About the differences between CA and ICWA

India

07 Jan 2019

#CareerBytes: What is the difference between CA and ICWA?

In India, Chartered Accountancy and Cost Accountancy are the most popular career options among commerce students after Class-12.

Chartered Accountancy is offered by the Institute of Chartered Accountants of India, and Cost Accountancy, by the Institute of Cost and Work Accountants of India.

Many are often confused about which course to pursue; to help them choose better, here are some differences between these courses.

Details

Different levels and duration of the courses

Different levels and duration of the courses

Chartered Accountancy course is divided into three stages: the Common Proficiency Test or CPT, Intermediate Course or IPCC, and the Final course. After Class 12, the minimum duration of the CA course is four-and-a-half years.

Similarly, Cost Accountancy course has three stages: the Foundation course (minimum 8 months duration), Intermediate course (minimum 10 months duration), and the Final examination minimum 18 months duration).

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Eligibility

Eligibility criteria for CA and CWA courses

CA: Those who have passed Class 12 (or equivalent) from any stream from a recognized education board and have registered with ICAI for Common Proficiency Course (CPC) are eligible to apply for the Common Proficiency Test (CPT), the entry-level CA course test.

CWA: Those who have passed Class 10 are eligible for ICWA Foundation course; for Intermediate course, candidates must have passed Class 12.

Scope

Scope and career prospects of CAs and CMAs

Scope and career prospects of CAs and CMAs

Chartered Accountants (CAs) are involved in various roles. They have a wide-range of job options with companies; they can also practice privately. CAs can do cost auditing, statutory auditing, tax-auditing, banking, etc.

Cost and Management Accountants (CMAs) can join companies or take up consultancy work with firms. With experience, they can become Financial Controllers, Chief Accountants, Cost Controllers, Marketing Managers, or Chief Internal Auditors.

Job profiles

Job profiles of Chartered Accountants, Cost Accountants

Chartered Accountants are involved in accounting, auditing, and taxation. They are responsible for an organization's core accounting work. They analyze financial risk factors, look after taxation and auditing, and design an efficient financial system for an organization.

Coming to Cost and Management Accountants (CMAs), they look after the costing part of an organization's finances. They look after cost management, cost-controlling, and profitability of projects.

What about the difference in salary?

According to salary-comparison website PayScale, at the entry-level, a Chartered Accountant (CA) can expect an average pay of up to Rs. 6.42 lakh per annum. On the other hand, the average salary for Cost and Management Accountant (CMA) is Rs. 4 LPA at the entry-level.

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Most asked questions

Who is eligible for CA course? Students of which 10+2 stream can join?

What are the eligibility criteria for ICWA three stages?

Can you give some tips to follow for CA Foundation?

What are the subjects in ICWA Foundation course?

More questions

Who is eligible for CA course? Students of which 10+2 stream can join?

Asked 2019-01-07 23:20:27 by Hemant Venkatesan

Answered by NewsBytes

Any student can apply for CA course. Even if you are a science student till Class 12 or if you are a science graduate, you can still apply for CA. However, commerce background will prove to be a plus point. But there are no restrictions on students from any stream for joining CA course.

What are the eligibility criteria for ICWA three stages?

Asked 2019-01-07 23:20:27 by Anika Bose

Answered by NewsBytes

Students who have passed Class 10 are eligible for ICWA Foundation course. For Intermediate course, students who have passed Class 12 and are above 17 years of age can apply. In case, the candidate is a graduate, they are also eligible for the Intermediate course. Once they pass the Intermediate course, they can apply for the Final course.

Can you give some tips to follow for CA Foundation?

Asked 2019-01-07 23:20:27 by Angel Pillai

Answered by NewsBytes

What are the subjects in ICWA Foundation course?

Asked 2019-01-07 23:20:27 by Rishika Chauhan

Answered by NewsBytes

The subjects for Foundation Course are: Paper 1: Fundamentals of Economics and Management; Paper 2: Fundamentals of Accounting; Paper 3: Fundamentals of Laws and Ethics; and Paper 4: Fundamentals of Business Mathematics and Statistics.

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