The Cost Accountants (CMA) of INDIA

 CMA as a course in India was previously known as ICMAI. This course is governed by ICWA i.e. the institute of cost and management of India.  It is under the ownership of Ministry of Corporate Affairs, Government of India. It has been given a prime responsibility by the Ministry of Corporate Affairs of the Government of India to contribute to the cost and management accounting profession at global level. The ICMAI is a Founder Member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA). ICMAI is a member of the National Foundation of Corporate Governance (NFCG). Also the ICMAI's Certified Management Accountancy (CMA), also known as Cost and Management Accountancy (earlier known as Cost and Work Accountancy (CWA)) course is recognized by the UK NARIC as equivalent to UK Post Graduation Programme. ICMAI has offices all around the world, to name a few are the USA (Washington office), the UK (London office).

CMA India is not as popular as the other Indian courses like CA(Chartered Accountant) and CS(Company Secretary). CMA Students are increasing as the course is getting noticed.

Levels for becoming a CMA:-

1. Foundation (Contains a set of 4 exams)
2. Intermediate (Contains 2 sets of 2 exams)
3. Final (Contains 2 sets of 4 exams)

There's a catch in becoming a CMA after the intermediate level the pursuer must complete articleship of minimum 15 months to be eligible for taking the Final level exam.

  Qualifications?

Nah not really. It requires a 10th standard degree to begin with. Its your own choice, you wanna enroll after your 12th class here you go, after graduation here you go, in between your graduation here you go. The only thing which must be kept in mind is that you cannot start and complete your articleship when enrolled in a full time course for example if you are in a regular graduation course your articleship won't be considered.  

Subjects you will study

It's usual that a student will wonder what he/she will be studying when opting the course. So, here's the list of the subjects in CMA course. 

Foundation:-

1. Fundamentals of Economics
2. Fundamentals of Accounting
3. Fundamentals of Law and Ethics
4. Business Mathematics and Statistics: Fundamentals

Intermediate

1. Financial Accounting
2. Law & Ethics
3. Direct Taxation
4. Cost Accounting
5. OMSM: Operations and Strategic Management
6. Cost & Management Accounting/Financial Management
7. Indirect Taxation
8. CAA: Company Accounts & Audit

Final

1. Corporate Law & Compliance
2. SFM: Strategic Financial Management
3. SCMD: Strategic Cost Management: Decision Making
4. Direct Tax Laws; International Taxation
5. Corporate Financial Reporting
6. Indirect Tax Laws, Practice
7. Cost & Management Audit
8. SFP: Strategic Performance Management & Business Valuation

The cost

The most important factor to consider choosing a course is the cost of studying it.

Foundation: 4,000 INRIntermediate (With Instalment): 20,000 INRIntermediate: (Without Instalment): 12,000 INR (1st Instalment); 8,000 INR (2nd Instalment)

Final: 17,000 INR

Talking about the salary a qualified CMA could expect 5-20 Lakhs which also depends on the knowledge he/she wields. Overall a great course for any student and specially a great course for a commerce students.

I hope this piece of information encourages you. Keep your studies on, stay safe and be healthy.

PEACE!