Costing is a very important part in CMA final. CMA final costing classes requires your constant hard work and consistency.
After qualifying for CMA foundation as well as CMA intermediate, It’s time to knock down the CMA final. CMA final is the last level of this course and after successfully completing it, you can finally go on to work as a Cost and Management Accountant.
CMA final consists of two groups i.e. group 3 and group 4. Both of these groups contain 4 papers each, therefore, you have a total of 8 papers in your CMA final course. All of these papers are very important subjects that you will use one day, out in the real world. That is why students prefer to take classes for all of them separately to grasp all the concepts completely.
Table of Content:
- What CMA Final has for you?
- CMA Final Costing Classes – What it Covers?
- CMA Final Costing Classes – What Will You Study?
- Types of Study Material for CMA final costing classes
- TopLad’s CMA Final Costing Classes
What CMA Final has for you?
As mentioned above, your final level has 2 groups each containing 4 papers.
CMA final group 3 papers are:
- Paper 13: Corporate Law & Compliance
- Paper 14: Strategic Financial Management (SFM)
- Paper 15: Strategic Cost Management – Decision Making (SCMD)
- Paper 16: Direct Tax Laws and International Taxation (DTI)
CMA final group 4papers are:
- Paper 17: Corporate Financial Reporting (CFR)
- Paper 18: Indirect Tax Laws and Practice (ITP)
- Paper 19: Cost and Management Audit (CMAD)
- Paper 20: Strategic Performance Management and Business Valuation (SPBV)
CMA Final Costing Classes – What it Covers?
In your CMA final costing classes, you will be studying the subject “Strategic Cost Management – Decision Making (SCMD)”in detail. This is one of the most essential papers in your syllabus as it covers some of the most important concepts that a CMA needs to learn in order to be successful as a professional.
Strategic Cost Management involves tools and techniques for the purpose of Cost Planning and Management. It supports decision-making in areas of materials, pricing, cost analysis, and profitability analysis. It also helps to develop skills of analysis, evaluation and synthesis in cost and management accounting and to gain understanding and to be capable of solving issues relating to the design and implementation of cost management models in modern firms.
The basics of Strategic Cost Management – decision making at CMA Final Level are:
- The paper covers the conceptual and numerical problems in complex modern industrial organisations within which the various facets of decision-making and controlling operations take place.
- The subject includes discussion of costing systems and activity-based costing, activity management, and implementation issues in modern costing systems.
- You will be introduced to the latest developments in Cost Management. It might include Throughput Costing and Lean Accounting and techniques of Cost reduction.
The Best Approach to Studying “Strategic Cost Management – Decision Making”
- Concentrate on understanding the theoretical concepts.
- Practice a lot of problems in the domain.
- Refer to previous years’ examination papers to get an idea of the questions.
- Understand the formulae and concepts involved rather than mugging them up.
CMA Final Costing Classes – What Will You Study?
Paper 15, “Strategic Cost Management – Decision Making (SCMD)” consists of three sections, A, B, and C and 6 chapters in total.
Section A: Cost Management
Under this section, you will be studying one chapter and that is Cost Management.
Cost management is basically the process of planning and controlling the costs associated with running a business. It includes collecting, analysing and reporting cost information to more effectively budget, forecast and monitor costs. Cost management practices can be applied to specific projects or to the company’s overall operating model. Cost management typically focuses on generating savings and maximizing profits in the longer term.
Section B: Strategic Cost Management Tools and techniques
Under section B there are 4 chapters. These are Decision making techniques, Standard Costing in Profit Planning, Activity Based Cost Management Cost of quality and Total quality management.
- Decision making techniques: In the decision making process, you choose one course of action from a few possible alternatives. In the process of decision making, you may use many tools, techniques, and perceptions. In addition, you may make your own private decisions or may prefer a collective decision. Usually, decision making is hard, but to solve that there are many Techniques, which you will study in this topic.
- Standard Costing in Profit Planning: Standard costing is basically the practice of estimating the expense of a production process. It’s a branch of cost accounting that’s used by a manufacturer. For example, to plan the manufacturer’s costs for the coming year on various expenses such as direct material, direct labor, or overhead. You will study this in depth.
- Activity Based Cost Management and Cost of quality: Activity-based costing (ABC) is a method of assigning overhead and indirect costs such as salaries and utilities to products and services. ABC is a cost accounting system based on activities, which are considered any event, unit of work, or task with a specific goal. This is just a just, you will be studying this in depth.
- Total quality management: Total quality management (TQM) is the continual process of detecting and reducing or eliminating errors in manufacturing. It also helps in streamlining supply chain management, improving the customer experience, and ensuring that employees are up to speed with training.
Section C: Strategic Cost Management – Application of Statistical Techniques in Business Decisions
Under the section there is only one chapter and that is the Application of operation research and statistical tools in strategic decision making.
Operations research (OR) is an analytical method of problem-solving and decision-making that is useful in the management of organizations. By using mathematical analysis, operations research breaks problems down into their basic components and then solves them in defined steps.
Generally, the steps of operations research are as follows:
- Identifying a problem that needs to be solved.
- Constructing a model around the problem that resembles the real world and variables.
- Using the model to derive solutions to the problem.
- Testing each solution on the model and analysing its success.
- Implementing the solution to the actual problem.
Now, when it comes to what will the CMA final costing classes cost, the cost will vary between Rs. 7,000- Rs. 12,000/- , depending upon the quality of the class.
You can also check out TopLad’s CMA final costing classes. Click the link below:
Study Material for CMA final costing classes
The study material obviously varies from coaching center to coaching center but some basic study material that you may need are:
- Notes for specific subjects
- Mock test Paper
- Previous year papers or scanner
- Video lectures
- Capsule Videos
TopLad’s CMA Final Costing Classes:
TopLad has top faculties in India that will help you to master the CMA course and gain the knowledge which you will remember for a lifetime and will be able to apply in your life and career. We also provide study material to our aspirants like books, notes, mock test papers, and past year papers. We provide many courses in both Hindi and English.
So, join TopLad now at very reasonable rates – CMA Final Online Classes
You can also check out our course for all the other papers and levels