The Certified Management Accounting (CMA) certification is offered by the Institute of Management Accountants (IMA) in the United States. It is a professional certificate designed to provide individuals with knowledge and skills in financial planning, strategic management, corporate finance, decision-making, and professional ethics.
The syllabus of the CMA course covers a wide range of topics, including Financial Planning, Performance, and Analytics; Strategic Financial Management; Cost Management; Internal Controls; and Decision Analysis. These subjects are carefully crafted to equip candidates with the necessary expertise to excel in the field of management accounting.
In recent years, the demand for CMA courses in India has been steadily increasing as the certification is recognized globally. The duration of the CMA course is typically three years. To be eligible for the CMA course, candidates must have successfully completed their 10+2 education and hold a bachelor’s degree in any stream, except fine arts, from an accredited institution.
CMAs have a broad range of career opportunities available to them in various industries such as healthcare, financial services, and technology. They can assume roles such as financial analyst, financial manager, cost accountant, financial controller, and senior executive. The average salary of a CMA professional in India can range from INR 6 to 8 LPA, providing a lucrative career path for individuals pursuing this certification.
Several top institutes in India offer CMA courses, including ICAT Design & Media College, The Institute of Cost Accountants of India in Cochin, GCEC Jaipur, Evolve Business School, and Jettwings Business School. The approximate fee for the CMA course in India is around INR 1,00,000.
In summary, the CMA certification offered by the IMA is a comprehensive program that equips individuals with the necessary skills and knowledge in management accounting. With increasing demand and a wide range of career opportunities, the CMA course in India provides a pathway to success for aspiring professionals in the field.
| Course Name | Certified Management Accounting |
| Offered by | Institute of Cost Accountants of India (ICAI) |
| Eligibility Criteria | Passed 12th with a minimum of 50% marks or have a bachelor’s degree |
| Course Levels | Foundation, Intermediate and Final |
| Total No. of Papers | 20 |
| Duration | 3-years |
| Course Fees | INR 1,00,000 – INR 2,00,000 |
| Average Salary | INR 6 LPA |
| Job Profiles | Financial analyst, cost accountant, budget analyst, cost controller, financial officer, and accountant |
What is CMA Course?
The CMA (Certified Management Accountant) certification is a globally recognized professional certification in management accounting. In India, it is offered by the Institute of Cost Accountants of India (ICAI), previously known as the Institute of Cost and Works Accountants of India (ICWAI). The CMA course consists of three stages: Foundation, Intermediate, and Final. To obtain the certification, candidates must complete all three stages and meet additional requirements, including practical training and work experience.
CMA Duration
The duration of a CMA (Certified Management Accountant) course is 3-years but may vary depending on the program and the mode of study. Given below is the duration for the CMA course:
- The average duration of a CMA course in India is around 2-3 years
- If a candidate is a graduate pursuing the CMA course in India, then the duration may be around 2 to 2.5 years.
CMA duration for each level is mentioned below:
| CMA Course Level | Duration |
|---|---|
| CMA Foundation | 8 months |
| CMA Intermediate | 10 months |
| CMA Final | 18 months |
Skills Required in CMA Course
To pursue a CMA course, there are several skills that can be helpful in succeeding in the program and in the career. Some of the skills required in the CMA course are
- Accounting skills: A strong foundation in accounting principles and concepts is essential for a CMA. Candidates must have knowledge of financial accounting, cost accounting, and management accounting.
- Analytical skills: A CMA candidate should be able to analyze complex financial data, identify trends and patterns, and draw meaningful conclusions.
- Strategic thinking: He/she should be able to think strategically and contribute to the development of organizational strategies. A candidate should have a thorough understanding of business and financial trends and the ability to identify opportunities and risks.
- Technology skills: Technology skills are essential for many professions today, and this is particularly true for accounting and finance professionals such as CMAs.
CMA Application Process
To register for the CMA (Certified Management Accountant) course in India, candidates are required to follow a specific process outlined by the Institute of Cost Accountants of India (ICAI).
It is important for candidates to carefully follow the registration process and ensure that all necessary documents and fees are submitted within the specified deadlines. Upon successful registration, candidates will receive their registration number and can start preparing for the CMA examinations.
In summary, candidates interested in the CMA course in India must complete the registration process by filling out the application form, submitting the necessary documents, and paying the registration and examination fees. Following the registration, candidates will receive study materials and can proceed with the examination registration. Adhering to the registration process and timelines is essential for a smooth and successful CMA course journey.
Candidates need to submit the following documents along with their application form:
- Passport-sized photograph
- Scanned copy of the signature
- 10+2 mark sheet or equivalent
- Age proof (birth certificate or 10th class mark sheet)
- Category certificate (if applicable)
CMA Eligibility
The eligibility criteria is different for each CMA course level.
CMA Foundation Eligibility Criteria
- Candidates must have passed high school or equivalent and have a 10+2 certificate from a recognized board, or
- Passed a commerce Examination from Qualified National Diploma by AICTE/State Board of Technical Education, or
- Diploma in Rural Service Examination under National Council for Higher Education.
- The applicant must be 18 years or older.
CMA Intermediate Eligibility Criteria
- Passed the 10+2 examination.
- Cleared the CMA Foundation examination.
- Passed Part 1 of the CAT exam of the Institute of Cost Accountants of India, or have a Bachelor’s degree except in fine arts.
- Cleared CA Foundation of ICSI or the Intermediate level of CA.
CMA Final Eligibility Criteria
- Candidates have to complete CMA Intermediate Parts 1 and 2.
- It is necessary to complete training to register for CMA Final.
See Also:
| Financial Modelling Courses | Financial Accounting Courses | Financial Planner Courses |
CMA Exam Dates
The exact dates for the CMA exams are mentioned in the table below.
| CMA Level | Particulars | December Cycle | June Cycle |
|---|---|---|---|
| CMA Foundation | Application Period | August 10, 2022 – November 13, 2022 | February 10, 2023 – May 2, 2023 |
| Exam Date | January 21, 2023 & January 23, 2023 | July 2, 2023 | |
| Result Declaration | January 31, 2023 | July 30. 2023 | |
| CMA Intermediate | Application Period | August 10, 2022 – November 5, 2022 | February 10, 2023 – May 1, 2023 |
| Exam Date | January 5, 2023 to January 12, 2023 | July 1, 2023 – July 8, 2023 | |
| Result Declaration | March 21, 2023 | To be Announced | |
| CMA Final | Application Period | August 10, 2022 – November 5, 2022 | February 10, 2023 – May 1, 2023 |
| Exam Date | January 5, 2023 to January 12, 2023 | July 1, 2023 – July 8, 2023 | |
| Result Declaration | March 17, 2023 | To be Announced |
CMA Exam Pattern
The examination pattern for each level of the CMA course is mentioned below:
CMA Exam Pattern for Foundation Level
The CMA Foundation exam pattern is as follows:
| Particulars | Details |
|---|---|
| No. of Papers | Four |
| Total marks | Each paper of 100 marks |
| Mode | Online Centre-based exam |
| Duration | 3 hours |
| No. of questions | 120 questions in each session |
| Type of Questions | Objective and Subjective |
| Marking Scheme | No negative marking |
| Language | Both Hindi and English |
| Passing Criteria | 40% in each subject and 50% overall |
CMA Exam Pattern for Intermediate Level
The CMA Intermediate exam consists of eight papers, which are divided into two groups of four papers each.
| Particulars | Details |
|---|---|
| No. of Papers | 8 – 4 papers in each group |
| No. of groups | Two – Group 1 & 2 |
| Total marks | Each paper of 100 marks |
| Mode | Offline-centre based |
| Duration | 3 hours |
| No. of questions | 120 questions in each |
| Type of Questions | Objective and descriptive |
| Marking Scheme | No negative marketing |
| Language | Both Hindi and English |
| Passing Criteria | 40% in every subject and 50% overall |
CMA Exam Pattern for Final Level
The CMA Final exam is also divided into two groups of four papers each.
| Particulars | Details |
|---|---|
| No. of Papers | 8 – 4 papers in each group |
| No. of groups | Two – Group 3 & 4 |
| Total marks | Each paper of 100 marks |
| Mode | Offline-centre based |
| Duration | 3 hours |
| No. of question | 120 questions in each |
| Type of Questions | Objective and descriptive |
| Marking Scheme | No negative marketing |
| Language | Both Hindi and English |
| Passing Criteria | 40% in every subject and 50% overall. |
CMA Fees
The fees for the CMA course may vary depending on the level of examination. The CMA cost of the prospectus is INR 250.
CMA Course Fees
The CMA Course fees for different levels are mentioned below:
| CMA Course Level | Course Fees |
|---|---|
| CMA Foundation Fees | INR 6,000 |
| CMA Intermediate Fees | INR 23,100 |
| CMA Inter Fees (Installment) | INR 12,000+ INR 1,100 |
| CMA Final Fees | INR 25,000 |
| CMA Final Fees (Installment) | INR 15,000 + INR 10,000 |
CMA Application Fees
Candidates can pay the CMA exam application fee online using various payment modes.
| Course Level | Exam Form Fee |
|---|---|
| Foundation course | INR 1,200 |
| Intermediate course (Group I or II) | INR 1,200 |
| Intermediate course (both groups) | INR 2,400 |
| Final course (Group I or II) | INR 1,400 |
| Final course (combination groups) | INR 2,800 |
CMA Syllabus
The detailed syllabus for CMA is mentioned below:
CMA Foundation Subjects
The CMA Foundation course is the first step towards becoming a professional management accountant. It consists of four subjects.
| CMA Foundation Subjects |
|---|
| Fundamentals of Economics And Management |
| Fundamentals of Accounting |
| Fundamentals of Laws and Ethics |
| Fundamentals of Business Mathematics and Statistics |
CMA Inter Subjects
CMA Inter is the second level of the CMA course. The CMA Inter course is divided into two groups, each consisting of four subjects.
| Group- I | Group- II |
|---|---|
| Financial Accounting | Operations Management & Strategic Management |
| Direct Taxation | Indirect Taxation |
| Laws and Ethics | Company Accounts & Audit |
| Cost Accounting | Cost & Management Accounting and Financial Management |
CMA Final Subjects
CMA Final is the last level of the CMA course. The CMA Final course is also divided into two groups, each consisting of four subjects.
| Group- III | Group- IV |
|---|---|
| Corporate Laws & Compliance | Cost and Management Audit |
| Strategic Financial Management | Indirect Tax Laws and Practice |
| Strategic Cost Management – Decision Making | Corporate Financial Reporting |
| Direct Tax Laws and International Taxation | – |
Electives
CMA Final students can choose to specialize in any one of the following elective subjects in Group IV. Check: CMA Syllabus
- Strategic Performance Management and Business Valuation
- Risk Management In Banking And Insurance
- Entrepreneurship And Start Up
CMA Study Material
The ICMA offers a range of study materials, including textbooks, study guides, practice exams, and online learning resources, to help candidates prepare for their exams. Students can download pdf study materials or order them online.
Some of the best-recommended books for CMA are as follows:
| Name of the Book | Author |
|---|---|
| Scanner ICWA Stage I | Dr. Arun Kumar |
| Modern Cost and Management Accounting | M Hanif |
| Direct Tax | Girish Ahuja |
| Cost and Management Accounting(for All India) | S.P Jain and K.L. Narang |
CMA Results
Once the exam is completed, candidates can view their results by logging into their ICMA account, where they can see their scores for each section of the exam. Candidates can expect to receive their results within six weeks or 40 days after the end of the examination window.
ICMA send an email notification to candidates when their results are available. To pass the CMA exam, a minimum score of 360 out of 500 is required.
Comparison Between CMA, CFA and CA
Some key differences between CMA, CFA, and CA certifications include:
| Parameter | CMA | CFA | CA |
|---|---|---|---|
| Full-Form | Certified Management Accountants | Chartered Financial Analyst | Chartered Accountant |
| Overview | It focuses on demonstrating proficiency in financial planning, analysis, control, and decision support. | It provides a strong foundation in investment analysis, portfolio management, and ethical standards. | It is a professional designation awarded to individuals who have completed a rigorous program of education and training in accounting, auditing, and taxation. |
| Issued by | Institute of Cost Accountants of India (ICAI) | CFA Institute | Institute of Cost Accountants of India (ICAI) |
| Eligibility | 10+2 | 10+2 or a Bachelor’s degree or equivalent education | 10+2 or a Bachelor’s degree or equivalent education |
| Exam Level | Level 1, 2, and 3 | CMA Foundation, CMA Intermediate, CMA Final | Three levels: Foundation, Intermediate, and Final. |
| Job roles | Work in management accounting and financial management roles | Investment management, asset management, or portfolio management roles | Accounting, auditing, or taxation roles. |
See Also:
| CA | CFA |
CMA Job Opportunities
CMA professionals have diverse career prospects across industries such as manufacturing, healthcare, technology, financial services, and government. They can pursue job roles like financial analyst, cost accountant, budget analyst, cost controller, financial officer, and accountant.
In India, CMA graduates find employment opportunities with renowned multinational corporations and financial institutions. Some of the top employers include Deloitte, PwC, EY, KPMG, Accenture, Tata Group, Aditya Birla Group, and ICICI Bank.
These employers value the skills and expertise that CMA professionals bring to the table. With their strong financial knowledge and analytical abilities, CMAs play crucial roles in strategic decision-making, cost management, budgeting, and financial analysis.
Large multinational corporations like Deloitte, PwC, EY, and KPMG often hire CMA graduates to provide consulting services to clients, conduct financial audits, and offer expert advice on financial planning and risk management.
In the financial services sector, institutions like ICICI Bank seek CMAs for roles such as financial analyst, where they can assess investment opportunities, manage financial portfolios, and analyze market trends.
The Tata Group and Aditya Birla Group, prominent conglomerates in India, offer opportunities for CMAs to work across their diverse business sectors, including manufacturing, technology, and telecommunications. CMAs can contribute to financial planning, performance analysis, and cost control measures within these organizations.
Overall, the CMA qualification opens doors to a wide range of career opportunities in India. Graduates can pursue rewarding roles in leading multinational corporations, financial institutions, and renowned conglomerates, where their financial expertise and analytical skills are highly valued.
CMA Salary
CMA professionals in India can expect varying salaries based on several factors. On average, the annual salary for a CMA in India is approximately INR 6 lakh. However, the salary range for CMAs can span from INR 3 lakh to INR 20 lakh per annum.
For CMA professionals with 1-3 years of experience, the average salary falls between INR 5 lakh to INR 10 lakh per annum. As their experience grows, CMAs with 5 to 7 years of experience can earn an annual salary ranging from INR 10 lakh to INR 20 lakh.
| Job profile | Average Salary |
|---|---|
| Cost Accountant | INR 4.8 LPA |
| Chief Financial Officer | INR 10.6 LPA |
| Internal Auditor | INR 5.85 LPA |
| Finance Director | INR 45 LPA |
| Financial Consultant | INR 10.05 LPA |
| Financial Controller | INR 22 LPA |
| Cost Controller | INR 8.4 LPA |
| Accountant | INR 6 LPA |
FAqs
What is the CMA course?
The CMA (Certified Management Accountant) course is a professional certification program for management accountants. It is offered by the Institute of Management Accountants (IMA) and focuses on financial accounting and strategic management skills.
What are the eligibility requirements for the CMA course?
A: To be eligible for the CMA course, candidates must have a bachelor’s degree from an accredited institution and at least two years of professional experience in management accounting or financial management.
How long does it take to complete the CMA course?
The duration to complete the CMA course varies based on individual study pace and commitment. On average, it takes around 6-12 months to complete both parts of the CMA exam.
What are the benefits of completing the CMA course?
Completing the CMA course offers several benefits, including enhanced career prospects in management accounting and financial management roles, increased earning potential, and recognition as a qualified professional in the field.
What does the CMA exam consist of?
The CMA exam is divided into two parts. Part 1 covers topics such as financial planning, performance, and control, while Part 2 focuses on financial decision making, risk management, and professional ethics.
How can I prepare for the CMA exam?
To prepare for the CMA exam, it is recommended to study the official IMA learning materials, join review courses or study groups, practice with sample questions and mock exams, and allocate sufficient time for focused study and revision.
What is the passing score for the CMA exam?
The passing score for each part of the CMA exam is not disclosed by the IMA. The exam is criterion-referenced, meaning that candidates are evaluated based on their performance relative to the established passing standard.
Is work experience required to become a CMA?
Yes, to become a CMA, candidates must have at least two years of professional experience in management accounting or financial management. This requirement can be fulfilled before or after passing the CMA exam.
conclusion
The CMA (Certified Management Accountant) course is a professional certification program offered by the Institute of Management Accountants (IMA). It provides individuals with the opportunity to enhance their financial accounting and strategic management skills. The course has eligibility requirements that include a bachelor’s degree and professional experience in management accounting or financial management. Completing the CMA course offers numerous benefits, such as improved career prospects, increased earning potential, and recognition as a qualified professional.
The CMA exam consists of two parts covering various topics related to financial planning, performance, control, decision making, risk management, and ethics. Adequate preparation through study materials, review courses, and practice exams is recommended. CMAs are required to fulfill continuing education requirements to maintain their certification. Career opportunities for CMAs exist in management accounting, financial planning and analysis, corporate finance, strategic management, and consulting across various industries and organizations. Overall, the CMA course opens doors to a rewarding career in the field of management accounting.
