The Cost & Management Accountant is a highly reputed certification by the Institute of Cost Accountants of India (ICAI), India. Generally, people confuse between various terms like CMA, ICMAI, CWA, and ICWAI. Therefore, to make it clear, Institute of Cost & Works Accountants of India (ICWAI) has changed its identity into The Institute of Cost Management Accountants of India (ICMAI). Also, ICWA course has been renamed as CMA course. Therefore, technically there is no difference between ICWAI and CMA, they refer to one single thing.
CMA exam is considered as one of the toughest exams held in India the pass percentage ranges between 5% to 25%. However, CMA is gaining popularity in recent times among commerce students, who are contemplating to be professionals in accounting & finance due to its immense industry recognition.
This article will give a clear vision about CMA course details, syllabus, career prospects and so on
Any candidate can apply for this course after qualifying the CMA Intermediate course from any institution.
Please note the due date/last date scheduled for fulfilling the particular requirements for appearing in the June and December term examination respectively.
The Institute of Cost Accountants of India has made some changes in CMA Final Syllabus Dec 2018 in ICWAI syllabus 2016. Recently official notification from ICMAI has stated that CMA Inter and CMA Final names have been changed to CMA Executive and CMA Professional.
Number of Papers – 4
Paper 1: Fundamentals of Economics and Management (FEM)
Paper 2: Fundamentals of Accounting (FOA)
Paper 3: Fundamentals of Laws and Ethics (FLE)
Number of Papers – 8
Paper 1: Financial Accounting (FAC)
Paper 2: Laws & Ethics (LNE)
Paper 3: Direct Taxation (DTX)
Paper 4: Cost Accounting (CAC)
Paper 5: Operations Management & Strategic Management (OMSM)
Paper 6: Cost & Management Accounting and Financial Management (CMFM)
Paper 7: Indirect Taxation (lTX)
Paper 8: Company Accounts & Audit (CAA)
Number of Papers – 8
Paper 1: Corporate Laws & Compliance (CLC)
Paper 2: Strategic Financial Management (SFM)
Paper 3: Strategic Cost Management – Decision Making (SCMD)
Paper 4: Direct Tax Laws and International Taxation (DTI)
Paper 5: Corporate Financial Reporting (CFR)
Paper 6: Indirect Tax Laws & Practice (ITP)
Paper 7: Cost & Management Audit (CMAD)
Paper 8: Strategic Performance Management and Business Valuation (SPBV)
Complete Communication and Soft Skill (CSS) Training- 3 days
Complete Computer Training-100hrs.
Complete Industry Oriented Training Programme (IOTP)- 7 Days
CMA Certification is an ultimate opportunity to get better-paying jobs. According to the recent survey, CMA certification holders earn 30% more than the non-certified counterparts.
Opportunities for CMA students in India are across all areas of an organisation, right from the planning, decision support, and control function the CMA profiles are being widely used, they hold designations like CFO, CTO, Treasurer, VP (Finance), Controller, Finance Manager, Internal Auditor, Budget Analyst, Financial Analyst, Corporate or division planner, Senior Accountant, Cost Accountant, Staff Accountant.
Top Fortune companies all over the world have CMAs in their key management. Thus, it’s a clear observation that the opportunities for CMA students in India are very diverse, the salary of a CMA ranges from Rs.500000 P.A for an entry-level jobs and ranges from 30,00,000 – 50,00,000 P.A for senior level CMA job profiles.
Therefore, it’s worth investing your early age time to gain the required skills and certification. Hence it is proved that investing in CMA certification provides an ample opportunity to enjoy a successful career.
Improving cost competitiveness
Resource and performance management
Financial reporting and strategy
Cost audit and assurance
Direct and indirect taxation
Internal audit and management audit
The last dates for registration fall at least four months prior to the month in which examination is held. See below ICMAI or CMA Foundation registration last dates.
ICMAI or CMA Foundation Registration Last Dates
For June Examination of the same calendar year = 10th Feb 2020
For December Examination of the same year = 31st July 2020
Here we are also providing ICMAI Course Foundation registration last dates with examples for the benefit of students.
Read below ICMAI or CMA Foundation Inter and Final Fee Details
Foundation = ₹ 4000
Inter = ₹ 20000
Final = ₹ 17000