capital management, etc.

Capital projects – right from the state of feasibility studies upto preparation of project reports, recommendation as to choice among alternatives, profitability appraisals and execution of projects.

Studies of problems in capacity utilisation, raw materials substitution, etc.

Preparation of profitability forecasts for future periods for purposes of collaboration arrangements, financing arrangements and government assistance.

Certification of consumption for import application.

Deciding among alternative such as make or buy a part, hiring or buying an equipment, etc.

Advising in the matter of purchasing a business or planning or mergers.