In this era of liberalization Cost Accountants are in great demand in
private enterprises, government sector, banking & finance sector,
development agencies, education, training & research sector, service
& public utility sector etc. The scope for Cost Accountants has
increased tremendously as with the spread of liberalization paradigm the
role of government has reduced and a number of regulatory agencies have
sprung up. Professionals like Cost Accountants are an invaluable aid to
such regulatory functions. Cost Accountants are holding top position
management positions, viz. Managing Director, Finance Director,
Financial Controller, Chief Accountant, Cost Controller, Marketing
Manager, Chief Internal Auditor in private enterprises.
The job of a cost accountant is to give a prognosis for projects to be
undertaken based on past and present financial performances. Thus, Cost
Accountant can facilitate strategic decisions in respect of diverse
economic activities of an organization.
Institute of Cost and works Accountants of India (ICWAI) promotes,
regulates, and develops the profession of Cost Accountancy in India.
Under AICTE guidelines Cost Accountants are treated at par with PhDs for
appointment as Professors, Associate Professors/Readers, Assistant
Professors/Lecturers in AICTE approved Management Institutes.
Scheme of ICWAI Examination
The ICWAI examinations are held in three stages: Foundation,
Intermediate and Final. A candidate may appear for the Foundation
examination after passing Senior Secondary Examination under 10+2
scheme. After passing the Foundation exam, a candidate is eligible for
admission to Intermediate course. Graduates in any discipline are
eligible for direct admission to Intermediate course. It takes a minimum
of 18 months to clear Intermediate Course. After passing Intermediate
Course a candidate is eligible for admission to Final Course and it
takes a minimum of 18 months to clear Final examination. Candidates who
have passed final examination and have a minimum work experience of
three years are eligible to become members of Institute of Cost and
works Accountants of India.
