What is Difference between CA or ICWA



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Chartered Accountancy (CA)

Chartered Accountancy in India is high demanded job. It is a qualification in accounting after your higher secondary or intermediate exams. CA is one of the prestigious and highly paid jobs. A CA has good knowledge of auditing, taxation and accounting.

Course details

This course contains three stages:

  1. Entry Level Test: Includes common proficiency test (CPT)
  2. First Stage of Theoretical Education: Includes professional competence course
  3. Final Stage of Theoretical Education: Includes final course

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Eligibility:

• Candidate who passed higher secondary/ intermediate/ 10 + 2/ equivalent are eligible for CPT

At first you need to register for the Common Proficiency test than after three month you may able to appear in the examination. Common Proficiency test examination is held every year in the month of June and December. So, you must apply before 60 days of the examination i.e. before 1st April and 1st October for appearing in examination that would be held in the month of June and December respectively.


Duration of the course:  

For correspondence course: one year

For intermediate course: eighteen months

Subjects:

  • For correspondence course there is five subject Accounting, Economics,   Mathematics , Statistics, and Mercantile Law
  • For intermediate course after passing 10 + 2 you must pass the foundation course
  • For final stage you need to pass intermediate stage first than complete your graduation
  • After the final course you may apply for ICAI membership for which you need to pass the final course examination along with requisite work experience

Scope:

Unlimited job option after completion of chartered accountancy. Either you can serve for the company as an employee or you can also start practicing as chartered accountants.

Scope and Career Prospect:   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 various activities :

  • To carry out taxation and auditing work
  • To prepare financial statements and management reports
  • To advise on tax and efficient tax planning
  • To prepare the financial report for a firm annually
  • Work as a team member in the finance department of an organization

Cost Accountancy (ICWA)

In this era of globalization we have globalized economy also. The Cost Accountancy profession is developed and improved by Institute of Cost and Works Accountants of India (ICWAI). A Cost Accounting builds your knowledge on finance management proficiently.

Work of Cost Accountancy is to collect, assemble, incorporate, and evaluate financial information from all areas of the organization


Eligibility:  

Candidate passed 10 + 2 from any stream can apply for the foundation course

Course details: The course is divided in to two levels passing after the foundation course

Intermediate Examination

Final Examination

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 position like Financial Controller, Chief Accountant, Cost Controller,  

You can work as a cost accountant in organization and take up consultancy work.

Also work as:

  • Financial controller
  • Cost Controller
  • Chief Accountant
  • Marketing   Manager and
  • Chief Internal Auditor


Also apply for

  • Direct register in M.Phil and Ph.D. courses in commerce as decided by the Association of Indian Universities.
  • Opportunity to appoint as a Lecturer or professor in management colleges

Salary

  • Average salaries for junior are Rs 10,000 to Rs 15,000 per month
  • Senior most CWA can assume to get Rs 30000 to Rs 35,000 per month in domestic   markets . 

Comparison Between CA and ICWA

Chartered Accountant has Knowledge of every aspect of taxation and auditing accounting.

 Cost Accountant has the thorough Knowledge of cost management and financial management.

CAs examine risk and design well-organized financial system     

 Cost Accountants review the feasibility of projects with respect of available funds.  

Involved in core accounting work of an association or a group

Cost Accountants are involved in the costing part of financial transactions.  

Taxation and auditing are main duties of a chartered accountant     

Cost Management, cost control and designing are main duties of a cost accountant     

Patience and confidence is needed to handle responsibility.

Good communication is a key skill in Cost Accountants






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