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 2021 dates are now announced for June session 2021. Read this blog to know more about ICWA CMA course details 2022, 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
|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||3 Lakhs to 4 Lakhs p.a.
$53k per annum
This Blog Includes:
- What is an ICWA?
- ICWAI CMA Dates 2022- 23
- ICWA CMA Course Details
- Eligibility Criteria
- ICWAI Course Duration
- ICWAI Syllabus
- Top ICWA Exams
- ICWA Results
- Types of ICWA
- Admission Process for ICWA CMA Course
- ICWA CMA Fees Structure 2022
- Career Scope
- ICWAI Salary
- Top Recruiters
- ICWAI Study Material
- How to Study for ICWAI CMA Course?
- ICWAI Online Classes
- ICWA CMA vs CA
- CMA USA vs CMA India
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.
ICWAI CMA Dates 2022- 23
The official website has not released any official dates for ICWAI CMA. We will be updating the dates as soon as the notification is released.
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:
Foundation ICWAI Course: Admissions open throughout the year.
- For those intending to sit for the June erm examination must apply before the 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.
Intermediate ICWAI Course: Registration is open throughout the year.
- If you are planning to appear for the June term examination, then you must fill 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.
The eligibility conditions for the ICWA course differ with respect to the Foundation or Intermediate program. Take a look at the below-given table which lists down 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,
Passed an examination recognized under the Central Government as equivalent
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
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
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
ICWAI 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-
- ICWA Foundation: Minimum 8 months
- ICWA Intermediate: Minimum 10 months
- ICWA Final: Minimum 18 months
Tabulated below are the level-wise syllabus/ papers that you will have to qualify to complete the ICWAI CMA Course-
ICWA Syllabus: Foundation
|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
|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
|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|
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 successfully 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 needed to enroll 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 received across all three courses.
To be eligible for the ICWA examinations, a candidate must get at least 40% in each subject and a total of 50% or higher.
How to check ICWA results?
ICWA results are published on the institute’s website and may be seen by following the steps outlined below:
- Visit the official website for more information.
- Select the “Examination” tab.
- From the dropdown menu, select the result option.
- Select the exam for which you had registered.
- Click “see the result” after entering the identification number.
- The outcome will be displayed on the screen.
The following is the pass percentage for the previous attempt at the ICWA exams:
|Examination||Pass Percentage (%)|
|Intermediate Group I||40.76|
|Intermediate Group II||65.24|
|Intermediate (Passed in either one of the groups)||13.82|
|Intermediate (Passed in both the groups)||51.63|
|Final Group III||34.02|
|Final Group IV||57.13|
|Final (Passed in either one of the groups)||31.90|
|Final (Passed in both the groups)||38.45|
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 enroll in the foundation course. Candidates 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 is the course’s first and most important step. Students are exposed to the fundamentals of cost management strategies and whereabouts in the financial industry during this foundation stage. The course is expected to take at least eight months to finish.
The intermediate stage of the ICWA course is the second stage. Students must pass the intermediate course after successfully 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 is the course’s last stage. 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.
Admission Process for ICWA CMA Course
Admission into the ICWA Course is implemented under two routes namely, Direct Entry and Foundation Course. The following paragraphs shed more light on the procedure of each entry route.
Through Direct Entry
For direct entry into the ICWA Course, candidates must fulfill the following conditions:
- Graduation in any discipline other than Fine Arts
- Qualified CAT of CMA/ICSI Foundation/ ICAI Intermediate
- Refer to the “Register to Intermediate Course [Oral/Postal]” on the website for subsequent steps.
Through Foundation Course
Candidates need to follow certain steps when applying for the ICWA Course through the Foundation route. These have been tabulated below:
|Passed Class X-Eligible for Admission in Foundation Course|
|Passed Class XII-Eligible to Appear in Exam|
|Qualify Foundation Exam|
|Register to Intermediate Course [Oral/Postal]|
|1. Complete Communication & Soft Skill (CCS) Training- 3 days
2. Complete Computer Training-100 hours
|Eligible to appear in Intermediate Exam (Both Groups)|
|Qualify Intermediate Exam|
|1. Complete Industry Oriented Training Programme (IOTP)-7 Days
2. Complete Practical Training-3 years (6 months mandatory)
|Eligible to Appear in Final Exam (Both Groups)|
|Complete Modular Training-15 days Complete Practical Training-3 years|
|Apply and Become a Member of the Institute|
ICWA CMA Fees Structure 2022
The ICWA course fee is different for each exam level and ICMAI also avails students with 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.
|Intermediate (With Instalment)||20,000 INR|
|12,000 INR (1st Instalment)
8,000 INR (2nd Instalment)
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 concluding the ICWA course:
- Cost Accountant
- Finance Director
- Chief Internal Auditor
- Managing Director
- Financial Consultant
- Cost Controller
- Financial Controller
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.
- Micro Inks Limited
- Reliance Industries Limited
- ITC Limited
- Yes Bank
- Inext Infotech Services
- Zexus Air Services Pvt Ltd
- Government and Private Institutions
- ALTRET Industries Pvt. Ltd
- Kotak Mahindra Bank Limited
- Berger Paints
- JK Paper Limited
- Aparna Carbons Private Limited
- Prism Cement
ICWAI Study Material
Here is a list of books that you may need in completing your ICWAI course-
- Scanner ICWA Stage I by Dr. Arun Kumar
- Cost Accounting Text and Problems for CS/ICWA Examinations by N. K. Agarwal
- Direct Tax by Girish Ahuja
- Cost and Management Accounting (for All India) by S.P. Jain & K.L. Narang
- Essentials of Cost and Management Accounting (for ICWA Inter, Stage 1) by V.K. Saxena & C.D. Vashist
- Advanced Cost and Management Accounting – Problems and Solutions by V.K.Saxena & C.D.Vashist
- Modern Cost and Management Accounting by M Hanif
- Advanced Management Accounting (Cost Management and Operations Research) by Dr. J.B. Gupta
How to Study for ICWAI CMA 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 Foundation to Final Exam.
ICWAI offers online classes on several topics. You can access all the Online Class Videos on 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:
|For||Chartered Accountancy||Cost Management Accountancy|
|Course for||knowledge of taxation,
auditing, and accounting.
|How to manage finances|
|Eligibility||Class 12th||Class 10th|
|Job Profile||Includes work in Accountancy||Includes Cost of Financial Transaction|
CMA USA vs CMA India
Here are the differences between CMA in USA and India:
|Details||CMA USA||CMA India|
|Competent Body||Institute of Management Accountants||Institute of Cost Accountants of India|
|Duration||1 Year||3 Years|
|Prerequisites||Graduate + Work Experience||10+2 Pass|
|Exam Structure||2 Parts (1 Level)||3 Levels – 20 Papers|
Is CMA and ICWA same?
Yes, ICWA has been renamed as the CMA course by the Institute of Chartered Accountants of India. The full form of the CMA course is the Cost Management Accounting course.
The total minimum duration of the ICWA course is 36 months, i.e.
Foundation: 8 months
Intermediate: 10 months
Final: 18 months
The ICWA course is a Cost Management Accounting course offered by ICAI. It is divided into three levels, i.e. Foundation, Intermediate and Final.
You can visit the official website of the ICAI (https://icmai.in/icmai/ ) to apply for the ICWA course by signing up, adding all the key details and uploading your academic transcripts and other documents.
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.