The Certified Management Accounting is offered by the Institute of Management Accountants in the United States. It is a professional certificate that is designed to provide knowledge and skills about financial planning, strategic management, corporate finance, decision-making, and professional ethics.
The syllabus of the CMA course covers topics such as Financial Planning, Performance, and Analytics, Strategic Financial Management, Cost Management, Internal Controls, and Decision Analysis.
The demand for CMA courses in India has been increasing as a global certification. The course duration of CMA is 3 years. To be eligible for the CMA course, candidates must have passed a 10+2 bachelor's degree in any stream except fine arts from an accredited institution.
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The scope for CMAs is also wide as they can work in healthcare, financial services, or technological services, in various roles, such as financial analyst, financial manager, cost accountant, financial controller, and senior executive. The average salary of a CMA professional can range from INR 6 - 8 LPA. Check: CMA Colleges
Top CMA course Institutes in India are ICAT Design & Media College, The Institute of Cost Accountants of India, Cochin, GCEC Jaipur, Evolve Business School, and Jettwings Business School. The CMA course fee is around INR 1,00,000.
Table of Contents
1.2 CMA Duration
1.3 Skills Required in CMA Course
2.1 CMA Eligibility
2.1.1 CMA Foundation Eligibility
2.1.2 CMA Inter Eligibility
2.1.3 CMA Final Eligibility
2.2 CMA Exam Dates
2.3 CMA Exam Pattern
2.3.1 CMA Foundation Exam Pattern
2.3.2 CMA Inter Exam Pattern
2.3.3 CMA Final Exam Pattern
3.1 CMA Course Fees
4.4 Electives
8.1 CMA Salary
CMA Course Details
| Course Name | Certified Management Accounting |
| Offered by | Institute of Cost Accountants of India (ICAI) |
| Eligibility Criteria | Passed 12th with a minimum of 50% marks or have a bachelor’s degree |
| Course Levels | Foundation, Intermediate and Final |
| Total No. of Papers | 20 |
| Duration | 3-years |
| Course Fees | INR 1,00,000 - INR 2,00,000 |
| Average Salary | INR 6 LPA |
| Job Profiles | Financial analyst, cost accountant, budget analyst, cost controller, financial officer, and accountant |
What is CMA Course?
CMA stands for Certified Management Accountant, which is a globally recognized professional certification in management accounting. In India, the CMA course is offered by the Institute of Cost Accountants of India (ICAI), which was formerly known as the Institute of Cost and Works Accountants of India (ICWAI). The CMA course is conducted in three stages: Foundation, Intermediate, and Final. To become a certified management accountant in India, candidates must complete all three stages of the CMA course, as well as fulfill certain other requirements such as practical training and work experience.
CMA Duration
The duration of a CMA (Certified Management Accountant) course is 3-years but may vary depending on the program and the mode of study. Given below is the duration for the CMA course:
- The average duration of a CMA course in India is around 2-3 years
- If a candidate is a graduate pursuing the CMA course in India, then the duration may be around 2 to 2.5 years.
CMA duration for each level is mentioned below:
| CMA Course Level | Duration |
|---|---|
| CMA Foundation | 8 months |
| CMA Intermediate | 10 months |
| CMA Final | 18 months |
Check: CMA Articleship Duration
Skills Required in CMA Course
To pursue a CMA course, there are several skills that can be helpful in succeeding in the program and in the career. Some of the skills required in the CMA course are
- Accounting skills: A strong foundation in accounting principles and concepts is essential for a CMA. Candidates must have knowledge of financial accounting, cost accounting, and management accounting.
- Analytical skills: A CMA candidate should be able to analyze complex financial data, identify trends and patterns, and draw meaningful conclusions.
- Strategic thinking: He/she should be able to think strategically and contribute to the development of organizational strategies. A candidate should have a thorough understanding of business and financial trends and the ability to identify opportunities and risks.
- Technology skills: Technology skills are essential for many professions today, and this is particularly true for accounting and finance professionals such as CMAs.
Check: CMA Duration after BCom
CMA Application Process
Candidates must register for the CMA course by filling out the application form available on the ICAI website or by visiting the ICAI regional office. Candidates can register for the CMA examination after completing their registration and receiving their study material. The registration process for the examination can be done through the ICAI website. After that, the Candidates need to pay the examination fees online or by visiting the ICAI office.
Candidates need to submit the following documents along with their application form:
- Passport-sized photograph
- Scanned copy of the signature
- 10+2 mark sheet or equivalent
- Age proof (birth certificate or 10th class mark sheet)
- Category certificate (if applicable)
Also check: CMA Inter Admission Process
CMA Eligibility
The eligibility criteria is different for each CMA course level.
CMA Foundation Eligibility Criteria
- Candidates must have passed high school or equivalent and have a 10+2 certificate from a recognized board, or
- Passed a commerce Examination from Qualified National Diploma by AICTE/State Board of Technical Education, or
- Diploma in Rural Service Examination under National Council for Higher Education.
- The applicant must be 18 years or older.
CMA Intermediate Eligibility Criteria
- Passed the 10+2 examination.
- Cleared the CMA Foundation examination.
- Passed Part 1 of the CAT exam of the Institute of Cost Accountants of India, or have a Bachelor’s degree except in fine arts.
- Cleared CA Foundation of ICSI or the Intermediate level of CA.
CMA Final Eligibility Criteria
- Candidates have to complete CMA Intermediate Parts 1 and 2.
- It is necessary to complete training to register for CMA Final.
See Also:
CMA Exam Dates
The exact dates for the CMA exams are mentioned in the table below.
| CMA Level | Particulars | December Cycle | June Cycle |
|---|---|---|---|
| CMA Foundation | Application Period | August 10, 2022 - November 13, 2022 | February 10, 2023 - May 2, 2023 |
| Exam Date | January 21, 2023 & January 23, 2023 | July 2, 2023 | |
| Result Declaration | January 31, 2023 | July 30. 2023 | |
| CMA Intermediate | Application Period | August 10, 2022 - November 5, 2022 | February 10, 2023 – May 1, 2023 |
| Exam Date | January 5, 2023 to January 12, 2023 | July 1, 2023 – July 8, 2023 | |
| Result Declaration | March 21, 2023 | To be Announced | |
| CMA Final | Application Period | August 10, 2022 - November 5, 2022 | February 10, 2023 – May 1, 2023 |
| Exam Date | January 5, 2023 to January 12, 2023 | July 1, 2023 – July 8, 2023 | |
| Result Declaration | March 17, 2023 | To be Announced |
CMA Exam Pattern
The examination pattern for each level of the CMA course is mentioned below:
CMA Exam Pattern for Foundation Level
The CMA Foundation exam pattern is as follows:
| Particulars | Details |
|---|---|
| No. of Papers | Four |
| Total marks | Each paper of 100 marks |
| Mode | Online Centre-based exam |
| Duration | 3 hours |
| No. of questions | 120 questions in each session |
| Type of Questions | Objective and Subjective |
| Marking Scheme | No negative marking |
| Language | Both Hindi and English |
| Passing Criteria | 40% in each subject and 50% overall |
CMA Exam Pattern for Intermediate Level
The CMA Intermediate exam consists of eight papers, which are divided into two groups of four papers each.
| Particulars | Details |
|---|---|
| No. of Papers | 8 - 4 papers in each group |
| No. of groups | Two - Group 1 & 2 |
| Total marks | Each paper of 100 marks |
| Mode | Offline-centre based |
| Duration | 3 hours |
| No. of questions | 120 questions in each |
| Type of Questions | Objective and descriptive |
| Marking Scheme | No negative marketing |
| Language | Both Hindi and English |
| Passing Criteria | 40% in every subject and 50% overall |
CMA Exam Pattern for Final Level
The CMA Final exam is also divided into two groups of four papers each.
| Particulars | Details |
|---|---|
| No. of Papers | 8 - 4 papers in each group |
| No. of groups | Two - Group 3 & 4 |
| Total marks | Each paper of 100 marks |
| Mode | Offline-centre based |
| Duration | 3 hours |
| No. of question | 120 questions in each |
| Type of Questions | Objective and descriptive |
| Marking Scheme | No negative marketing |
| Language | Both Hindi and English |
| Passing Criteria | 40% in every subject and 50% overall. |
CMA Fees
The fees for the CMA course may vary depending on the level of examination. The CMA cost of the prospectus is INR 250.
CMA Course Fees
The CMA Course fees for different levels are mentioned below:
| CMA Course Level | Course Fees |
|---|---|
| CMA Foundation Fees | INR 6,000 |
| CMA Intermediate Fees | INR 23,100 |
| CMA Inter Fees (Installment) | INR 12,000+ INR 1,100 |
| CMA Final Fees | INR 25,000 |
| CMA Final Fees (Installment) | INR 15,000 + INR 10,000 |
CMA Application Fees
Candidates can pay the CMA exam application fee online using various payment modes.
| Course Level | Exam Form Fee |
|---|---|
| Foundation course | INR 1,200 |
| Intermediate course (Group I or II) | INR 1,200 |
| Intermediate course (both groups) | INR 2,400 |
| Final course (Group I or II) | INR 1,400 |
| Final course (combination groups) | INR 2,800 |
CMA Syllabus
The detailed syllabus for CMA is mentioned below:
CMA Foundation Subjects
The CMA Foundation course is the first step towards becoming a professional management accountant. It consists of four subjects.
| CMA Foundation Subjects |
|---|
| Fundamentals of Economics And Management |
| Fundamentals of Accounting |
| Fundamentals of Laws and Ethics |
| Fundamentals of Business Mathematics and Statistics |
CMA Inter Subjects
CMA Inter is the second level of the CMA course. The CMA Inter course is divided into two groups, each consisting of four subjects.
| Group- I | Group- II |
|---|---|
| Financial Accounting | Operations Management & Strategic Management |
| Direct Taxation | Indirect Taxation |
| Laws and Ethics | Company Accounts & Audit |
| Cost Accounting | Cost & Management Accounting and Financial Management |
CMA Final Subjects
CMA Final is the last level of the CMA course. The CMA Final course is also divided into two groups, each consisting of four subjects.
| Group- III | Group- IV |
|---|---|
| Corporate Laws & Compliance | Cost and Management Audit |
| Strategic Financial Management | Indirect Tax Laws and Practice |
| Strategic Cost Management – Decision Making | Corporate Financial Reporting |
| Direct Tax Laws and International Taxation | - |
Electives
CMA Final students can choose to specialize in any one of the following elective subjects in Group IV. Check: CMA Syllabus
- Strategic Performance Management and Business Valuation
- Risk Management In Banking And Insurance
- Entrepreneurship And Start Up
CMA Study Material
The ICMA offers a range of study materials, including textbooks, study guides, practice exams, and online learning resources, to help candidates prepare for their exams. Students can download pdf study materials or order them online.
Some of the best-recommended books for CMA are as follows:
| Name of the Book | Author |
|---|---|
| Scanner ICWA Stage I | Dr. Arun Kumar |
| Modern Cost and Management Accounting | M Hanif |
| Direct Tax | Girish Ahuja |
| Cost and Management Accounting(for All India) | S.P Jain and K.L. Narang |
CMA Results
Once the exam is completed, candidates can view their results by logging into their ICMA account, where they can see their scores for each section of the exam. Candidates can expect to receive their results within six weeks or 40 days after the end of the examination window.
ICMA send an email notification to candidates when their results are available. To pass the CMA exam, a minimum score of 360 out of 500 is required.
Check: CMA Scholarship
Comparison Between CMA, CFA and CA
Some key differences between CMA, CFA, and CA certifications include:
| Parameter | CMA | CFA | CA |
|---|---|---|---|
| Full-Form | Certified Management Accountants | Chartered Financial Analyst | Chartered Accountant |
| Overview | It focuses on demonstrating proficiency in financial planning, analysis, control, and decision support. | It provides a strong foundation in investment analysis, portfolio management, and ethical standards. | It is a professional designation awarded to individuals who have completed a rigorous program of education and training in accounting, auditing, and taxation. |
| Issued by | Institute of Cost Accountants of India (ICAI) | CFA Institute | Institute of Cost Accountants of India (ICAI) |
| Eligibility | 10+2 | 10+2 or a Bachelor's degree or equivalent education | 10+2 or a Bachelor's degree or equivalent education |
| Exam Level | Level 1, 2, and 3 | CMA Foundation, CMA Intermediate, CMA Final | Three levels: Foundation, Intermediate, and Final. |
| Job roles | Work in management accounting and financial management roles | Investment management, asset management, or portfolio management roles | Accounting, auditing, or taxation roles. |
See Also:
CMA Job Opportunities
CMA professionals have a wide range of career opportunities and can work in various industries, including manufacturing, healthcare, technology, financial services, and government. The popular Job roles include financial analyst, cost accountant, budget analyst, cost controller, financial officer, and accountant.
Some of the top employers of CMA graduates in India include large multinational corporations and financial institutions, such as Deloitte, PwC, EY, KPMG, Accenture, Tata Group, Aditya Birla Group, and ICICI Bank.
CMA Salary
The average salary for a CMA in India can vary depending on several factors. The average salary for a CMA in India is around INR 6 lakh per annum. However, the salary for a CMA can range from INR 3 LPA to INR 20 LPA.
CMA professionals with 1-3 years of experience can earn an average salary of INR 5 LPA to INR 10 LPA, while those with 5 to 7 years of experience can earn INR 10 lakh to INR 20 lakh per annum.
Mentioned below are the job profiles of CMA professionals with an average annual salary.
Check: Cost Accountant Salary
| Job profile | Average Salary |
|---|---|
| Cost Accountant | INR 4.8 LPA |
| Chief Financial Officer | INR 10.6 LPA |
| Internal Auditor | INR 5.85 LPA |
| Finance Director | INR 45 LPA |
| Financial Consultant | INR 10.05 LPA |
| Financial Controller | INR 22 LPA |
| Cost Controller | INR 8.4 LPA |
| Accountant | INR 6 LPA |
Certified Management Accountant: FAQs
Ques. What is CMA course?
Ans. A CMA is a Certified Management Accounting, a professional certification in the field of management accounting.
Ques. What is the eligibility criteria for CMA exam?
Ans. Candidate who have passed Senior Secondary or Graduation other than Fine Arts or Passed Foundation of ICSI/Intermediate of ICAI, can apply for the CMA course.
Ques. What are the career opportunities after completing CMA?
Ans. The career opportunities after completing CMA are in various industries, including finance, accounting, and management.
Ques. How often do CMAs need to renew their certification?
Ans. CMAs must renew their certification every three years by completing ongoing professional development requirements.
Ques. How CMA exam are conducted?
Ans. CMA Exam is conducted in offline mode.. Each exam is of 3 hours duration. The exam consists of both subjective and objective type questions.
Ques. What is CMA full form?
Ans. CMA stands for Certified Management Accounting.
Ques. What is CMA Salary in india?
Ans. The average salary of a CMA professional in Inida is INR 6-8 LPA.
Ques. What is the syllabus of CMA?
Ans. The syllabus of CMA cover topics like indirect taxation, cost and management audit, financial accounting, fundamental of accounting among others.
Ques. What is better CMA or CA?
Ans. Choosing between the CMA and CA certifications depends on career goals and interests. The CMA certification focuses on management accounting and financial management. On the other hand, the CA certification focuses on accounting, auditing, taxation, and financial reporting.
Ques. How much does the CMA program cost?
Ans. The average cost of CMA course is around INR 1,00,000 to INR 2,00,000.
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