CMA Course

A professional certification course CMA is offered by the Institute of Cost Accountants (ICAI). Those from a Commerce background often take up this short course. Other than Commerce students, there are other candidates also who want to enter the Commerce field by taking up the CMA (Cost and Management Accounting) course. People who want to go for a career in the accounting field and have an interest in managing the accounts of various departments in a company often choose to do the CMA course. CMA was earlier known as CWA which stands for Cost and Works Accounting. 

Students who are interested in taking up the CMA course should have an idea of the course structure, eligibility criteria, subjects offered, career prospects, salary, etc after the completion of the course. The CMA course has different levels and interested candidates can apply online from icmai.in. The CMA enrollment takes place throughout the year by ICMAI, however, to apply for a specific exam session, there is a given time limit. 

Therefore, read the full article and get all the important information about the CMA India course.

What is CMA Course (Cost Management Accounting)?

Cost and Management Accounting course is a certificate programme designed to train students for working in different industries and corporate functions. In India, the credentials of the CMA course are issued by the Institute of Cost Accountants of India (ICAI). The CMA course syllabus mainly focuses on valuation issues, financial statement analysis, working capital policies, external financial reporting, etc.

What is CMA Full Form?

CMA full form is Cost Management Accounting while CMA Course full form is Cost Management Accounting Course.  A CMA's job is to carefully analyze costs and propose strategies to cut them as much as feasible. CMA aids in the planning, monitoring, and management of a product's or service's cost and price.

A CMA is someone who offers to execute services involving the costing and pricing of goods and services or who prepares, verifies, or certifies cost accounting and associated statements. Due to rising competition in the corporate sector, the role and relevance of cost accountants have grown significantly. 

CMA Course 2023-24 Important Dates

Here are the important dates for the ICAI CMA Course for Foundation, Intermediate, and Final exams by the Institute of Cost Accountants of India (ICAI).

What are CMA Course Levels?

The CMA syllabus comprises three levels. One only becomes eligible for a higher level after she/ he has passed the previous level of the CMA course syllabus. Following are the three stages of the CMA course.

• Level 1 - CMA Foundation Level

• Level 2 - CMA Intermediate Level

• Level 3 - CMA Final Level

CMA Course Details

The CMA Course details are divided into three levels: Foundation, Intermediate, and Final. The applicant must qualify each CMA Course level to be accredited as a CMA. Here are the significant pointers - 

• Admissions to the CMA Course for the Foundation level are open all year.
• If you are planning to take the CMA Course June term examination you must apply by January 31st of the same year.
• Those planning to take the December term exams must apply by July 31st of the same year.
• The registration of CMA Course for the Intermediate level is offered all year.
• If you intend to take the CMA course June term examination, you must submit your application by January 31st of the following year.
• Those planning to take the December term exams must apply by July 31st of the same year.

Types of CMA Course

Here are the details of the three levels of CMA Course - 

The CMA Foundation level of the CMA course is the first and most crucial phase in the course. Aspirants are revealed to the fundamentals of cost management methods and whereabouts in the financial business during this foundation stage. It is predicted that the CMA course will take at least eight months to complete.

The second step of the CMA course is the CMA intermediate stage. After successfully completing the CMA course syllabus foundation level, students must take the intermediate CMA course. Intermediate students study financial accounting in depth and are introduced to direct and indirect taxation, cost accounting, and more. 

The CMA final is the last stage of the CMA course syllabus. The third level, considered the most challenging of the three levels of the CMA course, provides insight into the administration of many financial concerns, such as strategic financial management and specific legislation related to various taxation.

CMA Course Duration

Given below are the important details related o the course duration of CMA:

• The CMA course duration is flexible. This means that the time taken to complete the CMA programme depends on a candidate’s level of focus and dedication.

• Usually in India, students take at least 3-4 years to complete the course.

To help you comprehend the CMA course, we have included the average CMA course duration of the various course levels below.

• CMA Foundation: Approximately 8 months
• CMA Intermediate: Minimum 10 months
• CMA Final: Approximately 18 months

Skills Required for CMA Course

People who are interested in doing the CMA course need some skills that will help them to succeed in this course and their career. Some effective skills that candidates should try to have are:

• Accounting Skills: As the CMA course majorly deals with accounting, a strong foundation in accounting concepts and principles is essential. Having knowledge of cost accounting, financial accounting and management accounting will help candidates succeed.
• Technology Skills: In today’s world, having technology skills are extremely important for any type of career. CMAs should build their technological skills as they will be entering into the accounting and finance area.
• Analytical Skills: During the CMA course, candidates should have the ability to analyse complex accounting and financial data, identify the trends and draw conclusions from them. 
• Strategically Thinking Skills: Those who want to get the CMA certification should be able to think strategically and also contribute to the strategies of the organisation. With a thorough understanding of business and financial trends, candidates can identify risks and opportunities. 

Eligibility Criteria for Different Stages of CMA Course

If you want to apply for the CMA programme, you must be well aware of the eligibility criteria for the CMA course syllabus. The requirements for every stage are mentioned below.

CMA Course Syllabus and CMA Subjects Taught

In total, the CMA syllabus comprises 20 papers through the three stages of the programme. The level-wise syllabus of CMA subjects is mentioned below.

Top CMA Exams

After successfully completing the Foundation course, students are expected to take a test to assess their abilities and the instruction they gained during the CMA course. Following the Foundation exam, the ICAI principally conducts two examinations, which are as follows:

CMA Intermediate Entrance Examination

The ICAI administers the CMA intermediate exam to students who have completed the foundation course. After cracking the Foundation exam, students must register for the intermediate CMA course.

CMA Final Examination

The ICAI provides the CMA final exam to assess the students' knowledge gained across all three courses.

How to Check CMA Results?

The results of the CMA are accessible on the institute's website by following the process mentioned below:

• Students need to check the official website.
• Next, they need to choose the "Examination" tab.
• Select the "result" choice from the dropdown menu.
• Choose the exam for which you registered.
• After entering the identification number, click "view results."
• The result will be shown on the screen.

Admission Process for CMA Course

Admission to the CMA Course is available through two routes: Direct Entry and Foundation Course.

Through Direct Entry

Candidates must meet the following requirements for direct enrollment into the CMA Course:

• Graduate in any stream other than Fine Arts
• Qualified CAT of CMA / ICSI Foundation/ ICAI Intermediate

Through Foundation Course

• Passed Class 10th and 12th exams
• Qualify CMA Foundation exam

CMA Course Registration

The CMA course registrations end at least four months prior to the day of the examination of the intended level. You can only apply for the stage that you are eligible for.

When to Apply for the CMA Course?

The registration/ application for the ICAI course remains active throughout the year. However, you will have to register four months prior to the intended term. For instance, if you are interested in appearing for the December Term Exam, you will have to apply before the 31st of July in the same year. Likewise, if you are interested in the June Term Exam, you must register before the 31st of January in the same year.

Where to Apply for the CMA Course?

In order to register for the course, you will have to submit your duly filled Postal Application form along with the relevant documents to your respective Regional Councils. The entire country of India is divided into four regions and each state comes under the regional council of that area. The Regional Council of Western India is in Mumbai, Southern India is situated in Chennai, Eastern India in Kolkata and Northern India in New Delhi.

CMA 2023 Application Fees / Registration Fees

CMA Course Fees 

The level-wise registration fee for the CMA course is mentioned below.

CMA Exam Schedule and Flexibility

Go through the following points to know the schedule and flexibility of CMA exam.

• The CMA course provides flexibility to the students appearing for different levels of examinations.

• You can appear for the exams on any day while the testing window is open.

• The testing window remains available for 6 months a year.

• CMA exams are all computerised. So, you will usually have the benefit to complete your exams quickly as per the schedule of your choice.

• The six months during which the testing window remains open are January or February, May or June, and September or October.

CMA Study Material

Here is a list of the best-recommended study material for CMA - 

• Scanner ICWA Stage I by Dr. Arun Kumar
• Cost and Management Accounting (for All India) by S.P. Jain & K.L. Narang
• Essentials of Cost and Management Accounting (for ICWA Inter, Stage 1) by V.K. Saxena & C.D. Vashist
• Modern Cost and Management Accounting by M Hanif
• Advanced Management Accounting (Cost Management and Operations Research) by Dr. J.B. Gupta
• Cost Accounting Text and Problems for CS/ ICWA Examinations by N. K. Agarwal
• Direct Tax by Girish Ahuja
• Advanced Cost and Management Accounting – Problems and Solutions by V.K.Saxena & C.D.Vashist

How to Study for ICAI CMA Course?

Apart from self studies, aspirants also have the option to enhance their CMA course preparation. 

ICAI Online Classes

As an Open Education Resource, ICAI provides its online classes to students. These videos, which are available on YouTube on the ICAI website, can be accessed directly. These E-Learning tools are available for all exam sections, from the Foundation through the Final Exam. ICAI provides online classes on a variety of topics. All of the Online Class Videos are available on the ICMAI website.

ICAI CMA vs CA

Chartered Accountancy (CA) and Cost and Management Accounting (CMA) are both courses for commerce students who want to pursue careers in accounting. Nevertheless, there are noteworthy variations between the two that you should be aware of before committing to pursue either -

Skills Gained Through the CMA Course

Following are a set of skills that candidates get to learn through this programme.

• Expertise in Financial Accounting
• Strategic Management
• External Financial Reporting
• Internal Controls
• Performance Management
• Cost Management
• Expertise in Management Accounting
• Profitability Analysis
• Planning and Budgeting
• Risk Management
• Investment Decision

Career Scope after CMA Course

After completing the CMA course, you will be able to pursue various opportunities in consulting firms, training, and research institutions, financial institutions, stock exchanges, the public utility sector, government regulatory agencies, and other organizations. 

The popular job profiles include Chief Financial Officer, Cost Controller, Accountant, Financial Controller, Cost Accountant, Finance Director, Chief Internal Auditor, Managing Director, Financial Consultant, etc.

Career Opportunities and Salary After CMA

As a Fresher, your initial salary may range between INR 4,00,000 and INR 5,00,000. Senior level CMAs with sufficient experience, on the other hand, typically earn INR 10,00,000 - 12,00,000. A career after becoming a certified cost and management accounting professional can be very lucrative. Here are some of the job roles that you will be exploring after completing the CMA course along with the salary.

Top Recruiters

The Institute offers placements in four cities: Delhi, Mumbai, Chennai, and Kolkata, to assist businesses in finding future managers from the ICAI campus. Many PSUs, such as Coal India and ONGC, etc., and top Corporates like Vedanta, Wipro, etc., are always on the lookout for competent CMAs.