CMA (Cost Management Accounting) – CMA is one of the most difficult professional examinations in India, with a success rate ranging from 5% to 25%. Because of its extensive industry recognition, CMA is gaining popularity among commerce aspirants considering careers in accounting and finance.
The Institute of Cost Accountants of India (ICAI) in India offers a recognized credential called Cost & Management Accountant. People frequently become confused by words such as CMA, ICMAI, CWA, & ICWAI. The Institute of Cost & Works Accountants of India (ICWAI) has redesigned the Institute of Cost Management Accountants of India (ICMAI). The ICWA course has been renamed CMA. As a result, there is no formal distinction between ICWAI and CMA; they are the same.
What is CMA (Cost Management Accounting)?
CMA programme is one of the most helpful & profitable courses in finance and business. Aspirants who want to pursue a career in management accounting might consider enrolling in CMA programme, which is one of the greatest alternatives accessible when it comes to programs in the commerce industry.
The Program focuses on the accounting, financial, & managerial components that are essential in enterprises worldwide. Financial analysis, laws & ethics, audit, tax, management strategies, accounting, cost, and a variety of other topics are covered in CMA Course. This program covers a total of 20 different topics/subjects. The subjects are divided into three groups based on their level of difficulty. The entire course is divided into three levels:
- Level 1 – Cost Management Accounting Foundation
- Level 2 – Cost Management Accounting Intermediate
- Level 3 – Cost Management Accounting Final
To finish this course and get recognised as a qualified Cost Management Accounting professional, students must pass all three levels. The program lasts 3 – 4 years, however, this might vary based on aspects such as learning ability, enthusiasm, devotion, and hard work. If Aspirants are interested in this course or want to pursue a career in accounting, the Cost Management Accounting program is an excellent choice. However, before enrolling in this course, you should be informed of the course’s qualifying requirements, breadth, career possibilities, curriculum, and compensation.
Why Choose CMA (Cost Management Accounting)?
There are several reasons why you should take the Certificate Management Accounting program. Check them out in the bullet points below.
- Demand: There is a high demand for CMA graduates in the market, as there are several management firms, and accounting and financial universities that require graduates. This is a very great profession, and the job is also unique in that candidates must work with management and accounting firms to solve various finance-related problems.
- Compensation and Job Growth: In India, the scope & salary of a CMA are roughly INR 4.5 LPA. As a result, students in this sector have a strong potential for advancement, and the work environment is very favourable.
- Multiple Sources of Income: Cost accountants can work full-time & freelance for people, such as counselling & consulting, for any management or financial problem that arises in any firm.
CMA (Cost Management Accounting) Course Eligibility Criteria
The following are the details of CMA qualifying criteria:
Eligibility criteria for Foundation level
- Aspirants must have passed class ten, or an equivalent level of education, from a recognized institution
- Aspirants must have finished their senior secondary (10+2) education or any other comparable examination from a recognized institution
Eligibility criteria for Intermediate level
- Aspirants must have finished their senior secondary (10+2) education or any other comparable exam from a recognized institution
- Aspirants must have passed the ICAI’s foundation-level test.
- CS foundation and CA intermediate-level qualified candidates are also eligible.
Final level – Eligibility criteria
- Aspirants must have passed their 12 or equivalent from any recognised board.
- Aspirants must have passed the ICAI’s intermediate-level test.
In CMA, there is a total of 20 exams which are divided into 3 levels. The following are the name of the papers.
CMA Foundation Level
|Paper 1||Fundamentals of Business Mathematics and Statistics|
|Paper 2||Fundamentals of Laws and Ethics|
|Paper 3||Fundamentals of Accounting|
|Paper 4||Fundamentals of Economics and Management|
CMA Intermediate Level
|Paper 5||Company Accounts & Audit|
|Paper 6||Indirect Taxation|
|Paper 7||Cost and Management Accounting|
|Paper 8||Operation Management Information System|
|Paper 9||Cost accounting and financial management|
|Paper 10||Direct Taxation|
|Paper 11||Laws, Ethics and Governance|
|Paper 12||Financial Accounting|
CMA Final Level
|Paper 13||Financial Analysis & Business Valuation|
|Paper 14||Cost and Management Audit|
|Paper 15||Corporate Financial Reporting|
|Paper 16||Strategic Performance Management|
|Paper 17||Tax Management and Practice|
|Paper 18||Business Strategy & Strategic Cost Management|
|Paper 19||Advanced Financial Management|
|Paper 20||Corporate Laws and Compliance|
CMA Course Registration and Fee
Registration for CMA programs closes at least four months before the relevant level’s assessment. Aspirants may only apply for the stage for which they are eligible.
When to Apply for the CMA Course?
The registration process for the ICAI program is open all year. However, students must register four months ahead of the start of the proposed term. For example, if you want to take the December Term Exam, you must apply by July 31st of the same year. Similarly, if you want to take the June Term Exam, you must register by January 31st of the following year.
Where to Apply for the CMA Course?
To enrol for the program, students must send their completed Postal Application form to their respective Regional Councils, together with the required papers. Every Indian state is split into four regions, each of which is governed by a regional council. The Regional Council of Western India is in Mumbai, where Southern India is in Chennai and Eastern India is in Kolkata, and the last one Northern India is in New Delhi.
CMA Course Registration Fee
|Level||Registration Fee (in INR)|
CMA (Cost Management Accounting) Higher Studies
In India, the CMA course provides a wide range of work opportunities and pays well in practically all commercial and governmental sectors of reputable firms in India and overseas. After finishing the CMA degree, graduates who want to further their expertise in finance and accounting can enrol in a CPA or CFA course. Following is a list of some of the higher education options available following CMA.
CMA (Cost Management Accounting) Scope
Accounting and auditing provide a diverse range of job prospects, therefore students with a business background might consider pursuing a career in this profession. Obtaining school certifications in accounting will provide an in-depth understanding of the business sector and provide excellent employment opportunities.
Qualified Cost Management Accounting specialists are capable of handling work for large corporations. Cost Management Accounting is not only a steady vocation but also a career with significant profits, since every firm wants specialists for their accounting needs.
Every year, a large number of organisations in India hire specialists in this industry. Some of the highest scorers are immediately hired by large corporations. It also offers those with the necessary qualifications and talents in this field an advantage, allowing them to make money both inside and outside the country. It opens doors and qualifies experts for positions in large corporations and multinational corporations all around the world.
Top Recruiters of Cost Management Accounting Professionals
- Master Card
- Standard Chartered
- Walter Bushnell
- Quin Street
Cost Management Accounting Salary & Job Roles
After becoming qualified management professionals, students can pursue rewarding jobs. Following are some of the employment titles and salaries that you will be considered after completing the CMA course.
|Job Roles/ Titles/ Types||Salary (Annual)|
|Chief Financial Officer (CFO)||Up to 10.6 LPA|
|Financial Analyst||Up to INR 14.7 LPA|
|Corporate Controller||INR 7.4 LPA to INR 12.5 LPA|
|Financial Controller||INR 6 LPA to INR 14 LPA|
|Chief Investment Officer||Up to INR 50 LPA|
Frequently Asked Questions
Candidates must achieve a minimum of 40% in each subject and a total of 50% in the non-exempt examinations in that group.
Yes, because the course covers the majority of the B.Com fundamental syllabus, and the additional requirements are not difficult to meet while following this course. As a result, wasting time is pointless when one may accomplish their Graduation at the same moment.
Yes, studying a Cost Management Accounting degree is a wonderful career option, especially if you come from a commerce background and want to work in this industry.
Yes, doing a Cost Management Accounting degree is a fantastic career choice, especially if you come from a business background and want to work in this industry.
The CMA programme is divided into three levels with a total of 20 courses. Aspirants can finish the course in 3 to 4 years, depending on their capacity and dedication.