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About CMA Profession

  • CMA is short form for Cost and Management Accountant, they are also known as ‘Cost Auditor or Cost Accountant’ in general.
  • CMA is considered as India’s number one Management Accounting Profession. The role and title of CMA is created by act of Parliament through the Cost and Works Accountant Act, 1959. The profession of CMA created through the above Act has been then entrusted with various roles and responsibilities through various Indian legislations/Acts as Statutory Cost auditor, Tax auditor, Internal Auditors, Cost Accountant etc.
  • Since then, CMA profession has gained high importance and growth by their quality services and areas of expertise in cost accounting, management accounting, reporting, taxation, financial management, financial planning and cost controls.
  • Government has also keep entrusted CMA profession with lots of statutory certifications and audit responsibilities to the members which show the level of trust Government and Society has on CMA Profession.
  • Even in Industry, the skills and areas of expertise of CMA has been used widely which made them to grow faster and occupy senior level position in the organization.
  • Currently CMA qualified members are 90,000 (approx.) which is far below than the industry requirement.
  • CMA profession is regulated and managed by Institute of Cost Accountants of India (ICAI), Kolkata which was earlier known as Institute of Cost and Works Accountants of India (ICWAI).

Levels in CMA Exams

Foundation course

(Consist of 4 papers of 100 marks each) Duration: 3 hour

Intermediate course

Group I (Consist of 4 papers of 100 marks each) Duration: 3 hour
Group II (Consist of 4 papers of 100 marks each) Duration: 3 hour

Final course

Group I (Consist of 4 papers of 100 marks each) Duration: 3 hour
Group II (Consist of 4 papers of 100 marks each) Duration: 3 hour

Eligibility to Enrol for CMA

  • After passing 10+2 (or equivalent), student can enrol for CMA-Foundation
  • Graduates can directly enrol for CMA- Intermediate

Registration Due dates

Foundation course - For 10+2 passed students
- Before 31st January to write CMA- Foundation exam in June
- Before 31stJuly to write CMA-Foundation exam in Dec
Intermediate course - For Graduates/CMA/CS Foundation completed students
- Before 31st January to write CMA- Intermediate exam in June
- Before 31stJuly to write CMA-Intermediate exam in Dec

Registration Procedure

Foundation course (Applicable for 10+2 passed students)

  • Students needs to register to CMA-Foundation course by filling Admission form available in Regional offices/Chapters
  • Pay required fees either through online (www.icma.in portal) or at the chapters/regional office
  • Submit the duly signed application form and Identity card along with the following documents
    Affix the recent colour photo graph on the above form
    Attested copy of 10+2 marks card
    Attested copy of 10th marks card indicating name and date of birth
  • After successful completion of the registration student will be issued Identification number, ID card and Study material from the regional offices.

Provisional Registration for Intermediate

Students who are pursuing final year of Graduation can also apply for registration for intermediate course on provisional basis however the required proofs need to be submitted within18 months.

Final course (After completing CMA-Intermediate)

  • Students needs to register for CMA-Final course by filling admission form available with chapters
  • Pay required either through online (www.icma.in portal) or at the chapters/regional office
  • Pay required either through online (www.icma.in portal) or at the chapters/regional office

The validity of registration is 7 years. After expiry, student need to apply for DENOVO Registration with the prescribed fee.

Important Study requirements in CMA

A. Coaching Scheme

  • Two methods of Coaching - (i) Postal Coaching, where student need to prepare on their own and (ii) Oral Coaching, where student need to attend classes at chapters for preparation.
  • Students need to opt for one of the method at the time of registration/admission
  • Student will get study material under both the methods
  • In case of postal coaching, student need to submit answer to the test papers and in case of oral coaching student need to write exam at the chapter, to get coaching completion certificate before appearing for main exam (Intermediate/Final)

B. Computer Training

  • Student of Intermediate course need to undergo 100 hours of compulsory computer training at the chapters
  • Completion of computer training is mandatory to appear for Intermediate exams however students are allowed, to write only one group in Intermediate pending training completion.
  • Students with computer/IT education back grounds (ex. Engineers, MCA, MBA(Systems), BCA etc) are exempted to undergo above trainings

C. Communication and Soft Skills

  • Student of Intermediate course need to undergo 3days of compulsory communication and soft skills training at the chapters
  • Completion of the above training is mandatory to appear for Intermediate exams however students are allowed to write only one group in Intermediate in case training completion is pending.

D. Industry Oriented Trainings

  • Student need to undergo compulsory Industry Oriented Training at the Chapter after Completion of CMA-Intermediate.
  • Completion of the above training is mandatory to appear for Final exams however students are allowed, to write only one group in Final in case training completion is pending.
  • This training is aimed at compliance requirements and preparation under various statutes.

E. Practical Trainings

  • Student need to undergo 3 years of Practical Training with the Industry or practising Cost accountant.
  • This training can be started any time after enrolling CMA course, however student is expected to complete at least 6 months of training before writing Final exam.

F. Orientation Training Programme

  • After completion of Final, student need to under go this training for 15 days at chapter.
  • This training is toward orienting practical aspects of industry and specialized knowledge in professional fields.

Cost of Registration

Cost of Prospectus 4,500
Registration charges for Foundation 4,000
Registration charges for Intermediate 20,000
Registration charges of Final 17,000

Note : SuccessEdge will support students in online registration and online examination process.

Subjects in CMA Exams

(A) Foundation course

Paper-1 Fundamentals of Economics and Management
Paper-2 Fundamentals of Accounting
Paper-3 Fundamentals of Laws and Ethics
Paper-4 Fundamentals of Business Mathematics and Statistics

(B) Intermediate course

Group – I

Paper-5 Financial Accounting
Paper-6 Laws & Ethics
Paper-7 Direct Taxations
Paper-8 Cost Accounting

Group – II

Paper-9 Operations Management & Strategic Management
Paper-10 Cost & Management Accounting and Financial Management
Paper-11 Indirect Taxation
Paper-12 Company Accounts and Auditing

(C) Final course

Group – III

Paper-13 Corporate Laws and Compliances
Paper-14 Strategic Financial Management
Paper-15 Strategic Cost Management – Decision Making
Paper-16 Direct Tax Laws and International Taxation

Group – IV

Paper-17 Corporate Financial Reporting
Paper-18 Indirect Tax Laws and Practice
Paper-19 Cost and Management Audit
Paper-20 Strategic Performance Management and Business Valuation

Exam Structure

  • Exam will be conducted twice in a year – June/December
  • Only after passing one level student can go to another level i.e. after passing foundation one can go to Intermediate and similarly, after passing Intermediate one can go to Final exam.
  • Intermediate and Final student has an option to write either single group or both groups.
  • Student has option to write exam in Hindi/English.
  • Exam fee for foundation/any group is Rs 1,200. Exam form and fee payment can be made through online at institute portal /off line at chapter.
  • Last date for examination fee payment is 31st March for June exams and 30th September for December exam.

Minimum marks to pass CMA

  • Minimum 40 marks in each paper and aggregate 50% in all papers put to-gather
  • If any of the above two conditions are not met, student needs to write all the papers once again. Example – Foundation student got all papers 40 marks above but failed to get 200 marks in all four papers, then he/she is considered to have failed in the exam.
  • Student can get exemption in each paper if he secures 60 marks in any paper. It means if a student fails any group but secures 60 marks in any paper, then such paper he need not to write next time. However this exemption is available for successive 3 terms of exam.
  • Distinction will be awarded to the student who scores more than 70 % marks of all papers in Intermediate/final.

Qualifications to be used after Passing

After successful completion of CMA-Final, student will become qualified Cost & Management Accountant. After paying necessary membership fee member is eligible to use “ACMA” (Associate Member of Cost and Management Accountant) and after completion of 5 years of relevant industry/practice experience member can use “FCMA” (Fellow Member of Cost and Management Accountant) as qualification.

CMA qualified is also eligible to use prefix of “CMA” before their name.

Example. Mr. CMA Ramakrishna, FCMA

What a CMA can do after qualifying?

Qualified CMA has broadly the following two options

  • Practice by obtaining Certificate of Practice from Institute
  • Work in Industry

Some of Top Practice Opportunities for a CMA

  • CMA can be appointed as Cost Auditor under The Companies (Cost Records and Audit) Rules, 2014 and under Section 148 of the Companies Act.
  • Various Certification under Director General of Foreign Trade
  • Empanelment as Auditor in West Bengal co-operative society
  • Stock Audits of Banks
  • Concurrent audits of Banks
  • Due diligence of Banks.
  • Valuation audits
  • Special audit under Customs Act
  • Audit under GST Act,
  • Certification of Cost of production for captive consumption purpose
  • Certification of Consumption for import application purpose
  • Certification under Exim policy
  • Surveyor and loss assessor under Insurance Act
  • Project management
  • Recovery consultants in banking sector
  • Internal Auditor as per CARO regulations
  • Certifications under Companies Act
  • Certifying financial projections and project reports
  • Statutory registrations
  • Accounting, Payroll, Accounting system design and preparation of financial statements
  • Tax fillings & Assessments
  • Practice under FEMA
  • Business Valuation

Jobs where CMA can be hired in the Industry

  • Every company is required to maintain cost records as per Companies Act where CMA is appointed to ensure this compliance.
  • Cost Accountant/Chief Cost Accountant
  • Accounting, Book Closing and Financial preparation
  • Tax Controller
  • MIS reporting
  • Budgeting
  • Treasury & Cash Management
  • Cost accounting and reporting
  • Stores management
  • Purchase and Commercials
  • Finance Manager (overall handling of finance)
  • Financial Planner and Analyst (overall budgeting and reporting works)
  • Consolidation of group accounts
  • Investment planning
  • Risk Management
  • Credit analyst
  • Stock broking
  • Relationship manager/product specialist in Banking, Financial Services and Insurance Companies
  • Strategy and Business development
  • Chief Financial Officer

General Income Range of CMA

General Income Range of CMA Approx. INR 2 lakhs to INR 3 lakhs in a year
CMA Fresher in Industry Approx. INR 4 lakhs to INR 6 lakhs in a year
CMA after 10 years in Industry Approx. INR 20 to 30 lakhs (Current level)
Practising CMA in 3 years Approx. INR 5 to 10 lakhs (Current level)
Practising CMA in 10 years Approx. INR 30 lakhs (Current level)

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