What is Difference between ICWA and CA??? ( Written by CMA Samir Biswal )

Cost Accountancy

With the globalization of the economy, the demand of quality cost and management professionals is on the upswing. Institute of Cost and Works Accountants of India (ICWAI) promotes, regulates, and develops the profession of Cost Accountancy in India. A Cost Accountant is expected to collect, assimilate, collate and analyze financial information from all areas of the organization. A cost accounting degree equips you with the knowledge on how to manage finance competently and ensure managerial decisions are well within the available resources.

Eligibility: A student from any stream after having passed the 10+2 examination is eligible to appear for the Foundation Course. There are two levels after the Foundation Course: the Intermediate and the Final Examination. 

Minimum Duration of Cost and Work Accountancy course:

Foundation Program- 6 months, Intermediate Program- 12 months
Practical Training- 36 months, Final Course- 12 months

Fee Structure of Cost and Work Accountancy course:

• Foundation Course: Correspondence Mode-Rs.3500 and Oral Coaching - Rs.3500

• Intermediate Course: Correspondence Mode - Rs.15700 and Oral Coaching - Rs.19700

• Final Course: Correspondence Mode- Rs.11500 and Oral Coaching- Rs. 16500
  
  with Computer Training- Rs.3400 and Management Training Fee- RS.4000
  
  For further information, refer to the official website of The Institute of Cost Accountants
  
  Career Prospects: Every organization needs a good cost accountant. You can also take up consultancy work with various firms. With experience and training, cost accountants can hold top management position like Financial Controller, Chief Accountant, Cost Controller, Marketing Manager and Chief Internal Auditor. 

Options are also open to CWAs to directly register in M.Phil and Ph.D. courses in commerce as decided by the Association of Indian Universities. All India Council for Technical Education or AICTE decided that Fellow members of ICWAI will be treated at par with the persons holding Ph.D. degree for appointment in the posts of Professor and Lecturer in Professional and management Institutes.

Chartered Accountancy

Chartered Accountancy (CA) is one of the most highly sought after courses in India. It is the most prestigious qualification in accounting and finance degree. Chartered Accountancy equips a student with thorough knowledge of auditing, taxation and accounting. It is important for students to register with the institute of Chartered Accountants of India to appear for the examination. 

Levels of Chartered Accountancy:

• Entry Level Test: Common Proficiency Test
• First Stage of Theoretical Education: Professional Competence Course
• Final Stage of Theoretical Education: Final Course

Eligibility: If you have passed 10+2 from any stream from a recognized school, you are eligible to apply for the Common Proficiency Test (CPT). If you have got registered for the Common Proficiency Test 60 days prior to the first day of the month in which CPT examination is to be held can appear in the examination i.e. on or before 1st April and 1st October for appearing in CPT examination to be held in June and December respectively. Common Proficiency Test examinations are held in June & December every year.

Duration: The course period is 1 year through correspondence where the topics include basic knowledge of Accounting, Economics, Mathematics, Statistics, and Mercantile Law.

For intermediate and (Professional Competence Course - PCC) one need to pass 10+2 and the Foundation Course the course period is 18 months.

For the final stage, a student needs to pass the intermediate level and complete his graduation. For ICAI membership, a student needs a pass in the Final Course Examination along with requisite work experience which can be gained before, during or after the final course.

Scope and Career Prospect: Chartered accountants are involved in a variety of roles. They are either employed by a company or are practicing chartered accountants. They are involved in: 

• preparing financial statements and management reports
• liaising with internal and external auditors
• carrying out taxation and auditing work
• advising on tax and efficient tax planning
• preparing the annual reports

Quality chartered accountants are always in high demand. Demand for professionally qualified accounting personnel for advising on cost control and financial investments are always high. As a fresher, you will start your career as internal auditor or as a team member in the finance department of an organisation.

  Difference between ICWA and CA

ICWA	CA
Knowledge of cost and financial management to ensure a fine balance between expenditures and available resources.	Thorough knowledge of every aspect of accounting, auditing and taxation.
Cost accountants are involved in the costing part of financial transactions.	CAs are involved in core accounting work of an organization
Cost Accountants assess the feasibility of projects  available funds	CAs analyse risk and design efficient financial system
Cost management and designing cost control methods are main duties of a cost accountant	Taxation and auditing are main duties of a chartered accountant
Good communication is a key skill in cost accountants	Important skills required is that of patience and confidence to handle responsibility

This Article is written by CMA Samir Biswal. He can be reached at cmasamirbiswal@gmail.com.

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