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What is CMA (Cost Management Accounting) course is all about?

 

Cost Management Accounting is one of the most famous courses that exist in the field of finance because of how viable it is. The CMA course in India is widely known among the students who want to graduate from the commerce field to a secure and stable job in the finance sector. Cost Management Accounting is an important course for you to stand apart from your peers if you want to settle in the commerce/finance sector comfortably with a job that pays well. It is a unique certification and gives you an advantage over your fellows. It is also a cushion for cash inflow because it requires skills and training before the job itself. There is a lot to know about the CMA course details in India that might be a deciding factor for your future if you are looking forward to pursuing the course. Read further to know everything you need to make this decision that can be quintessential for your life ahead.

What is CMA course?

The said course is a certificate program that is meant to serve as training for different corporate areas. The credentials for the CMA course in India are issued by the Institute of Cost Accountants of India (ICAI), which is the national professional accounting body of India. It is a statutory body under the Chartered Accountants Act, 1949 and so has the governance of several courses like the CMA course. It focuses on areas of valuation issues, external financial reporting, and financial statement analysis among other such topics of importance. The program has three levels that take place in order and passing each level becomes an underlying factor to move to the next level.

The Levels for CMA Course

what is cma course

If you are focusing and getting to know the CMA India course details, it is very important to focus on the levels that determine your position in the course. In the three stages, there are 20 CMA subjects to be covered. The levels are:

  • CMA Foundation Level
  • CMA Intermediary Level
  • CMA Final Level

As for the duration, it is quite flexible. The course takes anywhere between 6 months to 4 years to complete depending on the student’s capacities and resources apart from their dedication, focus, and study pace. Usually, for an average student to complete CMA course in India, it takes 3-4 years.

What are the benefits of the course?

cma subjects

The course opens several avenues in terms of jobs in the financial field. Having a certification is lucrative to many in this line because of the learning and the money involved. After the course, you can expect a salary between 6 LPA- 50 LPA. Apart from that, students are expected to learn certain skills through the CMA course which helps them in certain other job roles that they might be already playing or wanting to venture into. It also helps those who are planning to become consultants in the field. Here are a few skills that one can expect as an outcome of the course:

  • Expertise in Financial Accounting
  • Strategic Management
  • External Financial Reporting
  • Internal Controls
  • Performance Management
  • Cost Management
  • Expertise in Management Accounting
  • Profitability Analysis
  • Planning and Budgeting
  • Risk Management
  • Investment Decision

How to prepare?

To have practice and practical guidance, you can test yourself and your practical skills in the field. Be careful about the CMA India course details and guidelines that you are following. You need to prepare well keeping in mind the subjects that are going to be tested in the level exam that you are going to prepare for. Utmost dedication is needed for the same and logical judgment, dedication, patience, determination, hard work, and perseverance are the most important values that go into this along with effort and discipline.

 

Apart from that, you can put your learning to use and earn while you share practical knowledge with peers and juniors about the same. For this, you can associate with Chegg and become a Subject Matter Expert. Share your knowledgeable inputs to earn with them and put your expertise and experience to use even while preparation. It is a great platform for you to work from the comfort of your home while being focused on your CMA exams as well. Chegg has been trusted by thousands of students and Subject Matter Experts as a forum that has helped them professionally and while preparing.

Become a Subject Matter Expert

CMA Foundation

This is the first level of the program and thus if not passed, one is not eligible for the other two levels. The important details are as follows:

 

Registration Fee (in INR) 4,000
Eligibility ●        Class 10/ Equivalent (from recognized board)

●        Senior Secondary Examination (10+2) should have been completed from recognized board

●        National Diploma in Commerce Education by AICTE or any State Board of Technical Education will be needed for you to be eligible

Number of Papers Four (4)
CMA Subjects/ Papers
  1. Fundamentals of Business Mathematics and Statistic
  2. Fundamentals of Laws and Ethics
  3. Fundamentals of Accounting
  4. Fundamentals of Economics and Management

 

CMA Intermediate

Intermediate is the second level of the CMA Course and one is not eligible for the last level unless they pass this one. The following details are necessary for you to know:

 

Registration Fee (in INR) 20,000
Eligibility ●        Senior Secondary Examination (10+2) should have been completed from recognized board

●        The foundation course for the level by ICAI should have been passed

●        Must hold an undergraduate degree in any discipline except fine arts.

Number of Papers Eight (8)
CMA Subjects/ Papers
  1. Company Accounts & Audit
  2. Indirect Taxation
  3. Cost and Management Accounting
  4. Operation Management Information System
  5. Cost accounting and financial management
  6. Direct Taxation
  7. Laws, Ethics and Governance
  8. Financial Accounting

 

CMA Final

This is your final step in knowing the CMA course details in India after which you get certified in CMA. Here’s what you need to know:

 

Registration Fee (in INR) 17,000
Eligibility ●        The only condition of eligibility is you having passed CMA Intermediate level legally, which is backed by the Foundation level, and meets the eligibility criteria mentioned therein.
Number of Papers Eight (8)
CMA Subjects/ Papers
  1. Financial Analysis & Business Valuation
  2. Cost and Management Audit
  3. Corporate Financial Reporting
  4. Strategic Performance Management
  5. Tax Management and Practice
  6. Business Strategy & Strategic Cost Management
  7. Advanced Financial Management
  8. Corporate Laws and Compliance

 

Schedule

Unlike most exams, this program has a different pattern that is repetitive and fixed every year. If you want to dive deep into CMA course details in India, you will be glad to know that the exams for all three levels are computerized and flexible. While you can only apply for the exam that you are eligible for, there is ease and comfort while preparing for the same. The examination application portal is open throughout the year but in parts. The window is open for 6 months in total. The tests can be given in either of the following terms- January/February, May/June, or September/ October. One can give the test any time during the window being open, provided it falls in line with the application criteria and meets the minimum time gap given.

Application Criteria

One can only apply for the exam that they are eligible for. You need to apply at least four months before the date of your exam even though registration remains active throughout the year. For e.g. if you need to give the exam in December, you can apply by July end. The students need to decide their intended term of the exam before they apply so that the registration process is smooth. Ensure that you meet the eligibility criteria to avoid last-minute hiccups and follow the details for CMA India course details.

Where to Apply?

Depending upon where you live, you will submit your documents to your respective regional office. These documents are to be sent with your postal applications for the CMA course in India to the Regional Councils that are allocated to your state of residence. India is divided into four regions where one major city is the collection point. The broad division is as follows:

  • Western India- Mumbai
  • Eastern India- Kolkata
  • Southern India- Chennai
  • Northern India- New Delhi

How to apply at the earliest?

One can apply for the first level, the Foundation Level, even while pursuing Class 12. They will be given provisional admission in lieu of their registration and will have to wait until the completion of the class and subsequently, meet the eligibility criteria, to give the exam. Similarly, One can apply for the Intermediate Level while pursuing graduation but will not be given the liberty to give the exams until they have completed the degree. It is necessary to meet the criteria for eligibility and present the proof of the same before the exam for the Intermediate Level, so provisional admission will be granted for the registration process and then later, the receipt for the same.

Perquisites and Career Prospects

CMA opens several lines of work for you when you successfully complete it. It is worth all the competition and hype because it lands you in a stable job that will pay you well for the efforts in monetary terms as well as in terms of career growth and opportunities. CMA is an extensive course but the hard work doesn’t end after submitting exam papers, rather the application of the knowledge is equally taxing. One needs to be capable of learning and going back to basic when needed, to solve complex problems in the field. But at the same time, the job compensates for the effort well. The following job roles, with a good expected salary, are open for jobs easily in India:

  • Chief Financial Officer (CFO)- Up to INR 10.6 LPA
  • Financial Analyst- Up to INR 14.7 LPA
  • Corporate Controller- INR 7.4 LPA- 12.5 LPA
  • Financial Controller- INR 6- 14 LPA
  • Chief Investment Officer- Up to INR 50 LPA

 

Future of CMA

Since India is a developing country, one can expect a lot of jobs in the sector to exist in the near future. There is a lot of scope for SMA globally as well and it has been proved via research that CMA certified experts have an average salary that is 62% higher than their fellows in the field of finance who are non-certified. Thus, not only is the job worth it, but it will reap in no time into a boosting career choice in the country, as well as the world. If you are thinking about pursuing CMA, these details will certainly help. Practical application of your knowledge is extremely necessary to brush up your skills on a daily basis and the unique way of answering doubts on Chegg will help you encash your wisdom, which can be useful while you prepare with mock test papers and the like.

 

If you still think none of these options are where your interests lie, you can always turn to education as a career option. The world will never be in shortage of good teachers who are willing to educate the next generation.

Chegg is an education-based company, the main aim is to help students build their careers. It is one of the best options of the online earning website for students, professionals whoever has expertise in any of the subject matters like Accounts. Psychology, Computer Science, and many more.