To a large extent, the growth of any business organization is dependent upon a robust accounting department. Cost & Works Accountants collect, organize, collate and analyse the cost related information from all areas in the organization, including all financial departments. They also monitor costs involved in making a product or providing a service such as cost of raw material & labour, transportation costs, administrative costs, etc. Budget control is also an important part of a Cost & Works Accountant’s work profile. Cost & Works Accountants through the cost accounting systems provide the management with an effective system of appraisal & evaluation of investments and alternatives in monetary terms. They also work towards providing a system to the organization for effective utilization of money and thereby increasing the profit margins of the organization.
It is interesting to learn that cost and work accounting is primarily a product of the 20th century, CWA professionals are still in demand in this modern era of liberalized and market driven economy. Not only do they facilitate in strategic decision making of the company but they also extend their contribution in diverse economic activities of an organization.
Essential personality traits of cost and work accountants are as follows.
- High intelligence
- Aptitude for mathematics
- A strong business sense
- Analytical bent of mind
- Ability to compare and interpret facts and figures quickly
- Ability to cope with stress and handle important responsibilities
- Above average academic ability
- Confidence in dealing with clients and employers
- Ability to relate to people at all levels
- Team spirit
Students are required to pursue the following scheme of education and training to become a Cost & Work Accountant-
- Students are first required to enroll themselves for the foundation course after passing 10+2 from a recognized board/university.
- After passing the foundation course students can then register themselves for the intermediate course
- Students who have graduated in any discipline other than fine arts/ passed the Part I examination of CAT by ICWAI can directly register for intermediate course. Registration for the intermediate course is valid for 7 years from the date of registration.
- Students who have successfully passed the Intermediate Examination of the Institute are eligible for admission to the Final Course. After completing the final course, students are then required to gain a minimum work experience of three years in order to become eligible for membership of ICWAI.
List of Institutes for undergrad and post-grad courses in Cost & Works Accountancy
|The Institute of Cost and Works Accountants of India, Mumbai, Calcutta, Chennai and New Delhi||www.icmai.in|
List of Institutes abroad offering Cost & Works Accountancy related courses
Heriot watt University Dubai
|IMT Dubai Campus||www.imtdubai.ac.ae|
|Manipal Education Dubai Campus||www.manipaldubai.com|
|Amity Dubai Campus||www.amityuniversity.ae|
|S. P. Jain Dubai Campus||www.spjain.org|
There lies plethora of career opportunities for qualified cost and work accountants. CWAs can get lucrative employment opportunities with central and state governments in advising the government in policies related to cost and pricing and also help in framing tax and fiscal policies. They are treated at par with any class I officer placed in government departments such as Indian army, PSU banks, Railways etc.
It’s not only the government sector that has rewarding placement opportunities for CWAs, but the corporate sector is not far behind. Corporate sector is always in need of qualified and trained CWAs. Their profiles may vary from administrators to appraisers, valuers, secretarial and tax consultants, advisors etc.
After obtaining their CWA license from The Institute of Cost and Works Accountants of India, they can also start their private practice.
Average salaries of Cost and Work Accountants who join the industry as freshers can earn a salary ranging between Rs 15000 to Rs 20000 per month while an experienced CWA can expect to get remuneration ranging between Rs 40000 to Rs 50000 per month. Cost and Works Accountants who provide consultancy and practice privately also earn handsome returns depending upon the numbers and kinds of clients.