CMA 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:

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.

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.

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:

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:

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.

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

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.

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:

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:

Send your doubts, queries, and feedback to the Q&A Zone , or call the toll-free student helpline at 1800-572-9877.