| Answer: A person desiring to enter the profession of cost accounting has to register and pass the ICWAI course. There are two entry points for the ICWAI course.
The first level of entry is for 10+2 pass candidates. They should be 17 years of age and can appear for the foundation exam in June or December in the following four papers.viz-Organisation and Management Fundamentals, Accounting, Economics and Business Fundamentals, Business Maths and Statistics.
They need to score 50% in aggregate to clear the foundation.
The second level of entry is the intermediate course for university graduates not less than 18 years of age. They can register for the June or December exams and should clear six papers in two groups. The papers are.- Group one - Financial Accounting, Commercial and industrial laws & Auditing, Applied direct taxes.
Group two - Cost and Management Accounting, Operational Management and Information Systems, Applied indirect taxes.
One needs to score 50% in overall aggregate to pass the intermediate. To take the exam a candidate has to obtain the coaching completion certificate after compulsory postal or oral coaching. The other pre-requisites for obtaining the coaching completion certificate are participation in a group discussion, business communication seminar and practical hands on computer training for 50 hours.
After passing the intermediate the candidate enters the final. He/she has to clear eight papers split into two groups. They are-Group three - Capital Market Analysis and Corporate Laws, Financial Management & International Finance, Management Accounting & Strategic management, Indirect and direct tax management.
Group four - Management Accounting - Enterprise Performance Management, Advanced Financial Accounting & Reporting, Cost Audit and Operations Audit & Ethics, Business Valuation Management.
A Coaching Completion Certificate (CCC) for eligibility for exams has to be obtained after completion of postal or oral coaching. The other prerequisites are a 5,000 word dissertation and a 100 hours hands on practical computer training. The pass mark is 50% overall aggregate.
In addition to theory a candidate also has to undergo a compulsory three year practical training in a medium, small or large scale industry or with a practicing cost accountant along with the course.
After passing the finals and on completion of the three year training period the candidate is eligible to make an entry into the corporate world. A fresh pass out can join the Industry, Banking, financial, Manufacturing sector as an Accounts Officer, Cost Accountant.
Hope that helps
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