Cost and Works Accountants (CWA) Career Information
Do you like to place yourself at the service of the nation, government, industry, and the society to realize the objectives of a welfare state resulting in the prosperity and the well being of its people? Do you want to study and understand the impact of the country's economy and change in the economic scenario of the world? If yes, you should think of being a Cost and Works Accountant.
What a Cost and Works Accountants (CWA) does
As a Cost and Works Accountants, you look out for avenues where the production cost goes down thus ensuring higher returns. Compared to Chartered accountants whose prime area is accounts and finance you also delve deeper into the areas of planning and management. You plan, strategize and work out solutions that help the organization to increase their profit margin.
In today's world, the profession of conventional accounting and auditing has taken a back seat and Cost and Works Accountants increasingly contribute towards the management of scarce resources like funds, land and apply strategic decisions.
This has opened up further scope and tremendous opportunities. Cost and Works Accountants will be the driving force in the team of management while in employment and a key consultant, an effective Cost and Management Auditor and an appropriate advisor in place.
This is why Cost Accountants in India are called Management Accountants all over the world.
Challenges:
Only large firms have Cost and Works Accountants. Compared to other job profiles you may not find job opportunities easily. There is no scope of starting out on your own. So if you are planning to start your own setup it will not work.
Job Opportunities:
As per the decision of the All India Council for Technical Education, Fellow Members of our Institute are treated at par with PhD candidates in so far as appointment in the posts of Professor, Associate Professor, Reader, Assistant Professor and Lecturer in Professional / Management Institutes are concerned.
Cost and Management Accountants are also holding key position in Central and State Governments. In the matter of employment, promotion and prospects, Cost Accountants are recognized by the government, public and private sectors for placement at various levels in the fields of Accounting and Management functions. The specialization in Cost and Works Accounting is an added catalyst for a successful manager and a policy maker.
Developing countries overseas have also evinced keen interest in offering employment opportunities for the Cost and Works Accountant members of the Institute. Realizing the importance of the profession of the Cost and Management Accountancy in the economic development of the nation, the Central Government has constituted an all-India cadre known as Indian Cost Accounts Service (ICAS) at par with other Class-I services such as IAS, IFS etc. to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.
Career Prospects:
It has been felt beyond doubt that there has been increasing awareness amongst the business entrepreneurs of the most vital contribution made by cost and management accountancy services in the business houses to the attainment of business objectives. This has accentuated the demand for cost and management accounting services in all the sectors of economy.
Many Cost and Works Accountants of the Institute are holding top management positions, viz., Managing Director, Finance Director, Financial Controller, Chief Accountant, Cost Controller, Marketing Manager, Chief Internal Auditor. Those managing their own business, have found in themselves a Manager and an Accountant to control and flourish their business.
No wonder a Cost and Works Accountant can attain the highest ladder of professional career. There is a sustained demand for qualified, trained and experienced cost accountants. Many members of the Institute are also engaged in cost consultancy services and in teaching cost and management accountancy in Universities and Colleges. A Cost and Works Accountant may build up his own practice by obtaining a license from the Institute which would enable him to practice as a Cost Accountant, either individually or in partnership with one or more members of the Institute in practice.
A Cost and Works Accountant's clientele include private and public companies, large, medium and small scale undertakings, partnership and proprietary concerns, industrial, commercial and service undertakings etc. Cost Accountancy qualification has also been recognised by the Academic Councils of many Universities in India for the purpose of admission of the PhD courses in Commerce.
It was resolved by Association of Indian Universities to accept Bachelor Degree-holders who have ICWAI Qualification for registration as MPhil and PhD candidates in commerce and allied disciplines vide their letter nos. EV/II/(2)/91/80878 dated 16.8.1991 and EV/II/(2)/2000/179741 dated 29.11.2000.
Abilities & Traits Required
As for personal traits, the first requirement is that one needs to be a native numerate. Of course, academic abilities too top the list alongside. Other equally important requirements are an ability to communicate (both written and spoken) concisely, a keen business sense and the ability to negotiate.
The job of a Cost and Works Accountant calls for a high sense of motivation, concentration and determination.
Qualifications
Regional councils and other institutes recognised by the Directorate of Studies of the ICWAI conduct these classes. Examinations are held twice in the year. The Cost and Work Accountancy course may be completed over a period of three years.
Salary
There is no fixed or specific pay scale for a Cost and Works Accountant; it differs from organization to organization. Still, a fresh CWA can look to starting out with Rs 10000-15000 per month. This will increase with experience, and a senior CWA can earn around Rs 30000-35000.
Those engaged in private practice or consultancy can also earn high returns, depending on their clients and experience.