ICWA (CMA) Course 2025: Full Form, Admission, Eligibility, Syllabus, Scope, and More!

The full form of the ICWA course is the Institute of Cost and Works Accountants of India, and has been remodelled into the CMA course, i.e. Cost Management Accounting course offered by the Institute of Cost Accountants of India (ICAI). The minimum total duration of the ICWA CMA course is 36 months, and a CMA professional can earn around 3 Lakhs to 4 Lakhs per annum. The ICWA CMA dates are now announced for the June session. Read this blog to know more about the ICWA CMA course details, duration, dates, fees, eligibility, scope, and more!

Course	ICWA CMA Course
Full-Form	The Institute of Cost & Works Accountants of India – Cost Management Accounting course
Conducted By	Institute of Cost Accountants of India
Duration	Foundation: Minimum 8 months Intermediate: Minimum 10 Months Final: Minimum 18 Months
Website	https://icmai.in/
Fee	Foundation: 4,000 INR Intermediate (With Instalment): 20,000 INR Intermediate: (Without Instalment): 12,000 INR (1st Instalment); 8,000 INR (2nd Instalment) Final: 17,000 INR
ICWA CMA Salary	INR 5 -6 LPA

What is an ICWA?

The Institute of Cost and Works Accountants of India (ICWA) offers a minimum three-year education that is divided into three stages: foundation, intermediate, and final. Students who want to become cost management accountants take this course. The institute aids in the development of professional credentials in its students and provides them with the knowledge they need to succeed as cost management accountants across the world.

Advantages of ICWA

A cost management accountant is in charge of gathering and examining financial data from every division of the company. The course can be taken either through correspondence or an accredited university’s online platform.

Candidates who complete this course not only acquire the knowledge and credentials needed for the position but are also given access to a variety of opportunities in the financial sector. This course is ideal for candidates if who have a keen interest in handling the accounts of the organisation’s several departments.

Types of ICWA

The course is suitable for both undergraduate and postgraduate students. Candidates who have finished their high school studies from an Indian-recognized board are eligible to enrol in the foundation course. Aspirants who have finished their undergraduate studies seek the intermediate level. Candidates follow the final level of the course in order to develop advanced abilities in cost management accounting.

The ICWA Foundation Level

This is the course’s first and most important step. Students are exposed to the fundamentals of cost management strategies and their role in the financial industry during this foundation stage. The course is expected to take at least eight months to finish.

The Intermediate Stage

This is the second stage of the ICWA Course. Students must pass the intermediate course after completing the foundation level. Students in intermediate courses study in-depth financial accounting and are introduced to a variety of financial topics such as direct and indirect taxation, cost accounting, and more. The course is thought to be a little more difficult than the previous one.

The ICWA Final Stage

This is the final stage of the course. The third level, which is considered the most difficult of all three courses, provides insight into the administration of many financial issues such as strategic financial management and particular regulations linked to various taxation.

ICWA CMA Course Details

ICWA course is almost a three-year program that is offered by the Institute of Cost and Works Accountants of India in the field of Accountancy. It consists of three levels- Foundation, Intermediate, and Final. The course is a pathway for acquiring one of the most reputable jobs in India as that of a Cost Management Accountant.

Each level has to be qualified by the applicant in order to earn the accreditation as a CMA. Here are the important deadlines and other relevant information related to the CMA/ICWAI course that prospective candidates must abide by before applying:

1. Foundation ICWAI Course: Admissions are open throughout the year. Those intending to sit for the June term examination must apply before January 31st of the same year.Those intending to sit for the December term examination must apply before July 31st of the same year.
2. Intermediate ICWAI Course: Registration is open throughout the year.If you are planning to appear for the June term examination, then you must fill out the applications before January 31st of the same year.For those intending to sit for the December term examination, they must apply before July 31st of the same year.

Candidates need to submit their completed Postal Application Form which must be duly enclosed with required documents and remittances and must be sent/submitted at their provided Regional Councils/Chapters only.

ICWA CMA Syllabus 

The ICWA CMA syllabus is divided into 3 levels. They are called the foundation, intermediate and final stages. Each level would emphasise building a strong foundation in taxation, accounting, costing, and financial management. The tables below showcase the levels you have to clear to complete the  ICWAI CMA Course:

ICWA Syllabus: Foundation

The foundation level would cover basic topics like Business Mathematics, Fundamentals of Accounting, and Laws. This helps in building a strong foundation for professional studies in cost and management accounting.

Paper Number	Subject
Paper 1	Fundamentals of Economics
Paper 2	Fundamentals of Accounting
Paper 3	Fundamentals of Law and Ethics
Paper 4	Business Mathematics and Statistics: Fundamentals

ICWA Syllabus: Intermediate

The ICWA Intermediate syllabus could cover topics like  Direct Taxation, Cost Accounting, Financial Management, and Corporate Laws.  This course aims to prepare students for practical challenges in the finance industry.

Paper Number	Group 1	Paper Number	Group 2
Paper 5	Financial Accounting	Paper 9	OMSM: Operations and Strategic Management
Paper 6	Law & Ethics	Paper 10	Cost & Management Accounting/Financial Management
Paper 7	Direct Taxation	Paper 11	Indirect Taxation
Paper 8	Cost Accounting	Paper 12	CAA: Company Accounts & Audit

ICWA Syllabus: Final

The Final level emphasises topics like Corporate Financial Reporting, Strategic Financial Management, and Cost & Management Audit. At this stage, you will learn leadership skills and strategic decision-making skills.

Paper Number	Group 3	Paper Number	Group 4
Paper 13	Corporate Law & Compliance	Paper 17	Corporate Financial Reporting
Paper 14	SFM: Strategic Financial Management	Paper 18	Indirect Tax Laws, Practice
Paper 15	SCMD: Strategic Cost Mgt: Decision Making	Paper 19	Cost & Management Audit
Paper 16	Direct Tax Laws; International Taxation	Paper 20	SFP: Strategic Performance Mgt & Business Valuation

ICWA CMA Eligibility Criteria

You can take up the ICWA CMA course after passing Class 10 for the Foundation level, and Class 12 for appearing in its exams. An intermediate-level course requires at least a graduation in any course (except Fine Arts).The eligibility conditions for the ICWA course vary depending on the course level. Take a look at the table, which lists the specific requirements.

ICWA CMA Foundation	1. Must have qualified Class Xth or equivalent from an accredited board/college/university 2. Must have qualified Senior Secondary Examination as per the 10+2 pattern from an accredited Board,  OR Passed an examination recognized under the Central Government as equivalent OR Qualified National Diploma in Commerce Examination conducted by the All India Council for Technical Education [AICTE] or a State Board of Technical Education under AICTE  OR Completed a Diploma in Rural Service Examination conducted under the authority of the National Council for Higher Education.  Note: Candidates awaiting final exam results are also eligible for admission.
ICWA CMA Intermediate	Completed their 10+2 senior secondary examination as well as the Foundation program provided by the ICAI OR Attained a bachelor’s degree in any subject or discipline except for Fine Arts or Foundation (Entry Level-Part I) of either the ICAI’s CAT exam or the Part I exam as well as the competency level, i.e. Part II of ICAI’s CAT.
ICWA CMA Final	Applicant should have passed 10+2 Must hold a graduation degree in any field except Fine Arts Must have cleared all the papers of the intermediate course

ICWA CMA Course Duration 

To help you get a better understanding of the ICWAI CMA course, we have stated below the average duration of the particular course levels. The course duration vary depending on the course level.

1. ICWA Foundation: Minimum 8 months
2. ICWA Intermediate: Minimum 10 months
3. ICWA Final: Minimum 18 months

Admission Process for ICWA CMA Course

Admission into the ICWA Course is possible through two routes. That is, the Direct Entry and Foundation Course route. We have explained these two routes below. You need to register online through the official ICMAI website after selecting the desired course path.

Direct Entry

For direct entry into the ICWA Course, candidates must fulfill the following conditions:

1. Graduation in any discipline other than Fine Arts
2. Qualified CAT of CMA/ICSI Foundation/ ICAI Intermediate
3. Refer to the “Register to Intermediate Course [Oral/Postal]” on the website for subsequent steps.

Foundation Course

Candidates need to follow certain steps when applying for the ICWA Course through the Foundation route. These have been tabulated below:

Stage	Eligibility / Requirement	Next Step
Step 1	Passed Class X	Eligible to Register for Foundation Course
Step 2	Passed Class XII	Eligible to Appear for Foundation Exam
Step 3	Qualified Foundation Exam	Register for Intermediate Course (Oral or Postal Mode)
Step 4	– Complete Communication & Soft Skills Training (CCS) – 3 days- Complete Computer Training – 100 hours	Eligible to Appear in Intermediate Exam (Both Groups)
Step 5	Qualified Intermediate Exam	Register for the Intermediate Course (Oral or Postal Mode)
Step 6	Completed the above requirements	Eligible to Appear in Final Exam (Both Groups)
Step 7	– Complete Modular Training – 15 days- Complete remaining Practical Training (3 years total)	Eligible to Apply for Membership of the Institute

ICWA CMA Fees Structure 2025

The ICWA course fee is different for each exam level and ICMAI also avails students the chance of providing the course fees for the intermediate level in advance. Here are the course fee amounts for ICWA Foundation, Intermediate, and Final.

Level	Fees
Foundation	INR 4,000
Intermediate (With Instalment)	INR 20,000
Intermediate (Without Instalment)	INR 12,000 (1st Instalment) INR 8,000 (2nd Instalment)
Final	INR 17,000

Top ICWA Exams

There are no other exams than the ICWA test because the course is run by the Institute of Cost and Works Accountants of India. Students are expected to take an examination after completing the course in order to assess their abilities and the education received during the course. The ICWA primarily administers two tests, which are as follows:

ICWA Intermediate Entrance examination

The Institute of Cost and Works Accountants of India conducts the ICWA intermediate test to examine the credentials of students who have completed the foundation course. Students are required to enrol in the intermediate course after passing the admission exam.

ICWA Final Examination

The Institute of Cost and Works Accountants of India administers the ICWA final test to determine the integrity of students’ knowledge gained across all three courses.

ICWAI CMA Dates 2025

The Institute of Cost Accountants of India (ICMAI) exam dates for 2025 have been announced. The June 2025 CMA (Cost and Management Accountant) exams are as follows.

Course	Exam Dates	Day(s)
Foundation	June 14, 2025	Saturday
Intermediate	June 11 – June 18, 2025	Wednesday to Wednesday
Final	June 11 – June 18, 2025	Wednesday to Wednesday

ICWA Results

To be eligible for the ICWA examinations, a candidate must get at least 40% in each subject and a total of 50% or higher. The ICWA (CMA) results are generally declared in the month of July for the June session. On the other hand, the December session results are available online in February. You can access the results by visiting the official ICMAI website. When results are declared, merit rankings and pass percentages are also announced alongside.

How to Check ICWA Results?

You can check the ICWA (CMA) results by visiting the official ICMAI (www.icmai.in). You need to navigate to the ‘Examination’ section. Thereafter, you can enter your registration details, like your registration number, on the results portal. Like this, you will be able to download the results.

1. Visit the official website for more information.
2. Select the “Examination” tab.
3. From the dropdown menu, select the result option.
4. Select the exam for which you had registered.
5. Click “see the result” after entering the identification number.
6. The outcome will be displayed on the screen.

Pass Percentage of the ICWA Exams

The pass percentage for the June 2025 ICWA (CMA) Foundation exam exceeded 70%, with the Baroda centre reporting a commendable 71.03% pass rate. Detailed group-wise pass percentages for Intermediate and Final levels are typically published along with their results (interim dates: Foundation – July 8; Inter & Final – August 11).The 2025 pass percentages are as follows

Examination Level	Pass Percentage (%)
Foundation	71.03
Intermediate Group I	To be announced
Intermediate Group II	To be announced
Intermediate (Passed in either one group)	To be announced
Intermediate (Passed both groups)	To be announced
Final Group III	To be announced
Final Group IV	To be announced
Final (Passed in either one group)	To be announced
Final (Passed both groups)	To be announced

How to Study for the ICWAI CMA Course?

To prepare for the ICWA, you need to create a proper study plan covering the search subject. You need to create daily goals and must have regular revisions. Focus on building a strong foundation, understanding concepts, and practising previous year papers. You also need to stay updated with the amendments in laws and tax regulations.Mentioned below are some of the options for studying ICWA course:

ICWAI Online Classes

ICWA offers its own online classes as an Open Education Resource. You can directly access these videos that are available on YouTube and the ICWA website. These E-Learning resources are available for all the sections of the exam from the Foundation to the Final Exam. 

ICWAI offers online classes on several topics. You can access all the Online Class Videos on the ICMAI Website. 

ICWA CMA vs CA

The courses CA and ICWA are both for commerce students who wish to plan their careers in the field of accounting. However, there are crucial differences between the two that you must know before choosing any of these to practice:

Criteria	CA	ICWAI CMA
For	Chartered Accountancy	Cost Management Accountancy
Course for	Includes Cost of the Financial Transaction	How to manage finances
Eligibility	Class 12th	Class 10th
Job Profile	Includes work in Accountancy	Includes Cost of Financial Transaction

ICWAI Study Material (Books)

To prepare for the ICWAI, you need a mix of official study materials and reference books by reputed authors. These books generally cover the theory and practical problems.. They also contain the previous year’s papers.Here is a list of books that you may need to complete your ICWAI course-

S.No.	Book Title	Author(s)
1	Scanner ICWA Stage I	Dr. Arun Kumar
2	Cost Accounting Text and Problems for CS/ICWA Examinations	N. K. Agarwal
3	Direct Tax	Girish Ahuja
4	Cost and Management Accounting (for All India)	S.P. Jain & K.L. Narang
5	Essentials of Cost and Management Accounting (for ICWA Inter, Stage 1)	V.K. Saxena & C.D. Vashist
6	Advanced Cost and Management Accounting – Problems and Solutions	V.K. Saxena & C.D. Vashist
7	Modern Cost and Management Accounting	M. Hanif
8	Advanced Management Accounting (Cost Management and Operations Research)	Dr. J.B. Gupta

CMA USA vs CMA India

The CMA USA is internationally recognised. This course is best for those who want to take up global roles in financial management and analysis. On the other hand, the CMA India course is specifically designed to meet the requirements of the Indian Industries.These are the differences between CMA in the USA and India:

Criteria	CMA USA	CMA India (ICWA)
Governing Body	IMA (Institute of Management Accountants), USA	ICMAI (Institute of Cost Accountants of India)
Recognition	Globally recognized	Recognized in India and some Commonwealth nations
Focus Areas	Financial planning, analysis, and strategic management	Cost accounting, taxation, corporate laws, and auditing
Eligibility	Bachelor’s degree + 2 years work experience	After Class 10 (Foundation); Graduation (Intermediate)
Duration	6–12 months (if cleared in one go)	3–4 years (including practical training)
Exam Structure	2 Parts (MCQs + Essays)	3 Levels (Foundation, Intermediate, Final)
Global Opportunities	High (especially in MNCs and abroad)	Mostly Indian companies, government, PSUs
Cost	Higher (USD 1,000–2,000+)	Lower (INR 40,000–50,000 total approx.)

To learn more about the difference betweemn CMA USA and CMA India, watch this video below:

Career Scope

Completing the ICWA course, you can explore a wide range of opportunities in consultancy firms, training and research institutions, financial institutions, stock exchanges, the public utility sector, government regulatory bodies, etc. Here are the major career profiles you can explore after successfully completing the ICWA course:

1. Cost Accountant
2. Finance Director
3. Chief Internal Auditor
4. Managing Director
5. Financial Consultant
6. Cost Controller
7. Accountant
8. Financial Controller

ICWAI Salary

As a Fresher, your starting salary can be anywhere between INR 4,00,000- 5,00,000. Whereas, the senior-level CMAs with adequate experience tend to earn INR 10,00,000- 12,00,000.

Experience Level	Average Salary (INR per annum)	Job Roles
Fresher / Entry-Level	INR 5 – 7 LPA	Cost Accountant, Financial Analyst, Audit Exec.
2–5 Years Experience	INR 7 – 10 LPA	Management Accountant, Tax Consultant
5–10 Years Experience	INR 10 – 15 LPA	Finance Manager, Cost Controller
10+ Years Experience	INR 15 – 25+ LPA	CFO, Senior Finance Manager, Director (Finance)

Top Recruiters

Top recruiters for ICWA (CMA) professionals include companies in the finance, manufacturing, consulting and FMCG sectors. Some of the top companies hiring are BHEL, ITC, EY, and Reliance. Additional companies are listed below

1. Vedanta
2. GAIL
3. ONGC
4. Nestle
5. Micro Inks Limited
6. Reliance Industries Limited
7. ITC Limited
8. Saint-Gobain
9. Yes Bank
10. Inext Infotech Services
11. Zexus Air Services Pvt Ltd
12. Government and Private Institutions
13. ALTRET Industries Pvt. Ltd
14. Kotak Mahindra Bank Limited
15. Berger Paints
16. JK Paper Limited
17. Aparna Carbons Private Limited
18. Prism Cement 

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Thus, we hope that this blog has helped you understand the major details about the ICWA course which has been modified into the CMA course. If you are planning to pursue a professional course in Commerce or any other related field, reach out to our experts and mentors at Leverage Edu and we’ll help you find a suitable program and university that fits your interests and aspirations and can equip you with the required knowledge and exposure to advance in your career.