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The Relevancy Of The Cost Accounting Test

Cost accounting is one of the most important parts of the management accounting. It primarily concerns with the judicious use of the resources of the company while manufacturing the goods or while providing services to the customers. The cost accountancy makes sure that the company makes profits as well as does not incur any losses in the processes that it undertakes. It also is an effective tool that helps the management in deciding on the processes that are giving profits and the processes that are proving to be too heavy on the budget allocated for them. Cost accountants are the most important professionals in the entire edifice of the organization. In order to become a successful cost accountant a person needs to have certain qualifications that would allow him to efficiently execute his duties.

The cost accounting is an integral part of the management accounting. There are several reputed organizations in the world that offer courses and conduct the cost accounting test to train the people for the job of the cost accountant. One such organization is the ICWAI. The cost and management accountancy course offered by the ICWAI is one of the toughest courses as compared to all the management accountancy courses that are conducted by the management accountancy institutes throughout the world. The course offered is an intensive course that prepares the cost accountant with the expert theoretical and practical knowledge. The cost accountants that successfully clear the cost accountancy test of ICWAI have the ability to attain the highest level of professional excellence in their careers.

The ICWAI has three levels of cost accountancy tests for their membership:

  • Foundation Course
  • Intermediate Course
  • Final Course
Apart from this in order to attain the membership the candidate also has to go through 3 years of supervised practical training.

Some of the other courses that the institute offers are:

  • The certified accounting technician
  • Diploma in Management Accountancy
In order to be an efficient cost accountant the candidate needs to clear the cost accountancy test that are conducted by such institutes and also gain valuable experience under a senior cost accountant.