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About the Institute

The Institute of Cost and Works Accountants of India (ICWAI), a founder member of International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA) is the only statutory institute in the country specialized to develop and regulate the profession of Cost and Management Accountancy in India.

ICWAI, facilitated with the “Recognition of Excellence” by the Hon'ble President of India during the India Corporate Week 2009, was set up in 1944 as a Company. It has always been in the forefront with a special edge over other Institutions for its contribution to the society at large by creating wealth through increased efficiency and accelerating growth. It has not only been developing the profession of Cost and Management Accountancy but also contributing services of the members and the institute towards conservation and better optimal utilization of scarce national resources. Subsequently, with the passing of the Cost and Works Accountants Act 1959, ICWAI became a statutory body set up under an Act of Parliament.

Since then, the ICWAI has incessantly endeavoured that its Professionals would ethically drive enterprises globally by creating value to stakeholders in the socio-economic context through competencies drawn from the integration of strategy, management and accounting with a vision to be an institute of repute for the preferred source of resources and professionals towards the FINANCIAL LEADERSHIP of enterprises globally. ICWAI with its headquarters at Kolkata, operates through its four Regional Councils at Kolkata, Chennai, Delhi & Mumbai and 91 Chapters situated at important cities in the country and 6 Overseas Centres. The Institute is under the administrative control of Ministry of Corporate Affairs.

At present Institute has a strong base of about 49,000 members and more than two lakh fift thousand students on rolls. It has a glorious history of 51 Past Presidents and more than 250 Council members till date. At present the Central Council’s strength is 20 of whom 15 are elected members from four regions and other 5 are government nominees.

The Objectives of the Institute is to develop the Cost and Management Accountancy profession as a powerful tool of management control in all spheres of economic activities and to promote and develop the adoption of scientific methods in cost and management accountancy. The institute supervises over the members of the profession and ensure strict adherence to the best ethical standards by the profession.

The Institute has been participating in the development of accounting profession worldwide. The Institute is having international presence since its early days. In IFAC, the Institute has been represented in the Financial and Management Accounting Committee, Compliance Committee and Committee on Professional Accountants in Business. In Confederation of Asian & Pacific Accountants (CAPA) the ICWAI is in the Executive Committee. The Institute has held the position of the President of CAPA once and that of SAFA twice through its veteran members. The Institute has been internationally acclaimed for its professionalism through MoUs with The Chartered Institute of Management Accountants (CIMA), UK and Institute of Management Accountants (IMA), USA to allow mutual advanced entry into both of the accountancy bodies. The MoUs have provided highly skilled professional accountants for the global market enabling to enhance together the recognition of the profession and their professional bodies. The Institute has taken the initiative to promote an Institute of Cost and Management Accountants in Oman as well.

ICWAI has launched the Certificate in Accounting Technicians (CAT) Course to prepare skilled Accounting Technicians at junior level by providing elementary course along with computer training and practical training keeping in mind the heavy demand of accountants at entry level. Recognizing the utility of the CAT Course, the industry has accepted the CAT Course with the help of ICWAI as a important step towards implementing their Corporate Social Responsibility.

With the changing international political and economic scenario, the role of CMAs has been vastly orchestrated to cover assistance in framing the strategic decisions for planning, execution and monitoring of improvement in operational efficiency in all fields like financial resources, human resources, material management, production management, research and development, logistics, marketing management, and perspective development for further growth. The ICWAI is looking forward to redefine CMAs role in global perspective for India.