Cost Accountancy or Management Accountancy as it is known in the west, is today recognized as one of the most essential management services. Cost Accountants are responsible for designing and implementing effective management and control systems. Their job would encompass all those aspects that influence the cost of the final product or service and its ultimate pricing. The other important area of work for a Cost Accountant is budget control. By evaluating operational efficiency of the firm and identifying the elements of cost and profit variance a cost accountant renders precious help to the management. Cost and management accountants also act as tax consultants; advisors on company matters, mergers, acquisitions etc; as key persons in the preparation of feasibility reports and strategic planning of projects.

The job prospects for a Cost Accountant is growing in India Government, which is evident from the fact the Government has made it compulsory for as many as thirty eight classes of companies to have a cost audit. Moreover there is a growing awareness among the business community about the benefits of having the services of a cost accountant.

Educational Qualification:
Membership of the Institute of Cost and Work Accountants of India (ICWAI) headquartered in Calcutta with regional offices at Calcutta, Chennai, Mumbai and Delhi, is the only prescribed qualification for entry into this profession. Membership is granted after clearing the preliminary or foundation, intermediate and final examinations conducted by the institute and also after acquiring three years of the requisite practical training.

Admission to the foundation course examination or the preliminary examination is open to candidates who have passed 10+2 exam. Gazetted Officers, postgraduates, engineering graduates and graduates with 50% marks are exempted from the preliminary exam and are allowed direct registration for taking the intermediate exam.

The fee for the foundation course is only Rs 250. Candidates may also go for a Foundation Course Student Kit, priced at Rs 600 for better preparation for the exam. Last date of submission of forms to the respective regional councils is 15th April and 25th October for June and December terms of examinations respectively.

It is mandatory for registered students to undergo coaching for a specified period either through postal coaching or through oral coaching centers before taking the intermediate and final examinations. The regional councils and, certain other institutes recognized by ICWAI, conduct tuitions. After clearing the intermediate stage, a candidate can appear for the final examination. After completing both the intermediate and final examinations and gaining 3 years of practical experience, the candidate can apply for the associate ship. This experience must cover different branches of costing or industrial accounting. The practical training can be done after final exams or along with the study.

The registration fee payable only one time is Rs 300. Tuition fee would be slightly less for those going for postal coaching instead of oral coaching. In postal coaching it is Rs 2160 for intermediate examination if paid in lump sum and Rs 2400 if paid in installments. For the final examination the fee is Rs 2280 in lump sum and 2640 in installments. Exams are held twice in a year in December and June and results are declared in March and September respectively.

Queries about the institute and examination etc can be mailed at icwai@ndb.vsnl.net.in or icwaidel@hotmail.com