Cost and Works Accountancy
Nature of Work
Cost and Works Accountants provide a system for effective utilization of money. They collect, organize, collate, & analyze the information from all parts of the organization, including all financial departments. They monitor all costs involved in making a product or providing a service, from raw materials & labour cost, to transport, administrative costs, overheads on buildings, etc. Budget control is one important part of their work.
The cost accounting systems provide the management with an effective system of appraisal and evaluation of investments and alternatives in monetary terms. Hence, this is called management accounting. The job involves evaluating and managing costs, value, and management information systems.
Where to Study
Institute |
Eligibility |
Western India Region Council of ICWAI, Rohit Chamber (4th Floor), Janmabhoomi Marg, Mumbai 400001, Ph. 22872010 |
10+2 |
Eastern India Region Council of ICWAI, |
10+2 |
South India Region Council of ICWAI, 84, Harish Mukherjee Road, Kolkata 700 025, Ph. 24553418 |
10+2 |
Northern India Region Council of ICWAI, |
10+2 |
Prospects
The government, industry, and business are drawing upon their specialist services increasingly for planning and executing their financial programs. The present day complex tax systems, improved methods of computing costs and controlling budgets, the new fields of management accounting, and the innovations in accounting methodology have increased the importance of this profession. The fast moving world of finance requires more and more accountancy professionals.
A Cost Accountant may build up his own practice by obtaining a license 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.
Study Route
Candidates with 10+2 qualification can join the Institute's Intermediate course after qualifying the Foundation Course examination. Students awaiting results of 10+2 examination may be permitted to appear in the Foundation Course examination. Similarly, students awaiting results of graduation examination may also avail the facility of provisional registration.
Direct registration without appearing for the Foundation course is open to graduates of any discipline.
The course is divided into Intermediate and Final levels with eight papers each. Both the levels are divided into two stages of 4 papers each. After one clears all the eight papers in the Intermediate, one can go in for the Final.