ICWA (CMA) Course 2022-23

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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 June session. Read this blog to know more about 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 3 Lakhs to 4 Lakhs p.a.
$53k per annum

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.

Eligibility Criteria

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

ICWAI Syllabus 

Tabulated below are the level-wise syllabus/ papers that you will have to qualify to complete the ICWAI CMA Course-

ICWA Syllabus: Foundation

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

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.

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.

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 (%)
Foundation 75.88
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

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 successfully complete this course not only acquire the knowledge and credentials needed for the position, but they are also given access to a variety of opportunities in the financial sector. This course is ideal for candidates if they have a keen interest in handling the accounts of the organization’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 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 2023

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.

Level Fees
Foundation 4,000 INR
Intermediate (With Instalment) 20,000 INR
(Without Instalment)
12,000 INR (1st Instalment)

8,000 INR (2nd Instalment)

Final 17,000 INR

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 concluding the ICWA course:

  • Cost Accountant
  • Finance Director
  • Chief Internal Auditor
  • Managing Director
  • Financial Consultant
  • Cost Controller
  • Accountant
  • 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.

Top Recruiters

  • Vedanta
  • GAIL
  • ONGC
  • Nestle
  • Micro Inks Limited
  • Reliance Industries Limited
  • ITC Limited
  • Saint-Gobain
  • 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


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
Articleship 6 Months


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.

What is ICWA course duration?

The total minimum duration of the ICWA course is 36 months, i.e.
Foundation: 8 months
Intermediate: 10 months
Final: 18 months

What is the ICWA course?

The ICWA course is a Cost Management Accounting course offered by ICAI. It is divided into three levels, i.e. Foundation, Intermediate and Final.

How can I apply for ICWA course?

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.

What is the salary of a CMA in India?

The average salary of a CMA in India is INR 6 lakh per year.

Are CMA in demand?

Yes, CMAs are in demand in India and abroad. The comprehensive syllabus of the CMA trains the student for the profession through internship, training, and projects

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.

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