CMA course — all you want to know
The CMA (Cost and Management Accountant) is a prestigious certification in the sense that it is accepted all over the world. It has also been gaining popularity of late among students who want to work as makers of budgeting, planning, and forecasting decisions for their employers. The main aim of the program is to mentor young leaders in such a way that they can make strategic and effective business decisions that contribute to the financial well-being of the company that has hired them. The course wants to make the degree holders competent in keeping with various international benchmarks.
CMA course duration:
The CMA course comprises three levels — Foundation, Inter, and Final. The total duration of the same is three and half years.
CMA examination details:
The CMA examination is conducted by the ICMAI (Institute of Cost Accountants of India) and it is from the official website that you will get the examination form. These exams are held in June and December. Each paper is of three hours and carries 100 marks.
CMA course and examination fees:
The overall course fee is 6000 rupees for the Foundation Course, 22,000 rupees for the Intermediate Course, and 25,000 rupees for the Final Course. The examination fees for the Foundation Course are 1200 rupees. If you appear for one group of the Intermediate Course you must pay 1200 rupees — the fees will double for both groups. If you appear for one group of the Final Course you must pay 1400 rupees — the fees will double for both groups.
CMA course eligibility criteria:
Before you wish to apply for the program it is important that you know the eligibility criteria of the same. Please know that the criteria are separate for the three levels of the same. If you want to enroll for the foundation course you must have passed Class 10 or an equivalent of the same from a recognized institution or board. Apart from that you must have passed your Senior Secondary Examination under the 10+2 scheme of an authorized board.
If you have passed an equivalent examination you will be allowed to enroll provided the exam is recognized by Indian government. If you have a National Diploma in Commerce Examination organized by the AICTE (All India Council of Technical Education) or a State Board of Technical Education that is recognized by AICTE it will be accepted in this case. If you have a Diploma in Rural Service Examination of the National Council of Higher Education it will also be deemed worthy in this particular context.
For the Intermediate Course, you must have passed at least 10+2 and a Foundation Course of ICMAI. The weightage will be the same for graduates of all disciplines other than fine arts, students who have passed the Foundation or Entry Level Part I Examination of the CAT (Common Admission Test) of the above mentioned institute, and Foundation or Entry Level Part I Examination and Competency Level Part II Examination of the CAT of the same institute.
For the Final Course, you must have passed the Intermediate Course and also finished 15 months of practical training.
CMA course syllabus:
Following is a subject list of the course at its different levels –
CMA Foundation Course -
•Fundamentals of Economics and Management
•Fundamentals of Accounting
•Fundamentals of Laws and Ethics
•Fundamentals of Business Mathematics and Statistics
Intermediate Course (CMA Inter Classes) –
Group I:
•Financial Accounting
•Laws and Ethics
•Direct Taxation
•Cost Accounting
Group II:
•Operations Management and Strategic Management
•Cost & Management Accounting and Financial Management
•Indirect Taxation
•Company Accounts & Audit
Final Course –
Group I:
•Corporate Laws and Compliance
•Strategic Financial Management
•Strategic Cost Management — Decision-Making
•Direct Tax Laws and International Taxation
Group II:
•Corporate Financial Reporting
•Indirect Tax Laws and Practice
•Cost and Management Audit
•Strategic Performance Management and Business Valuation
Following are some of the job roles where you can work after completing this course:
•Finance Manager
•Corporate Controller
•Financial Analyst
•Chief Investment Officer
•Chief Financial Officer
•Cost Accountant
•Financial Controller
As a fresher in this domain, you can expect an average salary of seven lakh rupees a year. Based on your skills this number could reach 20 lakhs as well! Once you grow your skills and gain experience there will be no limit to how much you can earn as a CMA.
