ICWAI Full Form

ICWAI Full Form: ICWAI stands for Institute of Cost and Works Accountants of India. It is also known as ICAI or ICMAI where ICAI stands for Institute of Cost Accountants of India. It is the only recognized statutory professional and licensing body in India specializing exclusively in Cost and Management Accountancy. The head office of the institute is located at 12, Sudder Street, Kolkata. It has four regional councils located in Kolkata, Chennai, Delhi, and Mumbai. It has 11 overseas centers located in Bahrain, Botswana, Canada, Dubai, London, Muscat, Nepal, Singapore, Tanzania, Washington, and Zambia.

In this article, we will cover everything about ICWAI Full Form, its objectives, goals, and eligibility criteria.

What is the full form of ICWAI?

The full form of ICWAI is the Institute of Cost and Works Accountants of India. It is a professional organization in India that offers courses and conducts examinations related to cost and management accounting. In 2011, the institute was renamed the Institute of Cost Accountants of India (ICAI) to better reflect its broader scope of activities beyond works accounting. At present, the President of the Institute for the period 2023-2024 is CMA Ashwinkumar G. Dalwadi while the president is CMA Bibhuti Bhusan Nayak.

History of ICWAI

After World War II ended in 1945, nations affected by the war started reconstructing their economies through industrialization. The idea of cost accounting gained popularity during this period. The government started formulating plans keeping in mind the cost of accountancy. Since then, it gained popularity as a profession and led to the establishment of ICWAI. ICWAI was established in 1944 under the provisions of the Companies Act of 1913. In 1959 after passing a special act by the Parliament of India, it got its statutory recognition to ICMAI as a professional organization. The first President of the Institution was M. Shoaib in the period 1944-1948.

Goal of ICWAI

It works under the Ministry of Corporate Affairs of the Government of India. Its main objective is to promote, supervise, and regulate India’s cost and management accounting profession through various measures.

Objectives of ICWAI

The objectives of ICWAI are given as follows:

• To respond to issues on Tax laws and practices referred by the Governmental authorities and stakeholders.
• To create courses on Tax laws and practice.
• To create awareness about Tax laws to common citizens.
• To monitor the current Tax Legislation.
• To support the government in modifying the Tax laws for simplification and transparency.
• To conduct research in different economic domains and publish books regarding information related to taxation, industrial education, and finances.

Eligibility Criteria for ICWAI

The eligibility criteria are different for different courses under ICWA. The eligibility criteria for different courses are:-

ICWA CMA Foundation

• The candidate must have qualified class 10 or equivalent from an accredited Board.
• The candidate must have qualified Senior Secondary Examination under the 10+2 pattern from an accredited Board.

OR

• The candidate must have passed an examination under the Central Government as equivalent.

OR

• The candidate must have qualified National Diploma in Commerce Examination held by AICTE or a State Board of Technical Education under AICTE.

OR

• The candidate must have pursued a Diploma in Rural Service Examination conducted under the authority of National Council for Rural Higher Education.

ICWA CMA Intermediate

• The candidate must have completed their 10+2 Senior Secondary Examination and the Foundation program provided by the ICAI.

OR

• The candidate must have completed a bachelor’s degree in any subject or discipline except for Fine Arts or must have attained Foundation of either the ICAI’s CAT exam or the Part I exam or pursuing Engineering Course (having completed 2nd year) or Qualified Engineers or equivalent in any subject other than music, dancing, photography and such courses.

ICWA CMA Final

• The candidate must have qualified Senior Secondary Examination under the 10+2 pattern from an accredited Board.
• The applicant must have a graduation degree in any field except Fine Arts.
• The candidate must have cleared all the papers of intermediate courses.

The examination for ICWA is conducted twice a year in June, and in December.

Summary – ICWAI Full Form

ICWAI, or the Institute of Cost and Works Accountants of India, is a professional organization specializing in Cost and Management Accountancy. Originally established in 1944 and later recognized by the Indian Parliament in 1959, it is now known as the Institute of Cost Accountants of India (ICAI). ICWAI focuses on promoting, supervising, and regulating the profession of cost and management accounting. The organization offers courses with eligibility criteria varying for different levels, such as CMA Foundation, Intermediate, and Final. ICWAI’s main goals include responding to tax issues, creating awareness, and conducting research in economic domains. The institute plays a crucial role in shaping the careers of cost accountants and contributing to India’s economic landscape.

FAQs on ICWAI Full Form

1. Are CMA in demand ?

Yes, CMAs are in demand in India.

2. What is the salary of ICWA in India ?

The average salary of ICWA is INR 6 lakh per annum.

3. What is the course duration of ICWA CMA course ?

Total duration of the course is 36 months. It is distributed as 8 months for foundation level, 10 months for intermediate level and 18 months for final level.

4. Is there Mathematics in ICWA ?

Yes, mathematics is included as a subject in Foundation level and several other topics of maths are included in other subjects too.

5. What is the age limit for ICWAI ?

You should complete all levels of CMA before the age of 30.

6. How many times can I attempt CMA ?

There is no limit to the number of attempts a candidate can take.

7. What is the qualification for a candidate to become a CMA ?

The primary qualification for a candidate to become a CMA is to complete all the three levels (Foundation, Intermediate and Final) examinations with three years of practical training in areas like Taxation, Cost Accountancy, etc.