CMA stands for Cost and Management Accounting. Nowadays, the CMA course is opted for by many students. The course is divided into three levels: i.e. Foundation, Inter & Final. However, to become a CMA, students must pass these three-course levels. The course is mainly opted by students who want to build up their careers in Cost and Management Accounting.
Further, in the article below, we will see the CMA Course details, duration, Syllabus, eligibility, passing criteria, and much more.
TABLE OF CONTENT
- CMA Course – An Overview
- What is CMA?
- Duration of Cost and Management Accountant Course
- How to Register for CMA Course
- CMA Course Fee Structure
- Cost and Management Accountant Exam Details
- CMA Course Syllabus and Subjects
- Career Options After CMA
- CMA Salary in India
- Difference Between CA and CMA
- Frequently Asked Question
CMA Course – An Overview
Firstly, let’s see the basic details about the CMA Course.
|Course Name||CMA India|
|CMA Full Form||Cost and Management Accoutants|
|Regulating Body||The Institute of Cost Accountants of India|
|Course duration||3 Years|
|Academics||20 Papers and 3 Levels|
What is CMA?
The CMA stands for Cost and Management Accountants of India. This is a professional course by the Institute of Cost Accountants of India (ICWAI). The course was set up to promote and regulate India’s cost and management professions. Further, the CMA is the only person who can audit the cost accounts of India. In this course, the students will deal with the subjects like cost accounting, management, tax, law, etc.
Also read: Course Guide for CA
Duration of Cost and Management Accountant Course
The course duration of CMA after class 12th is three years. However, this is the duration when you pass the exam in a single attempt. Every failure attempt will increase the duration by 6 Months. Also, this does not include 15 Months of articleship training.
Also check: Duration for CA Course
How to Become a CMA in India?
- Register for the course and meet the CMA Foundation eligibility requirements.
- To advance to the next level, prepare for the tests and pass them with at least a 40% score.
- Enrol in the intermediate CMA course.
- After passing both CMA Inter groups, sign up for the 15-month practical training.
- Sign up to take the CMA Final examinations.
- Complete the practical training while also studying concurrently for the final tests.
- You’ll become a Cost and Management Accountant once you pass both sets of final exams.
- Finally, submit an ICMAI membership application.
To become a Cost and Management Accountant, students must pass 20 papers in total.
Eligibility Criteria of the CMA Course
Before applying for the course, you must first know about the eligibility criteria of the course. Let’s see the eligibility criteria for the CMA Course at each level:
- The candidate must have passed the Class 10th exams from a recognized board.
- Passed the class 12th examination from a recognized board or an examination recognized by the central government.
- Also, the students who have passed the National Diploma in commerce exams under AICTE or any other recognized body under all India Council.
- Moreover, the candidates waiting for the Class 12th Result are also eligible for provisional registration for the CMA Foundation Course.
- The candidate who has passed the Foundation level of the cost accountants of India or Graduation in any other discipline.
- Passed the Intermediate Level of ICSI (Company Secretary) and the intermediate level of Chartered Accountants of India.
- The candidate who has passed the Intermediate level of CMA.
- The candidate must have completed 15 months of training.
How to Register for CMA Course?
So, if you are eligible for the course, then quickly register for the course. The candidates can register themselves on the official website of ICAMI. Now follow the steps to fill out the CMA Registration form.
- Firstly, open the ICAMI official website and click on the CMA Foundation Registration.
- Now, Enter the required details and click on save, and continue.
- Next, upload the scanned copy of the documents required.
- Afterwards, make the payment for your respective courses through the online method.
- Now, pay the CMA Foundation registration fee of INR 6000.
- Now, get the printout of the registration form for future use.
Therefore, the registration process for the CMA Intermediate and CMA Final level is the same. The only difference is you need to submit different documents.
Documents Required for CMA Registration
- A Passport Size Photo
- Signature of a Candidate
- Class 10th Marksheet (for CMA Foundation)
- Class 12th Marksheet (for CMA Foundation)
- CMA Foundation Marksheet (for CMA Intermediate)
- CMA Intermediate Marksheet (for CMA Final)
- 15 Months training Certificate (for CMA Final)
Further, the students to note that registration for the CMA course is open throughout the year. To register for the CMA June attempt student must fill out the registration form before 1 Jan of that year, and to register for the December attempt, the student must fill out the registration form by 1 Jul of that year.
CMA Course Fee Structure for foundation, Intermediate, and Final
The total fee for CMA Course is Rs. 53000 approx. This only includes the registration fees.
Cost and Management Accountant Exam Details
The CMA Exams are held twice a year, in June and December. Further, to pass the CMA Exam, the students are to score a minimum of 40% in each subject and a minimum of 50% aggregate.
CMA Application Form
The candidate must fill out the examination form to take the CMA exam. Check the due date of the application form and fill it out before the last date.
Steps to fill out the CMA application form:
- Visit the official website of ICAMI.
- Click on the admission tab.
- Now, click on the course that you want to apply for.
- Fill out all the necessary details, including personal, address, and qualification details.
- Afterwards, proceed to pay the application fee and submit the application form.
CMA Application Fee
Check the table below to know the CMA application fee:
|Examination||Application Fee (India)||Application Fee Overseas students|
|Intermediate Course (Single group)||Rs.1200|
|Intermediate Course (Both Groups)||Rs.2400||$90|
|Final Course (Single Group)||Rs.1400|
|Final Course (Both Groups)||Rs.2800||$100|
How to Check ICMAI CMA Results?
After forty days, or six weeks after the end of the tests, students will receive their results. The outcome will be posted on the ICMAI website. Additionally, a minimum score of 360 out of 500 is required to pass the CMA Exam.
Follow these steps to verify the result:
- Click Here. You will then be directed to the ICMAI website’s examination part by clicking here.
- The “Result” tab can be seen on the left side of the page as you scroll down. Thus, click it.
- Select the relevant link.
- The exam results can then be examined.
CMA Course Syllabus and Subjects
The CMA course is divided into three levels, i.e. CMA Foundation, Intermediate, and Final. However, the CMA Foundation consists of 4 subjects, whereas CMA Inter and Final is comprised of 8 subjects which are divided into two groups, four each.
CMA Foundation Syllabus
- Paper 1: Fundamentals and Economics of Management
- Paper 2: Fundamentals of Accounting
- Paper 3: Fundamentals of Law and Ethics
- Paper 4: Fundamentals of Business Mathematics and Statistics.
CMA Intermediate Syllabus
- Paper 1: Financial Accounting
- Paper 2: Law and Ethics
- Paper 3: Direct Taxation
- Paper 4: Cost Accounting
- Paper 5: Operations Management & Strategic Management
- Paper 6: Cost & Management Accounting and Financial Management
- Paper 7: Indirect Taxation
- Paper 8: Company Accounts & Audit
CMA Final Syllabus
- Paper 1: Corporate Law and Compliance
- Paper 2: Strategic Financial Management
- Paper 3: Strategic Cost Management – Decision Making
- Paper 4: Direct Tax Law and International Taxation
- Paper 5: Corporate Financial Reporting
- Paper 6: Indirect Tax Law and Practice
- Paper 7: Cost and Management Audit
- Paper 8: Strategic Performance Management and Business Evaluation
Career Options After CMA
After completing CMA there are various career opportunities, let’s have a look at them:
- Financial Manager
- Financial Analyst
- Chief Financial Officer
- Financial Controller
- Corporate Controller
- Chief Investment officer
- Cost Accountant
The average salary of a CMA in India is 7-10 lakhs. However, your experience and skills can raise your salary to 20 Lakhs.
CMA Salary in India
The average annual salary of a CMA in India is 10 Lakh INR. Hence, a CMA Earns around Rs 83,000 per month in India. Furthermore, the Highest CMA Package given by the top companies is Rs 22 Lakhs per annum.
However, the Salary of a CMA increases as per their Knowledge, skills and experience. The average package of CMA in India depends upon many factors such as job profile, Location, expertise, and industry in which they work.
According to the ICMAI, the average salary of a fresher CMA in India is Rs 10 Lakh. However, in the year 2022, we have seen the salary raise of CMA by 30%.
Further, check the table below to know the highest, lowest and average salaries of CMA in India.
|Particulars||CMA Salary per Annum||CMA Salary per Month|
|Starting Salary||Rs. 6.5 Lacs||Rs. 54,000 per month|
|Lowest Salary||Rs. 2 Lacs||Rs. 16,000 per month|
|Highest Salary of Fresher||Rs. 22 Lacs||Rs. 183,000 per month|
|CMA Average Salary in India||Rs. 10 Lacs||Rs. 83,000 per month|
|Highest CMA Salary||Rs. 55 Lacs||Rs. 458,000 per month|
Advantages of Pursuing CMA
To pass the CMA examinations, you must put in a lot of effort and attention. But let’s not overlook the benefits one can obtain from passing the course. Find out the benefits of enrolling in a CMA course by reading the list below:
- Growth Potential
- Better Salary
- Global Opportunities
- CMAs are high in Demand.
- Business Appeal
Difference Between CA and CMA
CA and CMA are fascinating courses with their place and value in the corporate world. However, both courses are considered to be the toughest. If you choose between CA and CMA, you must be interested in numbers.
Let’s see the fundamental difference between CA and CMA in the table:
|Course Structure||3 Levels|
|Duration||The total duration of the course is 5 Years||The total duration of the course is 3 years|
|Course Fees||The total course fee is 2-3 lakhs||The total course fee is around 50-60 thousand.|
|Market Demand||The market demand for CA is very high and still increasing.||The market demand for CMA is limited but can have high scope in the future.|
|Average Salary||7-8 Lakhs (Fresher)||3-4 Lakhs (Fresher)|
Frequently Asked Question
Q1. What is CMA?
Ans: CMA is the professional course offered by the institute of cost accountants of India, which was set up to promote and regulate the cost and management accountancy profession in India.
Q2. What is the Eligibility of a CMA Course?
Ans: The student is only eligible for the CMA course if they have passed the Class 12th Examination or equivalent from a recognized board.
Q3. What is CMA Salary in India?
Ans: The average salary of a CMA is 7-10Lakhs; it increases as per your experience and skills.
Q4. Is CMA tough than CA?
Ans: CA is tough than CMA, in terms of Syllabus, content, and exam level.