STUDENTS FAQs
Eligibility for enrollment as a student
1. Eligibility for Direct Admission to Intermediate Course
(a) A graduate degree Examination in any discipline of any recognized University and
(b) Not less than Eighteen years of age. Incumbents appeared and awaiting for the result of Degree examination may apply for provisional registration.
2. Eligibility for Admission to Foundation Course:
(a) Passed the Senior Secondary School Examination under 10+2 scheme of a recognized Board and
(b) Completed Seventeen years of age. Incumbents appeared and awaiting the result of 10+2 examination may apply for appearing in Foundation Course Examination.
Cut-off Dates for Enrollment
Enrollment to Intermediate/Foundation Course is open throughout the year. However, the candidates must enrolled at least six months prior to the month in which such examination commences. Thus the cut-off dates for enrollment are as follows:-
For December Examination 5th June
For June Examination 5th December of the preceding year
Top Registration as a Student of the Profession
Admission to the Foundation Course Examination
Every person applying for admission the foundation Course Examination shall be required to apply the form prescribed by the Council for the purpose and produce evidence to the satisfaction of the council that he has
1.completed seventeen years of age on the date of his application and
2.passed the senior secondary school examination under the 10+2 scheme of a recognised board or an examination recognised by the Central Government as equivalent thereto or has passed the National diploma in Commerce examination held by the All India Council of Technical Education or any state board of technical education under the authority of the said all India council, or the diploma in rural service examintion conducted by the national council of Higher Education or the Examinations mentioned in Appendix "B".
3.required to produce a certificate from the Director of Studies or Head of the Coaching Administration (by whatever name designated) to the effect that he has undergone satisfactorily a course of postal or oral tuition for the Foundation Course Examination.
Provisional Admission to the foundation course Examination
Incumbents waiting for the result of 10+2 examination or equivalent examination may apply for appearing in the foundation course Examination in the prescribed form to the respective regional council. They should submit the pass result to the Directorate of Examinations through the regional council within a period of three months from the date application so that their result of foundation Course examination be released in time. Failure to submit the pass result within the prescribed time amounts to cancellation of the foundation course result of the affected candidates and forfieture of the examination fee paid.
Structure of the Foundation Course
Paper 1 Organisation and Management Fundamentals
Paper 2 Financial Accounting Fundamentals
Paper 3 Economics and Business Fundamentals
Paper 4 Business Mathematics and Statistics Fundamentals
Fee, Paper and syllabus for the Foundation Course Examination
The students desirous of appearing in the Foundation Course Examination are required to enroll themselves for coaching either Postal or Oral. The candidates enrolled for undergoing postal or oral tuition for the Foundation Course Examination at least six months prior to the month in which such examination commences, that is to say, if an examination commences in December (after 15th of calendar year), the candidate enrolled for undergoing postal or oral coaching up to and including June 15th of that calendar year shall be eligible and he is required to produce a certificate from the Director of Studies or Head of the Coaching Administration (by whatever name designated) to the effect that he has undergone satisfactorily a course of postal or oral tuition for the Foundation Course Examination. The scale of fee for the students of Foundation Course undergoing Postal and Fees for the Foundation Course has been tentatively fixed as follows: Postal Coaching Fee : Rs. 800 per student Oral Coaching Fee : Rs 1000 per student (inclusive of cost of 4 Study Notes to be supplied by the HQ) The last date of submission of examination forms for the Foundation Course to the respective regional council is 15th April and 25th October for June and December term of examinations respectively.
Eligibility for Direct Admission
A person desirous of becoming a Registered Student is to apply to the Institute in the prescribed From I, with appropriate fees and to produce documentary evidence to the satisfaction of the Council that he / she:
1. Is not less that 18 years of age on the date of his application; and
2. Has passed any of the following Examinations:
A graduate degree examination of any recognised University or equivalent
An honours graduate degree examination of any recognised University.
A Master Degree Examina Eligibility for Direct Admission to Intermediate Course
Eligibility for Admission to Foundation Course
(a) Passed the Senior Secondary School Examination under 10+2 scheme of a recognized Board and
(b) Completed Seventeen years of age. Incumbents appeared and awaiting the result of 10+2 examination may apply for appearing in Foundation Course Examination.
Methodology for Registration
1.Every person applying for registration as a student is to pay a student registration fee of Rs.300.
2.For registration, students should fill in the Form I and also the identity card duly signed and completed in every respect.
3.Remittance of Registration Fees shall be made through the specified branches of the State Bank of India (SBI) as mentioned in the reverse side of the pink coloured challan provided by the Institute or through Demand Draft drawn on only scheduled bank favouring "The Institute of Cost & Works Accountants of India" payable at Kolkata. Payment by cash or by any other mode is not acceptable.
4.The application form is to be submitted to the respective Regional Council excepting DeNovo registration cases.
Registration "DE NOVO"
A student whose registration has been cancelled on account of his/her failure of complete the Intermediate and Final Examinations within a period of seven years from the date of his/her registration, may if he/she so desires, apply for DE NOVO registration in the Prescribed Form "I" and on his/her application being granted he/she be deemed for all purposes to have been admitted as a DE NOVO registered student except that he/she shall be entitled to exemption from the individual subjects of the Intermediate or Final Examination, both for Coaching and Examination as the case may be, previously secured by him under his former registration. The benefit of "DE NOVO" Registration may be availed of only once. Granting of "DE NOVO" Registration shall be at the discretion of the Director of Studies in case of those who have already availed the benefit of "DE NOVO" Registration once.
Registration Afresh
A student whose registration has been cancelled on account of his/her failure to appear at least in one stage of the Intermediate Examination within three years from the date of his registration, may, if he/she so desires, apply for Afresh Registration in the prescribed Form I and on his/her application being granted he/she shall be entitled to exemption from the individual subject(s) of the Intermediate Examination both for Coaching and Institute's Examination as the case may be, previously secured by him/her under his/her former registration.
A fresh registration subsequent to cancellation of original registration under rule 2.5(b) shall not absolve from the liability of Rule 2.5(a). Either in case of DE NOVO registration or registration afresh a student is required to pay Rs.300/- Re-registration fee with his/her application in Form I.
Where to apply for Registration
A candidate seeking registration as a student should send his application for registration to the respective regional council. The addresses of each regional council are given below.
1. WESTERN INDIA REGIONAL COUNCIL OF ICWAI Rohit Chambers, Janmabhoomi Marg, Mumbai 400 001 Ph. No. 2287-2010, 2204-3416/06, 2284-1138 Fax no. 91-022-22870763 e-mail: wircicwa@bom3.vsnl.net.in
2. SOUTHERN INDIA REGIONAL COUNCIL OF ICWAI 4 (old no 65) Montieth Lane, Egmore, Chennai 600 008 Ph. No. 2855-4443/4326, 2872-2772 Fax No. 91-044-28554651 e-mail: srcicwai@giasmd01.vsnl.net.in
3. EASTERN INDIA REGIONAL COUNCIL OF ICWAI 84, Harish Mukherjee Road, Kolkata 700 025 Ph. No. 2455-3418/5957, Fax No. 91-033-24553418
4. NORTHERN INDIA REGIONAL COUNCIL OF ICWAI 3, Institutional Area, Lodi Road, New Delhi 110 003 Ph. No. 2461-5788, 2462-6678, 2464-4630/4692/4430 Fax No. 91-011-24622156, e-mail: icwai_nirc@hotmail.com
Registration for Oral Coaching Students
An eligible student can enroll for oral coaching of foundation /intermediate course at Coimbatore Chapter as per following procedure after getting the prospectus, application for Rs.200 which is available in Coimbatore Chapter.
The fee for foundation course is Rs.3500 and for intermediate course is Rs.19700. .Fee has to be remitted at the time of joining. Fee can be remitted to directly to the Chapter’s bank, at City Union Bank
The Challan for the payment has to be submitted at the Chapter along the following:
For Foundation Course :
• Identification form(yellow color form) with your photo affixed, duly filled in & signed.
• Identity card for the foundation student duly filled in & signed with your photo affixed which should be attested as given in the form.
• Photocopy of +2 Mark sheet with newly attested.
• Photocopy of TC with newly attested. (College/school).
For Internediate Course :
• Form of application register (Form 1) as a student (Green color form) duly filled in & signed.
• Student information form duly filled in & signed with photo affixed.
• Application form for remitting fee, duly filled in & signed.
• Identity card for intermediate student duly filled in & signed with photo affixed & attested as given in the form.
• Photocopy of degree certificate / provisional certificate /consolidation mark sheet duly attested.
GENERAL FAQs
What is the job of Cost accountant ?
It is one of the most essential management services. It is a fairly new branch, a profession ushered in during the last century. With increase in competition and consequent economic pressures, cost and management accountancy has been finely interwoven into the main fabric of management. Collection, assimilation, collation and analysis of financial information from all areas of an organization are the functions of a cost accountant. There is no denying the fact that an organizations success or failure is dependent on the quality of information made available to the management. This is where a cost accountants productivity is of vital importance to the company. It is his primary job to ensure that managerial decisions are well within the cost prescriptions. The cost accountant is expected to give a prognosis for projects to be undertaken based on past and present financial performances. In order to do this a cost accountant needs to take into account factors like cost of raw materials, labour, transport, overheads and the like. Knowledge of these costs will help the cost accountant prepare budgets for the operation that is planned. In a word the Cost Accountant can facilitate strategic decisions in respect of diverse economic activities of an organization where he/she is employed as an employee or deployed as consultant.
What is the nature of job of a cost accountant ?
A cost accountant specialises in navigating managerial decisions, stabilising budgets and standards, assessing operational efficiency and the effectiveness of production and service management, identifying accountability for profit variance and so on. His responsibilities include: designing and implementing effective management information and control systems, planning costing systems and methods, inventory control incorporating mathematical models, investment analysis, project management, internal audit, cost audit, diagnosis in the case of sick industries, fund management, pricing planning, interpreting information and data related to business activities and translating them in such a way as to guide the core management into taking the right decisions. Criteria The academic requirement is to pass the examination conducted by the Institute of Cost and Works Accountants of India (ICWAI).
Why you should study Cost Accountancy?
The core areas of three professional courses are different. The core area chartered accountancy is mainly to ensure compliance with the financial discipline and audit requirement etc. Similarly, the core area of MBA(Finance) is to know the art of regulating finance. You might be knowing that in an enterprise, here are three activities namely operations, marketing and finance. These three activities are co-related and it is always required to take strategic management decisions in respect of these three activities. Operation management, Marketing management and Financial management are the planks on which the edifice of strategic management rests. The curriculum of cost and management accountancy has been designed to equip its students with the modern tools of management so that they are in a position to facilitate the strategic management decisions in respect of the diverse economic activities of an organisation where they are employed or deployed as consultant. Morever, the earlier theory of cost +profit =price is not prevalent today rather the new equation price-cost = profit has emerged. Since price can not be changed in the competitive market, it is the cost which is required to be managed to retain the normal of profit of an organisation. After traversing the path of cost control, cost reduction, we have now entered into the arena of cost mangement. Cost Accountants are the best professional for this job.Hence, it is for you to make a choice amongst the three professions as mentioned above, keeping in view the requirement of the liberalised economy prevalent today.
How are the ICWAI examinations held ?
The ICWAI examinations are held in three stages Foundation ,Intermediate and Final. A candidate may appear for the Foundation examination after passing the plus two (twelfth standard) examinations and completing coaching either postal or oral.. The students are tested in Organisation and Management Fundamentals, Financial Accounting Fundamentals, Economics and Business Fundamentals and Business Mathematics and Statistics Fundamentals .The Foundation is waived in the case of gazetted officers, post graduates, qualified engineers holding a degree and graduates from other streams . They are generally allowed to register with the institute for the intermediate examination. For the intermediate exam, there are eight papers Cost and Management Accounting, Information Systems and Technology, Business Laws and Communication Skill, Business Taxation, Management Accounting-Performance Management, Advanced Financial Accounting, Auditing, Quantitative Methods. For the Final exam, there are eight papers-Operation and Project Management and Control, Advanced Financial Management and International Finance, Strategic Management and Marketing, Strategic Tax Management, Management Accounting-Decision Making, Management Accounting-Financial Strategy and Reporting, Cost Audit and Management Audit, Valuations Management and Case Study. The syllabus covered in the entire course includes book keeping and accountancy, production, productivity, cost effectiveness, cost accountancy, business mathematics and statistics, business and economic laws, principles of management, auditing, tax laws and tax planning, quantitative techniques and methods of cost and management accountancy. The institute has made it mandatory for registered candidates to undergo coaching either directly or through correspondence and training, before appearing for the examinations. The duration of the course through correspondence is eighteen months. 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:-1.Group Discussions - 2 nos.2.Business Communication Seminars 2 nos. 3.Computers hands on 50 hours Final:1. Dissertation 5000 words. 2.Computer Hands on 100 hours 3.Modular training 15 days 4.Audit / Industrial training 6 months
What are the qualities essential for cost accountancy ?
As for personal traits, the first requirement is that one needs to be a native numerate. Of course, academic abilities too top the list alongside. Other equally important requirements are an ability to communicate (both written and spoken) concisely, a keen business sense and the ability to negotiate. The job calls for a high sense of motivation, concentration and determination. Regional councils and other institutes recognised by the Directorate of Studies of the ICWAI conduct these classes. Examinations are held twice in the year. The Cost and Work Accountancy course may be completed over a period of three years.
What does the future hold?
Once a candidate has passed the examination, there are several options ahead of him. He could either serve in an industry or opt for government service. There is plenty of scope in the banking and insurance sectors. The government has made it mandatory cost audit for forty eight classes of companies. This very fact throws up tremendous opportunities for one. There is always the option of practising as a consultant. A third option is to impart teaching at institutes or at universities. Higher academic pursuit for a doctorate is also possible. The ICWAI programme has been recognised by Association of Indian Universities for admission to Ph. D courses in commerce and allied subjects. The returns: For a cost accountant, there is no fixed pay scale. It depends entirely on the organisation that he is employed in.
TRAINING SCHEME FAQs
I registered as Student with the Institute before 1st January 2008 for pursuing Intermediate Course but no examination could be passed by me as on 31st December 2007. Am I required to register for Practical Training for 3 years?
If you continue to pursue Intermediate Course in the old syllabus then Practical Training Scheme of 3 years is not applicable. However, if you want to switch over to New Revised Syllabus 2008, then practical training scheme will be applicable you.
I have completed Intermediate Course on or before 31st December 2007 term, Am I required to undergo compulsory practical training of 3 years?
Even though you are required to register for your Final Course in the Revised Syllabus 2008, the practical training scheme for 3 years is not applicable to you. You are required to undergo and complete Industrial Training for a period of 6 months with Practising Cost Accountant or Firm of Practising Cost Accountants or alternatively one year with an Industry as per old syllabus applicable to you.
I registered with Institute on or after 1st January 2008 but before registration for ICWAI course, I was undergoing Articleship training with Chartered Accountant or Firm of Chartered Accountants. Whether, articled training period with Chartered Accountant or Firm of Chartered Accountants will be recognized for the purpose of practical training period?
No, articleship training under Chartered Accountant(s) or Firm of Chartered Accountants is not allowed, whether taken before admission or during ICWAI course.
When am I required to pay Training Registration Fee?
You are required to pay Training Registration Fee of Rs. 1,000/- (Rs. One thousand only) at the time of registering yourself for Intermediate Course. You are required to fill up Form T2 to submit to the respective Regional Council, who will verify the form and send it to Delhi Office.
What documents are to be submitted in support of undergoing Training with the empanelled Organization?
The following Documents should be sent to Delhi Office within 45 days from the date of joining an organization towards registration of training period:
1. Letter from Organization engaging Student as Cost & Management Trainee
2. Attested copy of Form T2 duly verified by the respective Regional Council/ Chapter mentioning receipt of requisite Training Registration Fee from the student claiming exemption
3. Original applicable Deed (to be executed by employer and trainee)
For complete details
Click me for FAQ
Eligibility for enrollment as a student
1. Eligibility for Direct Admission to Intermediate Course
(a) A graduate degree Examination in any discipline of any recognized University and
(b) Not less than Eighteen years of age. Incumbents appeared and awaiting for the result of Degree examination may apply for provisional registration.
2. Eligibility for Admission to Foundation Course:
(a) Passed the Senior Secondary School Examination under 10+2 scheme of a recognized Board and
(b) Completed Seventeen years of age. Incumbents appeared and awaiting the result of 10+2 examination may apply for appearing in Foundation Course Examination.
Cut-off Dates for Enrollment
Enrollment to Intermediate/Foundation Course is open throughout the year. However, the candidates must enrolled at least six months prior to the month in which such examination commences. Thus the cut-off dates for enrollment are as follows:-
For December Examination 5th June
For June Examination 5th December of the preceding year
Top Registration as a Student of the Profession
Admission to the Foundation Course Examination
Every person applying for admission the foundation Course Examination shall be required to apply the form prescribed by the Council for the purpose and produce evidence to the satisfaction of the council that he has
1.completed seventeen years of age on the date of his application and
2.passed the senior secondary school examination under the 10+2 scheme of a recognised board or an examination recognised by the Central Government as equivalent thereto or has passed the National diploma in Commerce examination held by the All India Council of Technical Education or any state board of technical education under the authority of the said all India council, or the diploma in rural service examintion conducted by the national council of Higher Education or the Examinations mentioned in Appendix "B".
3.required to produce a certificate from the Director of Studies or Head of the Coaching Administration (by whatever name designated) to the effect that he has undergone satisfactorily a course of postal or oral tuition for the Foundation Course Examination.
Provisional Admission to the foundation course Examination
Incumbents waiting for the result of 10+2 examination or equivalent examination may apply for appearing in the foundation course Examination in the prescribed form to the respective regional council. They should submit the pass result to the Directorate of Examinations through the regional council within a period of three months from the date application so that their result of foundation Course examination be released in time. Failure to submit the pass result within the prescribed time amounts to cancellation of the foundation course result of the affected candidates and forfieture of the examination fee paid.
Structure of the Foundation Course
Paper 1 Organisation and Management Fundamentals
Paper 2 Financial Accounting Fundamentals
Paper 3 Economics and Business Fundamentals
Paper 4 Business Mathematics and Statistics Fundamentals
Fee, Paper and syllabus for the Foundation Course Examination
The students desirous of appearing in the Foundation Course Examination are required to enroll themselves for coaching either Postal or Oral. The candidates enrolled for undergoing postal or oral tuition for the Foundation Course Examination at least six months prior to the month in which such examination commences, that is to say, if an examination commences in December (after 15th of calendar year), the candidate enrolled for undergoing postal or oral coaching up to and including June 15th of that calendar year shall be eligible and he is required to produce a certificate from the Director of Studies or Head of the Coaching Administration (by whatever name designated) to the effect that he has undergone satisfactorily a course of postal or oral tuition for the Foundation Course Examination. The scale of fee for the students of Foundation Course undergoing Postal and Fees for the Foundation Course has been tentatively fixed as follows: Postal Coaching Fee : Rs. 800 per student Oral Coaching Fee : Rs 1000 per student (inclusive of cost of 4 Study Notes to be supplied by the HQ) The last date of submission of examination forms for the Foundation Course to the respective regional council is 15th April and 25th October for June and December term of examinations respectively.
Eligibility for Direct Admission
A person desirous of becoming a Registered Student is to apply to the Institute in the prescribed From I, with appropriate fees and to produce documentary evidence to the satisfaction of the Council that he / she:
1. Is not less that 18 years of age on the date of his application; and
2. Has passed any of the following Examinations:
A graduate degree examination of any recognised University or equivalent
An honours graduate degree examination of any recognised University.
A Master Degree Examina Eligibility for Direct Admission to Intermediate Course
Eligibility for Admission to Foundation Course
(a) Passed the Senior Secondary School Examination under 10+2 scheme of a recognized Board and
(b) Completed Seventeen years of age. Incumbents appeared and awaiting the result of 10+2 examination may apply for appearing in Foundation Course Examination.
Methodology for Registration
1.Every person applying for registration as a student is to pay a student registration fee of Rs.300.
2.For registration, students should fill in the Form I and also the identity card duly signed and completed in every respect.
3.Remittance of Registration Fees shall be made through the specified branches of the State Bank of India (SBI) as mentioned in the reverse side of the pink coloured challan provided by the Institute or through Demand Draft drawn on only scheduled bank favouring "The Institute of Cost & Works Accountants of India" payable at Kolkata. Payment by cash or by any other mode is not acceptable.
4.The application form is to be submitted to the respective Regional Council excepting DeNovo registration cases.
Registration "DE NOVO"
A student whose registration has been cancelled on account of his/her failure of complete the Intermediate and Final Examinations within a period of seven years from the date of his/her registration, may if he/she so desires, apply for DE NOVO registration in the Prescribed Form "I" and on his/her application being granted he/she be deemed for all purposes to have been admitted as a DE NOVO registered student except that he/she shall be entitled to exemption from the individual subjects of the Intermediate or Final Examination, both for Coaching and Examination as the case may be, previously secured by him under his former registration. The benefit of "DE NOVO" Registration may be availed of only once. Granting of "DE NOVO" Registration shall be at the discretion of the Director of Studies in case of those who have already availed the benefit of "DE NOVO" Registration once.
Registration Afresh
A student whose registration has been cancelled on account of his/her failure to appear at least in one stage of the Intermediate Examination within three years from the date of his registration, may, if he/she so desires, apply for Afresh Registration in the prescribed Form I and on his/her application being granted he/she shall be entitled to exemption from the individual subject(s) of the Intermediate Examination both for Coaching and Institute's Examination as the case may be, previously secured by him/her under his/her former registration.
A fresh registration subsequent to cancellation of original registration under rule 2.5(b) shall not absolve from the liability of Rule 2.5(a). Either in case of DE NOVO registration or registration afresh a student is required to pay Rs.300/- Re-registration fee with his/her application in Form I.
Where to apply for Registration
A candidate seeking registration as a student should send his application for registration to the respective regional council. The addresses of each regional council are given below.
1. WESTERN INDIA REGIONAL COUNCIL OF ICWAI Rohit Chambers, Janmabhoomi Marg, Mumbai 400 001 Ph. No. 2287-2010, 2204-3416/06, 2284-1138 Fax no. 91-022-22870763 e-mail: wircicwa@bom3.vsnl.net.in
2. SOUTHERN INDIA REGIONAL COUNCIL OF ICWAI 4 (old no 65) Montieth Lane, Egmore, Chennai 600 008 Ph. No. 2855-4443/4326, 2872-2772 Fax No. 91-044-28554651 e-mail: srcicwai@giasmd01.vsnl.net.in
3. EASTERN INDIA REGIONAL COUNCIL OF ICWAI 84, Harish Mukherjee Road, Kolkata 700 025 Ph. No. 2455-3418/5957, Fax No. 91-033-24553418
4. NORTHERN INDIA REGIONAL COUNCIL OF ICWAI 3, Institutional Area, Lodi Road, New Delhi 110 003 Ph. No. 2461-5788, 2462-6678, 2464-4630/4692/4430 Fax No. 91-011-24622156, e-mail: icwai_nirc@hotmail.com
Registration for Oral Coaching Students
An eligible student can enroll for oral coaching of foundation /intermediate course at Coimbatore Chapter as per following procedure after getting the prospectus, application for Rs.200 which is available in Coimbatore Chapter.
The fee for foundation course is Rs.3500 and for intermediate course is Rs.19700. .Fee has to be remitted at the time of joining. Fee can be remitted to directly to the Chapter’s bank, at City Union Bank
The Challan for the payment has to be submitted at the Chapter along the following:
For Foundation Course :
• Identification form(yellow color form) with your photo affixed, duly filled in & signed.
• Identity card for the foundation student duly filled in & signed with your photo affixed which should be attested as given in the form.
• Photocopy of +2 Mark sheet with newly attested.
• Photocopy of TC with newly attested. (College/school).
For Internediate Course :
• Form of application register (Form 1) as a student (Green color form) duly filled in & signed.
• Student information form duly filled in & signed with photo affixed.
• Application form for remitting fee, duly filled in & signed.
• Identity card for intermediate student duly filled in & signed with photo affixed & attested as given in the form.
• Photocopy of degree certificate / provisional certificate /consolidation mark sheet duly attested.
GENERAL FAQs
What is the job of Cost accountant ?
It is one of the most essential management services. It is a fairly new branch, a profession ushered in during the last century. With increase in competition and consequent economic pressures, cost and management accountancy has been finely interwoven into the main fabric of management. Collection, assimilation, collation and analysis of financial information from all areas of an organization are the functions of a cost accountant. There is no denying the fact that an organizations success or failure is dependent on the quality of information made available to the management. This is where a cost accountants productivity is of vital importance to the company. It is his primary job to ensure that managerial decisions are well within the cost prescriptions. The cost accountant is expected to give a prognosis for projects to be undertaken based on past and present financial performances. In order to do this a cost accountant needs to take into account factors like cost of raw materials, labour, transport, overheads and the like. Knowledge of these costs will help the cost accountant prepare budgets for the operation that is planned. In a word the Cost Accountant can facilitate strategic decisions in respect of diverse economic activities of an organization where he/she is employed as an employee or deployed as consultant.
What is the nature of job of a cost accountant ?
A cost accountant specialises in navigating managerial decisions, stabilising budgets and standards, assessing operational efficiency and the effectiveness of production and service management, identifying accountability for profit variance and so on. His responsibilities include: designing and implementing effective management information and control systems, planning costing systems and methods, inventory control incorporating mathematical models, investment analysis, project management, internal audit, cost audit, diagnosis in the case of sick industries, fund management, pricing planning, interpreting information and data related to business activities and translating them in such a way as to guide the core management into taking the right decisions. Criteria The academic requirement is to pass the examination conducted by the Institute of Cost and Works Accountants of India (ICWAI).
Why you should study Cost Accountancy?
The core areas of three professional courses are different. The core area chartered accountancy is mainly to ensure compliance with the financial discipline and audit requirement etc. Similarly, the core area of MBA(Finance) is to know the art of regulating finance. You might be knowing that in an enterprise, here are three activities namely operations, marketing and finance. These three activities are co-related and it is always required to take strategic management decisions in respect of these three activities. Operation management, Marketing management and Financial management are the planks on which the edifice of strategic management rests. The curriculum of cost and management accountancy has been designed to equip its students with the modern tools of management so that they are in a position to facilitate the strategic management decisions in respect of the diverse economic activities of an organisation where they are employed or deployed as consultant. Morever, the earlier theory of cost +profit =price is not prevalent today rather the new equation price-cost = profit has emerged. Since price can not be changed in the competitive market, it is the cost which is required to be managed to retain the normal of profit of an organisation. After traversing the path of cost control, cost reduction, we have now entered into the arena of cost mangement. Cost Accountants are the best professional for this job.Hence, it is for you to make a choice amongst the three professions as mentioned above, keeping in view the requirement of the liberalised economy prevalent today.
How are the ICWAI examinations held ?
The ICWAI examinations are held in three stages Foundation ,Intermediate and Final. A candidate may appear for the Foundation examination after passing the plus two (twelfth standard) examinations and completing coaching either postal or oral.. The students are tested in Organisation and Management Fundamentals, Financial Accounting Fundamentals, Economics and Business Fundamentals and Business Mathematics and Statistics Fundamentals .The Foundation is waived in the case of gazetted officers, post graduates, qualified engineers holding a degree and graduates from other streams . They are generally allowed to register with the institute for the intermediate examination. For the intermediate exam, there are eight papers Cost and Management Accounting, Information Systems and Technology, Business Laws and Communication Skill, Business Taxation, Management Accounting-Performance Management, Advanced Financial Accounting, Auditing, Quantitative Methods. For the Final exam, there are eight papers-Operation and Project Management and Control, Advanced Financial Management and International Finance, Strategic Management and Marketing, Strategic Tax Management, Management Accounting-Decision Making, Management Accounting-Financial Strategy and Reporting, Cost Audit and Management Audit, Valuations Management and Case Study. The syllabus covered in the entire course includes book keeping and accountancy, production, productivity, cost effectiveness, cost accountancy, business mathematics and statistics, business and economic laws, principles of management, auditing, tax laws and tax planning, quantitative techniques and methods of cost and management accountancy. The institute has made it mandatory for registered candidates to undergo coaching either directly or through correspondence and training, before appearing for the examinations. The duration of the course through correspondence is eighteen months. 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:-1.Group Discussions - 2 nos.2.Business Communication Seminars 2 nos. 3.Computers hands on 50 hours Final:1. Dissertation 5000 words. 2.Computer Hands on 100 hours 3.Modular training 15 days 4.Audit / Industrial training 6 months
What are the qualities essential for cost accountancy ?
As for personal traits, the first requirement is that one needs to be a native numerate. Of course, academic abilities too top the list alongside. Other equally important requirements are an ability to communicate (both written and spoken) concisely, a keen business sense and the ability to negotiate. The job calls for a high sense of motivation, concentration and determination. Regional councils and other institutes recognised by the Directorate of Studies of the ICWAI conduct these classes. Examinations are held twice in the year. The Cost and Work Accountancy course may be completed over a period of three years.
What does the future hold?
Once a candidate has passed the examination, there are several options ahead of him. He could either serve in an industry or opt for government service. There is plenty of scope in the banking and insurance sectors. The government has made it mandatory cost audit for forty eight classes of companies. This very fact throws up tremendous opportunities for one. There is always the option of practising as a consultant. A third option is to impart teaching at institutes or at universities. Higher academic pursuit for a doctorate is also possible. The ICWAI programme has been recognised by Association of Indian Universities for admission to Ph. D courses in commerce and allied subjects. The returns: For a cost accountant, there is no fixed pay scale. It depends entirely on the organisation that he is employed in.
TRAINING SCHEME FAQs
I registered as Student with the Institute before 1st January 2008 for pursuing Intermediate Course but no examination could be passed by me as on 31st December 2007. Am I required to register for Practical Training for 3 years?
If you continue to pursue Intermediate Course in the old syllabus then Practical Training Scheme of 3 years is not applicable. However, if you want to switch over to New Revised Syllabus 2008, then practical training scheme will be applicable you.
I have completed Intermediate Course on or before 31st December 2007 term, Am I required to undergo compulsory practical training of 3 years?
Even though you are required to register for your Final Course in the Revised Syllabus 2008, the practical training scheme for 3 years is not applicable to you. You are required to undergo and complete Industrial Training for a period of 6 months with Practising Cost Accountant or Firm of Practising Cost Accountants or alternatively one year with an Industry as per old syllabus applicable to you.
I registered with Institute on or after 1st January 2008 but before registration for ICWAI course, I was undergoing Articleship training with Chartered Accountant or Firm of Chartered Accountants. Whether, articled training period with Chartered Accountant or Firm of Chartered Accountants will be recognized for the purpose of practical training period?
No, articleship training under Chartered Accountant(s) or Firm of Chartered Accountants is not allowed, whether taken before admission or during ICWAI course.
When am I required to pay Training Registration Fee?
You are required to pay Training Registration Fee of Rs. 1,000/- (Rs. One thousand only) at the time of registering yourself for Intermediate Course. You are required to fill up Form T2 to submit to the respective Regional Council, who will verify the form and send it to Delhi Office.
What documents are to be submitted in support of undergoing Training with the empanelled Organization?
The following Documents should be sent to Delhi Office within 45 days from the date of joining an organization towards registration of training period:
1. Letter from Organization engaging Student as Cost & Management Trainee
2. Attested copy of Form T2 duly verified by the respective Regional Council/ Chapter mentioning receipt of requisite Training Registration Fee from the student claiming exemption
3. Original applicable Deed (to be executed by employer and trainee)
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