The CMA or Certified Management Accountant is a professional credential awarded by the Institute of Management Accountants. It is designed for individuals who work in management accounting and financial management. CMA professionals are involved in financial management, helping with budgeting, analysis, risk management, and other financial functions.
The CMA course is divided into three levels. The eligibility criteria required to pursue the course include candidates having cleared their 10 board exams for the CMA foundation-level course. To appear in the Intermediate exam, they have to pass class 12. For the final level, candidates should pass the previous level exams to be eligible. CMA Exams this year will take place from June 11 – June 18, 2024.
The duration of the CMA course is between 3 years with varying fees according to the course level. The fee for the foundation course is INR 6,000 while for the intermediate, it is INR 23,100. The final level Certified Management Accountant course costs around INR 25,000. There are various roles like CFO, Financial Controller, Finance Manager, Cost Controller, and Auditor that candidates can pursue after clearing the CMA exam. The average salary for a Certified Management Accountant in India ranges between INR 16 LPA - 23 LPA.
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Table of Content
CMA: Course Highlights
| Course Duration | Foundation: 8 months |
| Intermediate: 10 months | |
| Final: 18 months | |
| Eligibility | Class 12 with 50% marks or a bachelor’s degree |
| Admission Process | Online application |
| Entrance Exams | Not required |
| Course Fee (INR) | 1,00,000 - 2,00,000 |
| CMA Official Website | icmai.in/icmai |
| Average Salary (INR) | 16 LPA - 23 LPA |
| Top Recruiters | Deloitte PwC EY KPMG Accenture Tata Group Aditya Birla Group ICICI Bank |
| Job Profiles | CFO, Financial Controller, Finance Manager, Senior Financial Analyst, Cost Accountant, Auditor |
What is a CMA Course?
A Certified Management Accountant is a professional certification program for accountants and finance professionals. The program details are as follows.
- It is offered by the Institute of Management Accountants (IMA) in the United States.
- It is recognised worldwide and holds a high level of credibility in the field of management accounting.
- The certificate is designed to test the critical accounting and financial management skills of candidates.
- The program is divided into two parts - Part I consists of financial planning, performance and analytics while Part II covers strategic financial management.
- To become a Certified Management Accountant, students are required to pass the two-staged exam, fulfil educational requirements and demonstrate relevant work experience.
Why study a CMA Course?
There are many advantages that a CMA certificate brings making it a desired choice for candidates to pursue. Some of the advantages are as follows.
- The CMA certificate is recognised globally, allowing holders to demonstrate their skills on an international level.
- The certificate exposes students to specialised knowledge in the field of finance and management allowing them to excel in management accounting roles.
- A CMA certificate can enhance career prospects by demonstrating a commitment to professional development and competency in management accounting.
- The Certified Management Accountant designation is applicable across various industries making it a versatile qualification for diverse fields.
- CMA certificate holders can command higher salaries compared to those without a certificate.
Who should study the CMA Course?
Candidates looking for a career in management accounting and financial management should look to pursue a CMA certificate. Some professionals that can benefit from the certificate are as follows.
- Individuals with a background in accounting or related fields looking to enhance their skills and specialise in specific aspects.
- Financial Analysts who wish to improve their knowledge of strategic financial management.
- Business and finance graduates can pursue this course for better career prospects.
- Individuals aspiring for advancement in their management roles can benefit from the certificate.
- Individuals looking to transition into accounting and financial management roles can greatly benefit from the CMA certificate.
CMA Eligibility
The CMA course is divided into three levels with each having its own eligibility criteria which are as follows.
CMA Level I (Foundation) Eligibility Criteria
- Candidates should have cleared class 10 are eligible for the course
- Candidates possessing a Diploma in Rural Service Examination under the National Council for Higher Education.
- Candidates who have cleared commerce Examination from Qualified National Diploma by AICTE/State Board of Technical Education.
- Candidates of age 18 years or above at the time of application.
CMA Level II (Intermediate) Eligibility Criteria
- Candidates who have cleared class 12.
- Candidates should have passed the CMA Foundation exam.
- Candidates who have 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.
- Candidates who have cleared the CA Foundation of ICSI or the Intermediate level of CA.
CMA Level II (Final) Eligibility Criteria
- Candidates who have completed Part 1 and Part 2 of CMA Intermediate Level.
- Candidates with completed training proof to register for CMA Final.
CMA: Admission Process
After meeting the eligibility criteria, candidates are required to become a member of the IMA by creating an account. After becoming a member, candidates can apply for the Certified Management Accountant course. The application process is online and can be completed through the IMA website.
CMA: Exam Dates
The CMA course is divided into three levels viz. Foundarion, Inter and Final. Dates for each are provided in the tables below:
CMA Foundation Dates
| Date | Shift 1 (10 am to 12 noon) | Shift 2 (2 pm to 4 pm) |
|---|---|---|
| June 16, 2024 | Paper 1: Fundamentals of Business Laws and Business Communication Paper 2: Fundamentals of Financial and Cost Accounting |
Paper 3: Fundamentals of Business Mathematics and Statistics Paper 4: Fundamentals of Business Economics and Management |
CMA Inter/Final Dates
| Date | Shift 1 (10 am to 12 noon) | Shift 2 (2 pm to 4 pm) |
|---|---|---|
| June 11, 2024 | Corporate and Economic Laws (P-13) | Business Laws and Ethics (P-05) |
| June 12, 2024 | Cost and Management Audit (P-17) | Operations Management and Strategic Management (P-09) |
| June 13, 2024 | Strategic Financial Management (P-14) | Financial Accounting (P-06) |
| June 14, 2024 | Corporate Financial Reporting (P-18) | Corporate Accounting and Auditing (P-10) |
| June 15, 2024 | Direct Tax Laws and International Taxation (P-15) | Direct and Indirect Taxation (P-07) |
| June 16, 2024 | Indirect Tax Laws and Practice (P-19) | Financial Management and Business Data Analytics (P-11) |
| June 17, 2024 | Strategic Cost Management (P-16) | Cost Accounting (P-08) |
| 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 Start up (P-20C) |
Management Accounting (P-12) |
Top CMA Institutes
India has many coaching institutes that offer training to students to excel in their CMA exams. Many institutes also offer online coaching to help students from remote areas prepare efficiently. Some of the top CMA institutes are mentioned in the following table.
| Institute Name | Location | Fees (INR) |
|---|---|---|
| Aditya Jain Classes | Jaipur | 6,000 - 16,000 |
| Satish Mangal Classes | New Delhi | 10,000 - 13,000 |
| Horizon Global CA Classes | Chennai | 25,000 |
| Ranjay Mishra CA Classes | New Delhi | 14,500 |
| Guruvidya Academy | New Delhi | 30,000 - 60,000 |
| IGP Institute | New Delhi | 15,000 - 30,000 |
| Aldine CA | Kolkata | 8,000 |
| Arivupro Academy | Bangalore | 70,000 |
| Sura Academy | Bangalore | 50,000 |
| Mohit Agarwal Classes | Kolkata | 4,000 - 25,000 |
CMA Syllabus
The CMA syllabus is divided into three parts and have 20 papers. The foundation part consists of 4 papers while the intermediate part is divided into 2 groups, each containing 4 papers. The final part is also divided into 2 groups consisting of 8 papers. The CMA course-wise syllabus is mentioned in the following tables.
| Foundation | |
|---|---|
| Fundamentals Of Business Laws And Business Communication (FBLC) | Fundamentals Of Business Mathematics And Statistics (FBMS) |
| Fundamentals Of Financial And Cost Accounting (FFCA) | Fundamentals Of Business Economics And Management (FBEM) |
| Intermediate | |
| Group 1 | Group 2 |
| Business Laws and Ethics (BLE) | Operations Management and Strategic Management (OMSM) |
| Financial Accounting (FA) | Financial Management and Business Data Analytics (FMDA) |
| Direct and Indirect Taxation (DITX) | Management Accounting (MA) |
| Cost Accounting (CA) | Corporate Accounting and Auditing (CAA) |
| Final | |
| Group I | Group II |
| Corporate and Economic Laws (CEL) | Cost and Management Audit (CMAD) |
| Strategic Financial Management (SFM) | Corporate Financial Reporting (CFR) |
| Direct Tax Laws and International Taxation (DIT) | Income Tax Laws and Practice (ITLP) |
| Strategic Cost Management (SCM) | Strategic Performance Management & Business Valuation (SPMBV) |
| N/A | Risk Management in Banking and Insurance (RMBI) |
| N/A | Entrepreneurship and Start-Up (ENTS) |
CMA: Course Comparison
A Certified Management Accountant course is generally compared with a CFA course due to its shared association with finance and accounting. Yet, they differ in specific focuses. The following table highlights the difference between a CMA and a CFA course.
| Parameters | CMA | CFA |
|---|---|---|
| Eligibility | Class 12 | Undergraduate degree in any discipline with 4 years of work experience |
| Admission Process | Online registration on the IMA website. | Registration on the CFA website |
| Entrance Exams | Not required | Not required |
| Top Colleges | Aditya Jian Classes, Satish Mangal Classes, Horizon Global CA Classes, Guruvidya Academy, Aldine CA | Chiranjeev Jain CA Coaching, RVM Finishing School of Finance, Benchmarx Academy, IMS Proschool |
| Course Fees (INR) | 1,00,000 - 2,00,000 | 2,50,000 - 5,00,000 |
| Top Recruiters | Deloitte, PwC, EY, KPMG, Accenture, Tata Group, Aditya Birla Group, ICICI Bank | SBI, ITC, JP Morgan and Co, E&T, Deloitte, Bharti Airtel, Citigroup, HDFC Bank, ICICI Bank |
| Job Profiles | CFO, Financial Controller, Finance Manager, Senior Financial Analyst, Cost Accountant, Internal Auditor | Chartered Financial Analyst, Investment Manager, Portfolio Manager, Risk Manager, Equity Research Analyst |
| Average Salary (INR) | 10 LPA | 16 LPA - 23 LPA |
Certified Management Accountant: Jobs and Salaries
A Certified Management Accountant can open a range of opportunities in the field of management accounting and finance. The following table highlights some of the top job profiles that candidates can consider after completing the CMA course.
| Job Profile | Job Description | Average Salary (INR) |
|---|---|---|
| Chief Financial Officer (CFO) | Oversee an organisation’s overall financial strategy, reporting and long-term financial planning. | 46.7 L |
| Financial Controller | Manage the accounting and financial reporting functions for an organisation, ensuring effective management. | 21.4 L |
| Finance Manager | Oversee the financial operations of an organisation to ensure stability and growth. | 17.3 L |
| Senior Financial Analyst | Provide in-depth financial analysis and recommendations to support financial planning. | 10 L |
| Cost Accountant | Analyse and track the expenses associated with goods or services for an organisation. | 16.4 L |
| Cost Controller | Monitor and manage expenses for organisations to ensure they align with the budget. | 9.1 L |
| Internal Auditor | Assess and ensure the effectiveness and compliance of an organisation’s financial process. | 4.4 L |
| Accountant | Manage financial records, prepare financial statements and provide insights for decision-making. | 3.3 L |
Certified Management Accountant: Scope
The scope of a CMA certificate is broad and encompasses various aspects of accounting and financial management. CMAs can find opportunities in different sectors like technology, healthcare, financial services and more. Some of the major opportunities are as follows.
- Certified Management Accountant professionals can help organisations in decision-making processes as they have a deep understanding of management accounting principles and are skilled in analysing financial information.
- Candidates can help organisations control and optimise their costs by applying different costing methodologies and improving business efficiency.
- CMAs can work in capital structure helping in financial decisions and investment strategies.
- They can help in accessing and mitigating risks associated with financial decisions by providing organisations with valuable insights.
CMA: FAQs
Ques. What is CMA?
Ans. CMA stands for Certified Management Accountant. It is a professional certification in management accounting, focusing on financial planning, analysis, and decision-making.
Ques. What is the duration of the CMA course?
Ans. The CMA program typically takes around 1 to 1.5 years to complete. However, the duration can vary based on individual progress and exam scheduling.
Ques. What are the eligibility criteria for the CMA course?
Ans. Eligibility typically includes having a bachelor's degree or equivalent, with specific educational qualifications in accounting or finance. Relevant work experience may also be required.
Ques. Can I work while pursuing the CMA course?
Ans. Yes, many candidates work while pursuing the CMA course. The flexible structure allows individuals to balance work commitments with their studies.
Ques. Is CMA recognized internationally?
Ans. Yes, the CMA certification is recognized globally. CMA professionals are sought after in international markets for their expertise in management accounting and financial management.
Ques. What is the salary after CMA?
Ans. The average salary for a CMA in India is around INR 16 LPA.
Ques. Is CMA better than CA?
Ans. The choice between CMA and CA depends on career goals and interests. Both courses have advantages and are valuable in their fields.
Ques. What is the qualification to study CMA?
Ans. Candidates must have cleared class 10 to apply for the foundation course and cleared class 12 to appear in its exam. To advance to the next level, they have to pass the previous level exam.
Ques. Is a CMA better than an MBA?
Ans. Both CMA and MBA are esteemed courses, but CMA allows students to step into higher positions sooner than an MBA and also has a better ROI.
Ques. Can I do CMA with BCom?
Ans. Yes, you can pursue BCom while also preparing for the CMA exam.
Ques. Is CMA easy to pass?
Ans. The difficulty of the CMA exam can vary for every person. It is generally considered challenging but achievable with dedication and study.
Ques. Can I start CMA after class 12?
Ans. Yes, CMA can be pursued after the completion of class 12.
Ques. How long does it take to complete the CMA course?
Ans. A CMA course is generally 3 to 4 years long.
Ques. Who conducts the CMA exam?
Ans. The CMA exam is conducted by the Institute of Cost Accountants of India (ICAI).
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