CMA - COST & MANAGEMENT ACCOUNTANCY

The Cost & Management Accountancy (CMA) 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.

A Cost and Management Accountant (CMA) is a person who performs services involving costing, pricing of goods and services, verification or certification of cost records and taxation, especially in indirect taxation. Unlike pure accounting professionals, the demands for CMA’s cut across functions in all organisations.In Marketing department, he / she requires to prepare the quotation, in production department is required to advise on the profitable product mix, in the purchase department for taking make or buy decision and in top management for identifying business risk and their mitigation. CMA’s also works in the field of risk management and valuation services.

Role of Cost Accountant

  • Improving cost competitiveness
  • Resource and performance management
  • Financial reporting and strategy
  • Cost audit and assurance
  • Direct and indirect taxation
  • Internal audit and management audit

Cost & Management Accountancy (CMA) Course

The Cost & Management Accountancy course consists of three levels.

  • CMA Foundation course
  • CMA Intermediate or CMA Inter
  • CMA Final

There are two options to pursue a Cost & Management Accountancy (CMA) course.

  • Foundation Entry
    If a person opts to pursue a Cost & Management Accountancy CMA course after 12th standard they can directly register for the Foundation or CPT course through Foundation Entry option.
  • Direct Entry
    If a person opts to pursue a Cost & Management Accountancy CMA courses after graduation or the students who cleared the Intermediate level of the Institute of Cost Accountants of India or The Institute of Company Secretaries of India. (ICSI), they can directly register for the Intermediate course through Direct Entry option.

Examination Criteria and Other Details

The CMA exam will be held in June and December every year. The course is not new but revised. Besides, the Foundation exam will be both descriptive and objective. Under the new scheme, a student must achieve 40% in all the subjects and 50% marks in aggregate.

  • The first step is to clear the CMA Foundation.
    You can register for this with ICMAI post your 10th Std. but you are only eligible to write the exams once you clear your 12th Std. or HSC.
    CMA Foundation is exempt if you are already a commerce graduate with >55% marks and also exempt for non-commerce graduates with >60% marks t
    The students who cleared the Intermediate level of the Institute of Cost Accountants of India or The Institute of Company Secretaries of India.
  • The second step is to enrol for the CMA Intermediate.
    Students qualified in ICSI Foundation or ICAI Intermediate or Graduation in any discipline other than Fine Arts can then appear for Group 1 and /or Group 2 examinations of the CMA Inter.
    Its mandatory to complete Communication and Soft Skill (CSS) Training for 3 days and Complete Computer Training for 100 hrs before appearing the exam.
    Once they clear Group 1 and 2 exams, they are eligible for a 6 months practical Training.
    Note: Students Who have registered for CMA Inter in 2020 has to undergo practical training for at least 15 months instead of 6 months.
  • The third step step is to enrol for the CMA Final exams.    
    Any candidate can apply for this course after qualifying the CMA Intermediate course
  • The fourth step is to Acquire Cost Accountant Membership.
CMA FOUNDATION

This is the identification for the first level of the CMA (Cost and Management Accountancy) course conducted by the ICMAI (The Institute of Cost Accountants of India). This is the entry-level course for any student intending to take up the Cost & Management Accountant course whether it be after 12th, 10+2 (Intermediate), graduation or post-graduation.

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CMA INTERMEDIATE

The CMA Intermediate is the second stage of being a CMA (Cost and Management Accountancy). This is also conducted by  the Institute of Cost Accountants of India (ICMAI). One can be eligible for CMA Inter only after he/she gets through the CMA Foundation or Graduate of any Discipline (excluding performing art, music) / Pursuing Engineering Course ( having completed 2nd year / Semester IV / Equivalent) / Qualified Engineers eligible to get direct admission to Intermediate Course.

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CMA FINAL

The third level of the CMA (Cost and Management Accountancy) course conducted by  the Institute of Cost Accountants of India (ICMAI) is identified as CMA Final. This is the third level course for any student intending to take up the Cost and Management Accountancy course after CMA Intermediate.

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