CMA course is a professional course offered by ICMAI for students who want to pursue a career in CMA in India.
CMA Course today is one of the most popular courses in the field of finance. It is gaining more and more popularity due to its immense advantages. Before we learn about these advantages and some cons, let’s dive into what this course is all about.
At the end of this article, you will have all the details about the CMA course and if this course is the right choice for you.
What is CMA Course?
CMA Course Full Form: Cost and Management Accountant Course
To pursue the profession of Cost and Management Accountant in India, a student is required to enroll in the CMA course and complete all requirements. CMA Course is pursued under the guidelines provided by ICMAI.
The Institute of Cost and Management Accountants (ICMAI) is the official statuary body for regulating the profession of CMA in India. Students have to register with ICMAI on their official website and pass all examinations held by them along with some practical training.
Previously this course was known as CWA which is Cost and Works Accounting and ICMAI was known as ICWA. Now, the course has been renamed.
CMA Course Details
CMA course consists of three levels.
Students pursuing the course will have to clear all three levels.
CMA Foundation is the first level followed by CMA Intermediate. This level will have two groups, group 1 & group 2. CMA Final will be the last one with two groups as well, group 3 & group 4.
The duration of the course is of 3 years.
CMA Course Details: Eligibility Criteria
To enroll in this course and start your career in CMA, a candidate must meet the following eligibility criteria.
CMA Foundation Eligibility Criteria
- A candidate must have passed class 10th or equivalent from a recognized board
- Passed the Senior Secondary School Examination under the 10+2 scheme of a recognized Board or has passed the National Diploma in Commerce Examination held by the All India Council for Technical Education or any State Board of Technical Education under the authority of the said All India Council, or the Diploma in Rural Service Examination conducted by the National Council of Rural Higher Education
CMA Intermediate Eligibility Criteria
- The candidate must have cleared the CMA Foundation Course
- The candidate must have completed oral/postal coaching
- The candidate must have completed skills training
CMA Final Eligibility Criteria
- The candidate must have cleared the CMA intermediate course (both groups)
- The candidate must have completed oral/postal Coaching
- The candidate must have completed 15 months of Practical Training
For more information about the practical training required in the CMA course, you can check out our blog.
CMA Articleship: Practical Training for the CMA Course
For more CMA Course details you can also visit the official website of ICMAI
How to Register for CMA Course?
CMA exams are held twice a year, once in June and once in December. Students can visit the official website of ICMAI for the registration process. Though the registration portal is open throughout the year, students appearing in the June term must register on or before 31st January of that year and students appearing for the December term must register before 31st July of that year.
For step-by-step instructions on how to register, check out our blog.
CMA Registration: Foundation, Intermediate, and Final
A registration fee is also charged at the time of registration.
CMA Course Fees
Registration fees for the Foundation, Intermediate, and Final are provided before.
CMA Course Syllabus
CMA Course consists of three levels of examination. CMA Foundation, CMA Intermediate, and CMA Final. CMA Inter and CMA Final contain two groups each. The syllabus for all three is given below.
CMA Foundation Syllabus
CMA Foundation has 4 papers
|Paper 1: Fundamentals of Economics and Business|
|Paper 2: Fundamentals of Accounting|
|Paper 3: Fundamentals of Law and Ethics|
|Paper 4: Fundamentals of Business Mathematics and Economics|
CMA Intermediate Syllabus
CMA Intermediate has 2 groups containing 4 papers each.
CMA Intermediate Group 1
|Paper 1: Financial Accounting|
|Paper 2: Law and Ethics|
|Paper 3: Direct Taxation|
|Paper 4: Cost Accounting|
CMA Intermediate Group 2
|Paper 1: Operations Management and Strategic Management|
|Paper 2: Cost and Management Accounting and Financial Management|
|Paper 3: Indirect Taxation|
|Paper 4: Company Accounts and Audit|
CMA Final Syllabus
CMA Intermediate has 2 groups containing 4 papers each.
CMA Final Group 3
|Paper 1: Corporate Laws and Compliance|
|Paper 2: Strategic Financial Management|
|Paper 3: Strategic Cost Management – Decision Making|
|Paper 4: Direct tax Laws and Indirect Taxation|
CMA Final Group 4
|Paper 1: Corporate Financial Reporting|
|Paper 2: Indirect Tax Laws and Practice|
|Paper 3: Cost and Management Accounting|
|Paper 4: Strategic Performance Management and Business Valuation|
CMA Exam Details
CMA exams are held twice a year, once in June and once in December. To sit for CMA examinations, registered students have to fill out an exam form which is released by ICMAI before the exam date. An examination fee is also charged.
As there are two groups in Intermediate and Final level, students can choose to give examinations for both groups together or single group individually. Only after clearing both groups will the level be considered passed.
- The duration of the CMA Foundation exam is of 2 hours
- The duration of the Intermediate and Final exams is of 3 hours
- Each paper will contain 100 marks
- To pass each group, students must obtain 40% marks in individual papers and 50% marks in aggregate.
ICMAI issues admit cards to students 15 days prior to the examination. Candidates must download their admit cards from the official website. Without the admit card, entry into the examination hall will not be allowed.
Career After CMA
The field of Cost and Management Accountant offers you a large number of career prospects. From high growth opportunities to high salary packages, CMA offers you all the skills to land a great job. The average salary for a fresher in CMA in India is 7 lakhs per annum and can even go higher. After the successful competition of the CMA course, you will have numerous doors and opportunities open to you. You just have to walk through the right door and grab the best opportunities. It also offers you opportunities to work globally.
Benefits of a career in CMA
Great Job Opportunities
CMA course can throw some really good job opportunities your way. You can work in huge organizations, corporations, and multinational companies with a terrific job profile and climb up the ladder as high as you want and work hard for. Companies such as ITC, ICICI Bank, Wipro, Ford, Amazon, Accenture, Larson, and Toubro are regular recruiters. CMA can also land you managing positions in public and private sector enterprises like Managing Directors, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager, and many other important positions.
With great jobs come great responsibilities come great salaries. No doubt CMA can lead to high earnings. A student who has cleared intermediate group 1 level can get between 1 – 6 Lakhs per annum, and after clearing group 2, if he/she scored top rank in the examination can get between 3.8 – 17 Lakhs per annum. But this is just the salary before even completing the entire three-level course. A CMA certified (who has cleared all three levels) can get a starting salary of 7 – 20Lakhs per annum. High positions such as CFO (Chief Financial Officer) can earn up to 40Lakhs per annum.
Demand for a CMA is not just in India but all over the world. A CMA certified can even get opportunities to work globally in continents like America, Europe, Africa, the Middle East, etc.
Another great benefit of pursuing the CMA course is how it provides you with knowledge of business and accounting together. You can therefore work in business associations and make important business decisions and handle other operations very well.
Here are some career prospects that you can pursue:
- Financial Manager
- Chief Financial Officer
- Corporate Controller
- Financial Analyst
- Cost Accountant
- Chief Investment Officer
- Financial Controller
On the cons side, the scope for a Cost and Management Accountant is comparatively low in India as not every firm or organization requires a cost audit. Services of a CMA are only required by large-scale production/services companies, the public sector, and MNCs.
Only large-scale companies appoint CMAs these days hence the demand is a bit low but is on a rise presently and in coming years is expected to increase.
We hope this article has helped you understand What is CMA course and how you can register and start your career as a Cost and Management Accountant.
For more CMA course details, CMA classes, lectures, or study material, you can visit TopLad CMA. We offer classes for all levels and papers from India’s top faculty.