1. Cost and Work Accountancy (CWA)

A cost and work accountant in a company plans the budget of a company along with the manager of the company or a particular operation. Cost accountants improve profitability of a company by reducing cost. The types of service that practicing CWAs offer are varied. Certified CWAs can maintain cost accounting records and do cost auditing for companies. CWAs also certify import and export documents under the Exim policy. They can also act as an auditor, trustee, executor, administrator, receiver, valuer, and more. Cost accounting is a form of management accounting. It also involves dealing with a lot of confidential material.

Courses and Eligibility:

Institute of Cost and Works Accountants of India (ICWAI) conducts CWA courses in three stages: Foundation Level, Intermediate Level, and Final Level. Candidates who have passed the 10+2 examination in commerce stream can get enrolled at the foundation level. After successfully completing the final examination, candidates will be recognized as professionals by the ICWAI.

Career Prospects:

CWA graduates are employed in (private or government) banking and finance sectors, developmental agencies, education, training, and research institutes, as well as in service and public utility sectors. They can also hold top management positions such as managing director, finance director, financial controller, chief accountant, cost controller, marketing manager, and chief internal auditor. CWAs can also start a private practice after gaining some experience. Candidates familiar with computer applications in accounting and internal auditing will have an advantage.

Remuneration:

Average salaries at the junior level are Rs.10,000 to 15,000 per month while a senior CWA can expect to get 30,000 to 35,000 per month in domestic markets. Cost and Works Accountants who are engaged in consultancy and private practice earn handsome returns depending upon the clients they serve.