The world today has become highly economy driven. This makes decisions related to strategic issues of business and finance extremely important for the smooth functioning of any firm. This brings into picture the requirement of professionals and firms with an expertise to handle cost and works accounts. Cost and works accountant is by and large the core member of any company who schemes business policies considering the past and present financial performances of the organization. The job of CWA professional requires a very high degree of enthusiasm, focus and grit.
Cost and Works Accountancy (CWA) is one of the most recent disciplines in the field of finance and commerce.The nature of job and work of a Cost Works professional includes gathering, integrating, organizing and analyzing the financial information of a firm. He is one of the most prized possessions of any company as his work determines the success or failure of any company. The Cost and Works Accountant are also called management accountants worldwide as they have a large say in the management decisions.
The only constitutional body of Government of India which aids the training program for cost works and accounts management is the Institute of Cost and Works Accountants of India. The CWA course is available for all students. The minimum eligibility to enroll with ICWAI is a 10+2 certificate and minimum age of 17 years. With this the student starts with the foundation course.
The next level called the Intermediate level which is of 18 months duration can be joined by graduates from any discipline.The last level of this course is the Final Course again for 18 months. After this anyone with three years of experience can become a member of the ICWAI. If desired to gain further expertise in the field a student can also pursue M Phil or Ph.D.in commerce and allied subjects. As of now there are total of 35 Indian universities which have approved the course offered by ICWAI.
Examinations are conducted twice every year in the month of June and December in centers across the country. For overseas students the examination centers are Dubai, Oman, Sultanate and Botswana. The Examinations consist of papers in English, Elementary mathematics and GK. For the Intermediate course the candidates are tested on cost accounts, financial accounts, secretarial practices,corporate laws and direct taxation.
Career for a Cost and Works Accountantare available in both private and public sectors. There is a huge demand of such professionals in financial sectors as well as in teaching and in research. They are hired for posts like Managing Director, Financial Controller, Financial Director, Chief Internal Auditor, Senior Marketing Manager, Chief Accountant etc. A CWA can also indulge in a startup Consultancy firm.
The remuneration and salary package of a CWA is one of the best in the market as it is one of the most sought after profession. The compensation of CWA depends upon knowledge and experience. A fresher may get around an annual income of 4-5 lakhs. But this drastically increases with experience.