This page gives ICWA Course Details such as ICWA Course Duration, Fees and related information. The ICWA or Institute of Cost and Work Accountants of India is a professional body founded for regulating as well as controlling the cost accounts that practice throughout India. The main aim of this organization is to promote the scientific technique’s implementation and widening the management and cost accountancy practices. This ultimately helps in having a proper control of the management. ICWA also helps by preparing its members to become responsible and professional management and cost accountants and fulfill their functions without any problem.
It also helps by providing the knowledge of the latest development in the field of accounting for its members. The ICWA course is a mixture of compulsory coaching classes and postal tuition. All students need to undergo these processes. During the admission time, study materials are also provided by the institute to the students. There are three stages in ICWA course, which are the foundation, intermediate and final course. These stages are discussed below:
- Foundation Course: The duration of this course is six months. It forms the initial level and is taken by the students who have cleared the HSC exam.
- Intermediate course: The second level of the ICWA course is the intermediate course, and its duration is one year. The students who have obtained their graduation degree can register directly into this course, thereby skipping the ICWA foundation course.
- Final Course: The last step consists of the final course. Its duration is one year. After the students complete this course, they obtain the required eligibility for practical training. The students become certified management and cost accountant after they complete this training.
Eligibility Criteria for ICWA Course
The eligibility requirements for different course levels are provided below:
- Foundation course: For entering into the ICWA foundation course, the applicants must have an HSC certificate from an authentic and recognized education board. Additionally, the age of the applicants must not be more than seventeen years.
- Intermediate course: Students who have completed the foundation course successfully obtain the eligibility of entering into the intermediate course. As stated previously in the article, graduate students need not clear the foundation course. They can enroll directly into this level. The minimum age of the applicants is eighteen years.
- Final Course: All applicants who have cleared all papers pertaining to the intermediate course obtain the eligibility of entering into the final course.
Admission Procedure for ICWA Course
All candidates who fulfill the above requirements can apply for ICWA course. They need to purchase the prospectus and pay the foundation course’s fee before taking the exam. The prospectus’s cost is two hundred rupees. Additionally, oral coaching, as well as postal tuition, can be taken by the students. The total fee is nearly three thousand rupees. Necessary documents must be enclosed by the candidates with the application form. These documents include attested copy of HSC certificate and matriculation certificate, bank draft, and three attested photographs. The total fee for the postal tuition of the intermediate course is seven thousand rupees. The same for verbal coaching is eleven thousand rupees.
Course Structure of ICWA Course
- Foundation Course: This level of the ICWA course consists of only theoretical exams. It includes six subjects. These subjects are arranged into four papers, and each paper consists of one hundred marks. The subjects include financial accounting fundamentals, basic statistics and mathematics fundamentals, management and organization fundamentals and business and economic fundamentals.
- Intermediate Course: This level of the ICWA course comprises of compulsory practical training as well as theory. There are eight subjects in the theory exam. These subjects are taught in two stages. The subjects in the first stage include business taxation, information system, communication skill and business laws; and management and cost accountancy. In step two, the subjects that are taught includes auditing, quantitative methods, computing course, business communication seminars, advanced financial accounting, and management accounting and performance management.
- Final course: This level, like the intermediate level, has eight subjects. These are taught in two stages. In the first stage, the subjects include strategic tax management, international finance and advanced financial management, project and operations management; and strategic marketing and management.In stage two, the subjects consist of management accounting, management audit, valuation management and financial strategy and reporting.
- Practical training: The students are subjected to practical training after they complete their final exams. The training is compulsory. It helps students by providing an experience of the functioning of the corporate sector. It also helps by constructing a cadre of management and cost accountants who are equipped with sound practical disclosure as well as a theoretical foundation.
Job and Career options for ICWA graduates
When a student completes the final course of ICWA successfully, he or she obtains the eligibility for becoming an ICWA member. Becoming a member of ICWA opens many job opportunities. The job profile of such people includes marketing managers, financial controller, finance director, cost consultants, cost accountant, and chief accountant, teacher, managing director, financial consultant, cost controller, cost accountant and chief accountant. The employment areas consist of banks, consulting firms, developmental agencies, financial institutions, regulatory bodies, public utility sector, stock exchanges, company law boards, department of company affairs, education sector, government departments, private companies, service industry and research and training organizations.
A lucrative profession is offered by ICWA. The pay packages are quite high for such professional, whether they are employed in the private or public sector. The majority of the multinational companies provide numerous perks and privileges to the candidates, which includes HRA, medical benefits, etc. The salary of a fresher having an ICWA qualification is from five thousand to eight thousand rupees. It rises with an increase in skills and experience.
In India, an experienced candidate holding an ICWA qualification is capable of earning over fifty thousand rupees per month. The salary for the same qualification out of India is over five hundred thousand rupees. The salary depends on the company and city the candidate is working in. The other factors on which the perks and salary depend include hard work, dedication, and association of the candidate.