What is the ICWAI exam? ICWAI examinations are conducted by The Institute of Cost Accountants of India (ICAI) which was previously known as The Institute of Cost and Works Accountants (ICWAI). Admissions will be based on ICWAI entrance examination organized by the Institute of Cost Accountants of India (ICAI) i. ICWAI Exam Overview · ICWAI Foundation Examination · ICWAI Intermediate Examination · ICWAI Final Examination. Every year, ICWA appoints the best students for its cost accountancy course. Definition: Chartered Accountancy (CA) is one of the most prestigious qualification in accounting and can be pursued immediately after your 12th standard exams.