ICWAI Abbreviation

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Popular abbreviations of ICWAI:

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What does ICWAI mean?

ICWAI is the abbreviation for the Institute of Cost & Works Accountants of India, a professional accountancy agency in India. It has been renamed and is currently known as the Institute of Cost Accountants of India. It comes under the administration of the Ministry of Corporate Affairs of the Government of India.

The organization plays a crucial role in contributing to the management and cost accounting profession at the national and international levels. The body was established on 28th May 1959 and the central headquarters are situated in Kolkata, West Bengal, India.

History of ICWAI

The Institute of Cost And Works Accountants of India was originally established in 1944 according to the then-existing Companies Act 1913. However, after the independence, it got statutory recognition in 1959 as the parliament of India brought out the Cost and Works Accountants Act.

The Act recognized the institute as an autonomous functional professional institute. Later on, ICWAI was established as the Founding Member of the International Federation of Accountants, South Asian Federation of Accountants and a member of the National Foundation of Corporate Governance.

Courses by ICWAI

The Institute offers a minimum three-year course comprising of three stages – Foundation, Intermediate and Final. The course prepares the students for becoming professional cost management accountants. The students need to clear the entrance examination named ICWAI examination.

The examination focuses on the accounting and financial skills of the candidate. The course introduces the individuals to the exciting world of accounting and provides them with the experience and skills that they would be requiring in the financial world.

Eligibility for admissions

The eligibility criteria for admission depend on the stage. For the foundation level, the student needs to complete their 10th standard from a recognized board and should be at least 17 years of age. Students in class 12th are also eligible. For the intermediate level, the student needs to clear class 12th and must have completed a foundation course or graduate from any field from a recognized university. For the final stage, the student needs to complete their intermediate stage.