Cost management accounting or CMA is one of the top courses in the financial field. This program is an excellent option for those who are willing to make a satisfying career in the management accounting sector.Moreover, this course is gaining popularity among commerce students in India nowadays. This course provides in-depth knowledge related to business financials, cost management, risk management, etc.
Cost management accounting is a significant certification in the finance sector, which is offered by the institutes of cost accountants of India or ICAI. Usually, when you come across the CMA course, you will find various terms like CMA, ICMAI, CWA, and ICWAI. This can be very confusing for many people. Well, the fact is that the ICWA is the old name of the CMA course,so there is no difference between CMA and ICWAI. On the other hand, the Institute of Cost Management Accountants in India (ICMAI) is the new name for the Institute of Cost & Works Accountants of India (ICWAI).
The cost management accounting course is considered to be one of the toughest professional courses in the country and preferred by commerce students. If you are willing to pursue the cost management accounting course in India, then this article is the best suit for you. Here we have discussed all the aspects of this course that you need to know.
Basic Details of The CMA Course:
The CMA is a professional certification for students who are looking to work in different corporate functions and industries. This course is offered by the institute of cost accountants of India. The CMA course enables students for different functions like financial statement analysis, working capital policies, valuation issues, and many more.
The course mainly focuses on preparing students to work in different industries and make financial decisions for the business. By pursuing this course, one will learn how to make business choices, maintain a business, and perform other tasks related to business.
The cost management accounting course usually combines the accounting methods with business practices to run a business optimally. The course also covers several important concepts of accounting that enable students to understand the finance side as well as the management side of a business. The candidates of the CMA course can work as a business consultant with several customers and help them manage their businesses efficiently.
One who pursues the cost management accounting course can work with the higher management and use their skills, knowledge, and expertise to make better financial and business decisions. They play an important role in the management team to analyze the financial data. So, the course is an ideal choice for you if you are looking to make a career in the accounting field.
- Also Read: Top 6 Best Accounting Courses In India
Scope of The CMA Course:
The cost management accountant course is great for candidates who are interested in the field of accounting and looking to make a career in this field. The course is fully career-oriented and will enable you to achieve your career goals. If you are someone who wants to gain deeper knowledge about accounting beyond a bachelor’s or master’s degree, the CMA course is an ideal choice for you.
By providing deeper knowledge of the finance and the business world, the cost management accounting course allows students to work in various job profiles in different companies. After completing the CMA course, the candidates will get a ticket to enter the corporate world and work in the top management team of any business. A CMA certificate holder can apply for various job positions like a senior accountant, chief finance officer, finance manager, cost accountant, budget analyst, etc.
Different Levels of The CMA Course:
The CMA course has a total of three levels,and one will be opted to the higher level after clearing the previous level. So, to get a CMA certificate, one needs to clear all three levels. Below mentioned are three levels of the CMA course that you are going to study throughout the course.
Level 1: CMA foundation level
Level 2: CMA intermediate level
Level 3: CMA final level
Cost Management Accounting Course Duration:
The duration of the CMA course depends on how seriously the candidate takes this course and how much dedication and focus he or she puts on the course. In other words, the duration of the course varies from student to student. This course lasts from 6 months to 4 years. Most students in India take 3 to 4 years to complete the cost management accounting course.
What Skills Does the CMA Course Offer?
The cost management accounting course offers a wide range of skills to the students. This enables the candidates to learn specific skills and get various jobs in different industries. The following are some important skills that are gained through the cost management accounting course.
- Cost management
- Expertise in financial accounting
- Performance management
- Risk management
- Investment decision
- Profitability analysis
- Expertise in management accounting
- External financial reporting
- Planning and budgeting
Eligibility Criteria for The Cost Management Accounting Course:
In order to pursue the CMA course, one needs to fulfill the eligibility criteria of the course. The eligibility criteria of the CMA course vary depending on the level of the course. Here are the eligibility criteria for each level of the cost management accounting course.
CMA Foundation Level:
- The candidates who are willing to pursue this course should have passed class 10 or any equivalent standard from a recognized board.
- The candidates also need to clear the 12th standard or any other equivalent exam from a recognized board.
- Those who possess a certificate in national diploma in commerce education from a state board or AICTE.
CMA Intermediate Level:
- The candidates should have cleared the foundation level of the CMA course from the ICAI.
- The applicants should hold an undergraduate degree in any discipline to be eligible for this course.
- To be eligible for the cost management accounting level 2, one should have completed the 12th
CMA Final Level:
- To be eligible for CMA final level, the candidates should have passed the intermediate level of the CMA course.
CMA Course Registration:
Depending on your eligibility, you can apply for the level of the CMA course. The registration process for the cost management accounting course ends before four months of the examination. So, you will need to complete the registration process for your intended level of the CMA course before it ends.
You can register for any level of the CMA course prior to four months of the exam. The exam happens in the month of June and December every year. If you want to apply for the June term exam, then you can fill the registration form before the 31st of January of the same year. In the same way, if you want to apply for the December term exam, then you can fill the application form before the 31st of July of the same year.
To register for the cost management accounting course, you will need to fill the application form and send it to your respective regional council along with the needed documents. The regional council for western India is Mumbai, for eastern India is Kolkata, for northern India is New Delhi, and for southern India is Chennai.
Registration Fee for The CMA Course:
The course fee for the cost management accounting course is different for different levels. The following are the course fees for different levels of the CMA course.
The registration fee for the CMA foundation level is 4,000 rupees, for the intermediate level is 20,000 rupees, and for the final level is 17,000 rupees.
Flexibility Level of The CMA Exams:
The exams of the CMA course offer high flexibility to students so that they can appear at different levels of the exam at their convenience. The testing window for the CMA exams remains open for 6 months a year. Moreover, the CMA exams are computerized so that students can select their preferred schedule for appearing in the exam.
Syllabus for The Cost Management Accounting Course:
The three levels of the CMA course have a total of 20 papers for study. Here are all the 20 papers that are taught in the three levels of the course.
Syllabus for The CMA Foundation Level:
This level has four papers, and those are as follows:
- Paper 1 – Fundamentals of Business Mathematics and Statistics
- Paper 2 – Fundamentals of Laws and Ethics
- Paper 3 – Fundamentals of Accounting
- Paper 4 – Fundamentals of Economics and Management
Syllabus for The CMA Intermediate Level:
The intermediate level has eight papers, and those are listed below.
- Paper 1 – Company Accounts and Audit
- Paper 2 – Indirect Taxation
- Paper 3 – Cost and Management Accounting
- Paper 4 – Operation Management Information System
- Paper 5 – Cost Accounting and Financial Management
- Paper 6 – Direct Taxation
- Paper 7 – Law, Ethics, And Governance
- Paper 8 – Financial Accounting
Syllabus for The CMA Final Level:
There are 8 papers in the CMA final level, and those are as follows:
- Paper 1 – Financial Analysis & Business Valuation
- Paper 2 – Cost and Management Audit
- Paper 3 – Corporate Financial Reporting
- Paper 4 – Strategic Performance Management
- Paper 5 – Tax Management and Practice
- Paper 6 – Business Strategy & Strategic Cost Management
- Paper 7 – Advanced Financial Management
- Paper 8 – Corporate Laws and Compliance
Career Opportunities for The CMA Course:
After completing the CMA course, the students can get better-paying jobs in different industries. The course also offers 30% more salary for the candidates compared to other courses. They can work in different fields like planning, decision making, control functions, etc. Therefore, the students who pursue this course can make a bright career in the field of finance and business management.
Salaries of The CMA Professionals:
The graduates of the CMA course can get a higher opportunity to work in different job profiles in the field of management. They can work in different companies in India as well as abroad. A fresher graduate of the CMA course can earn an average salary of 5 lakh rupees per year. With knowledge, skills, and expertise, the candidates can earn from 30 lakh to 50 lakh rupees annually.
Top Job Profiles for The Graduates of The CMA Course:
The following is the list of the top job profiles for the graduates of the CMA course.
- Corporate controller
- Chief financial officer
- Financial controller
- Chief investment officer
Finally, cost management accounting is one of the best courses in the field of finance. This course offers various job opportunities to the students after the completion of the course and enables them to earn higher salaries. So those who are looking to pursue their careers in the finance sector can consider opting for this course.
Frequently Asked Questions
- What is a CMA course?
Cost Management Course or CMA is a financial course that will help get a suitable job in any economic sector. Through this course, you can learn about the tips of increasing and maximizing the level of profits and revenues in any profit. It is an exciting course that comes with comprehensive options before the candidate.
- What is the role of a cost account manager?
If you pursue this course, you must be well-aware of the parts of the course. You can become a cost account manager who will be entrusted with developing cost standards for both the labour and the materials. You have to hire, train and supervise the staff of the company. It is a crucial responsibility as a cost account manager.
- What is the course fee of the cost management accounting course?
In the present time, many colleges and institutes offer this course. The average cost of the course is estimated to be about INR 50,000/- to INR 75,000/-. The course is divided into three levels. They are the foundation, intermediate and final levels. You need to pass and qualify for all the levels to get the degree.
- What is the mode of getting admission to the cost management accounting course?
To get admission to this course, you have to qualify for the admission test that the respective institutes organize. Once you are eligible for the test, you may be called for an interview session. If it is cleared, you can take admission to this course. It is okay if you make proper preparations for the test. This will help to get admission quickly and in a hassle-free manner.
- What is the average salary of the cost account manager?
As a beginner, you can start with INR 5 Lakhs per annum. This is may extend up to INR 30 Lakhs to 50 lakhs per annum. If you perform well in this job, then the sky is the limit. You can earn a lot.
- What are the job profiles for this course?
If you complete the course, you can serve as corporate controller, cost account manager, chief investment officer, and many other positions. All these positions are prestigious and have ample prospects. They have a bright future. It would help if you had a clear conception of the subject, and this will take you to a better career in your life. Even the job of a financial controller is also opened to aspiring candidates.