In recent times, there has been a demand for professionals who understand the management and accounting field comprehensively. Though this knowledge can be garnered by pursuing Management courses, one can also explore other options like Chartered Accountancy, CFA course, CS, etc. One such options amongst many is the Certified Management Accountant course. As a CMA professional, you will be adept in concepts related to Taxation, Financial Risk Management (FRM), Operations Management, Accounting, Legal Frameworks, etc. To provide clarity, here is a blog that will shed light on CMA course details, its prospects, and eligibility.
This Blog Includes:
- What is the CMA Course?
- General Overview
- CMA Course Details Related to Training
- CMA Course Details: Eligibility Criteria
- CMA Subjects
- CMA Course Details: Registration Process
- CMA Course Details: Registration Fee
- CMA USA vs CMA India
- CMA Course Details: Career Prospects
- Top Recruiters of CMA Graduates
What is the CMA Course?
CMA or Certified Management Accountant is a globally recognized, advanced-level credential that is appropriate for those who wish to establish a career in Finance and Business. Covering various facets of the field, the CMA course equips you with knowledge and skills related to financial planning, decision support, cost management, investment-related decisions, direct and indirect taxation, etc. that are instrumental for making a mark in the industry. The skillset provided by the course is in great demand in organizations globally which makes this course extremely relevant with the times. Let us now understand the three levels of the CMA course-
The very first level of the CMA course is CMA Foundation. To get your career started as a Certified Management Accountant, candidates shall qualify this initial level. As early as after qualifying class 12th exams, you can hear up for the CMA Foundation that can be further completed in 8 months.
The second step of the CMA course is the intermediate level. After qualifying CMA Foundation and completing graduation, students are eligible for appearing at this level. The CMA course duration of this level is 18 months.
The final and concluding level of the course is the CMA final. Upon passing the intermediate level, students can gather all the CMA course details and appear for this level to become a recognised Accountant.
An important aspect of the CMA course details is how the course is structured as well as when can one appear for the exams in order to take this course. The course is broken down into 3 stages- the CMA Foundation, CMA Intermediate, and CMA final. You can appear for the exams in 3 cycles in a year: January and February, May and June, and lastly, September and October. The exams can be scheduled 72 hours in advance but it is always better to schedule in advance preferably 4 weeks in advance.
CMA Course Details Related to Training
As discussed, there are 3 levels to becoming a certified CMA professional. However, apart from clearing papers, you also need to complete professional training at the Intermediate and Final levels.
CMA Intermediate Level Training
- Computer Training (100 Hours)
- Communication and Soft Skills Training (CSS) – 3 Days
- Practical Training (15 Months)
CMA Final Level Training
At the final level, you will have to undergo a mandatory, 7 days long, Industry Oriented Training Programme (IOTP). Extensive knowledge will be imparted on direct and Indirect taxation, book-keeping, cost and treasury management, among others. Furthermore, emphasis will also be laid on Business Etiquette, Soft Skills, along with interview and presentation skills.
CMA Course Details: Eligibility Criteria
The eligibility criteria for CMA is an integral aspect of the CMA course details, it helps one understand the prerequisites to undertake the course. The general eligibility criteria for the 3 levels are-
|Foundation Level||Intermediate Level||Final Level|
|-Candidates must have qualified class 10 or its equivalent from reputed board
-It is mandatory to qualify 10+2 examination from the board recognized by central government
Candidate shall possess per National Diploma in commerce examination by the AICTE or State Board of technical Education
diploma in rural Service examination conducted by the National Council of Higher Education
|-Candidates must have qualified 10+2 examination and foundation course provided by the ICAI along with a graduation degree in any discipline other than fine arts/Foundation entry-level part 1 examination of CAT of the institute Foundation entry-level part 1 examination and competency level part 2 examination of CAT of the institute
-It is mandatory to pass the intermediate of ICAI for the foundation of ICS by whatever name called along with 10+2
|The students who have qualified the intermediate examination level of of the ICAI are eligible to appear for the final course|
Note: The aspirants must note that it is necessary to become a member of ICAI to register under any level of CMA course.
Before pursuing any course, it is important to go through the syllabus thoroughly in order to identify your weak and strong points. This will help you in formulating a good study plan. Similarly, when it comes to CMA course details, there are a total of 20 papers that are bifurcated into 3 levels namely, Foundation, Intermediate, and Final. Tabulated below are the major subjects of the CMA course.
|Foundation||Paper 1: Fundamentals of Accounting
Paper 2: Fundamentals of Business Mathematics & Statistic
Paper 3: Fundamentals of Laws and Ethics
Paper 4: Fundamentals of Economics and Management
|Intermediate||Paper 5: Company Accounts & Audit
Paper 6: Laws, Ethics and Governance
Paper 7: Financial Accounting
Paper 8: Cost and Management Accounting
Paper 9: Cost accounting and financial management
Paper 10: Indirect Taxation
Paper 11: Operation Management Information System
Paper 12 Direct Taxation
|Final||Paper 13: Advanced Financial Management
Paper 14: Tax Management and Practice
Paper 15: Business Strategy & Strategic Cost Management
Paper 16: Corporate Financial Reporting
Paper 17: Strategic Performance Management
Paper 18: Corporate Laws and Compliance
Paper 19: Financial Analysis & Business Valuation
Paper 20: Cost and Management Audit
CMA Course Details: Registration Process
Now that we are through with what is CMA course and its eligibility criteria, let us focus on how we can register for it. By visiting the official website of ICAI, candidates can successfully register themselves for the desired level of CMA course. You can follow the below mentioned steps and successfully register yourself-
Step 1: Visit the official website of ICAI and click on CMA 2020 registration.
Step 2: Fill in all the details mentioned in the registration form. Save and continue to reach the next step.
Step 3: Upload the images as per the specifications mentioned and submit the form.
Step 4: Choose your preferred type of payment and complete the registration process by submitting the fee.
Step 5: Take a printout of your form for future use.
CMA Course Details: Registration Fee
Since the course comprises of three distinct levels, registration fee per level varies in India as well as other foreign countries offering the course. To help you with the accurate CMA course details, mentioned below are the estimated fee charges-
- CMA Foundation- 4,000
- CMA Intermediate- 20, 000
- CMA Final- 17,000
CMA USA vs CMA India
Now that you have understood the basic CMA course details, let us take a quick glance at the major differences between CMA course of USA and that in India.
|Details||CMA USA||CMA India|
|Competent Authority||Institute of Management Accountants||Institute of Cost Accountants of India|
|Exam Pattern||2 papers in one single level||20 papers bifurcated into 3 levels|
|Duration of Course||6 Months||3-4 Years|
CMA Course Details: Career Prospects
If we assess the available opportunities after CMA, one can find innumerable employment oppurutntites both in India and abroad. The knowledge garnered by studying a diverse curriculum adds to your portfolio because it lets the employer know about your expertise in the field of accounting and management as well as reveals your knowledge when it comes to the financial aspect of the industry. Some of the job profiles that you can explore after your CMA course are:
- Financial Analyst
- Relationship Manager
- Finance Manager
- Cost Manager
- Cost Accountant
- Financial Risk Manager
- Chief Financial Officer
- Financial Controller
Top Recruiters of CMA Graduates
As soon as the CMA aspirants complete all the levels of the course along with the training period, they can make their way through a bunch of leading organisations across the globe. Before we conclude a discussion on CMA course details, listed below are some of the major recruiting companies of CMA graduates-
- Ernst and young
- National Handicapped Finance and Development Corporation
- Hindustan Salt Limited
- Godfrey Phillips India Limited
- BDO International
- Grand Thornton International
- Desai Haribhakti
We have provided you with all the relevant information about the CMA course details. But when it comes to making a decision about one’s career it is natural to feel confused as well as apprehensive about whether you possess the skills for that career path. You do not need to be doubtful before exploring a career path, with the help of counsellors and mentors at Leverage Edu you can make an informed decision that takes into account your strengths and skills.