Difference Between CA And ICWA

 CA

 CMA/ CWA

Governing Institute: The Institute of Cost Accountants of India (ICAI) [previously known as the Institute of Cost & Works Accountants of India (ICWAI)] promotes, regulates, and develops the profession of Cost & Management Accountancy in India.

(Also read: All about the career of a CMA)

Levels of Chartered Accountancy:

• Entry Level Test: Common Proficiency Test
• First Stage of Theoretical Education: Professional Competence Course
• Final Stage of Theoretical Education: Final Course

Levels of Cost Accountancy:

There are 2 levels that need to be passed after the foundation course:

• Intermediate Examination
• Final Examination

Eligibility Details: If you have passed 10+2 from any stream from a recognized school, you are eligible to apply for the Common Proficiency Test (CPT).

If you registered for the Common Proficiency Test 60 days prior to the first day of the month in which CPT examination is to be held, you can appear in the examination.

You need to apply on or before 1st April and 1st October to appear for CPT examination to be held in June and December respectively.

Eligibility Details: Eligibility for admission to “foundation” level: passed Class 10 or equivalent from a recognized Board or Institution.

Eligibility for admission to “intermediate” level: Passed Senior Secondary School Examination (10+2) & Foundation Course of CMA (ICAI)/ Graduation in any discipline other than Fine Arts/ Foundation (Entry Level) Part I Examination of CAT of the Institute/ Foundation (Entry Level) Part I Examination and Competency Level Part II Examination of CAT of the Institute OR Passed Foundation of ICSI/Intermediate of along with 10+2.

Exams are held twice a year – June & December

Membership Requirement: To apply for membership to Institute of Chartered Accountancy of India, you need to pass the final course examination and also finish the requisite work experience.

Membership Requirement: Nothing prescribed

Job Profile: A Chartered Accountant (CA) has thorough knowledge of every aspect of accounting, auditing and taxation.

• CAs are involved in core accounting work of an organization
• CAs analyse risk and design efficient financial system
• Taxation and auditing are main duties of a chartered accountant
• Important skills required is that of patience and confidence to handle responsibility

Job Profile: A Cost & Management Accountant (CMA) has knowledge of cost & financial management to ensure a balance between expenditures & available resources.

• Cost accountants are involved in the costing part of financial transactions
• Cost Accountants assess the feasibility of projects vis-à-vis available funds
• Cost management and designing cost control methods are main duties of a cost accountant  
• Good communication is a key skill in cost accountants

Career Prospects:Chartered accountants are involved in a variety of roles. They are either employed by a company or are practicing chartered accountants. They are involved in:

• Preparing financial statements and management reports
• Liaising with internal and external auditors
• Carrying out taxation and auditing work
• Advising on tax and efficient tax planning
• Preparing the annual reports

Career Prospects: Every organization needs a good cost accountant. You can also take up consultancy work with various firms. With experience and training, cost accountants can hold top management positions like Financial Controller, Chief Accountant, Cost Controller, Marketing Manager, and Chief Internal Auditor.

Options are also open for CMAs (previously CWAs) to directly register in M.Phil and Ph.D. courses in commerce as decided by the Association of Indian Universities.

All India Council for Technical Education or AICTE also accept fellow members of ICWAI as at par with persons holding Ph.D. degree. They are, therefore, eligible for appointment to the posts of Professor and Lecturer in Professional and management Institutes.

Salary: According to Payscale, the average pay for an entry-level CWA is INR 4 Lakhs.