Difference between ICWAI and CMA courses & eligibility criteria

There is no such variation b/w ICWAI and CMA. They are two various words used to describe one single thing. ICWAI signifies Institute of Cost and Work Accountant of India whereas CMA signifies Cost management accounting. Besides the literal meaning, there is no contrast at all.

Cost and management accounting (ICWAI or CMA) is a course in which you make a more advanced understanding of Management accounting, auditing, and cost accounting. The course’s main focus is on Cost accounting; although there are various other subjects related to finance that you will get to learn from cost accounting but cost accounting is the core subject. Further the successful completion of the CMA or ICWAI, you can become a Cost accountant of any reputed company/organization and will be able to gradually assist the company in navigating the cost of production and utilizing effective methods to decrease it as per the plan.

Definition of ICWA

The Institute of Cost and Works Accountants of India (ICWA) provides a minimum three-year education that is divided into three stages: foundation, intermediate, and final. Students who desire to become cost management accountants take this course. The institute aids in the development of professional accreditations in its students and provides them with the knowledge they required to succeed as cost management accountants across the world.

ICWA/CMA Course Details

ICWA course is mostly a three-year program that is offered by the Institute of Cost and Works Accountants of India in the line of Accountancy. It comprises three levels- Foundation, Intermediate, and Final. The course is a route for acquiring one of the most reputable jobs in India as that of a Cost Management Accountant. Every level has to be qualified by the applicant to earn the accreditation as a CMA. Here are the vital deadlines and other essential information related to the CMA/ICWAI course that prospective candidates must abide by before applying:

Foundation CMA Course: Admissions are open all over the year.

Those intending to sit for the June term examination must apply ahead of the January 31st of the same year

Those intending to sit for the December term examination must apply ahead of July 31st of the same year.

Intermediate CMA Course: Registration is open all over the year.

In case you are planning to appear for the June term examination, then you must fill out the applications ahead of January 31st of the same year.

Those intending to sit for the December term examination must apply ahead of July 31st of the same year.

Candidates are required to submit their completed Postal Application Form which must be duly enclosed with required documents and remittances and must be sent/shared at their provided Regional Councils/Chapters only.

CMA/ICWA Course Eligibility Criteria:

The eligibility criteria to use for CMA Exam in any respect for 3 levels differ. Here are the CMA Course details in India mentioned below regarding the eligibility criteria:

CMA/ICWA Foundation Eligibility Criteria:

Have cleared class 10th or equivalent followed by class 12th or comparable

If they are required to receive National Diploma in Commerce Examination (like AICTE or by any recognized board)

CMA/ICWA Intermediate Eligibility Criteria:

Cleared SSC or comparable

Foundation or entry level of Common Admission take a glance at (CAT) by the Institute of Cost Accountants of India (ICAI)

Graduation in any stream (excluding Fine Arts)

Even students who are awaiting results would clear the CMA course eligibility

CMA/IICWA Final Eligibility Criteria:

Students United Nations agency are through with their Intermediate stage in school.

Graduation in any stream (excluding Fine Arts)

Have cleared all eight papers of the Intermediate course

ICWAI/CMA Course Duration

To assist you to get a better understanding of the ICWAI CMA course, we have defined below the average duration of the particular course levels-

ICWA Foundation: littlest 8 months

ICWA Intermediate: littlest 10 months

ICWA Final: littlest 18 months

Kinds of ICWA

The course is suitable for both undergraduate (UG) and postgraduate (PG) students. Candidates who have completed their high school studies from an Indian-recognized board are eligible to join the foundation course. Candidates who have completed their undergraduate studies seek the intermediate level. Candidates adhere to the final level of the course to develop advanced abilities in cost management accounting.

The ICWA foundation level is the course’s initial and most vital step. Students are exposed to the fundamentals of cost management methods and whereabouts in the financial industry at the time of this foundation stage. The course is expected to take a minimum of eight months to finish.

The intermediate stage of the ICWA course is the second level. Students must clear the intermediate course after completing the foundation level. Students in intermediate courses study comprehensively financial accounting and are introduced to a variety of financial concepts such as direct and indirect taxation, cost accounting, and much more. The course is thought to be a little tougher than the previous one.

The ICWA final stage is the course’s last level. The 3rd level, which is considered the toughest of all three courses, provides insight into the administration of many financial issues like strategic financial management and particular regulations linked to different taxation.