New Syllabus
I find that the ICWAI has revamped its syllabus – making three years practical training compulsory for students. This change was made in 2008.
Previously, CWA was a theoretical correspondence course which often working people who were already in service would do.
Also since the students did not have any practical exposure – the enthusiasm for the course as well as its brand value was only a second to that of CA. (The course itself was tough and few passed – but that is another issue)
Due to this – some years back it was even contemplated to do away with the CWA institute and merge everyone into CA profession.
Perhaps those were the abysmal days for ICWAI – and now it has really come up to its own.
Powerful Lobby of CWAs
It goes without saying that most of the cost accountants (CWAs) are in the industry occupying important positions whether in Government or Private companies.
And I have seen that these CWAs being Finance Directors in big companies being invited as Chief Guests in functions organised by Chartered Accountants! Its just a part of the system of lobbying that happens in the practical world.
Three Year training for Students
The training of three years which the CWA student would take in such organisation would put him way ahead of his counterparts in CA or MBA – particularly for a career in industry.
Moreover with impending changes in Companies Act – it contemplates that every company should have a Chief Accounts Officer and the qualification contemplated is CA or CWA. Given this situation a career with CWA seems much promising having better option than other competing accountancy / finance courses.
Also the CWA students would be joining industrial training from day 1 – would get better stipend -and get groomed in the organisation – an aspect which very few CA students get exposure of.
This thing has started to materialise as many organisation – including government organisations – have started advertising for CWA Trainees. Even the list of organisations registered for CWA training is simply stupendous.
Exemption from CWA Training
In addition to this in CWA, one can get exemption from training equivalent to work experience if one is working in specified areas in specified organisations (eg working in accountancy / tax related field in any Company / NGO / BPO / Govt / Bank etc) – simply meaning one can get the ‘job experience’ and the CWA degree together
Link to ICWAI Student FAQ: http://www.icwai.org/icwainew/docs/FAQ/Training_FAQ.pdf
Good Study Material
Another good thing about ICWAI that I have seen is there study material which is far better in presentation and quality of content than that provided by ICAI. This makes understanding of the subject a more enjoyable journey.
Better Stipend for CWA students
Another indicator that ICWAI is really serious in upgrading its image and the CWA professional course is the prescribed stipend. For example for CA articleship the minimum stipend in the first year of training is Rs. 500 / 750 / 1000 depending on in which city the training is being undertaken – and it increases by Rs 250 per year. In contrast the CWA articleship training prescribes minimum of Rs. 3000 / 3500 / 4000 per month for first year of training in an organisation ! Though under a practicing Cost Accountant the stipend is 1000 / 1250 / 1500 for the first year. Definitely – CWA is a course of industry – and very least for the practice.
ICWAI Website
All information can be had from the website of ICWAI : ICWAI.org
Brand
However despite of all these – currently – the CA as a brand is definitely far ahead than the CWA. CAs with their core expertise in audit and its recognition under various regulations of Government – like Company Act, Income Tax Act, SEBI, IRDA, RBI, State VAT etc regulations have a monopoly over statutory audit and various other kinds of audit / certification – which CWAs don’t have. Practicing CWAs audit work only relates to Cost Audit that is specified in the Companies Act and Central Excise legislation. However, even in Central Excise area of Cost Audit, as per Budget 2009, the Chartered Accountants have been given an equal footing to that of CWAs.
Who cares for Brand?
It is areas like employment / consultancy / tax representation etc. which are shared areas – where various qualifications fit in like CA / CS / CWA / LLB / MBA / etc. And it is in areas of employment – that it is the quality of student that matters. And in such situation, definitely the CWA student would be at a far better advantageous position compared to the CA student.
Sir,
When will i be eligible for Campus placements in ICWAI?On completion of my final exams without completing 3 yrs of work experience(or)by completion of both final exams and practical training?
I would suggest on this matter you contact ICWAI placement cell: http://students.icwai.org/TnP/contactus.asp
sir
i have forgot the date on which i got the registration number in ICWAI . i didnot give any exam till date.
how can i know my registration date
Contact the institute
Is ICWA good for engineer? I am a electrical engineer and want to go in corporate strategy and business planning. I have 7 yrs experience in design but now want to go to management filed specially in corporate strategy and business planning. Is ICWA helpful for that career shift?
if not, What kind of prospects are available after ICWA for me?
ICWA is good for engineers who are into Project Planning or in manufacturing sector in areas like costing etc.
“Design” is a wide area, and I guess in your case has to do with electrical control systems (?).
Join ICWA only if you think that it would add value to your career.
Hi..
You are right, it is different function from my present job.
But I have already decided to make career shift to Business planning & strategy function.
So would be grateful if you can guide me if ICWA will help me for such career shift.
Also let me know what are the options for me after doing ICWA?
If you have saving / or can take education loan – better do MBA from some A level institute like IIM / ISB as in my understanding that would be more relevant to your career.
Doing a CWA would not only be not compatible, but also would take longer duration 4 to 5 years – compared to the 2 years of a regular MBA
And as your present career is in a completely different/unrelated field, you would not get any set-off of CWA training – which is a three year period training.
Thanks for your reply. I have tried for CAT last 2 times and also got good percentile but not enough to get into IIM/Ivy league/ A leve kind of B schools. So, was confused on two aspects:
1. Whether doing ICWA is better than non A level B schools at this stage?
2. What kind of career Can i expect after ICWA?
Regarding, training i understood your point. However, I am getting opportunity in Project Management in my organization thru inter departmental transfer. Hence, I would be able to get relevant experience before completing ICWA. Pl. guide in detail.
1. CWA is definitely better than non A level B schools.
However as for relevance of CWA to your situation, there is no straight answer to this. That really depends on the organisation you work in. In many engineering organisations any specific qualification like CWA is not really emphasised (unless one is shifting to core finance function)- as things like project management is often made up through internal training.
The point to remember is that as you dont have relevant prior experience, do CWA only if that is useful in your existing organisation. Because if you want to join another organisation – basically – initially you would stand in the same situation as any new CWA without experience.
2. The career can relate to costing (relating to manufacturing) / compliance (like tax & excise) / finance (functions like salary, cash management, budgeting, accounting etc) / project management (formulation to implementation)
Thanks Sir. I do have one last query.
I would like to ask one thing. I have seen some of my firends who did Ex MBA after may be 6-8 years of engineering/technical experience and after studies only of about 1 yr., they are abosorbed in Finanance/Project Management field at Middle management level (which is not very relevant to their past experience).
Does same industry recognition / perception is not available for CWA for engineering graduate?
Because, than CWA for engineers other than production, would become just an added educatioin without having any materialistic benifits if I ahve to start from Zero.
However, just going thru the subjects & syllabus of ICWA, i strongly found it appropriate at least at par with Ex MBA syllabus exlcuding Marketing management part (for obvious reasons).
Can you guide me which kind of areas for engieering students with CWA will lead to more rapid growth like Ex MBA graduates?
Exec MBA (one yr) is definitely much easier and much less time consuming than CWA (3 year at the least). While good management institutes are proactive for placements, I dont have much idea on this matter relating to CWA (ICWAI is a statutory body). However, in recent times, they are also changing. Their placement efforts can be checked out at: http://students.icwai.org/TnP/ On this matter, I would really suggest you talk to them prior to joining the course
In terms of qualification, exec MBA or even MBA from non A level B schools, do not stand anywhere near CWA. CWA is a statutory qualification which MBA is not. (eg. in the draft Companies Act, there is a provision that every company will have to keep a Chief Accounts Officer who has to be a CA or CWA). Besides CWA has statutory recognition for cost audit under companies Act & Central Excise Act, if in practice, CWA can represent clients in front of Taxation authorities (Income Tax, Central Excise, Customs, Service Tax) as well as at various tribunals like Competition Commission etc.
However, as with every qualification, they come with limits. To put it in a simplified manner – for an organisation, CWA would be the backend, whereas MBA would be the frontend. Besides in organisations qualification works only to a point – after that its the ability to deliver on basis of which a person is chosen for assignments.
Can we assume that an engineering graduate who does CWA fter say 5-6 yrs. work exp. in Technical filed have to start from zero / same level of other fresh CWA graduates? Or are there any areas where expereinced Engineering graduates can start from middle level after CWA?
I guess that can be best answered by someone in HR field.
However, logic would suggest that notwithstanding qualification, if someone is to be recruited for some senior position, then some experience is to be expected in that field.
Exceptions may exist if one is working in the same organisation- where one can be provided senior position in a completely new area based on the newly acquired qualification
Hi Manish,
I understand your question and the stage you are in as i am also in a little similar situation.
I also had same question and i did ask it to Anup sir, you can find in earlier questions of same blog.
I did some reseaarch in this, and found that there is a position called Finance Controller where people like us, engineer with degree like ICWA is highly preferred, and perhaps scarce in the industry.
This is mainly because this position demands control on finance and cost aspects and guide the management about furture strategies of Capex, as far as financial aspects are concerned.
I feel that as you are going to be in Project Management function, better to horne your skills of Project control & costing aspect which may be counted some relevant experience by the time you complete your ICWA and we might not have to start as a “Trainee” but yes, it can be a Junir level positions like Deputy manager/ Manager tag. But i believe that because of the logical ability and ability to learn the knowledge of technical aspects quickly it is easy for engineers to translate it in a finanical terms and reports.
Hello Anup Sir
I am a student of PGDBM in finance and Marketing. my major interest is in finance. i will be completing my PGDBM in april 2011. sir i am confused about what to do next, i am interested in ICWA but it will take minimum 3 years . i am planning to work as well as pursue with ICWA, will i be able to handle the pressure as my grades are usually between 60-65% (acedemics record) . If i pursue with ICWA , upto what exemption can i get, as i am undergoing fulltime PG course and i am also interested in manufacturing sector in a finance position.
Since my CAT score was not good enough i could not make it into premier B-Schools. so i joined the average B-School now the Brand is affecting on my career . as companies are coming for placement in marketing profile and i am interested in Finance profile.
waiting for your advise
Join whichever company you get opportunity in. You can thereafter plan out your career.
The tag of fresher is pretty bad.
Work as well as pursue CWA or any other course that you think would enhance your skill set & open better options in future.