Career as CWA in India: Salary, Job Prospects, Eligibility Criteria 2023 and More
- Naief Khatri
- Updated Date: August 29, 2023
CWA full form is:Â Cost and Works Accountant. A Cost and Works Accountant (CWA) is a professional who collects, assimilates, collates and analyses financial information from every angle and then interprets those numbers for the management. They play an essential role in any corporate strategy, whether they are an employee or a consultant on retainer. These days, everything is about economies and streamlining processes. Increasing competitive pressure has led to many organisations and enterprises to interweave cost and management accountancy into their own management systems. And so CWA (Cost and Works Accountancy) was born in the last century. Also check: Difference between CA and ICWA
A CA’s role in management has become important enough to sink or save the company; it’s all about skill. The cost and works accountant collects, assimilates, collates and analyses financial information from every angle and then interprets those numbers for the management. The CWA is now an essential part of any corporate strategy – whether he or she is an employee or a consultant on retainer. Also Read: Career in Banking and Finance
The Institute of Cost and Works Accountants of India (ICWAI) aims to meet the demand for these highly skilled professionals through its premier training programs in any arena, whether in India or abroad, where they are known as Management Accountants. And managers they are, because they play a key pivotal role in consultations, audits and strategy formation.
Read More: Career as stock broker
CWA Eligibility Criteria 2023
Here is the eligibility criteria for CWA admission in India:
- ICWA Foundation:Â Candidates must have passed or be appearing for the 10+2 examination with a minimum of 50% aggregate marks. They must also have completed the age of 17 years on or before the date of admission.
- ICWA Intermediate:Â Candidates must have passed the ICWA Foundation Examination or any equivalent examination with a minimum of 50% aggregate marks. They must also have completed a bachelor’s degree in any discipline.
- ICWA Final:Â Candidates must have passed the ICWA Intermediate Examination with a minimum of 50% aggregate marks. They must also have completed a bachelor’s degree in any discipline.
Career as CWA
The career as CWA are bright. There is a growing demand for CWAs in both the private and public sectors. CWAs can find employment in a variety of industries, including manufacturing, construction, IT, and financial services.
Here are some of the job titles that CWAs can hold:
- Cost Accountant
- Management Accountant
- Financial Analyst
- Internal Auditor
- Cost Consultant
- Taxation Consultant
- Business Analyst
- Project Manager
- Trainer
- Lecturer
The CWA salary in India varies depending on their experience, qualifications, and the industry they work in. However, CWAs can typically expect to earn a good salary, with the average salary for a CWA in India being around ₹6 lakhs per year.
CWA Job Profiles
Here are some of the job profiles that CWAs can hold:
- Cost Accountant: Cost accountants are responsible for collecting, analyzing, and interpreting financial data to help businesses make informed decisions about pricing, budgeting, and other financial matters. They typically work in manufacturing, construction, and other industries where accurate cost data is essential for profitability. Click here to check: Career as CAÂ
- Management Accountant: Management accountants are responsible for providing financial information to managers to help them make informed decisions about the business. They typically work in a variety of industries, including manufacturing, healthcare, and financial services.Â
- Financial Analyst: Financial analysts are responsible for analyzing financial data to help businesses make informed decisions about investments, mergers and acquisitions, and other strategic matters. They typically work in investment banks, consulting firms, and other financial institutions.Â
- Internal Auditor: Internal auditors are responsible for evaluating the effectiveness of a company’s internal controls. They typically work in large corporations to ensure that the company is following its own policies and procedures and that its financial statements are accurate.Â
- Cost Consultant: Cost consultants are hired by businesses to provide advice on cost management and cost control. They typically have a strong understanding of cost accounting principles and can help businesses improve their profitability by identifying and eliminating waste.Â
- Taxation Consultant: Taxation consultants are hired by businesses to provide advice on tax planning and compliance. They typically have a strong understanding of tax laws and can help businesses minimize their tax liability. Read More: Career as CSÂ
- Business Analyst: Business analysts are responsible for understanding the needs of businesses and developing solutions to meet those needs. They typically have a strong understanding of both the business and the technology landscape and can help businesses improve their efficiency and effectiveness.Â
- Project Manager: Project managers are responsible for overseeing the successful completion of projects. They typically have a strong understanding of project management principles and can help businesses deliver projects on time, within budget, and to the required quality standards.Â
- Trainer: Trainers are responsible for providing training to employees on a variety of topics, including cost accounting, financial analysis, and project management. They typically have a strong understanding of the subject matter they are teaching and can help employees develop the skills they need to be successful in their jobs. Also Check: Bachelor of Commerce abroadÂ
- Lecturer: Lecturers are responsible for teaching cost accounting and other business-related courses at universities and colleges. They typically have a PhD in accounting or a related field and can help students develop the skills they need to pursue a career in accounting.Â
These are just a few of the job profiles that CWAs can hold. The specific job titles and responsibilities may vary depending on the industry and the company.
Institutes/Universities that recognise CWA qualification for Ph.D. pursuit
- Sardar Patel University, P.B. No. 10, VallabhVidyanagar -388 120
- Guru Nanak Dev University, Amritsar.
- South Gujarat University, University Campus Udhana – Magdalla Road ,Surat -395 007
- Moharshi Dayanand University, Rohtak
- University of Poona, Ganeshkhind, Pune -411 007
- Punjab University, Chandigarh -160014
- Nagpur University, Nagpur
- Meerut University, Meerut
- Mangalore University, Office of the Mangalore University Light House Hill ,Mangalore -575 003
- University of Kerala, Trivandrum
- University of Mysore, Viswavidyanilaya Karya Soudha Crawford Hall, Mysore -5
- Cochin University of Science &Technology, Cochin
- Shivaji University, Vindyanagar, Kolhapur -416 004
- University of Bombay, Mumbai – 400
- Sri Venkateswara University, Tirupati Andhra Pradesh
- Varanasi University, Uttar Pradesh
- Karnataka University , Karnataka
- Osmania University, Hyderabad -500007
- Madras University, Chennai
- Punjabi University, Patiala
- North Maharashtra University, Jalgaon
- Yashwantrao Chavan Maharashtra Open University, Nasik Maharashtra
- AlagappaUniversity , Karaikudi
- Bangalore University, University City Campus, Bangalore -560 001
- Tezpur University, Tezpur
- Guru Ghasidas University Bilaspur, Madhya Pradesh
- VikramUniversity, Ujjain
- Manipur University, Canchipur, Imphal -795 003
- Pondicherry University, Pondicherry
- Vidyasagar University, Midnapore
- Madurai KamarajUniversity, Madurai
- North Gujarat University, Rajmahel Road P.B. No. 21
- Sambalpur University, Jyoti Vihar Burla, Sambalpur -768 019
- The University of Kashmir, Srinagar
- GauhatiUniversity , Guwahati -781 014
FAQS
CWA typically refers to a Cost and Works Accountant. CWAs are professionals who collect, analyze, and interpret financial information to help businesses make informed decisions. They are typically required to pass a series of exams and have a minimum level of experience in order to be certified.
CWA full form is Cost and Works Accountant.
There are many CWA courses available in India, offered by a variety of institutes and colleges. The most popular institutes include ICWAI, ICMAI, NICM, XIMB, and IIM Ahmedabad. The eligibility criteria for CWA courses vary depending on the institute, but most require candidates to have passed the 10+2 examination with a minimum of 50% aggregate marks. The fees and duration of CWA courses also vary depending on the institute and the level of the course.
The salary of a CWA (Cost and Works Accountant) in India varies depending on their experience, qualifications, and the industry they work in. However, CWAs can typically expect to earn a good salary.
A career as a CWA can be challenging and rewarding. It offers the opportunity to work in a variety of industries and to make a significant contribution to the success of businesses.
Here are some of the career options available for CWAs in India:
- Cost accountant
- Management accountant
- Financial analyst
- Internal auditor
The choice between CA and CWA depends on your career goals and interests. Both are respected accounting designations in India, but they have different focuses.
- CA (Chartered Accountant):Â CAs are trained in all aspects of accounting, including auditing, taxation, and financial management. They are qualified to work in a variety of industries, including public accounting, private industry, and government.
- CWA (Cost and Works Accountant):Â CWAs are trained in cost accounting, budgeting, and financial reporting. They are qualified to work in industries that require specialized knowledge of cost management, such as manufacturing, construction, and healthcare.
The scope of CWA (Cost and Works Accountant) in India is bright. There is a growing demand for CWAs in both the private and public sectors. CWAs can find employment in a variety of industries, including manufacturing, construction, IT, and financial services.
No, CWA and CMA are not the same. CWA stands for Cost and Works Accountant, while CMA stands for Certified Management Accountant.
- CWA (Cost and Works Accountant):Â CWA is a professional accounting designation in India that is awarded to individuals who have met the educational and experience requirements of the Institute of Cost Accountants of India (ICWAI). CWAs are skilled in collecting, analyzing, and interpreting financial information to help businesses make informed decisions. They are also proficient in cost management, budgeting, and financial reporting.
- CMA (Certified Management Accountant):Â CMA is a professional accounting designation that is awarded by the Institute of Management Accountants (IMA). CMAs are skilled in financial analysis, decision making, and strategic planning. They typically work in a variety of industries, including manufacturing, healthcare, and financial services.
- To become a CWA, you must complete the ICWAI’s three-tier examination process. The exams are held in three levels: Foundation, Intermediate, and Final.
- You can register for the exams through the ICWAI’s website. The exams are held in May and November each year.
The subjects that you need to study for the CWA exams are as follows:
- Cost Accounting
- Financial Accounting
- Management Accounting
- Taxation
- Economics
- Business Law
- Business Statistics
- Information Technology
- Communication Skills
Articles Updates:
28/08/2023: Content update, InterlinkingÂ
28/08/2023: Add Faq and infographic
