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In industrially developed countries, chartered management accountants or cost and works accountants, are greatly in demand, and better remunerated than chartered accountants. Similarly, in India’s liberalized and deregulated economy in which cost competitiveness, customer satisfaction and investor protection are becoming important issues, the demand for cost accountants, who aid and advice corporate managements on ways to control costs, is on the upswing.
Admission into the ICWAI study programme is through a preliminary English language examination, which tests the elementary maths and general knowledge skills of students who have completed Plus Two or equivalent. Graduates of any recognized university may be admitted directly if they have averaged a minimum of 50 percent. The institute conducts half-yearly exams at 90 examination centres in India and 6 abroad.
The demand for cost accountants will continue to grow with the Companies (Amendment) Bill 2003, making it mandatory for every public limited company with a paid-up share capital of over Rs. 3 crore, to appoint a full-time qualified chief accountants officer who shall either be a member of the ICAI or ICWAI.