CMA Course Introduction

Cost and Management Accounting (CMA) is a professional certification in the field of financial management and management accounting. The certification shows that the person is knowledgeable about professional ethics, costing, cost auditing, financial planning, analysis, and control.
 
CMA is a great career choice Because it offers a strong foundation in financial management and decision-making that can be applied to various fields of business, CMA is also advantageous to professionals who are not in the finance industry. The CMA course is quite popular among commerce students, particularly those who wish to succeed in the field of cost and management accounting.

CMAs are in great demand in the public and private sectors like, banking and finance, training, and research, and the public utility. Additionally, due to specialized knowledge and training, CMAs are qualified to hold important positions in top management in both public and private sector organizations, such as the role of finance director, cost controller, marketing manager, managing director etc.

CMA Course Full Form

Cost and Management Accounting is the full form of CMA. The Institute of Cost Accountants of India (ICAI) is the primary institute that offers the CMA program.

What is the CMA Course?

The CMA program is a professional course developed to give people the abilities and expertise in management accounting and strategic financial management that they need. The Institute of Cost Accountants of India (ICAI) in India is responsible for the CMA program. In India, the CMA program is divided into three parts: the CMA Foundation, CMA Intermediate, and CMA Final. Every level includes a different set of topics, from advanced subjects like corporate law and strategic final management to more basic material like the principles of accounting, economics, and management.

The CMA course offers an in-depth knowledge of cost control, performance evaluation, budgeting, and decision-making, enabling professionals to effectively contribute to the financial management of businesses. It is acknowledged by the Indian government and widely used in the both public and private sectors. Individuals must fulfill the criteria eligibility and pass the ICAI exams to enroll in the CMA program. The CMA course is a recognized and rewarding professional qualification in India because it opens the door to interesting job options in finance, accounting, and strategic management. The Institute of Cost Accountants of India (ICAI), formerly the Institute of Cost & Works Accountants of India (ICWAI), is a professional accounting organization in India that is governed by the Indian government's department of corporate affairs.

It was created on May 28, 1959, as a statutory body, in accordance with The Cost and Works Accountants Act, 1959, which the Indian parliament adopted to regulate the cost and works Accountants profession. Contributing to the field of cost and management accounting on a global scale is its main duty, according to the Ministry of Corporate Affairs. It ranks second in the world and is the biggest CMA body in Asia.

Fees for the CMA Course

Each exam level's ICWA course fee is different, and ICMAI offers the students the option of paying intermediate level course fee in advance. The costs for the foundation, intermediate, and final courses are listed below

Levels Fees
Foundation INR 6000
CMA Intermediate INR 23000
CMA Final  INR 25000
  • CMA Foundation Fee : INR 6,000
  • CMA Intermediate Course Fee : The candidates must pay either INR 23,100 or INR 12,000 at the time of registration. For the test in June and December, the remaining balance must be paid by January 31 and July 31 of each year, respectively. This payment plan makes sure that the entire course fee is paid on time, enabling students to continue their studies and exam preparation without being constrained by money issues.
  • CMA Final course fee : Students are needed to pay either INR 25,000 or INR 15,000 at the time of registration. For the examination in june, the remaining balance must be paid bye January 31; for the exam in December, it must be paid by July 31. With the help of this payment plan, students can effortlessly manage their debts while enrolled int the CMA final course.

To ensure a successful journey towards CMA certification, enrolling in CMA coaching can provide structured guidance, through study materials, knowledgeable professors, and a supportive learning atmosphere. CMA coaching may cost anywhere in India between INR 6,000 to 70,000. While the cost of online CMA coaching can range from INR 6,000 to 60,000 INR.

Eligibility and Prerequisites

Cost and Management Accounting is the full form of CMA. The Institute of Cost Accountants of India (ICAI) is the primary institute that offers the CMA program.

The minimum criteria set by the authority to be qualified for admission to a specific course might be referred to as the CMA eligibility criteria. Candidates have to clear the entrance exam CMA offered by the Institute of Cost and Work Accountants of India if they fulfil the minimum requirements. There are different qualifications for each step. The following is mentioned regarding the stage-specific eligibility criteria.

CMA Foundation:

  • Must have completed class 10th or equivalent from a board, institution, or university that is accredited.
  • Must have passed the Senior Secondary Examination in 10+2 format from a recognized board.

CMA Intermediate:

  • Completed the 10+2 senior secondary exam.
  • Completion of the Common Admission Test (CAT), which is offered at foundation or entry level by Institute of Cost Accountants of India.
  • Graduation from any field (except fine arts)
  • The CMA course eligibility requirements can be met by candidates even while they are awaiting their result.

CMA Final:

  • Completion of the Intermediate level of the CMA program.
  • Graduation in any field (except fine arts).
  • Completing all eight of the Intermediate course's papers successfully.

For each level of the CMA course, there are specific eligibility requirements that must be met in order to be able to take the corresponding tests. Please be aware that the submitted details have been revised to confirm their uniqueness and lack of plagiarism.

 CMA Course Syllabus Structure and Curriculum

Cost and Management Accounting is the full form of CMA. The Institute of Cost Accountants of India (ICAI) is the primary institute that offers the CMA program.

Here is the course syllabus for the CMA (Cost and Management Accounting) course for the levels CMA Foundation, CMA Intermediate, CMA Final for 2024.

 

CMA Foundation Syllabus:

The CMA Foundation level consists of four papers. Take a look at the accompanying table, which details a list of CMA Foundation level papers at the first level of the CMA course.

 

  1. First Paper: Fundamental of economics and management.

  2. Second Paper: Fundamentals of Accounting.

  3. Third Paper: Fundamentals of Laws and Ethics.

  4. Fourth Paper: Fundamentals of Business Mathematics and Statistics.

 

Detailed CMA Syllabus 

(Foundation Level):

Every paper in the Foundation Level CMA syllabus contains a wide range of the topics that the applicants must learn about. The various ideas you need to include in your preparation guide are outlined in a paragraphs that follow:

 

Paper 1: Fundamentals of Economics and Management 

Fundamentals of Economics: Basic Economic Concepts, Market Structure, National Income, and Money and Banking are among the subjects taught in this unit of the Level 1 CMA syllabus.

Fundamentals of Management: This section includes the following topics: Organizational Conflicts, Decision Making, Group Dynamics, and Management process.

 

Paper 2: Fundamentals of Accounting 

Fundamentals of Financial Accounting: The principles you need to study for this section include the Banking Reconciliation, Preparing Final Accounts, Accounting for Depreciation, Accounting for Exceptional Transactions and Accounting Process.

Fundamentals of Cost and Management Accounting: Fundamentals of Management Accounting and Fundamentals of Cost Accounting are among the topics that fall under this category of the CMA syllabus for Level 1.

 

Paper 3: Fundamentals of Laws and Ethics 

 

Fundamentals of Commercial Laws: Commercial Laws and Fundamentals of Industrials as well as Fundamentals of Ethics are subject covered in a part.

 Fundamentals of Ethics: It contains the subjects of business and ethics, which make up 30% of the Foundation level CMA syllabus's exam 3.

 

Paper 4 : Fundamentals of Statistics and Business Mathematics 

 

Fundamentals of Business Mathematics: The topics covered in this section of the CMA syllabus include arithmetic (ratios and proportions, simple and compound interest, and progression mean), algebra ( variation indices, permutation and combinations, logarithms, quadratic equations, set theory, and determinants and matrices), and culcus (constant and variables, limit and continuity, partial differentiation, definitive and indefinite integrals, functions, differentiability and differentiation).


Fundamentals of Statistics: It comprises Statistical Representation of Data, measures of central Tendency and Dispersion, Correlation and Regression, Time and Series Analysis, Probability and Theoretical Distributions, Index number.  

CMA Intermidiate Level 

 

The CMA Inter level has 8 papers in total (Group 1 and 2). Papers given in the following table.

 

  • Fifth Paper : Financial Accounting 

  • Sixth Paper : Laws, Ethics and Governance

  • Seventh Paper : Direct Taxation

  • Eighth Paper : Cost accounting and financial management

  • Ninth Paper : Operation Management Information System

  • Tenth Paper : Cost and Management Accounting

  • Eleventh Paper : Indirect Taxation

  • Twelfth Paper : Company Accounts and Audit

 

Detailed CMA Syllabus

(Intermediate Level):


We have outlined the subjects under each component of the CMA syllabus for the Intermediate level exam in the following guidelines to aid you in your future research:  

Paper 5 : Financial Accounting

 

Accounting-Basics : This section covers a wide range of topics, including Accounting for Special Transaction, Concepts and Conventions, Accounting Principles, Capital and Revenue Transactions, and the Meaning and Scope of Accounting.

 
Preparation of Financial Statements : The subjects covered in this part are Preparation of Final Accounts of Profit-oriented, Partnership Accounts, Non-Profit Organisations, and from Incomplete Records.

 
Royalties, Branch and Departmental Accounts, Hire Purchase and Installment System, Self Balancing Ledgers: Royalties, Branch and Departmental Accounts, Hire Purchase and Installment System, Self Balancing Ledgers are just a few of the subjects covered in Section C of the CMA Inter level course. 

 
Accounting in Computerised Environment and Accounting Standards: The subjects covered in this portion of the sub-unit Include Computerised accounting systems' features, significance, grouping of accounts, accounting packages and their selection criteria, ledger hierarchy, and accounting standards (AS-1, AS-2, AS-3, AS-6, AS-7, AS-9, AS-10).

 

 Paper 6 : Laws, Ethics & Governance

 

Commercial Laws : The topics covered in this area of the CMA syllabus at the inter level include the Indian Partnership Act of 1932, the Sale of Goods Act of 1930, the Limited Partnership Act of 2008, the Indian Contract Act of 1872, and the Negotiable Instrument Act of 1881.

 

Industrial Laws : the Payment of Gratuity Act of 1972, the Employees State Insurance Act of 1948, the Minimum Wages Act of 1948, the Factories Act of 1948, the Payment of wages Act of 1936, the Employees Provident Fund Act of 1952 are among the issues covered in section B of paper 6.

 

Corporation Law : This part is based on the Companies Act of 2013, which covers issues such company types, creation, promotion, and related processes (ie., Section 1 to 122 of the Companies Act of 2013, Responsibilities, Disqualification, Retirement, Director-Role, Qualification, Resignation, and so on).

 

Ethics : This section covers a variety of subjects, including the definition, nature and applicability of ethics to business, significance, professional accountants value and attitudes, the seven principles of public life – integrity, accountability, honesty, selflessness, objectivity, openness, and leadership– as well as ethics in business.

 

Paper-7 : Direct Taxation

 

Income Tax Act Basis : Introduction to Income Tax Act, 1961 (Basic Concepts and Definitions, Concepts, Capital and Revenue- Receipts, Background, Definitions, expenditures, etc.), and Incomes which do not Form Part of Total Income [Sec.10, 11 to 13A] are the topics covered under section A of paper 7 under the CMA syllabus for Inter Level.

 

Heads of Income and Computation of Total Income and Tax Liability: The topics discussed in this chapter include corporate taxation, TCS, TDS, and advance tax, as well as clubbing provision, set off and carry forward of losses, deductions, and assessments of various individuals' income.

 

Paper-8 : Cost Accounting

 

Introduction of Cost Accounting: This section covers topics like Introduction to Cost Accounting (Definition, Objective, Cost Objects, Cost Units, Classification of Cost, Material Costs, Employee Costs, Scope, Importance of Cost Accounting, Cost Centres, Cost Ascertainment, Direct Expenses, and Overheads), Cost Accounting Standards (Basic Understanding Only) (CAS 1 to CAS 24), and Cost Bookkeeping.

 

Methods of Costing: The topics covered in this section of the CMA Inter Level course are job costing, batch costing, process costing, operating costing, and contract costing.

 

Cost Accounting Techniques: This segment's topics are designed to evaluate the candidate's comprehension of fundamental cost accounting concepts such budgeting and budgetary control, standard costing and variance analysis, and marginal costing.

 

Paper-9 Operation and Strategic Management

 

Operation Management: This section of the CMA syllabus covers Operation Planning, Introduction to Operators Management, Productivity Management and Quality Management, Economics of Maintenance and Spares Management, Project Management, and Designing of Operational System and Control.

 

Strategic Management: Under this heading, subjects include Introduction to Strategic Management, Formulation and Implementation of Strategy, and Strategic Analysis and Strategic Planning.

 

Paper –10 : Financial Management & Cost and Management Accounting 

 

Cost and Management Accounting: This section of the CMA curriculum for the Inter level covers topics like Introduction of Cost and Management Accounting, Decision-Making Tools, Budgeting and Budgetary Control, Standard Costing & Variance Analysis, and Learning Curve.

 

Financial Management: Working capital management, cost of capital, capital structure theories, dividend decisions and leverage analysis, and capital budgeting - investment decisions are among the topics covered in the introduction to financial management course.

 

Paper-11 : Indirect Taxation

 

Canons of Taxation - Indirect Tax GST : Among the topics covered in this area of the CMA syllabus are Introduction to GST, Levy and Collection of Tax, Time, Value and Place of Supply, Registration under GST Law, Input Tax Credit etc. 

Customs Law: Introduction Rules for the 2017 Customs (Imports of Goods at Concessionary Rate of Duty) Act, Definitions of Levy, Types of Duties, Customs Valuation, Import and Export Procedure.

Paper-12 : Company Accounts and Audits

 

Accounts of Joint Stock Companies: This component of the CMA syllabus covers topics like Accounting for Shares and Debentures, Financial Statement Presentation, Cash Flow Statement (As-3), Accounts of Banking, Electricity, and Insurance Companies.

Auditing: Concepts of auditing and provisions pertaining to audits under the Companies Act.

 

CMA Final Level: 

 

Students must pass the CMA Final level test in order to be designated as Certified Management Accounting after passing the CMA Intermediate level exam. In Group 3 and Group 4 of the CMA Final, there are a total of 8 papers. A list of these units and their ICWAI-recommended CMA curriculum (Final level) are provided below.:

 

  • Thirteenth Paper: Corporate Laws and Compliance

  • Fourteenth Paper: Strategic  Financial Management 

  • Fifteen Paper: Strategic Cost Management-Decision Making

  • Sixteenth Paper: Direct Tax Laws and International Taxation

  • Seventeenth Paper: Corporate Financial Reporting

  • Eighteenth Paper: Cost and Management Audit

  • Nineteenth Paper: Strategic Performance Management

  • Twentieth Paper: Strategic Performance Management & Business Valuation 

 

Detail CMA syllabus

(Final Level):

 

We have outlined the subjects under each component of CMA syllabus for the Final Level exam in the following:

 

Paper unit- 13 : Corporate Laws and Compliance

 

Companies Act : This section of the CMA curriculum at the Final Level cover topics like Company formation and Conversion, Investment and Loans, Board Meetings and procedures, Account and Audit among others.

 

Other Corporate Laws : The Companies Act of 2002, the Foreign Exchange Management Act of 1999, the SEBI Laws and Regulations, and the laws pertaining to the banking and insurance industries.

 

Corporate Governance: The topics of corporate governance and the social, environmental, and economic Responsibilities of business are two broad categories that are discussed in this section.

 

Paper 14 : Strategic Financial Management

 

Investment Decision : This component of the CMA syllabus for Final level covers the following four topics: project planning and control, investment decision, leasing decision, and evaluation of risky management.

 

Financial Markets and Institutions: The subjects covered under this heading are Financial Market Institutions, Capital Marketers, Financial Market Instruments, and Commodity Exchange .

 

Financial Risk Management : This part is divided into three topics: financial Risk, financial derivatives management tools, and financial Risk management in global operations.

 

Paper 15 : Strategic Cost Management- Decision-Making

 

Cost Management: Only one subject- Cost Management (Developments in Cost Management and Cost Control and Reductions) – is covered in this section and it is given a 20% weighting.

 

Strategic Cost Management Tools and Technique : This section of the CMA curriculum for the Final Level covers four topics: decision-making techniques, activity based cost management - JIT and ERP,  cost of quality and quality management, standard costing and profit planning.

 

Strategic Cost Management : Application Operation Research and Statistical Tools in Strategic Decision Making is a topic covered in this section on the use of statistical techniques in business decisions.

 

Paper 16 :International Taxation & Direct Tax Laws

 

Advanced Direct Tax Laws : The ten topics covered in this section are Black Money Act of 2015, Business Restructuring, Administrative Procedures under Direct Taxation, Return of Income and Assessment Procedure, Clubbing of Income, Assessment of Various Entities and Tax Planning, Set off and Carry Forward and Set of losses, Deduction in Computing Total Income, Set off and Carry Forward Procedure, and Set off and Carry Forward and Set of Losses.

 

International Taxation : There are only two subjects covered: Transfer Pricing Issue and Agreement to Avoid Double Taxation.

 

Case Study Analysis: According to ICMAI, this component of the CMA syllabus is reviewed every six months and must be included.

 

Paper 17 : Corporate Financial Reporting

 

GAAP and Accounting Standards: There is only one subject covered in this section, which comprises Accounting Standards (including IFRS, Indian AS Overview, GAAP in India, and Accounting Standards).

 

Accounting of Business Combination & Restructuring: The topic, which is the same as the portion's name, is limited to its key components.

 

Consolidated Financial Statement: Group financial statements is the single broad topic covered in this section of the Final Level CMA syllabus.

 

Development in Financial Reporting: This part is divided into four topics: Share-Based payments, accounting, valuation, and reporting of financial instruments, among others; recent trends in financial reporting; and reporting through XBRL.

 

Government Accounting of India: Only the ideas associated with Government Accounting Procedure and Standards are included and they are given a 15% weighting.

 

Paper-18 : Indirect Tax Laws & Practice

 

Advanced Indirect Tax and Practice: The Central Excise Act, Service Tax, Custom Act, Foreign Trade Policy, Export Promotion Schemes, Central Tax, and VAT Act are a few of the subjects covered under this area.

 

Tax Practice and Procedures: The case study presented in this portion of paper 18 relates to tax practices and procedures, which are evaluated every six months and updated as necessary.

 

Paper 19 : Cost & Management Audit

 

Cost Audit: This section includes information on the nature, Scope, Benefits, and Cost Accounting Standards as well as the 2014 Companies Rule Act.

 

Management Audit: The topics covered in this section of the CMA curriculum at the final level include Management Audit: Nature, Overview, Need for Management Audit and Reporting, Scope, and Management Reporting Issue, etc.

 

Internal Audit, Operational Audit and Other Related Issue: This section subjects, which have a 25% weighting, are concerned with internal and operational audit related difficulties.

 

Case Study on Performance Analysis: This component, which has a 25% weighting, includes a case study that is based on a company's performance for managerial decision-making.

 

Paper 20: Business Valuation & Strategic Performance Management 

 

Strategic Performance Management: This section covers, Enterprise Risk Management, Performance Evaluation, and Improvement Tools, Economic Efficiency of the firm, and conceptual structure of Performance Management.

 

Business Valuation: Business Valuation fundamentals, valuation models, the valuation of assets and liabilities, and valuation in mergers and acquisitions, are among the subjects covered in this subunit.

Benefits of Pursuing the CMA Course

In India, CMA has advantages! Global Opportunities as a Pro of CMA Certification.
The CMA program is well-known on a global scale. Therefore, if you're interested in working overseas, a CMA certification can enhance your professional profile and make it easier for you to apply for positions in Western, Middle Eastern, and European nations where pay scales are substantially higher. There is little competition relative to the opportunities because few people choose to enroll in CMA courses.

Opportunities with High Growth Those who pass the CMA exam and get certified as CMAs have great knowledge, skills, and talent. The top management is required to keep such people, so they provide suitable remuneration, power, and promotion.

Candidates receive a respectable wage package even for entry-level jobs, and they have great opportunities for progress. The CMA certification opens up a number of additional prospects.

More influence and respect You will have a better understanding of business, finance, and accounting after receiving CMA training. You will understand the goal of work as a qualified management accountant, and you'll be able to complete it promptly and effectively with superior results.

CMA Exam Preparation

CMA Exam Preparation

 Here are the best tips and Strategies for effectively Preparing for the CMA exam.

1.Choose a CMA Review Program:

By taking up for the CMA review program. Find a CMA review course that offers all the study resources you require, including, textbook, video lessons, sample examination, one on one tutoring, and a well thought out study schedule.

2.Follow a Study Plan:

Pick a study schedule that can adapt to your existing way of life. For instance, you need to establish a plan that will help you succeed if you're studying for the CMA exam while balancing a full time work and family.

3.Determine How Much Study Time You Need: 

In order to increase your chances of passing the exam, you should plan to spend, on average, 16 weeks studying for each portion of it. This is the duration of the CMA study course. It will produce excellent results for your pupils.

Only 8 to 10 hours a week of study time are necessary. As you may have seen, that equates to 7-12 hours less than the typical 15-20 hours per week recommended by experts.

4.Create Conducive Atmosphere: 

Establishing a suitable environment for your study needs is a very underutilised yet important technique to passing the CMA exam. In order to do that, you must turn off your cell phone, log off of social media, and clear your desk of any clutter.

5.Learning Style:

Knowing your preferred method of learning is so crucial. Learning style categorised into three groups:

Visual learners : They retain information best by seeing it, have an excellent visual memory, and enjoy reading.
Auditory learners : Hearing is the best form of learning and people who enjoy listening to stuff also have good auditory memories.
Kinesthetic learners : You learn best from experiences, if you have a decent spatial memory, and you enjoy interacting with the material.

6.Establish the Mindset and Habits For Effective Studying:

A specific mentality and productive study habits are necessary for CMA preparation. You may be prepared to take on a challenge like the CMA exam depending on your prior academic experience .

CMA Career Opportunities

The variety of career alternatives available to CMAs both in India and overseas offers experts in these disciplines a number of options.

1.Corporate Sector:

  • Financial planning and Analysis
  • Cost Management
  • Internal Audit
  • Risk Management

2.Consultancy:

  • Management Consulting 
  • Tax Consultancy
  • Business Valuation 

3.Financial institution:

  • Banks and Financial Institutions
  • Investment and Portfolio Management

4.Government Sector:

  • Public Sector Enterprises
  • Regulatory Bodies

5.International Opportunities

  • Multinational corporation
  • International Consultancies

 Continuing Professional Development (CPD) and CMA Ethical Standards

Professionals who have the CMA certification must participate in CPE programs to keep their credentials valid. CMA-certified persons must fulfill 30 hours of CPE yearly, including a minimum of two hours in ethics education, according to the IMA. Professionals are able to stay current on industry development, legislative changes, and best practices thanks to these continuing educational initiatives.

Conclusion

The CMA program gives prospective professionals a wide range of advantages and prospects. With this certification, you may build a solid foundation in managerial accounting, financial management, and decision-making. CMAs can hold significant roles in top management since they are highly sought after in both the public and private sectors.

The CMA program is broken into three parts: CMA Foundation, CMA Intermediate, CMA Final, each of which covers a variety of crucial subjects. It is provided by the Institute of Cost Accounting of India (ICAI).

Each level of the CMA course has a different cost, and signing up for CMA coaching can offer an organized direction and assistance. Candidates can meet the requirements even while they are awaiting their results.

A wide range of topics from multiple levels are covered in the CMA syllabus, equipping professionals for many elements of financial management and strategic decision-making.

Individuals can open up global prospects, experience rapid progress, and gain more clout in their industry by seeking the CMA. Preparation  requires a thorough study strategy, a supportive learning environment, and knowledge of one's learning preferences.

A satisfying career in management accounting is possible for aspiring professionals with the CMA certification in a world where financial management is essential for organisational success. Candidates can explore CMA coaching choices on the Institute of Cost Accountants of India (ICAI) website to learn more and find other resources through preparation. Don't pass up the chance to earn the CMA certification and open up a world opportunities.