Accounting is one of the best career options in India for students who want to build a better career in the field of finance. CMA or certified management accounting is a globally recognized designation and offers higher value to the person. It offers many opportunities to the person in the same field. Generally, many people have questions in their minds about how to become a CMA in India. This article answers this question and provides you with all the details that you need to know.
A Certified Management Accountant is a professional certification,and it is issued to a person when he/she passes the three exams conducted for the same. All the exams for CMA are conducted by ICMAI or the Institute of Cost Accountants of India.
Generally, many people want to become a CMA in India because of the benefits that this designation offers. Here are some of the top reasons why this profession is very popular in India.
- This certification is acknowledged worldwide and offers a better credential to the person.
- The CMA certification offers a better salary to the person. They usually get higher salaries compared to uncertified professionals.
- It helps improve career opportunities for candidates. Students usually get equipped with administrative and leadership skills in this profession, which makes them eligible for better career opportunities.
- Certified management accountants get more job opportunities in the field compared to other professionals.
CMA professionals can work in different industries depending on their skills, such as banking, finance, educational sector, private sectors, etc.The following are the popular job titles for CMA professionals.
- Chief financial officer
- Finance manager
- Managing director
- Certified management accountant
- Finance director
- Senior financial analyst
- Financial analyst
Apart from the above job profiles, candidates can also apply for many other job profiles depending on their skills. So, this profession is very beneficial for all individuals who want to build a better career in the finance field.
Process for Becoming A CMA In India
As stated above, one needs to clear three levels of the exam in order to become a certified management accountant in India. The three exams are CMA Foundation, CMA Intermediate, And CMA Final. Apart from that, several training programs are there under this course and, those are –
- Communication and soft skills training program for three days for students under intermediate level.
- Industry-oriented training program for 7 days for final course students.
- Computer training of 100 hours for intermediate students. This is a mandatory training program for intermediate students.
- Practical training
- After passing the final course, students have to undergo modular training for 15 days.
The exams of the CMA course are usually conducted in June and December every year. So, one can appear for the exam when he/she is ready for it. For the June exam, one needs to complete the registration process in January. And for the December month exam, one needs to register for it in July.
One can join the CMA course in two methods by clearing the CMA foundation exam and through direct entry. To appear for the CMA foundation exam, candidates should have completed the class 10th and 12th from a reputed institute. When they clear the CMA foundation exam, they get enrolled in the intermediate course.
On the other hand, candidates who are graduated in any stream, excluding fine arts, can get enrolled into the intermediate level of the CMA course. Also, those who cleared the foundation stage or cleared the CAT exam can get entry to the intermediate level. Here are the details of different levels of CMA exams conducted by ICMAI.
CMA Foundation Exam
The CMA foundation exam is the first exam that one needs to appear for pursuing the CMA course. After clearing this exam, the person will get promoted to the intermediate level. The eligibility criteria for the foundation level exam are as follows:
- To appear for the CMA foundation exam, one should have passed the 10th standard or any other equivalent course from an acknowledged board.
- Candidates should also have completed their 12th studies from a recognized institute. Otherwise, they should hold a diploma in commerce or certificate in any other technical or state board education under the All India Council.
- Students who are waiting for the results of any qualifying exam can also apply for this exam.
Fees for CMA Foundation Exam
The fee for the foundation-level exam is 6,000 rupees. Candidates need to pay this fee by the end of January if they want to appear for the exam in June or by the end of July if they want to appear for the exam in December.
List of Documents for CMA Foundation Exam
- Applicants need to provide the attested photocopy of their 10th standard and 12th standard certificate or marksheet.
- They also have to provide three passport size photographs during the registration process.
CMA Intermediate Exam
After clearing the CMA foundation exam, candidates can get enrolled for the intermediate exam. Also, graduates from different disciplines can appear for this exam. However, fine arts graduates are not eligible for this. One should meet the following criteria in order to appear for this exam.
- Candidates who have passed the 12th standard and cleared the foundation level exam are eligible for the intermediate exam.
- Applicants who have cleared the foundation level of ICSI or intermediate of ICAI are also eligible for this exam.
- Those who are waiting for the results of their final exam can also apply for this exam.
CMA Intermediate Exam Fee Structure
For the intermediate level of the CMA course, the fee amount is 22,000 rupees.Candidates can pay this fee when enrolling in the intermediate course or registering for the CMA intermediate exam. If you want to appear for the exam in June, you will have to pay it before the end of January. For the December term examination, this fee should be paid before the end of July.
In case you can’t pay the fee at a time. You can pay it in two installments, the first installment is 12000 rupees and the second installment is 10000 rupees.
CMA Intermediate Exam Required Documents
- Students will need to provide the attested copy of their 10th and 12th
- They also need to provide acopy of the degree in case the applicant is a degree holder.
- Three passport-size photographs are required from the registration into the intermediate level of CMA.
Like the foundation level exam, the intermediate level exam is also conducted in June and December month of every year. So, candidates need to apply for this exam by the end of January or July as per their availability.
They can fill the application form and send it with the required documents to the official address of ICMAI.
CMA Final Exam
After clearing the CMA intermediate level exam, students can enroll in the CMA final exam. Like the foundation and intermediate level, the final level exam is conducted in the month of June and December every year. The eligibility criteria for the final course are –
- Candidates should have passed the intermediate level course in the CMA course.
- They should also have completed the seven-day industry-oriented training,which is mandatory for the final level CMA exam.
- Candidates should have enrolled in the practical training of 3 years and have completed six months of training.
Fee Structure of CMA Final Exam
The fee for the CMA final level course is 25,000 rupees. You should pay this fee by the end of January if you want to appear for the June term exam. For appearing for the December term exam, you should pay this fee by the end of July month. Also, this fee can be paid while enrolling in the final exam.
You can also pay this fee in two installments if youcan’t pay it at a time. In the first installment, you have to pay 15,000 rupees, and in the second installment, you have to pay 10,000 rupees.
Required Documents for CMA Final Exam
- The applicant needs to provide passport size photographs during the registration process.
- They should also provide the needed documents for age proof and the marksheet of the intermediate exam.
- The candidates have to provide certificates of 10th and 12th standards for this exam.
Practical training is mandatory for students to become certified CMA in India. In this phase, candidates need to apply their theoretical knowledge in different practical fields and see the results. They should understand different situations that an organization goes through during general operations. Apart from that, in this section, they will also have to build a disciplined attitude to become a successful CMA.
Once you have cleared all the exams, you will have to go for modular training for 15 days. After completing the training, you can become a member of ICMAI and be recognized as an ACMA. Then after additional training and enough experience in the field, you can become a CMA professional.
Because of the benefits it provides, the CMA profession is very popular in the field of finance, and many students in India want to pursue this career. This career has many advantages and lets students work efficiently and earn a good income. This article has everything that you need to know about how to become a CMA in India.