CMA is offered by ICAI and has 3 levels, Foundation, Intermediate and Final. Candidates who have completed their 10+2 and are thinking of taking up the CMA course can read this article to get the details of the course.
CMA course is studied by commerce students mostly as this is a short-term professional course. This course is offered by the Institute of Cost Accountants (ICAI). The CMA or Cost and Management Accounting course has 3 levels, Foundation, Intermediate and Final. Students seeking admission to the course can apply online through the official website, icmai.in. The CMA enrollment takes place throughout the year by ICMAI, however, to apply for a specific exam session, there is a given time limit. CMA was earlier known as CWA which stands for Cost and Works Accounting.
The CMA course syllabus mainly focuses on valuation issues, financial statement analysis, working capital policies, external financial reporting, etc. Those who have completed their CMA course are termed a CMA (Certified Management Accountants). A Certified Management Accountant is someone who offers to execute services involving the costing and pricing of goods and services or who prepares, verifies, or certifies cost accounting and associated statements. Due to rising competition in the corporate sector, the demand for CMAs has grown significantly in the market. To get an idea of the CMA course, take a look at this article for the course structure, eligibility criteria, subjects offered, career prospects, salary, etc.
CMA Course Highlights
The aspirants who want to study the CMA course, need to check the quick insights about the course. Check out the table below for important highlights of this course:
Particulars | Details |
|---|---|
Course Name | CMA or Certified Management Accountants |
Conducting Body | The Institute of Cost Accountants (ICAI) |
CA Course Duration | 3 years |
Frequency of Conduct | Twice every year |
Degree | Certificate |
Number of Levels | 3 (Foundation, Intermediate, Final) |
CMA Course Eligibility Criteria | Foundation - Passed Class 10 and 12 and received a national diploma in commerce from either AICTE or any recognized board. Intermediate - Completed the UG degree in any stream except Fine Arts and passed the Foundation course from ICAI. Final - Passed the Intermediate level. |
Course Fee | Foundation - INR 6,000 Intermediate - INR 23,100 Final - INR 25,000 |
CMA Job Role | Cost Controller, Finance Manager, Certified Management Accountant, Cost Accountant, etc. |
Also Read:How to Become a Chartered Accountant?
Types of CMA Course
The CMA course has 3 levels and aspirants need to check the eligibility criteria before applying for the initial course. Students have to pass each level to become eligible for the next level.
The CMA course duration is flexible and can be completed in India within 3 years to 4 years maximum. The time that a student needs to complete the course depends on his/ her level of focus and dedication.
Following are the three levels of the CMA course:
- Level 1 - CMA Foundation Level
- Level 2 - CMA Intermediate Level
- Level 3 - CMA Final Level
Check out the details of the three levels of the CMA course below.
Level 1 | Level 2 | Level 3 |
|---|---|---|
CMA Foundation Level | CMA Intermediate Level | CMA Final Level |
This is the first level of the CMA course and students get to study the fundamentals of cost management methods and whereabouts in the financial business during this foundation stage. It is predicted that the CMA course will take at least 8 months to complete. | The second level of the CMA course is the CMA intermediate stage. After completing the foundation level, students must take the intermediate CMA course. Intermediate students study financial accounting in-depth and are introduced to direct and indirect taxation, cost accounting, and more. The students will take a minimum of 10 months to complete this level. | The last level of the CMA course is the Final Level which students who have passed the Intermediate level can pursue. The third level, considered the most challenging of the three levels of the CMA course, provides insight into the administration of many financial concerns, such as strategic financial management and specific legislation related to various taxation. This level can be completed within 18 months approximately. |
Also Read:CFA Vs CMA: Which is Better?
CMA Course Eligibility Criteria
If you want to apply for the CMA course, you must be well aware of the eligibility criteria for the different levels of the CMA course. The requirements for every stage are mentioned below.
CMA India Course Foundation Level | CMA India Course Intermediate Level | CMA India Course Final Level |
|---|---|---|
You must have completed Class 10 or an equivalent level of education from a recognised board. Candidates should have passed their Senior Secondary Examination (10+2) or equivalent from a recognised examination board. Other than that, if you hold a National Diploma in Commerce Education by AICTE or any State Board of Technical Education, you will be considered eligible. Candidates who have passed the qualifying examination for direct admission to the Intermediate course are exempted from the Foundation course. | For the intermediate level, you must have completed your Class 12 education. You should have passed the Foundation course from the Institute of Cost Accountants of India (ICAI). You must also hold an undergraduate degree in any discipline but Fine Arts. | To become eligible for the CMA Final level, you must have passed the intermediate level. Must have a valid CMA registration number. |
Direct Admission Eligibility Requirements
An individual who wants to become a registered student needs to apply to the Institute in the prescribed form, with appropriate fees and to produce documentary evidence to the satisfaction of the Council that he/ she has passed any of the following examinations given below:
- A degree examination from any recognized University or equivalent
- A degree (honours) examination from any recognized University
- Pursuing Engineering Course (having completed 2nd year/ Semester IV/ equivalent) or Qualified Engineers Direct Admission to Intermediate Course.
- A master's degree examination from any recognized University or any of the Indian Institute of Management
- An Engineering Degree examination of any recognized University or any of the Indian Institute of Technology or the Indian Institute of Science
- The Final examination of the Institute of Chartered Accountants of India or England and Wales, or Scotland or Ireland or the Final Examination of the Chartered Institute of Management Accountants, London, or the Final Examination of the Institute of Company Secretaries of India; the Final Examination of the Association of Chartered Certified Accountants, U.K.
- The Foundation Course examination of this Institute, The Institute of Cost Accountants of India.
- Entry Level-Part I Examination of Certificate in Accounting Technicians (CAT) course of this Institute
- Entry Level-Part I Examination and Competency Level Part II Examination of Certificate in Accounting Technicians (CAT) course of this Institute can seek admission to the Intermediate Course of the Institute
- Section ‘A’ and Section ‘B’ examinations of the Institution of Engineers (India) or equivalent
- Subordinate Accounts Service Examination conducted by the Central/ State Government Organisations
- Part I and Part II of Banking Examinations styled C.A.I.I.B.
- Any other examinations as may be recognized by the Council for admission as a registered student of the Institute.
- Qualified in the Foundation Course examination conducted by the Institute of Company Secretaries of India.
- Intermediate examination (or by whatever name it is called) qualified students of the Institute of Chartered Accountants of India.
CMA Important Dates
The ICAI CMA course includes Foundation, Intermediate and Final exams conducted by the Institute of Cost Accountants of India (ICAI).
Foundation Exam
The Foundation Course exam for the CMA course will be conducted offline, OMR-based from the exam centre consisting of multiple choice questions. Find below the syllabus, the exam and the result date:
Sunday, June 16, 2024 | Foundation Course Examination Syllabus - 2022 | |
|---|---|---|
Time 10:00 AM to 12:00 Noon Paper – 1 & 2 (200 Marks) | Time 2:00 PM to 4:00 PM Paper – 3 & 4 (200 Marks) | |
Paper – 1: Fundamentals of Business Laws and Business Communication (100 Marks 50 Multiple Choice Questions) Paper – 2: Fundamentals of Financial and Cost Accounting (100 Marks 50 Multiple Choice Questions) | Paper – 3: Fundamentals of Business Mathematics and Statistics (100 Marks 50 Multiple Choice Questions) Paper – 4: Fundamentals of Business Economics and Management (100 Marks 50 Multiple Choice Questions) | |
Result Declaration Date | July 11, 2024 | |
Intermediate and Final Exam
The CMA exams 2024 will start on June 11, 2024 and will continue till June 18, 2024. The detailed course-wise exam dates, papers and result dates have been provided below:
Day and Date | Final Exam (Time: 10:00 AM to 01:00 PM) | Intermediate Exam (Time: 2:00 PM to 05:00 PM) |
|---|---|---|
Programme for Syllabus 2022 | Programme for Syllabus 2022 | |
Tuesday June 11, 2024 | Corporate and Economic Laws (P-13) | Business Laws and Ethics (P-05) |
Wednesday June 12, 2024 | Cost and Management Audit (P-17) | Operations Management and Strategic Management (P-09) |
Thursday June 13, 2024 | Strategic Financial Management (P-14) | Financial Accounting (P-06) |
Friday June 14, 2024 | Corporate Financial Reporting (P-18) | Corporate Accounting and Auditing (P-10) |
Saturday June 15, 2024 | Direct Tax Laws and International Taxation (P-15) | Direct and Indirect Taxation (P-07) |
Sunday June 16, 2024 | Indirect Tax Laws and Practice (P-19) | Financial Management and Business Data Analytics (P-11) |
Monday June 17, 2024 | Strategic Cost Management (P-16) | Cost Accounting (P-08) |
Tuesday June 18, 2024 | Electives (Any one of three Papers) : (i) Strategic Performance Management and Business Valuation (P-20A) (ii) Risk Management in Banking and Insurance (P-20B) (iii) Entrepreneurship and Startup (P-20C) | Management Accounting (P-12) |
Result Declaration Date | August 23, 2024 | |
CMA Course Exam Pattern
Candidates who will be studying the CMA course should have an idea of the exam pattern of all 3 levels. ThevCMA Intermediate exam consists of eight papers, which are divided into two groups of four papers each. The table below provides the detailed exam pattern of all the levels of the CMA course:
Particulars | Details | ||
|---|---|---|---|
CMA Course Foundation Level | CMA Course Intermediate Level | CMA Course Final Level | |
Number of Papers | 4 | 8 - 4 papers in each group | 8 - 4 papers in each group |
Number of Groups | - | Two - Group 1 & 2 | Two - Group 3 & 4 |
Total marks | 100 marks for each paper | Each paper of 100 marks | Each paper of 100 marks |
Mode of Exam | Offline OMR centre-based exam | Offline-centre based | Offline-centre based |
Duration of Exam | 3 hours | 3 hours | 3 hours |
Number of questions | 120 questions in each session | 120 questions in each | 120 questions in each |
Type of Questions | Objective and Subjective | Objective and descriptive | Objective and descriptive |
Marking Scheme | No negative marking | No negative marketing | No negative marketing |
Mode of Language | Both Hindi and English | Both Hindi and English | Both Hindi and English |
Passing Criteria | 40% in each subject and 50% overall | 40% in every subject and 50% overall | 40% in every subject and 50% overall |
CMA Course Syllabus
In total, the CMA syllabus comprises 20 papers through the three stages of the programme. The level-wise syllabus of CMA subjects is mentioned below.
Foundation Course | ||
|---|---|---|
Paper Number | Paper Name | Weight |
1 | Fundamentals of Business Laws and Business Communication | 100% |
2 | Fundamentals of Financial and Cost Accounting | 100% |
3 | Fundamentals of Business Mathematics and Statistics | 100% |
4 | Fundamentals of Business Economics and Management | 100% |
Intermediate Course | ||
5 | Business Laws and Ethics | 100% |
6 | Financial Accounting | 100% |
7 | Direct and Indirect Taxation | 100% |
8 | Cost Accounting | 100% |
9 | Operations Management and Strategic Management | 100% |
10 | Corporate Accounting and Auditing | 100% |
11 | Financial Management and Business Data Analytics | 100% |
12 | Management Accounting | 100% |
Final Course | ||
13 | Corporate and Economic Laws | 100% |
14 | Strategic Financial Management | 100% |
15 | Direct Tax Laws and International Taxation | 100% |
16 | Strategic Cost Management | 100% |
17 | Cost and Management Audit | 100% |
18 | Corporate Financial Reporting | 100% |
19 | Indirect Tax Laws and Practice | 100% |
Elective Papers | ||
20A | Strategic Performance Management and Business Valuation | 100% |
20B | Risk Management in Banking and Insurance | 100% |
20C | Entrepreneurship and Startup | 100% |
How to get Exemption in CMA
The students have to pass a group of CMA exams and score 40% marks in each of the subjects of a group and with an aggregate of 50% or more in the group. Discussed here are the guidelines of the CMA exams to avail of the exemption benefits along with the scores.
Exemption in CMA Exams: If a student fails and can't clear a group of CMA exams but secured 60% marks or more in any particular paper, the student shall be exempted from appearing on that paper in the subsequent attempt. In the case of aggregate calculation, the marks in the exempted paper will be considered as 50% in the subsequent attempt.
Carry Forward of Marks: If an individual fails and is not able to clear a group but secured 60% or more marks in a particular paper and 40% marks in other papers of that group, the student shall be exempted from appearing in that subsequent paper. The benefit that the student will get is that of moving with the actual marks of the exempted paper in the subsequent group.
CMA Course Exams
To get the CMA degree, a candidate has to complete all 3 levels of the CMA course. The CMA examinations are conducted in June and December of every year. Students enrolling in any one of the 3 CMA level courses have to appear for the Foundation, Intermediate or Final level exams conducted by ICAI to be eligible for the next phase of the entire course.
CMA Foundation Entrance Examination
The CMA Foundation entrance exam is the entry-level course for Cost and Management Accounting consisting of 4 papers. To pass the CMA Foundation exam, candidates have to secure a minimum of 40% marks in each subject and a total aggregate of 50% in all the papers. The ICMAI has announced an exemption for CAT pass-out candidates under the CMA Intermediate course.
After completing the Foundation course, students are expected to take a test to assess their abilities and the instruction they gained during the CMA course. Following the Foundation exam, the ICAI principally conducts two examinations, which are as follows:
CMA Intermediate Entrance Examination
The ICAI administers the CMA Intermediate exam to students who have completed the foundation course. After cracking the Foundation exam, students must register for the intermediate CMA course. The Intermediate exam is divided into two groups, Group 1 and Group 2. While filling out the CMA Intermediate exam form, candidates will get the option to appear in any of these or both groups in a single sitting.
CMA Final Examination
The CMA Final exam is the third and last level of the Certified Management Accountant course. The ICAI provides the CMA final exam to assess the student's knowledge gained across all three courses.
CMA Course Application Process
The application process for the CMA course ends 2 months before the date of the examination. Candidates have to select the level of the CMA course during the application process. Make sure that you are eligible for that particular level.
- The application process for the ICAI CMA course remains active throughout the year. Candidates have to make sure they apply before the end date.
- The examination is conducted twice a year, so students must select the term. If candidates are interested in appearing for the December Term Exam, they will have to apply before the 31st of July in the same year. Likewise, if they are interested in the June Term Exam, they must register before the 31st of January in the same year.
- To register for the course, candidates have to submit a duly filled Postal Application form along with the relevant documents to their respective Regional Councils. India is divided into four regions and each state comes under the regional council of that area. The Regional Council of Western India is in Mumbai, Southern India is situated in Chennai, Eastern India in Kolkata and Northern India in New Delhi.
Documents Required for CMA Application
During the application process for the CMA course, the candidates will need some important documents. Take a look at the documents below and be ready with them during the admission process:
- The candidates will need their permanent address, mobile number (that is working) and a valid email ID.
- A scanned copy of a passport-size coloured photograph of the candidate (JPG or JPEG format), dimension 3.5cm X 4.5 cm and the size should not exceed 200KB.
- The scanned copy of the signature of the candidate (JPG or JPEG format), dimension 500 X 150 pixels and size should be within 600KB.
- The birth certificate or Class 10 mark sheet to verify the age proof in PDF format. The size should not exceed 600KB.
- Certificates of educational qualification in PDF format not exceeding the size of 600KB.
CMA Application Fees
Examination | CMA Application Fee for Test Centers in India | CMA Application Fee for Test Centres Overseas |
|---|---|---|
CMA Foundation course | INR 1,200 | USD 60 |
CMA Intermediate course (Group I or II) | INR 1,200 | USD 90 |
CMA Intermediate course (combination groups) | INR 2,400 | |
CMA Final course (Group I or II) | INR 1,400 | USD 100 |
CMA Final course (combination groups) | INR 2,800 |
Offline CMA Admission Form Submission
The CMA admission form can be submitted offline for which the applicants have to submit their postal application form, duly filled in with relevant documents to the Regional Councils only. The table below provides the areas covered under different regional councils:
Area Covered | Address of Regional Councils |
|---|---|
The States of Assam, Arunachal Pradesh, Bihar, Jharkhand, Manipur, Meghalaya, Mizoram, Nagaland, Orissa, Tripura, West Bengal, Sikkim, the Union Territories: The Andaman and Nicobar Islands and Foreign Countries | Eastern India Regional Council 84, Harish Mukherjee Road, Kolkata - 700 025 |
The States of Delhi, Haryana, Himachal Pradesh, Jammu and Kashmir, Punjab, Rajasthan, Uttar Pradesh, Uttaranchal and the Union Territory: Chandigarh | Northern India Regional Council 3, Institutional Area, Lodi Road, New Delhi - 110 003 |
The States of Chhattisgarh, Gujarat, Madhya Pradesh, Maharashtra, Goa and the Union Territories: Daman Diu., Dadra, and Nagar Haveli | Western India Regional Council "Rohit Chambers", 4th Floor Janmabhoomi Marg, Fort Mumbai - 400 001 |
The State of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, Pondicherry and the Union Territory: the Lakshadweep | Southern India Regional Council 4, Montieth Lane, Egmore, Chennai - 600 008 |
CMA Course Fees
The level-wise registration fee for the CMA course is mentioned below.
Level | Registration Fee / Course Fee (in INR) |
|---|---|
Cost of CMA Course Prospectus | INR 250 |
CMA Course Fees for Foundation | INR 6,000 |
CMA Course Fees For Intermediate | INR 23,100 |
CMA Course Fees For Final | INR 25,000 |
Students will get an instalment facility only for the Intermediate and Final courses. Check the table below for the instalment option.
Option I
Course | Amount | Remarks |
|---|---|---|
Intermediate | INR 23,100 | Payable on or before 31st January for the June term and 31st July for the December term of Examinations. |
Final | INR 25,000 | Payable on or before 31st January for the June term and 31st July for the December term of Examinations. |
Option II
Course | Amount | Remarks |
|---|---|---|
Intermediate | INR 12,000 (1st Installment) | At the time of Registration into the Intermediate course. |
INR 11,100 (2nd Installment) | Payable on or before 31st January for the June term and 31st July for the December term of Examinations. | |
Final | INR 15,000 (1st Installment) | At the time of Enrollment into the Final course. |
INR 10,000 (2nd Installment) | Payable on or before 31st January for the June term and 31st July for the December term of Examinations. |
CMA Examination Centres
The CMA exam has been conducted offline in various cities of India. Candidates can check out the CMA exam centres for the Foundation course, the Intermediate and Final courses. Some new exam centres have also been formed.
Adipur-Kachchh (Gujarat) | Agartala | Palakkad |
|---|---|---|
Agra | Ahmedabad | Palghar |
Akurdi | Allahabad | Panaji (Goa) |
Angul Talcher | Asansol | Patiala |
Aurangabad | Bangalore | Patna |
Bankura | Baroda | Pondicherry |
Berhampur – Ganjam (Odisha) | Bharuch Ankleshwar | Port Blair |
Bhilai | Bhilwara | Pune |
Bhopal | Bewar City (Rajasthan) | Raipur |
Bhubaneswar | Bilaspur | Rajahmundry |
Bikaner (Rajasthan) | Bokaro | Ranchi |
Calicut | Chandigarh | Rourkela |
Chennai | Coimbatore | Salem |
Cuttack | Dindigul | Sambalpur |
Dehradun | Delhi | Serampore |
Dhanbad | Duliajan (Assam) | Shillong |
Durgapur | Ernakulam | Shimla |
Erode | Faridabad | Siliguri |
Gaya | Ghaziabad | Singrauli (Vindhyanagar) |
Guntur | Gurgaon | Solapur |
Guwahati | Haridwar | Srinagar |
Hazaribagh | Hosur | Surat |
Howrah | Hyderabad | Thrissur |
Indore | Jaipur | Tiruchirapalli |
Jabalpur | Jalandhar | Tirunelveli |
Jammu | Jamshedpur | Tirupati |
Jodhpur | Kalyan | Trivandrum |
Kannur | Kanpur | Udaipur |
Kanchipuram | Kolhapur | Vapi |
Kolkata | Kollam | Vashi |
Kota | Kottakkal (Malappuram) | Vellore |
Kottayam | Lucknow | Vijayawada |
Ludhiana | Madurai | Visakhapatnam and Overseas Centres at Bahrain |
Mangalore | Meerut | Dubai |
Mumbai | Mysore | Muscat |
Nagpur | Naihati | Noida |
Nasik | Nellore | Neyveli |
New Exam Centres | ||
Rewari - Haryana | Bhiwani - Haryana | Kharagpur – West Bengal |
Anandpur Sahib - Punjab | Jhunjhunu - Rajasthan | Gorakhpur - Uttar Pradesh |
Ratnagiri - Maharashtra | Satara - Maharashtra | Ahmednagar - Maharashtra |
CMA Job Roles
CMAs are recruited by Public Sector Undertakings, Infrastructure, Logistic and Automobile Companies, Manufacturing, FMCG, Engineering, Hospitality, Power Sector & Telecommunication, BFSI Sector, IT/IT enabled Services, Healthcare & Pharmaceutical Companies and Big Four and other reputed Consultancy Firms.
As a Fresher, your initial salary may range between INR 4,00,000 and INR 5,00,000. Senior-level CMAs with sufficient experience, on the other hand, typically earn INR 10,00,000 - 12,00,000. Find below the CMA job roles along with the salary structure:
Job Roles | Salary (Annual) |
|---|---|
Chief Financial Officer (CFO) | INR 10.6 LPA |
INR 14.7 LPA | |
Corporate Controller | INR 7.4 LPA to INR 12.5 LPA |
Financial Controller | INR 6 LPA to INR 14 LPA |
Chief Investment Officer | INR 50 LPA |
| INR 5.85 LPA | |
| INR 7.05 LPA | |
| INR 10.86 LPA |
CMA Top Recruiters
The Institute offers placements in four cities namely Delhi, Mumbai, Chennai and Kolkata to assist businesses in finding future managers from the ICAI campus. Many PSUs, such as Coal India and ONGC, etc., and top Corporates like Vedanta, Wipro, etc., are always on the lookout for competent CMAs. The prominent companies for the 2022 - 2023 placement drive are mentioned below:
Indian Oil | Ford | Jio |
|---|---|---|
ITC | LTIMindtree | Tata |
LENNOX | IBM | Capgemini |
CEAT | TVS | Genpact |
EY | Coca-Cola | JLL |
Tata Motors | VISA STEEL | AFCONS |
Send your doubts, queries, and feedback to the Q&A Zone, or call the toll-free student helpline at 1800-572-9877.
Stay tuned to CollegeDekho for more updates and information on CMA exam dates.
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