Why should I take a CMA course?
A CMA course (Cost & Management Accounting) is a professional course offered by the Institute of Cost Accountants of India. Foundation, Intermediate, and Final levels make up this course. All three levels must be passed and the practical training must be completed in order to become a CMA.
You will study cost control, financial planning, cost planning, financial analysis, and cost analysis. In addition, each country has its own certification requirements for the CMA course.
Details about the CMA program
| Specifications | Course details for the CMA |
| Formal description | Accounting & Cost Control |
| The company offers | ICMAI (Institute of Cost Accountants of India) |
| What are the eligibility criteria? | Minimum 50% in 12th grade or graduation from high school |
| Levels of study | A foundation course, an intermediate course, and a final course |
| The total number of papers | There are 20 papers in total |
| Duration of CMA course | It has been three years |
| Fees for CMA coursesFees | 1 to 2 lakhs rupees |
| Indian CMA Salary | A salary of 10 lakhs per year |
| Website of the official organization | ICMA International (https://icmai.in/) |
| Descriptions of jobs | Finance Officer, Financial Analyst, Corporate Controller, Cost Accountant, Management Accountant, Auditor |
There is a difference between an ICMAI and an ICWAI
The Institute of Cost & Work Accountants of India used to be known as ICMAI before becoming ICMAI. It is also worth noting that the CMA course was previously known as the CWA, or Cost and Work Accountant. ICMAI and ICWAI have no differences. In the past, they have had different names, but they are the same.
Accounting for Costs and Management: Three Levels
We all know that there are three levels in the CMA course: Foundation, Intermediate, and Final. The courses cover topics such as finance, accounting, law, and management.
Cost and Management Accounting Foundation –
This is the first level of Cost and Management Accounting, where students learn about the basics. The foundation level lasts for eight months. The minimum passing score for this exam is 40%.
Intermediate Certified Management Accountant –
In this level, you will study financial and cost accounts, as well as taxation more deeply. Each of the eight papers falls into one of two categories.
Final report on the CMA –
This is the most challenging stage of the Cost and Management Accounting course. The course covers a wide range of topics, including laws, cost and financial management, reporting, auditing, and more.
The students also need practical training, which is crucial for developing necessary skills like communication, pressure handling, and time management.
Practical Training for CMA Courses
- Experiencing various organizations’ working environments.
- Develop the necessary skills to apply theoretical knowledge of CMA to various corporate settings.
- Develop a disciplined and professional attitude
- Corporate ethics should be made aware.
The CMA course requires students to complete three years of practical training in one organization and one reorganization area listed in Appendix A.
