Cost and Management Accountant (CMA India)
The Institute of Cost Accountants of India (ICMAI) provides an excellent chance for students aiming to establish a career in management accounting and financial management through the CMA India course, also recognized as Cost and Management Accountant.
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Why CMA India?
This prestigious program in India comes with a substantial investment, offering significant career prospects in major financial centers like Mumbai, Delhi, Chennai, Pune, and Bangalore. Upon obtaining this certification, individuals become highly sought-after in the Indian job market, particularly in roles related to costing & auditing.
Course Structure
This course is designed in three parts: Foundation/CAT, Intermediate and Final. To be certified the course also demands a 15 month articleship
The Certified Accounting Techniques (CAT Course) comprises two parts, involving education, oral coaching, self assessment, online examinations, computer training. Coaching for the theory papers (first part) takes only 4 months and enables direct eligibility to the intermediate level without clearing the second part.
Foundation Course (Entry Level) Part-I
Paper 1: Fundamentals of Financial Accounting.
Paper 2: Applied Business and Industrial Laws
Paper 3: Financial Accounting2
Paper 4: Statutory Compliance
Competency Level – Part-II
(A) Fundamentals of Computers
(B) Filling of Statutory Returns
(C) Introduction to Costing Principles and Preparation of Cost Statements
(D) 5-days Orientation Programme
Exam Pattern & Pass Percentages:
Exams are held in June and December annually, requiring a minimum of 40% in individual subjects and 50% in aggregate.
Qualification Required to Join CMA India CAT Classes:
Any student who has passed Plus Two (12) can join for this course in parallel to their other academic pursuits.
What Next?
Completing Part 1 alone qualifies you for the intermediate level and finishing Part 2 opens opportunities for various internships
The Intermediate course, the second tier of the CMA-India program, consists of eight papers in 2 groups and can be completed in a year by a dedicated student.
GROUP 1:
Paper 6: Business Law & Ethics
Paper 6 : Financial Accounting
Paper 7 : Section A: Direct Taxation Section B: Indirect Taxation
Paper 8 : Cost Accounting
GROUP 2:
Paper 9 : Operations Management and Strategic Management
Paper 10 : Corporate Accounting and Auditing
Paper 11 : Financial Management and Business Data Analytics
Paper 12: Management Accounting
Exam Pattern & Pass Percentages:
Exams are held in June and December annually, requiring a minimum of 40% in individual subjects and 50% in aggregate.
What Next?
A certified CMA IndiaIntermediate candidate is highly valued for various management accounting roles. It is advisable to progress to the CMA India – Final course and commence practical training for expanded opportunities.
The Final course, the third tier of the CMA-India program, consists of eight papers in 2 groups and can be completed in a year by a dedicated student
GROUP 3:
Paper 13: Corporate And Economic Laws
Paper 14: Strategic Financial Management
Paper 15: Direct Tax Laws & International Taxation
Paper 16: Strategic Cost Management
GROUP 4:
Paper 17: Cost and Management Audit
Paper 18: Corporate Financial Reporting
Paper 19: Indirect Tax Laws and Practice
Electives:
Paper 20A: Strategic Performance Management and Business Valuation
Paper 20B: Risk Management in Banking and Insurance
Paper 20C: Entrepreneurship and Startup
Exam Pattern & Pass Percentages:
Exams are held in June and December annually, requiring a minimum of 40% in individual subjects and 50% in aggregate.
Qualification Required to Join CMA India final Classes:
Any student who has completed CMA India (Intermediate) and has started with their practical training can enroll for the final level.
FAQ
What are the board registration dates for 2 windows ?
For the June window, students must register before January 31st and for the December window, students must register before July 31st.
What training is required to be undertaken by the students pursuing CMA course?
The students are required to undergo the following training:
• 3 days “Communication and Soft Skills” for Intermediate students
• Compulsory Computer Training for Intermediate students for 100 hours
• 7 days “Industry Oriented Training Programme” after enrolling for Final course.
• 15 days Modular Training after passing Final course and before campus.
• Practical training, as provided in regulations.
What are exemptions available to the students?
If a candidate is unsuccessful in passing a group but secures 60% or more in any paper or papers, he/she shall be exempted in that paper(s) from appearing in the immediately successive three terms of examination.
Is CMA and ICWA the same?
Yes. Generally, people tend to confuse between terms like ICWAI, ICWA, ICMAI and CMA. ICWAI (Institute of Cost & Works Accountants of India) has changed its name to ICMAI (Institute of Cost Accountants of India). Also, ICWA course has been remodeled into CMA course, i.e. Cost Management Accounting course offered by the Institute of Cost Accountants of India (ICAI).
What is the salary of a CMA?
As a newly qualified Cost and Management Accountant, the average starting salary is Rs. 6 lakhs to Rs. 7 lakhs per annum. Whereas the experienced ones can earn up to Rs. 55 lakhs, though there can be no upper limit.
Can CMA Students do articleship in CA Firms?
Yes, CMA students can pursue their articleship in CA Firms. If the firm of Chartered Accountants/ Company Secretaries has a separate Management Consultancy Division and if the applicant has exclusively worked in that division, then such service is given on percentage basis depending on the nature of job related with cost/management accounting/ financial accounting/ taxation, size of the firm, nature of duties handled by the applicant.
Should a candidate appear for Both Groups or a Single Group in the First Attempt?
Students’ priority is to analyze your level of preparation and ability to prepare for the exam. Although you have been given the choice to either appear for one group alone or both groups together, it is always suggested that you give both groups together.
When will a CMA Student become eligible for membership of ICMAI?
A CMA student becomes eligible for membership of ICMAI only after passing of CMA Final course and completion of Modular Training & Practical Training as provided under the regulations. One is admitted as an associate member and can use the descriptive title ACMA after his/her name to indicate that he/she is an Associate Member of an institute. After fulfilling all criteria an ACMA can become a fellow member and can use the title FCMA after his/her name to indicate that he/she is a Fellow Member of the institute.
What are the career opportunities for CMA?
CMAs work across a wide array of business functions, including Accounting and Finance, Sales and Marketing, Operations, Strategic Planning and Analysis, Information Technology and Human Resources. The most common career paths you can navigate to includes — Management Accountant, Financial Analyst, Cost Accountant, Accounting Manager, Senior Accountant, Corporate Controller and even a directorial position like a Chief Financial Officer (CFO)
What is the qualification required to join CMA India CAT Classes?
Any student who has passed Plus Two (12) can join for this course in parallel to their other academic pursuits.
What is the qualification required to Join CMA India Intermediate Classes ?
Any student who has completed CMA India (Foundation) or CAT (The Certified Accounting Techniques ) OR any graduate can enroll for the intermediate level.