CA or ICWAI-Which course is better?

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CA and ICWAI are two major courses for students to choose a high flying career in financial management, taxation and auditing. ICWAI focus on costing and financial management where as CA is more to do with tax planning and auditing. CA Course Chartered accountancy is one of the most preferred courses in our country. It is acknowledged as the most notable qualification in finance and accounting. Students who have undergone CA courses will come to have very good knowledge on accounting, auditing and taxation. Students who desire to become chartered accountants are required to appear for an entrance exam. This exam is carried out by the Institute Of Chartered Accountants Of India. Those candidates who have cleared their class 12th from any background are qualified to apply for the Common Proficiency Test (CPT). Chartered accountancy is presented at 3 levels. They are Common Proficiency Test, Professional Competence Course and the Final Course A Chartered accountant can find employment with some pioneering companies or on go private practice as chartered accountants. Some of the jobs they have involvement are:

Advise clients on the payment of tax as well as efficient tax planning They carry out taxation as well as auditing work They interact with both internal as well as external auditors They prepare management reports and financial statements They prepare the annual reports

There is a huge demand for professional chartered accountants in the present job sector. It is possible for CA to get employed with companies as advisor in the cost control and financial investments. A student who has just cleared CA exams can apply as a team member in the finance department or as the internal auditor of a particular organization. ICWAI Course The Institute of Cost and Works Accountants of India (ICWAI) endorses, regulates and enhances the profession of Cost Accountancy in our country. The responsibility of a cost accountant is to collect, examine and collate monetary information from all departments of the firm. A student of cost accounting will have the skill to manage finance competently and guarantee that managerial

decisions are well within the existing funds. Those students who desire to appear for the Foundation Course must have a pass in class 12 from any background. There are 2 levels in the ICWAI. They are: Intermediate and the Final Examination. Every organization requires a good cost accountant. A student who has finished his education in this field can find jobs with leading firms or start their own consultancies. With more experience in this field, it is possible for cost accountants to get top posts within firms. They can get jobs such as:

Financial Controller Chief Accountant Cost Controller Chief Internal Auditor

Key Difference between CA and ICWAI Both Chartered Accountant and Cost accountant are very much vital for firms of all sectors. While a Chartered accountant deals with the chief financial work within an organization, a ICWAI candidate is concerned with the cost accounting part of pecuniary transactions. Even as a Chartered accountant analyzes the risk and designs an efficient financial system, a cost accountant designs methods for the control of cost methods inside a firm. Which course is better? Students who seek for an independent job such as professional accounting, Chartered accountancy will be better suited as the opportunities to practice privately are more in that profession. Then again, students who are looking to join a manufacturing firm can choose Cost Accounting as this will present them with more than enough opportunities to utilize methods of cost controlling. Students can select the course the want as per as their aptitude. A lot will depend upon the outlook and the objective of the student in doing the course.

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Evergreen programmes: CA, CS, ICWA Finance being the backbone of most firms, explore jobs across sectors.

THE days when accounting executives were prosaic professionals who went about their business with mechanical alacrity and measured humour are long gone. Accounting maestros now occupy centre-stage in an organisation, enjoy a glamorous image and are powerful figures in companies by virtue of their numerical skills. But before you form a rosy picture in your mind, complete with impressive pay package, remember you have to clear the tough accountancy exams to pursue a career as a chartered or cost and works accountant. A good numerical ability, penchant for numbers and an analytical mind to interpret data affirms your aptitude for the profession. This combined with an ability to work on legal aspects in an administrative environment opens up the prospect of company secretaryship for you. The reason for talking about these three professions in the same breath is that all three fall under the jurisdiction of the Ministry of Corporate Affairs. The bodies responsible for educating and training professionals in the respective fields are different, and work independent of each other. While a chartered accountant (CA) is trained by The Institute of Chartered Accountants of India (ICAI), a cost and works accountant (CWA) is a descendant of The Institute of Cost and Works Accountants of India (ICWAI). A separate statutory body, The Institute of Company Secretaries of India (ICSI), churns out company secretaries (CS). Of the three professions, the statutory powers enjoyed by a CA is much wider in scope than those of a CWA or CS. Enrolments in Nutshell If you are a 10+ 2 pass student, you are eligible for registering in any of the three courses. You also earn stipend, the amount of which depends on what the company chooses to give you. (See: Credit in Your Professional Account) In order to be member of ICAI, a student has to clear the Final Exam, complete three years of articled training and also undertake a 15-day general management and communication skills course. CWA is a multiple-entry course. A foundation level entrant may take a minimum of three years to complete the course if he clears the exam of each stage in one sitting. The Works Chartered accountants are sought-after professionals in specialised areas of accounting, auditing, corporate finance, corporate law and taxation. A CA also acts as a business advisor by preparing financial reports, helping the business to secure loans, preparing financial projections and determining business viability. As a tax advisor, a CA helps businesses and individuals to

comply

with

tax

laws.

As a CWA, you will maintain and scrutinise statutory books of accounts, prepare cash budgets, cash flow statements, do cost management planning and determine costing policy for companies, besides advising on investment and profit-planning. Good computing skills is a must for rendering services efficiently. ICWAI has more than 1,65,000 students and more than 40,000 qualified members who currently hold positions such as financial and business analysts, financial directors and consultants across sectors. A CS is a vital link between the board of directors, shareholders and government and other agencies, with expertise in legal matters, securities law, capital market and corporate governance. They are responsible for all regulatory compliances of a company. All three professionals can choose to work for an organisation or practise independently. The Prospects The business of accounting, which remained cast in the traditional mould for decades, is witnessing a change in role responsibility quite rapidly. The traditional audit and tax functions are being widened, incorporating new services like business management consulting. The opportunities lie across sectors, as the finance department is the backbone of any organisation. A CA at the entry level can earn anywhere between Rs 30,000-35,000 a month. "There is a sustained demand for qualified, trained and experienced cost accountants in the fields of accounting and management functions," says Kunal Banerjee, President, ICWAI. A CS can begin his/ her career with a monthly remuneration starting from Rs 20,000 upwards. Job prospects overseas are increasingly opening up. Recently, ICWAI and Chartered Institute of Management Accountants (CIMA), UK, entered into a Memorandum of Understanding, agreeing to recognise the professional qualifications of each other's alumni. CIMA has agreed to exempt 11 papers for successfull ICWAI candidates. Similar strategic partnerships have been signed by ICAI too, with professional bodies of UAE, UK, Singapore, Mauritius and Australia. Restricted Membership Hard work, dedication, speed, constant practice, robust communication skills and computer competency are some of the ingredients that help in clearing the tough examinations these courses entail. Many CA students pass the intermediate examination and complete articleship training, but do not become a member, ie a qualified CA, because they fail the final examination.To help recognise the hard work put in by students who fail to clear only the final hurdle, ICAI has started awarding them an Accounting Technician Certificate (ATC). A similar course, Certificate in Accounting Technician (CAT), has been launched by ICWAI. The objective of ICWAI, however, was predominantly to address the shortfall of junior-level accountants. With increasing business activity, sectors like retail, BPO/ KPO and small and medium-sized enterprises need accountants to keep their day-to-day accounts. There is a huge dearth of junior-level accountants, maintains Banerjee. "The demand in that space is expected to be one million in another five years," he says. Small businesses are reluctant to employ even a fresh CA, whose minimum salary is upwards of 30,000 a month. "In fact, they don't even need a qualified, specialised cost accountant," says Banerjee. ICWAI started CAT in order to meet the

demand in this segment. The year-long course, divided into foundation and competency levels, comprises examinations that include 60-hours of computer training, 6 months of practical training and 15 days of orientation training. "The beauty of CAT is it marries beautifully with the main professional course," says Banerjee. This, that or the other? You may chose to do one, or get qualified in all three courses, increasing your skill set base and gaining a huge competitive edge in the job market. If you are oriented towards audit, tax aspects and financial accounting, then opt for CA. CWA tackles study relating to cost and management accounting in great detail. Company secretaryship deals with legal aspects threadbare. The job prospects of being a CWA are not as varied as they are for a CA. A CA has the authority to verify and certify all accounts including the balance sheet of an organisation, unlike a CWA, whose expertise is limited to analysing and determining organisational and management costs. Though the role of CS can't be compared to that of accounting professionals, every organisation needs them for sound advice on corporate, legal, secretarial, administrative and even tax-related matters. Any company with an annual turnover above a certain limit is mandated to have one.

So, which qualification will you credit in your career plan sheet? Balance your interests and aptitude well!

Why CA has better prospectus than ICWA inspite of easyness?

Why CA has better prospectus than ICWA inspite of easyness? I saw somany persons doing CA/CWA ,most of them are facing difficulty in passing ICWA than CA.? And Persons who registered for both CA and ICWA simultaniously are compleating CA earlierthan ICWA. ICWA is more difficult than CA. See percentage of pass ICFAI - 45% CA- 10-15% CS- 8-10% ICWA -2- 3% I saw somany persons doing CA/CWA ,most of them are facing difficulty in passing ICWA than CA.And Persons who registered for both CA and ICWA simultaniously are compleating CA earlierthan ICWA. CAs1,50,000 & ICWAs 30,000, CA pass % far morethan ICWA. CA syllabus lessthan ICWA ,But CA has more recognition. No. Of CAs1,50,000 and ICWAs 30,000, CA pass percentage far morethan ICWA. CA syllabus is lessthan ICWA But CA has more prospectus and opportunities Cost accountants are also called Management Accountants all over the world in UK , US, Canada and even in Pakistan and Bangladesh also. Why that recognition is nt given by Indian Govt? The institutes of UK , US, Canada etc have recognised ICWA is equelent to their Management Accountancy and an ICWA can be the member of their institutes , why Indian govt is not accepting this. Even for name change also govt is not ready ( after BAC recommendations). ICWA syllabus is more.ICWA has Operations Managemet and Project Management , additional papers along with all papers of CA.

The percentages could be misleading. One of the reason that many people do not clear CWA while they can clear CA exams is because, CA requires a person to be totally dedicated to the subject at hand. CA also requires a person to work under another CA for a certain number of years before they can go to the next level. This enriches their experience and knowledge. In case of CWA, many professionals who are working take it up with the intention of clearing it as a part time course. However, the coursework of CWA requires full-time study and focus. Hence there are dropouts after intermediate. People who do both CA and CWA keep CA as the primary focus of study and give less importance to CWA. Moreover, CWA requires people with finance and accounting background to take up certain courses such as Operations Management which never was a part of their curriculum. Whether easy or not, CAs are required because we need an auditory control over firms which do business and the firms need to ensure that they get proper approval from an external authority before they submit their balancesheet to the stakeholders and government. Hence they have more prospects and opportunities. With regard to CWA, they are associated more with internal financial management related to production activities and hence CWA's syllabus is more in tune with the production management and cost control within manufacturing industries.

DOnt just go for CA because everyone is telling you to or just because it is more tough than ICWA. You will be 31 before you become a CA. You will have to do non productive work for 3 full years and work for peanuts. . . . IN fact, ICWA will be better for you. Let me tell you why. 1) Your work experience of 3 years will be recognised for 3 years articleshhip in ICWA and you will only have to give exams. . 2) You already have a background in management accounting which is the core of ICWA. . 3) ICWA has a tie up with CIMA institute. ICAI has not such CREDIBLE tie up. ( PS: Tie ups with ICAEW, CPA Australia are not worth it. They are just acounting degrees which can never help in getting a immigrant job. CIMA will go a long way in making you a management consultant. . 4) There are less chances of you clearing CA Final exams than ICWA exams. Not because they are much tougher, but because the results are dictated by non transparent policies.

05. Which Course is better? Which Course to do? Depends .. !! There is no such thing called the best course universally applicable to all. A lot depends on the outlook, aptitude and the candidate's objective in doing the course.

All the three courses have similarities with regard to the course syllabus. A person doing a particular course studies more or less the same subjects as the person doing any other course. The only difference being the depth of the subjects studied and the examination orientation. Chartered accountancy course has in depth study relating to financial accounting, auditing, tax aspects. Cost accounting course has in depth study relating to cost and management accounting. Company secretaryship has in depth study relating to company law. Which course you take up is dependent on what you are interested in and what you wish to specialise in. Depending on your ability, aptitude, career outlook, you need to choose the relevant course. Those who look at an independent career like practicing professional accounting, chartered accountancy would be better suited as the opportunities for practicing are more in that profession. This does not mean that there is no scope for private practice for cost accountants and company secretaries. They too have the option to carry on as practicing professionals. But the avenues available for them are far lesser compared to CA. CA, CWA/ICWA and CS in that order are to be considered if you target this. Those who look at working in a manufacturing or producing environment may look at cost accountancy as it provides an ample opportunity to think in terms of controlling costs using accounting techniques. Even chartered accountants and company secretaries study cost and management accountancy. But the objective of the course is specialisation in CWA/ICWA and having knowledge in CA and CS. Those who look at working in an administrative environment dealing with legal aspects may look at company secretaryship as it involves in depth aspects relating to company law and its application to companies. Even cost accountants and chartered accountants study corporate laws. But, they do not study it in as much detail and depth as a company secretary does.
You decide Ultimately what ones interests are and what he/she prefers doing are to be decided by the candidate itself. Any one else would only be able to provide data to enable the candidate to take decisions. Wish to do all the three courses Best of Luck. But, don't be in a hurry. From our practical experience, we advise the student to take up CA along with CWA or CS and then after completing them taking up the third course.. This is only our view.

A candidate may do only one course, any two courses or all the three courses together or one course after the other in any order.