If you aspire to make it big in the field of management accounting, then Cost and Management Accountant (CMA) is the right course for you. CMA course is gaining popularity and momentum among the students from commerce, and students from all over the country want to get admission in this course so that they have a bright future and career in this particular arena. Cost management is the process of planning and controlling the budget of a business.

The Cost and Management Accountant course has been designed in a way to meet the evolving needs and requirements of this business, not only for the present scenario but also for the future. It helps business owners predict the business expenses so that they can hold onto as many revenues as possible.

Often, people tend to confuse the terms CMA, ICMAI, CWA, and ICWAI. Putting an end to all the confusion, there is no difference between ICWAI and CMA, and they are the same. They are two different words used to describe one single thing. 

Having cleared up the confusion, let’s talk about the details and requirements to become a part of the course. The CMA course is divided into three different stages so that one can know which one to choose for the experience and knowledge in the commerce sector. The three stages are:

• CMA Foundation
• CMA Intermediate
• CMA Final

All these three stages are crucial and important stepping stones for students who aim to become Cost Management Accountants. 

Check Out: Chartered Accountant

Eligibility Criteria for CMA Course (Foundation, Inter, Final)

Eligibility Criteria for CMA Foundation

1. The candidate should be 10th pass with a passing certificate from a recognized board of education
2. Passed Senior Secondary Examination (10+2) from a recognized board of education or an Examination recognized by the Central Government as equivalent to it or has passed National Diploma in Commerce Examination held by the All India Council for Technical Education or any State Board of Technical Education under the authority of the said All India Council or the Diploma in Rural Service Examination conducted by the National Council of Higher Education. 

Eligibility Criteria for CMA Intermediate

1. A candidate should have passed Senior Secondary School Examination (10+2) and Foundation Course of the Institute of Cost Accountants of India.
2. Graduation in any discipline other than Fine Arts.
3. Foundation (Entry Level) Part I Examination of CAT of the Institute.
4. Foundation (Entry Level) Part I Examination and Competency Level Part II Examination of CAT of the Institute.
5. The candidate should have passed Foundation of ICSI/Intermediate of ICAI by whatever name called along with 10+2

Eligibility Criteria for CMA Final

1. A candidate should have passed Senior Secondary School Examination (10+2)and Foundation Course of the Institute of Cost Accountants of India.
2. Should be graduated from any discipline other than Fine Arts.
3. Foundation (Entry Level) Part I Examination of CAT of the Institute.
4. Foundation (Entry Level) Part I Examination and Competency Level Part II Examination of CAT of the Institute.
5. Passed Foundation of ICSI/Intermediate of ICAI by whatever name called along with 10+2

Check Out:Chartered Accountant Course

CMA Course Subjects

In total, the CMA course has 20 subjects that are distributed among the three levels, and they are:

CMA Foundations

• Paper 1: Fundamentals of Economics and Management
• Paper 2: Fundamentals of Accounting
• Paper 3: Fundamentals of Laws and Ethics
• Paper 4: Fundamentals of Business Mathematics & Statistic

CMA Intermediate

• Paper 5: Financial Accounting
• Paper 6: Laws, Ethics and Governance
• Paper 7: Direct Taxation
• Paper 8: Cost accounting and financial management
• Paper 9: Operation Management Information System
• Paper 10: Cost and Management Accounting
• Paper 11: Indirect Taxation
• Paper 12: Company Accounts & Audit

CMA Final

• Paper 13: Corporate Laws and Compliance
• Paper 14: Advanced Financial Management
• Paper 15: Business Strategy & Strategic Cost Management
• Paper 16: Tax Management and Practice
• Paper 17: Strategic Performance Management
• Paper 18: Corporate Financial Reporting
• Paper 19: Cost and Management Audit
• Paper 20: Financial Analysis & Business Valuation

Check Out: Chartered Financial Analyst

CMA Course Registration 2020

The last date to register for the examination is exactly four months before the given date for the examination.

For the year 2020, the last dates for registration are given below:

• For June examination 2020 – 10th Feb’2020
• For December examination 2020 – 31st July’2020

To join the Provisional Foundation Course while in Secondary High School (10+2)

As per existing provisions, a candidate can join the CMA Foundation Course on a provisional basis while pursuing 10+2. However, the student will only be eligible to appear for the Foundation Course after passing 10+2. So, to change the status from provisional to regular will only change based on the qualification of the candidate’s 10+2 result. 

For joining Intermediate Course while pursuing Undergraduate Studies

A candidate can join the provisional admission CMA Intermediate Course while pursuing undergraduate studies. Though, the candidate will be eligible to appear for the course when he/ she has qualified the Undergraduate Examination. Completing Graduation makes the student eligible to get converted from Provisional to Regular status.

However, the students who will be joining the Intermediate Course can only do so after qualifying CMA Foundation by any qualified examination of the Institute of Chartered Accountants of India. Only then will their status change from provisional to regular.

Check Out: Diploma Courses after Graduation

CMA Course Registration Fee

The registration fees can be paid by the candidates either offline or through an online portal. There isn’t any change in the registration fees depending on how the fees are paid. However, the aspiring candidates should keep in mind that the fees are neither non-refundable nor transferable. The registration fees may vary from candidate to candidate depending according to the reservation. The registration fees pattern is as follows:

• Foundation Course (Passed 10th Class): Rs.4000 /-
• Intermediate Course (Passed Foundation or Graduation): Rs.20000 /-
• Final Course (Passed Intermediate): Rs.17000 /-

Any aspiring student who wishes to appear for any of the following stages should keep in mind to register and pay the required fees on time. Failure to do so will lead to the student not being able to go ahead with the course.

Check Out: CA Subjects – Course wise Details

CMA Course Scope

CMAs have a wide range of industries and sectors to choose from after completing the course. Employment in private firms, small scale companies, large publicly listed companies, multinational corporations, and academia are few of the many sectors or industries.

Some of the roles that CMAs can find themselves in are:

1. Staff Accountant
2. Budget Analyst
3. Financial Analyst
4. Internal author
5. Finance Manager
6. Vice President of Finance
7. Chief Financial Officer (CFO)
8. Chief Executive Officer (CEO)

Thousands of students apply for the CMA course every year with the zeal to get success with flying colors in the commercial sectors. It not only helps one’s business grow but also leads to personal and professional growth.

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