ICMAI – The Institute of Cost & Works Accountants of India

Mathematics is essential in our life. When it comes to taking care of the accountants, one must be well educated and aware of the steps they take. So, here is an institute of cost accountants of India. It was previously known as The Institute of Cost & Works Accountants of India. It recommends the Cost Accounting Standards to be followed by companies in India to which statutory maintenance of cost records applicable. 

ICAI is solely responsible for setting the auditing and assurance standards for statutory Cost Audit to be followed in the Audit of cost statements in India. The Institute of Cost Accountants of India (erstwhile The Institute of Cost and Works Accountants of India) was first established in 1944 as a registered company under the Companies Act with the objects of promoting, regulating and developing the profession of Cost Accountancy.

ICMAI results

ICMAI results are published online in the websiteexamicmai.in and icmai.in for CMA Foundation, Inter, and Final exam.

  • Click on the direct link on this page to check the result.
  • Next, the candidates have to log in using the identification number as obtained after registration.
  • Click on the ‘check result’ button to submit the login details.
  • On submitting the login details, your result will appear on the screen.

ICMAI Admit Card

To appear in the examination, one should have an admit card, right? Before the exam, download it following the steps mentioned below:

  • Click on the link which is provided on this page for downloading the admit card.
  • Next, the users are required to select the courses shown in the image below. Click on the “Click Here:” button to proceed to the next step.
  • Next, users are redirected to the page of the Admit Card, as shown. Enter the user’s registration number and click on the “Print Admit Card” button to download it.
  • On submitting the login details, his/her admit card will appear in front of your screen.
  • Download it and take a print out of it for future reference.

ICMAI Student

This is the primary qualification of the ICMAI, and following completion of up to three levels (Foundation, Intermediate, and Final) examinations and three years of practical training in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Audits, Corporate Laws, etc. enables an individual to become a Cost & Management Accountant.

  • A new syllabus was introduced in August 2016 following the International Education Guidelines (IEG) of IFAC to get the advantages in the process of Mutual Recognition Agreement ( MRA) among /different member countries of the world under GATS in WTO.
  • Subjects for examinations include management accounting, Financial Accounting, strategic management, taxation, corporate law, financial management, business valuation, financial reporting, cost, and management audit.
  • Students who have passed degree examination of any recognized university or equivalent are eligible for admission directly to Intermediate level.
  • Papers exemptions based on reciprocal arrangements are available to students who have passed the Institute of Company Secretaries of India Final Examination.
  • Examinations are held twice a year in various examination centers in India and overseas centers in June and December. And Results are declared in August and February for June term and December term exams, respectively.

ICMAI Exam

To enroll in ICMAI, one has to appear for the ICMAI exam. ICMAI examinations are conducted by The Institute of Cost Accountants of India (ICAI). It was set up to promote and regulate the Cost and Management Accountancy profession in India. 

Eligibility

Candidates must have passed Class 12th or equivalent from a recognized board of education.

Candidates passed in the equivalent examination under:

  • Central Government or National Diploma in Commerce Examination held by the All India Council for Technical Education
  • 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

ICMAI Study Material

Along with mathematics and knowledge of taking care of accounts, one should have some study materials to master in that particular field. According to the syllabus provided in 2016, here are three types of study materials,

  • Foundation study material
    • Paper-1_Fundamentals of Economics and Management New Edition – August 2019
    • Paper-2_Fundamentals of Accounting New Edition – August 2019
    • Paper-3_Fundamentals of Laws and Ethics New Edition – August 2019
    • Paper-4_Fundamentals of Business Mathematics and Statistics New Edition – August 2019
  • Intermediate study material
    • Paper-5 Financial Accounting New Edition – August 2019
    • Paper-6 Laws and Ethics New Edition – August 2019
    • Paper-7 Direct Taxation New Edition January 2020
    • Paper-8 Cost Accounting New Edition October 2019
    • Paper-9 Operations Management & Strategic Management New Edition -August 2019
    • Paper-10 Cost & Management Accounting and Financial Management New Edition October 2019
    • Paper-11 Indirect Taxation (Including Customs Act) New Edition January 2020
    • Paper-12 Company Accounts & Audit New Edition – August 2019
  • Final study material:
    • Paper-13 Corporate Laws & Compliance August Edition
    • Paper-14 Strategic Financial Management (SFM) August Edition
    • Paper-15 Strategic Cost Management – Decision making August Edition
    • Paper-16 Direct Tax Laws and International Taxation New Edition-January 2020
    • Paper-17 Corporate Financial Reporting Revised August Edition
    • Paper-18 Indirect Tax Laws and Practice (Including Customs Act) New Edition January 2020
    • Paper-19 Cost and Management Audit August Edition
    • Paper-20 Strategic Performance Management and Business Valuation August Edition

ICMAI Placement:

According to the students of ICMAI, it is sure that placement is very good in this field. What institute do is, update the placement data like reporting time, venue, and all the necessary details on the website and request students to join accordingly. Students now got an average package of 15 LPA. 

The organizations in which to apply, the website has also a section to apply directly from there within the deadline mentioned there. 

ICMAI question papers

One must prepare well enough to enroll him/herself in this field. They need previous year question papers, which can make them understand the pattern, marks division, or any other related things to mind. 

Here are the Examination Question Papers (Syllabus 2016) of December 2018 Term:

ICMAI Training:

Under training ICMAI has several methods/steps to follow, like,

Everyone needs some hand-on experience before getting placed. So there is a facility to register under some organizations, say a paid internship. It can be done in the registered organizations only. The list of registered organizations is available on the website, here

ICMAI Syllabus

Now, every study material follows the syllabus 2016. Before appearing in the examination or studying for the course, one must know the syllabus which can be found here.

If anyone wants totally with the study materials:

ICMAI exam date

ICWAI examinations are conducted by The Institute of Cost Accountants of India (ICAI). The candidates who want to pursue the courses offered by ICWAI have to start right after passing Class 12th by taking admission in the Foundation courses. Registrations for the ICAI Foundation & Intermediate courses are open throughout the year. However, students willing to appear for June Term Examination should apply before 31st January of that year and for December Term Examination should apply before 31st July of that year, i.e,

Events  Dates
Last date of submitting applications20-May-2020
Foundation Course paper 102-Sep-2020
Foundation Course paper 204-Sep-2020
Foundation Course paper 308-Sep-2020
Foundation Course paper 410-Sep-2020
Intermediate Course Paper 5 and Final Course Paper 13 01-Sep-2020
Intermediate Course Paper 9 and, Final Course Paper 1702-Sep-2020
Intermediate Course Paper 6, and Final Course Paper 1403-Sep-2020
Intermediate Course Paper 10, and Final Course Paper 18 04-Sep-2020
Intermediate Course Paper 7 and Final Course Paper 15 07-Sep-2020
Intermediate Course Paper 11 and Final Course Paper 19 08-Sep-2020
Intermediate Course Paper 8 and Final Course Paper 1609-Sep-2020
Intermediate Course Paper 12 and Final Course Paper  2010-Sep-2020
ICWAI June 2020 results for Intermediate and Final courseTo be announced later

ICMAI GST Course:

GST course is taught online and offline both. One can enroll online and he/she can appear for the exams also to get a certificate. There is a particular course fee, to attend the course which is of 72 hours duration. There will be 100 questions in the exam, a duration of 2 hours, without negative marking.

There are two courses of GST, one is just certified, the previous one and another is an advanced certified course which is of 40 hours. Exam pattern is all the way the same as the previous. But it is an online course only.

ICMAI Intermediate

ICMAI has three subsections, i.e, Foundation, Intermediate, and final. Here is a quick overview of Intermediate course. It has basically 8 papers,

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

ICMAI prospectus

One can find the prospectus here. every needy information is noted here, from the course details to the director and authorities’ information.

ICMAI Contact number:

One can simply contact the ICMAI authorities using these,

Toll-Free Number 1800110910 / 18003450092 for assistance relating to Students, Members, and General Public.

Here is the address as well:

CMA Bhawan, 3, Institutional Area Lodhi Road
New Delhi – 110003

Ph.: 011-24666133, 134
and Email ID: [email protected], [email protected]

ICMAI Exam Centre

ICMAI divided the country into 4 regions, in which they conduct their examinations.

  1. North region
  2. South region 
  3. East region
  4. West region

The centers with their respective codes mentioned in the following image:

ICMAI Courses

ICMAI offers several courses for the students to improve in their study and bring light to their future with the provided certificate for completing the following courses:

  • Certificate Course on GST
  • Advanced Certificate Course on GST
  • Certificate Course on TDS (Direct Tax)
  • Certificate Course on Return Filling (Income Tax)
  • Crash Course on GST for College and University

ICMAI Members

A person who has passed the Final Examination of the Institute and who has obtained a minimum of three years of practical experience covering different branches of Costing or Industrial Accounting viz. stores, materials, labor, overhead, etc. In a responsible position in any one or more industrial or commercial or government units or departments and produced evidence to that effect to the satisfaction of the Council may seek admission to associate membership of the Institute.

To be a member, one should:

  1. Enroll in the CMA Program
  2. Register for the Exam
  3. Plan to Complete Certification Requirements and submit

For Professional Members:

  • CMA Entrance Fee (nonrefundable)$250*
  • Exam Fee$415 per part

For Student/Academic Members:

  • CMA Entrance Fee (nonrefundable)$188*
  • Exam Fee$311 per part

ICMAI Foundation:

Foundation Course:

To enroll in this course one should:

  1. Have passed Class 10 or equivalent from a recognized Board or Institution.
  2. Passed Senior Secondary Examination under 10+2 scheme of a recognized Board or an Examination recognized by the Central Government as equivalent thereto 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.

FAQs

✅ Is CMA easier than CA?

Ans. No, according to the web, both are the same. This is just two different courses related to accounting, but the difficulty is almost the same for a student to pursue. 

✅ What is the salary of ICWA?

Ans. On average, the salary is around 4 lakhs per annum, while a mid-level professional earns around ₹ 6 Lakhs per annum. An experienced or senior-level professional can earn a salary of about ₹ 10 Lakhs per annum.

✅ Is ICWA worth it? 

Ans. Yes, it is, its a hard-earned profession and it pays off. for the most part, though it depends on you, how much your knowledge and experience are.

✅ Is CMA June 2020 exam postponed?

Ans: The Institute of Cost Accountants of India has postponed its CMA June 2020 exams due to the COVID-19 outbreak and subsequent lockdown situations in the country. The exams which were earlier scheduled to be held from June 11 to 18, 2020 have now been postponed to the month of July.

✅ How many attempts are there for CMA Inter?

Ans. There is no restriction on a number of attempts. One can give as many times he/she wants. The main point is that the registration gets automatically canceled after 5 years which can be renewed by paying some nominal fees.

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Piyush values education and has studied from the top institutes of IIT Roorkee, IIM Bangalore, KTH Sweden and Tsinghua University in China. Post completing his MBA, he has worked with the world’s # 1 consulting firm, The Boston Consulting Group and focused on building sales and marketing verticals for top MNCs and Indian business houses.

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