IIM CAT SELECTION PROCESS

ADMISSION PROCESS: Please note that each IIM shortlists candidates for second stage of selection which may be independent of each other. The process may include Written Ability Test (WAT), Group Discussions (GD) and Personal Interviews (PI).Performance in CAT2011 examination is an important component in the admission process. IIMs may use previous academic performance of the candidates, relevant work experience and other similar inputs in short listing and ranking of candidates at various stages of the admission process. The processes, academic cut-offs and the weights allocated to the evaluation parameters may vary across IIMs. For more information you may refer the admissions policies of IIMs from their respective websites CAT Result and Short-listing CAT 2011 result will be announced on 11 January 2012 on the CAT website. List of shortlisted candidates for the next level of slection will be made available on the individual IIM websites. Each IIM will send interview letters to the candidates it has short-listed. The criteria for short-listing varies from IIM to IIM. Please visit the admission hotlinks of the respective websites of IIMs for further information. Eligibility Verification If a candidate is short-listed for interviews by any IIM, he/she has to comply with the following eligibility verification: Mark sheets and Degree Certificate A candidate must show all the original mark sheets and submit attested copies to prove his/her eligibility at the time of interview.  Further, if a candidate is selected for a programme, original degree certificate and mark sheets of all semesters/years along with their attested copies must be submitted for verification at the time of joining the programme. Reservation Category Requirements If short-listed for interview, SC, ST, NC-OBC, and DA candidates must show the original caste/class/disability certificate and submit a photocopy at the time of interview.  Further, if a candidate is selected for a programme, original certificate of qualifying degree and attested  copy of the same must be submitted for verification at the time of joining a programme. Candidates in the Final Year of Graduation If short-listed for interview, candidates appearing for the final bachelor's degree or equivalent qualification examination must show an original certificate from the Principal/Registrar/Director of the university/institution certifying that the candidate has obtained 50% marks or equivalent  (45% in case of the candidates belonging to SC, ST, and DA category) based on latest available grades/marks.  He/she must submit an attested copy of the original certificate at the time of interview.  For the PGP of IIMs, such candidates, if selected, will be allowed to join the programme PROVISIONALLY ONLY if they submit a certificate latest by June 30, 2012 from the Principal/Registrar of their college/institute (issued on or before June 30, 2012) stating that they have completed all the requirements including appearing for supplementary exams if any (the results may, however, be awaited) for obtaining the bachelor's degree/ equivalent qualification on the date of issue of the certificate.  Their admission  will be confirmed only when they submit original mark sheet and qualifying degree certificate of having passed the bachelor's degree / equivalent qualification referred to in the certificate issued by Principal/Registrar of their college/institute.  They must obtain at least 50% marks or equivalent.  They also must submit an attested copy of the mark sheets and qualifying degree certificate.  The deadline for submission of the mark sheet and the certificate is December 31, 2012. NON-FULFILLMENT OF THIS CONDITION WILL AUTOMATICALLY RESULT IN THE CANCELLATION OF THE PROVISIONAL ADMISSION.  Provisional admission will also be cancelled if it is found that the certificate (Annexure E) is found to be incorrect subsequently. IIMs would not allow any candidate to join their programme in case the candidate is unable to complete all the requirements for a bachelor degree on or before June 30, 2012. The IIMs would also not offer admission to any candidate after June 30, 2012. catiim.cm

Cost and Works Accountancy (CWA)

Introduction

Cost and Works Accountancy (CWA) is a new branch of study in the field of commerce and business and is a profession ushered in during the last century. With increase in competition and consequent economic pressures, cost and management accountancy has been finely interwoven into the main fabric of management. Collection, assimilation, collation and analysis of financial information from all areas of an organisation are the functions of a cost accountant. The role of a costs and accounts manager in an organisation is so vital that the success or failure story depends on his/her quality of information made available to the management. Cost Accountant can facilitate strategic decisions in respect of diverse economic activities of an organization where he/she is employed as an employee or deployed as consultant.

Institute of Cost and Works Accountants of India (ICWAI) is a premier, dynamic, vibrant professional institution actively associated in providing training programs in the field of costs and account management and thereby helping in the industrial and economic development of the nation.

The ICWAI has opened up further scope and tremendous opportunities for Cost and Works accountants to shoulder responsibility as Cost and Management Accountants in accordance with new dimensions and vision here in India and abroad. Members of this profession will be the driving force in the team of management while in employment and a key consultant, an effective Cost and Management Auditor and an appropriate advisor in place. This is why Cost Accountants in India are called Management Accountants all over the world.

Courses & Eligibility 

ICWAI offer Cost and work accountant programme for all the students wishing to make a mark in this field. The programme is divided into three stages-Foundation, Intermediate and Final. For each stage the student have to appear for a separate exam.
For more information about ICWAI and its courses, click here

CWA as profession 

Job Opportunities Members of ICWAI are being absorbed as Chairman, Managing Director, Finance
Director, Chief Executive, General Manager, Finance Manager, etc. in many Public and Private sectors organizations and also in the Government departments.

There is an existing Cost Accounting Service in Central Govt. named as Indian Cost Accounts Service, which is at par with the Class I Services of the Government of India.

Independent Practice

Cost Accountants can practice in the following areas:

• In mandatory Cost Audit under Section 233 (B) of the Companies Act, 1956.
• Certification under Export & Import Policy.
• Excise Audit under Section 14A of the Central Excise Act and Special Audit of Certification Of manufacturing account as per Customs Act.
• Consultancy Assignments.

Academic Opportunities

The Association of Indian Universities {AIU} resolved on May 28, 1991 that Bachelor Degree holders, who have passed ICWAI Final Examination be allowed by the Indian Universities to register for M.Phil and Ph.D. in Commerce and allied disciplines. Since then the Institute is approaching different Universities to make necessary provision in their respective Rules so that Members of ICWAI having Graduation qualification can register for Ph.D courses in Commerce and allied areas. Till now some 35 Indian Universities have approved the course offered by ICWAI.

As the Final Examination of the Institute of Cost and Works Accountants of India has already been recognized by AIU, they do not anticipate any difficulty to be faced by the ICWAI candidates in the matter of acceptance of their qualification as sufficient for registering for Ph D/M Phil. All India Council for Technical Education decided that Fellow members of the Institute will be treated at par with the persons holding Ph.D. degree as far as appointment in the posts of Professor, Associate Professor, Reader, Asst. Professor and Lecturer in Professional/management Institutes are concerned.

Universities which have already recognised the membership of the institute of cost and works accountants of India as sufficient qualification for pursuing PhD. Courses are:

1 Sardar Patel University ,P.B. No. 10 ,Vallabh Vidyanagar -388 120
2 Guru Nanak Dev University , Amritsar.
3 South Gujarat University ,University Campus Udhana – Magdalla Road ,Surat -395 007
4 Moharshi Dayanand University ,Rohtak
5 University of Poona ,Ganeshkhind ,Pune -411 007
6 Punjab University , Chandigarh -160014
7 Nagpur University, Nagpur
8 Meerut University , Meerut
9 Mangalore University ,Office of the Mangalore University Light House Hill ,Mangalore -575 003
10 University of Kerala , Trivandrum
11 University of Mysore ,Viswavidyanilaya Karya Soudha Crawford Hall ,Mysore -5
12 Cochin University of Science & Technology , Cochin
13 Shivaji University ,Vindyanagar ,Kolhapur -416 004
14 University of Bombay , Mumbai -400 032
15 Sri Venkateswara University , Tirupati Andhra Pradesh
16 Varanasi University , Uttar Pradesh
17 Karnataka University , Karnataka
18 Osmania University , Hyderabad -500007
19 Madras University , Chennai
20 Punjabi University , ,Patiala
21 North Maharashtra University, Jalgaon
22 Yashwantrao Chavan Maharashtra Open University , Nasik Maharashtra
23 Alagappa University , Karaikudi
24 Bangalore University ,University City Campus ,Bangalore -560 001
25 Tezpur University , Tezpur
26 Guru Ghasidas University Bilaspur , Madhya Pradesh
27 Vikram University , Ujjain
28 Manipur University ,Canchipur ,Imphal -795 003
29 Pondicherry University , Pondicherry
30 Vidyasagar University , Midnapore
31 Madurai Kamaraj University , Madurai
32 North Gujarat University ,Rajmahel Road P.B. No. 21
33 Sambalpur University ,Jyoti Vihar Burla ,Sambalpur -768 019
34 The University of Kashmir , Srinagar
35 Gauhati University , Guwahati -781 014

ICWAI – contact details

The Institute of Cost & Works Accountants of India

12 ,Sudder Street ,KolKata - 700 016
Phone: 033-2252 1031/34/35, 22521602, 22521492
Fax: 91 33 2252 7993 / 91 33 2252 1026
Email: sdicwai@vsnl.net
Website: www.myicwai.com

Delhi Office
3, Institutional Area Lodhi Road, New Delhi - 110003
Phone: 24622156, 24618645
Fax: 24622156
Email: icwai@vsnl.com
Website:www.myicwai.com

Chartered Accountancy

IntroductionChartered Accountancy is a rewarding profession where one can practice his/her own or can do jobs in various public and private sector companies. The areas of work include accounting, auditing, corporate finance, project evaluation, company and other business laws, taxation and corporate governance. The multi-faceted knowledge a chartered accountant enjoys through unique academic programme blended with practical training is what the business and industry need in the advent of liberalisation, privatization and globalisation of Indian economy. Chartered Accountants are better equipped to discharge accounting and audit functions in a computerized business environment.

In recent times, all over the world, accountancy has grown in popularity as a lucrative profession. Wherever there are makers and users of money, (however, small their individual business may be), the services of a CA are required. Moreover, under the Companies Act, only CAs in professional practice are entitled to be appointed as auditors of companies in India.

Courses & Eligibility  
A chartered accountant is a person who is accepted as a member of the Institute of Chartered Accountants of India (ICAI) after having passed the final examination for the chartered accountancy course conducted by the institute.
A candidate who desires to become a member of the Institute of Chartered Accountants of India (ICAI) and thereby a practicing chartered accountant must:

(a) Clear the intermediate and final examination of the institute.
(b) Register as an articled or audit clerk with a practicing chartered accountant.
(c) Register with the board of studies of the institute.

In order to be eligible for appearing in the intermediate and final exams of the institute, the aspirant must have successfully completed and passed the foundation course. Most chartered accountants are commerce graduates with good percentage of marks. Registration to the foundation course of one-year duration is open to those who have completed 10+2.

The foundation course can also be taken up simultaneously with graduate or postgraduate studies. Commerce graduates with 50% marks, non-commerce graduates without maths, with 55% marks and non-commerce graduates with maths and an aggregate of 60% marks are exempted from the foundation exam and are permitted to register as articled clerks for practical training.

Career prospects 
A career in CA is highly challenging and rewarding. Aspirants should have excellent analytical skill to boost. There is maximum career growth in this field and one will get utmost level of job satisfaction and remuneration in this field.

The training for CAs is a highly elaborate procedure. Aspiring chartered accountants should pass the intermediate exam within ten years of the commencement of their practical training.

After successful completion of the final exam, the aspiring CA can apply for membership of the ICAI. All members are deemed Associate members of the institute. Associate members who have been in practice for a minimum of 5 years and possess the experience prescribed by the council for this purpose are entitled to apply for Fellowship.

Chartered Accountants are sometimes appointed as executors under a will or trust in order to carry out the administration of an estate or settlements. On such assignments, they are often required to work in co-operation with solicitors and lawyers.

CAs also perform functions under special positions such as directorships of companies, arbitrators for settling disputes, handling work related to insolvency, bankruptcy, etc. They are free to go in either for professional practice or to be employed by the industry sector (private companies, public sector undertakings, etc.)

Remuneration

The remuneration of a salaried CA professional in corporate sector is very high. The salary varies between Rs.25, 000 and 1.5 lakhs per annum. Individual with a CA qualification is treated the same with a person having MBA qualification in Finance.

Similarly one who runs his/her own firm can also earn handsome of money. He/she can conduct auditing works in various companies.

Institutes The CA course is conducted through lectures and postal tuitions by the Institute of Chartered Accountants of India (ICAI), head-quartered in New Delhi.

The ICAI has five regional offices at Mumbai, Calcutta, Chennai, Kanpur, and New Delhi, with 81 branches to these regional centres.

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Commerce Education

Commerce offers foundation for many professional careers like Finance, Planning, Accountancy, Tax Practitioners, Banking and Broking etc, besides academics, research, and many more. Persons having flair for accounting, finance, commodities, marketing and trading etc. generally choose Commerce as first career choice.

As a stream of study, Commerce can be studied right after 10 years of schooling. After the 10 years of schooling – commerce is available as an option in 10+2 or the Higher Secondary level. This paves the way for higher studies in commerce related subjects.

The undergraduate and postgraduate Education in Commerce is offered at University departments and colleges spread all across the country. Specializations are offered at post graduate and at research levels.

A number of subjects can be studied under disciplines of Commerce in conjugation like; accountancy, economics, mathematics, business, finance etc. Most commerce colleges in India offer the following subjects

Business economics: This would cover concepts like the laws of demand and supply, law of returns, elasticity, theory of pricing under different market forms etc.

Financial accounting: This subject would deal with the preparation of profit and loss statements, balance sheets and final accounts of a company, knowledge of Indian and international accounting standards, calculation of depreciation and valuation of shares and goodwill of a company.

Cost accounting: This would include process, job and contract costing, costing of overheads, standard and variance costing and budgetary control.

Income tax: This would encompass the nature and basis of charge of income tax, tax planning, tax deduction, incomes not taxable etc.

Auditing: This would deal with vouching, valuation and verification of transactions, assets and liabilities. It will also include studying the auditing of different organizations like clubs, hospitals and charitable concerns.

Business finance: This would include in its scope financial analysis as a diagnostic tool, the management of working capital and its components as well as capital structure leverages.

Business law: This subject would discuss the different laws in India relating to, among others, the Companies Act and the Consumer Protection Act.

Marketing: This subject would deal with products, pricing methods, promotion, channels of distribution, logistics etc.
 

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