A cost and work accountant in a company plans the budget of a company along with the manager of the company or a particular operations. Cost accountants are utilized to improve the profitability of a company by reducing the cost. The types of service that practicing CWAs can offer are varied. Certified CWAs can maintain cost accounting records, and do cost auditing for companies. CWAs also can certify import and export documents under the Exim policy. They can also act as an auditor, trustee, executor, administrator, receiver, valuer, etc. Cost accounting is a form of management accounting only. This is a challenging field because the responsibilities assigned to a person are strictly confidential.
Courses and eligibility:
Institute of Cost and Works Accountants of India (ICWAI) conducts CWA courses in three stages - Foundation Level, Intermediate Level and Final Level. Candidates who have passed 10+2 examination in commerce stream can get enrolled at the foundation level. After successfully completing the final examination, candidates will be recognized as professionals by the ICWAI.
Candidates should have completed 17 years of ages and must have passed the senior secondary examination (10+2) of any board recognized by the Central or State government.
Few specializations under this field:
- Tax laws and Tax planning
- Cost and Management Accountancy
CWA graduates can be employed in private enterprises, government sectors, banking & finance, developmental agencies, education, training & research institutes as well as in service and public utility sectors.They can also hold top management positions in private enterprises like managing director, finance director, financial controller, chief accountant, cost controller, marketing manager and chief internal auditor. CWAs can also involve in private practices after gaining some experience. Candidates familiar with computer applications in accounting and internal auditing will have the best opportunities.
Few Job Titles:
- Associate Professor
- Chief Auditor
- Chief Accountant
- Finance Manager
- Financial Controller
- Marketing Manager
- Managing Director
Average salaries at the junior level are Rs.10000 to 15000 per month while a senior CWA can expect to get 30000 to 35000 per month in domestic markets. Cost and Works Accountants who are engaged in consultancy and private practice are also earning handsome returns depending upon their clients they serve.
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