AccountantUG Course

ICWAI Course 2021- Notification, Application Form, Eligibility, Pattern & Syllabus

  • BY Saurav Anand

  • Aug 10, 2021


ICAI (Institute of Cost Accountants of India) formerly known as ICWAI (Institute of Cost and Works Accountants of India) was established in 1977 and serves as a premier educational institution and cultural organization in the country.

ICWA is a three-year course offered by the Institute of Cost and Works Accountants of India, which has three stages: foundation, intermediate, and final. A student who are interested in becoming cost management accountants pursue this course. In addition to helping professionals develop their professional skills, the institute provides them with the education required for success as cost management accountants worldwide.

 Prior to enrolling for the course, students are required to take the ICWAI examination that measures their suitability for becoming a cost management accountant. By completing the course, students gain exposure to an exciting world of financial management opportunities and gain the necessary experience to cope with the ever-changing nature of the world.

Course Highlights

Name of the course Institute of Cost and Work Accountants of India
Abbreviation ICWA
Type Certification
Level Professional
Duration 3 years
Average Fee
  • Foundation Stage- Rs. 4,000
  • Intermediate Stage- Rs. 20,000
  • Final Stage- Rs.17,000
Career Opportunities Financial Analyst, Research Analyst, Cost Manager, Chief Accountant, Auditor, Financial Controller
Average Salary Rs. 500,000 to Rs. 600,000 per annum



In order to be accepted for a particular course, an applicant must meet a set of eligibility criteria prescribed by the authority. The Institute of Cost and Works Accountants of India does conduct an entrance examination for candidates who meet the basic requirements. Different criteria apply to each stage of the program. Below is a list of eligibility criteria for each stage:

ICWA Foundation

  • The ICWA foundation course requires students to pass their 10th standard from a recognized board before they can register.
  • The ICWA foundation course is also open to students who are taking the 10+2 examination.
  • To enroll, students must be at least 17 years of age.

ICWA Intermediate

  • A student must have completed their 10+2-level studies from an Indian board in order to apply to ICWA intermediate courses.
  • Students must either complete the foundation course or graduate from a recognized Indian university in a field apart from fine arts.

ICWA Final

  •  The intermediate level of the ICWA course must be successfully completed before a student may enroll in the final course

ICWA Admissions

The Institute of Cost and Works Accountants of India offers admission to the course through an entrance examination. All three stages require separate entrance exams. As a result, the qualification exam of the previous stage is referred to as the entrance exam for the next stage, and all students are evaluated according to the results of these qualification/entrance exams. ICWAI conducts entrance examinations twice a year, in June and December.

For those interested in attending the course in December, applications must be made no later than June 30th of the same year. The deadline for students applying for the June course is 30th December of the previous year. The registration fees for foundation, intermediate, and final courses are 4,000, 20,000, and 17,000, respectively.

ICWA Examination

Since the course is provided by the Institute of Cost and Works Accountants of India, the ICWA exam alone is the only examination. Upon successful completion of the course, students are required to take an examination to demonstrate their acquired skills and knowledge. There are mainly two exams administered by the ICWA, which are:

ICWA intermediate entrance examination: The ICWA intermediate entrance examination is conducted by the Institute of Cost and Works Accountants of India to assess students' foundation course skills. If students pass the entrance exam, they are required to pursue the intermediate course.

ICWA final examination: The Institute of Cost and Works Accountants of India holds the ICWA final exam to assess a student's overall education.


ICWA Syllabus: Foundation

Paper No Subject
Paper 1 Fundamentals of Economics
Paper 2 Fundamentals of Accounting
Paper 3 Fundamentals of Law and Ethics
Paper 4 Business Mathematics and Statistics: Fundamentals


ICWA Syllabus: Intermediate

Paper No.
Group 1
Paper No.
Group 2
Paper 5 Financial Accounting Paper 9 OMSM: Operations and Strategic Management
Paper 6 Law & Ethics Paper 10 Cost & Management Accounting/Financial Management
Paper 7 Direct Taxation Paper 11 Indirect Taxation
Paper 8 Cost Accounting Paper 12  


ICWA Syllabus: Final

Paper No.
Group 3
Paper No.
Group 4
Paper 13
Corporate Law & Compliance
Paper 17
Corporate Financial Reporting
Paper 14
SFM: Strategic Financial Management
Paper 18
Indirect Tax Laws, Practice
Paper 15
SCMD: Strategic Cost Mgt: Decision Making
Paper 19
Cost & Management Audit
Paper 16
Direct Tax Laws; International Taxation
Paper 20
SFP: Strategic Performance Mgt& Business Valuation


Study Material

 The following list includes books you might need to complete the ICWAI course:

  • Scanner ICWA Stage I by Dr. Arun Kumar
  • Cost Accounting Text and Problems for CS/ICWA Examinations by N. K. Agarwal
  • Direct Tax by Girish Ahuja
  • Cost and Management Accounting (for All India) by S.P. Jain & K.L. Narang
  • Essentials of Cost and Management Accounting (for ICWA Inter, Stage 1) by V.K. Saxena & C.D. Vashist
  • Advanced Cost and Management Accounting – Problems and Solutions by V.K.Saxena&C.D.Vashist
  • Modern Cost and Management Accounting by M Hanif
  • Advanced Management Accounting (Cost Management and Operations Research) by Dr. J.B. Gupta

Scope of ICWA

  • An accountant specializing in cost management has extensive responsibilities. Every organization has an undeniable need for the post, no matter what the work is. You will be able to excel in your career as a financial management accountant as a result of the subjects taught.
  • Cost management accountants have a wider range of job opportunities and higher employment scales. As this domain covers both niches, an individual can also excel at selecting financial features or administration services.
  • During the recruitment drive, students with solid knowledge of the subject and knowledge of finance and management are prioritized. Currently, internships are regarded as one of the most important and essential aspects of career-building. Additionally, employers prefer to hire students with experience in the industry along with good academics.

Career Opportunities After ICWA

Candidates who have completed the ICWA course are eligible for a range of career opportunities. With a rapid rate of growth, the Indian financial market ranks among the oldest worldwide, as well as among the best markets among developing countries.  . As an ICWA graduate, you'll be able to pursue the following job opportunities:

  • Financial Analyst

The financial analyst identifies standard costs, collects operational data, and determines the cost of operations. By comparing and assessing actual results with plans and forecasts, a financial analyst determines financial status. A cost analysis solution manager organizes, defines, and enforces processes and procedures, forecasts trends, explains techniques, and recommends actions.

  • Cost Manager

A cost manager has responsibility for overseeing a credit policy's continuous application throughout the entire credit approval process. Cost managers are required to periodically review and assess creditworthiness of existing and potential customers with the objective of boosting sales and minimizing bad debt losses. According to the organization and position they are employed by, the roles and responsibilities of a cost manager may vary.

  •  Data analysts

Data analysts collect and analyze data, research trends, and evaluate economic problems that affect commodities, services, and resources. A research analyst is responsible for analyzing niches within specific industries using qualitative and quantitative analysis. In schools, health care, and development, for instance. A research analyst is often required to examine government policies, costs, taxes, inflation, and business cycles in addition to analyzing employment levels, healthcare costs, and energy costs.


In terms of remuneration, the IT, ITeS, and telecommunications industries are the leading sectors at the moment. Freshers are usually paid between Rs. 22,000 and 25,000 per month. This would, of course, rise with experience and exposure.

In addition to opening up a wide array of exciting career opportunities in finance, the ICWA course exam provides the aspirant with the necessary experience to meet the challenges posed by ever-changing corporate environments.

Frequently Asked Questions

1. What is ICWA salary?

Ans.  A salary of Rs. 4 lakhs per annum for a fresher CMA is typical, while a salary of Rs. 6 lakhs per annum is the norm for a mid-level CMA. Senior level professionals can earn between Rs. 10 lakhs and Rs. 20 lakhs per annum.

2. What is better CA or ICWA?

Ans. The ICWA course is superior to the CA course Both of them have similar career opportunities. The CA course enables the candidate to become a member of the Institute of Chartered Accountants of India (ICAI). In order to widen one's career prospects, this course is better pursued as an addition course.

3. Who is eligible for ICWA?

Ans. To apply for this course, students must have passed 10th or equivalent from any recognized institution or board. Candidates who have passed or appearing in 12th are also eligible to apply. Candidates must have completed the age of 17 years.

4. Is ICWA easier than CA?

Ans. ICWA is relatively easier to acquire than CA. Cost and Works Accountants have a very limited job profile and are paid less than Certified Pub,

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