What is ICWA? ICWAI stands for Institute of Cost and Work Accountant of India. There are 3 stages in ICWA course i.e. CMA Foundation, Inter and Final. ICWA course eligibility: 1. A candidate has to pass 10th class or equivalent from a recognized board. 2. 12th standard pass from a recognized board or an examination equivalent to 12th, recognized by the central government. One having a diploma in commerce examination held by all India council of technical education is also eligible.