Accounting & Commerce

Institute of Cost and Works Accountants of India (ICWAI) has changed its name into The Institute of Cost Accountants of India (ICAI). Also, ICWA course has changed into CMA course. There is no difference between ICWAI and CMA. They are two different words used to describe one single thing. ICWAI stands for Institute of Cost and Work Accountant of India, whereas CMA stands for Cost Management Accounting. Apart from the literal meaning there is no difference at all. There are 3 stages in ICWA course i.e., CMA foundation, Inter and Final.
If you want to become cost management accountant, you should complete these three stages. Students who have passed class 12th are eligible for ICWA foundation exam. The Institute of Cost Accountants of India conducts ICWAI foundation exam, four times in a year in the months of March, June, September and December. If you passed ICWA foundation exam, you are eligible for ICWAI Inter. If you have any graduation degree, you are exempt from ICWAI foundation exam. You can directly enter into ICWAI Inter.

B.Com (Hons) is a three year undergraduate degree program to provide the student with a wide range of skills in area of commerce, finance, accounting and management. It also helps students in preparing for jobs in business enterprises in account and finance function or roles. Some universities allow students to specialize in a particular subject in a final year. Some universities offer B.Com (P) degree course.
Majority of syllabus of B.Com (P) and B.Com (Hons) is same. B.Com (P) gives an overview of various subjects where same course in Hons has more depth and content. In B.Com (P) you cannot specialize, but in Honors degree student can specialize. B.Com (Hons) is now a de-facto a standard accepted degree for jobs. Cut-off marks for admission to B.Com (Hons) is higher in comparison to B.Com (Pass).