CMA Course
Cost and Management Accountancy (CMA)
The Institute of Cost Accountants, commonly known as ICMAI, offers CMA course. Some people term the course with CMA full form that is Cost and Management Accounting. Earlier, the CMA course was known as CWA. CWA full form was Cost and Works Accounting. The course administering body in India was the same back then; however, ICMAI was formerly known as the Institute of Cost and Works Accountants of India (ICWAI). If a student is interested in managing the accounts of numerous departments in a company, and integrating them to help streamline costs, then the ICWA course is just right for an individual. The CMA course duration is three years with or without formal training. The designation is a gateway to a lucrative career in business accounting. The CMA course functions on four pillars of knowledge, including Management, Regulatory Framework, Strategy, and Financial Reporting.
The CMA exam is conducted at 3 (three) levels:
- Level 1: CMA Foundation
- Level 2: CMA Intermediate
- Level 3: CMA Final
CMA Foundation Eligibility Criteria
- Have passed Class 10 or equivalent followed by Class 12 or equivalent
- If they have received National Diploma in Commerce Examination (AICTE or by any recognised board)
CMA Intermediate Eligibility Criteria
- Passed SSC or equivalent
- Foundation or entry level of Common Admission Test (CAT) by Institute of Cost Accountants of India (ICAI)
- Graduation in any stream (except Fine Arts)
- Even students who are awaiting results would pass CMA course eligibility
CMA Final Eligibility Criteria
- Students who are done with their Intermediate level at school
- Graduation in any stream (except Fine Arts)
- Have passed all eight papers of the Intermediate course
CMA Exam Fees
Foundation: Rs 1200
Intermediate: Rs 1200 for one group
Rs 2400 for two groups
Final : Rs 1400 for one group
Rs 2800 for two groups
CMA Exam Pattern
The table below mentions the CMA exam pattern for Foundation, Intermediate, and Final exams
CMA Exam Pattern Features | CMA Foundation Exam Pattern | CMA Inter Exam Pattern | CMA Final Exam Pattern |
Mode of exam | Offline Centre-Based Test | Offline Centre-Based Test | Offline Centre-Based Test |
Type of questions | Objective | Subjective | Subjective |
Total marks | 100 (each paper) | 100 (each subject) | 100 (each subject) |
CMA exam duration | 120 minutes | 180 minutes | 180 minutes |
Number of groups | – | 2 | 2 |
Number of subjects | 4 | 4 (in each group) | 4 (in each group) |
CMA Syllabus for Foundation Course
Paper Number | Subject Name |
Paper 1 | Fundamentals Of Business Laws and Business Communication (FBLC) |
Paper 2 | Fundamentals of Financial and Cost Accounting (FFCA) |
Paper 3 | Fundamentals of Business Mathematics and Statistics (FBMS) |
Paper 4 | Fundamentals of Business Economics and Management (FBEM) |
CMA Syllabus for Intermediate Course
Paper Number | Subject Name |
Group 1 | |
Paper 5 | Business Laws & Ethics (BLE) |
Paper 6 | Financial Accounting (FA) |
Paper 7 | Direct and Indirect Taxation (DITX) |
Paper 8 | Cost Accounting (CA) |
Group 2 | |
Paper 9 | Operations Management and Strategic Management (OMSM) |
Paper 10 | Corporate Accounting and Auditing (CAA) |
Paper 11 | Financial Management and Business Data Analytics (FMDA) |
Paper 12 | Management Accounting (MA) |
CMA Syllabus for Final Course
Paper Number | Subject Name |
Group 3 | |
Paper 13 | Corporate and Economic Laws (CEL) |
Paper 14 | Strategic Financial Management (SFM) |
Paper 15 | Direct Tax Laws and International Taxation (DIT) |
Paper 16 | Strategic Cost Management (SCM) |
Group 4 | |
Paper 17 | Cost and Management Audit (CMAD) |
Paper 18 | Corporate Financial Reporting (CFR) |
Paper 19 | Income Tax Laws and Practice (ITLP) |
Paper 20 (one of the following) | Strategic Performance Management & Business Valuation (SPMBV) |
Risk Management in Banking and Insurance (RMBI) | |
Entrepreneurship and Start-Up (ENTS) | |
Employment opportunities after qualifying the CMA course:
- A very robust campus placement facility is there in the CMA institute itself and every term mostly all the qualified candidates get placed in reputed companies like ITC, GAIL, ONGC, L&T, Vedanta, etc.
- Apart from the fresh campus recruits, the instate keeps on posting the job openings available in various areas gathered from job portals, newspapers, etc.
- The off-campus opportunities and requirements of CMAs are also huge and is on the uptrend due to the cost conscious nature of the companies.
- Various Universities and IIMs have recognized CMA qualification for registration as Ph.D. candidates in Commerce, Management and allied disciplines.
- Realising the importance of the profession of the Cost and Management Accountancy in the economic development of the nation, the Central Government has constituted an all-India cadre known as Indian Cost Accounts Service (ICoAS) at par with other Class-I services such as IAS, IFS etc. to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.
- The realm of independent practice offers extensive opportunities for Cost Accountants, necessitating the acquisition of a Practice Certificate from the Institute. Detailed information regarding this process can be found in the “Membership Section” of the Institute’s website: http://www.cmaicmai.in/external/Home.aspx. Cost Accountants have the flexibility to establish their practice independently as proprietors, form new partnership firms with fellow Cost Accountants or join existing firms as new partners. Their clientele encompasses a diverse range of entities, including private and public companies, large corporations, medium and small-scale enterprises, partnerships, proprietorships, as well as industrial, commercial and service-oriented establishments. To guide practicing Cost Accountants, the Institute has provided suggested fee guidelines, accessible at https://icmai.in/upload/pd/Scale_of_Fees.pdf.