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Institute of Costs and Works Accountants of India (ICWA)


ICWA earlier represented Institute of Costs and Works Accountants of India, which now has been renamed to Institute of Costs and Mangement Accountants of India (ICMAI).

ICMAI is a professional accountancy body in India that promotes and regulates the profession of Cost & Management Accountancy. It is responsible for setting the Cost Accounting Standards to be followed by companies. It also issues guidelines to be followed by practising Cost Accountants in aspects like Internal Audit, Management.


CMA or Cost and Mangement Accountant is the primary qualification offered by ICMAI and following completion of up to three levels (Foundation, Intermediate and Final) of examinations along with three years of practical training, a professional is bestowed upon the title of CMA. The practical training is undergone in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Audits, Corporate Laws etc.


  • Students having paased 12th standard may apply for Foundation level entry.
  • Students who have passed degree examination of any recognised university or equivalent are eligible for admission directly to Intermediate level.
  • Paperwise exemptions on the basis of reciprocal arrangement are available to students who have passed the final examination of the Institute of Company Secretaries of India.
  • Examinations are held twice a year in June and December in various examination centres in India and overseas. Results are declared in the month of August and February for June and December terms respectively.

A student has to pass all the three levels of examinations and three years of practical training to be eligible for Associate membership of the Institute.

The members carry the designation ACMA (Associate Cost and Management Accountant) and FCMA (Fellow Cost and Management Accountant).


A person who has passed the Final Examination of the Institute and has obtained three years of practical experience in the field of Cost & Management Accountancy can apply for Associate Membership.

An Associate Member who has been in continuous practice in India for at least five years or a member who has been an Associate for a continuous period of five years may apply for Fellow Membership.

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