CMA Full Form

CMA full form is a Certified Management Accountant, and it’s a professional course in financial management and accounting. It has gained worldwide recognition of being the most popular management accounting course. CMA certification is managed and supervised by Institute of Management Accountants, USA. Those interested in prospering their career in the areas of financial planning, budgeting, or risk management can choose this 3-4 months certification course.

What is CMA Full Form?

As discussed above, the full form of CMA is Certified Management Accountant and is considered the highest credential for professionals trying to enhance their career scope in financial accounting and management. With a CMA certification you can work as a principal decision-maker in business accounting. In Fact, you can even get a chance to work as a Chief Financial Officer in any reputed corporate company. 

This course is designed to help candidates brush up on their financial accounting and management skills which will help them to make strategic business decisions. During this 3-4 months certification program, students have to cover 12 subjects that include corporate finance, risk management, costing, financial reporting, budgeting, marginal costing, capital budgeting etc. 

If you wish to enhance your accounting skills or explore exciting job opportunities in the finance and accounting sector, then read our article to gain adequate insight into the CMA course, eligibility criteria, exam, syllabus and career scope.

CMA Overview

A Brief Overview of the CMA Course

Certified Management Accountant (CMA full form) is a professional-level certification program that allows people to specialize in management and executive-level jobs. Unlike academic courses on accounting, this course prepares aspirants in several professional roles that require in-depth knowledge in preparing audit reports and analyzing budgets. 

Those already working in the finance and accounting sector can open avenues for a promotion with a CMA course. It is perhaps an executive-level certification one can earn in management accounting. Your value will increase by earning a CMA degree thereby, offering you a wonderful chance to secure high payroll jobs. 

Why Choose a CMA Course?

CMA, the full form of which is certified management accountant, has been an immensely popular course after CA. One of the prime reasons is the course duration and its emphasis on sharpening professional skills. With the growing demand in the financial sector, courses like CMA can open opportunistic career avenues. Some of the top reasons for choosing CMA are as follows:

• Impart Practical Skills: CMA course has been designed to enable students to gain critical skills that they can utilize in a business set-up. A degree in CMA helps one to land jobs in the financial and banking sector easily.
• High package: As you are already aware of how demanding the financial sector, therefore, a degree in CMA can help you bag a job offer with the highest salary packages. On average, a CMA professional can earn an annual salary of up to Rs 7 LPA. 
• Easy Curriculum: Unlike CA courses, CMA has a comparatively easier curriculum which helps students grasp concepts without much hassle. 

Who is Eligible to Pursue CMA Course?

As CMA is a professional program, hence, it's important to assess whether you are eligible to apply for this course. 

• The applicants should hold at least 2 years of experience in Financial management or accounting
• They must be a member of the IMA (Institute of Management Accountants)
• Those who have completed a graduate degree from any recognized university

CMA Admission Process

CMA is supervised by the IMA, full form of which is Institute of Management Accountants, and to help aspirants get admitted to the certification program, they conduct online tests across the globe. As per reports, it is perhaps the most difficult exam; the average pass rate accounts for only 45% each year. 

• Visit the official website of the Institute of Management Accountants and register yourself
• Search for the CMA entrance exam notification
• Go to the application form
• Enter the details and upload the necessary documents
• Pay the application fee
• On fee submission, you will receive confirmation along with testing windows, authorization number and information bulletin
• Schedule an appointment at prometric.com/ICMA

CMA Exam: Details on Syllabus, Exam Pattern & Marking Scheme

The IMA-organized CMA exam is held twice as the course itself is designed in two parts. Candidates can expect both exams to comprise 75% objective-type questions and 25% subjective questions. Each of the exams has a duration of four hours; 100 MCQs, and 30 minutes allotted for essays. 

The essay section will contain questions that will be based on certain business scenarios. There will be 10-12 questions that require a written response and involve calculations. The examinees must reach their Prometric test center 30 minutes early. Suppose you reach late, you won’t be allowed to sit for the exam and need to register again. Remember, the exam fee is non-refundable.

On the exam day, test takers have to go through the below-mentioned steps

• Reach the test center 30 minutes early
• Sign in to the Prometric logbook
• Give thumb impression
• Carry ID cards like a passport, credit card or driving license
• Bring calculator

Section-wise Paper pattern

Highlights on the CMA Syllabus 

Course Categories in CMA

CMA courses are available at three different levels that include foundational, intermediate and final. If you have planned to pursue this job-ready course then take a look at the subjects offered under each course level.

Foundational course:

CMA’s foundation course is segregated into four papers which will carry 100 marks each.

• 1st paper: Fundamentals of Economic and Management
• 2nd paper: Fundamentals of Accounting
• 3rd paper: Fundamentals of Laws and Ethics
• 4th paper: Fundamentals of Business Mathematics and Statistics

Intermediate Course

Unlike the foundation CMA, it comprises two groups and each contains a set of papers that carry 100 marks each.

Group I

• 1st paper: Financial Accounting
• 2nd paper: Laws and Ethics
• 3rd paper: Direct Taxation
• 4th paper: Cost Accounting

Group II

• 1st paper: Operations and Strategic Management
• 2nd paper: Cost and Management Accounting and Financial Management
• 3rd paper: Indirect Taxation
• 4th paper: Company Accounts and Audit

Final Course

Similar to the intermediate CMA course, it also consists of two groups with 4 papers each.

Group I

• 1st paper: Corporate Laws and Compliance
• 2nd paper: Strategic Financial Management
• 3rd paper: Strategic Cost Management-Decision Making
• 4th paper: Direct Tax Laws and International Taxation

Group II

• 1st paper: Corporate Financial Reporting
• 2nd paper: Indirect Tax Laws and Practice
• 3rd paper: Cost and management Audit
• 4th paper: Strategic Performance Management and Business Valuation

How to Prepare for CMA exam?

CMA is one of the toughest entrance exams that requires a lot of hard work and patience. During the test, your intellectual level will be assessed majorly by the way you answer situation-based questions using your decision-making ability. Here are some tips that will help you crack the exam

1. In any competitive or academic exam, time management serves as the key to success. Plan a study schedule whereby you prioritize topics that need to be covered first and likewise.
2. Take recommendations from CMA passouts, they can help you suggest the study material and also the important topics.
3. You can go for practice tests or mock tests, it will enable you to eliminate exam stress and ace your preparations
4. You can choose Becker CMA whose full form is Certified Management Accountant as it is the best resource that offers insight into the question levels as asked in CMA. 

CMA Job Profiles with Salary Structure

As a CMA professional, you will open a wide array of job prospects that will shape your future. Below we have listed down some of the top careers pursued by a CMA to give you a fair idea of the opportunities you will get by pursuing the course.

Cost Accountant

It is perhaps a popular job position secured by most CMA professionals for its future scope and handsome package. Cost accountants analyse and keep records of costs incurred by a business enterprise. They ensure that a company’s financial health improves with time.

Financial Analyst

Aspirants who have an interest and good knowledge base in microeconomic aspects can find this job role both fulfilling and opportunistic. Financial analyst advises a business organisation on improving profit margins by resolving issues related to split stocks or bonds. 

Chief Financial Officer

CFO is a top position in any corporate firm, and they are responsible for taking financial decisions. They also keep track of cash flow and help in empowering a company’s finances with the right approach. Well, becoming CMO requires experience but a CMA course can be an easy way to secure this post.

Accountant

It's another popular position secured by CMA professionals because of its high demand in the banking sector. An accountant's daily work comprises overseeing expenditures and balances in the company's account. 

Financial Manager

A financial manager prepares reports and interprets financial information. They ensure that a business organisation is properly maintaining their finances. Based on their analysis, these professionals suggest strategies so that a company’s financial health can be improved.

Salary Structure of different post after CMA: