If an organization is to survive in a competitive environment, then it needs to hire the most skilled professionals to maximize its efficiency, effectiveness, and global competitiveness. Here comes the need for Cost and Management Accountants (CMA), as they play a key role in managing and implementing the company's cost structure to increase its global competitiveness. Cost and Management Accountant (CMA) is one of the best accounting jobs, especially in India.
Cost and Management Accountant (CMA) is one of the best cost accounting jobs, especially in India. It is a legally recognized profession regulated by the Institute of Cost and Management Accountants of India (ICMAI) which provides employment and operational opportunities within the field of accounting and management. The beauty of this is that both of these sectors are associated with the most important aspects of the business as any business starts with cost and management and ends in decision-making.
How to become a CMA?
To become a CMA, a student needs to pass three levels of the course -
● CMA Foundation
● CMA Intermediate
● CMA Final
To achieve your goal, you need to begin well, and to do this, you have to know the foundation level well. So, let's discuss the first level that is the CMA Foundation, and ways to crack it.
CMA Foundation eligibility
Students can register for this course after passing the 10th or equivalent examination from a recognized Board. To appear for CMA Foundation, candidates must have passed the 12th examination.
CMA Foundation syllabus
Paper 1: Fundamentals of Economics and Management
● Section A: Fundamentals of Economics (50 marks)
● Section B: Fundamentals of Management (50 marks)
Paper 2: Fundamentals of Accounting
● Section A: Fundamentals of Financial Accounting (80 marks)
● Section B: Fundamentals of cost accounting (20 marks)
Paper 3: Fundamentals of Laws and Ethics
● Section A: Fundamentals of Commercial Laws (70 marks)
● Section B: Fundamentals of Ethics (30 marks)
Paper 4: Fundamentals of Business Mathematics and Statistics
● Section A: Fundamentals of Business Mathematics (40 marks)
● Section B: Fundamentals of Business Statistics (60 marks)
Passing criteria for CMA Foundation
A student is considered to have passed the CMA foundation test if he or she obtained a minimum of 40% marks on each paper and a combination of marks of 50%.
To clear this level, and to increases your chances of success, candidates have to do two types of preparation as mention below-
● Mental preparation
● Academic preparation
Mental preparation needs can be done in the below ways -
Your focus must always be centered on your goal with no distractions
● Positive attitude
You must have heard the old saying - "If you think right, everything will be fine". So always have the right attitude and Stay Positive.
● Keep Calm
We all know that stress blocks our senses, so avoid stress. Be calm as it will allow you to think and act rationally, specifically in the exam.
Academic Preparation needs can be done in the below ways -
● Concept clarity
People have a misconception that having good numerical and logical aptitude is enough to pass the CMA Foundation but you need more than that. The key is conceptual clarity and understanding of each topic at a deeper level that helps one to clear the test easily.
● Avoid mugging up
Focus on understanding ideas rather than questioning makers of question papers because one needs a solid understanding of the topics in order to understand the diversity of problems to avoid any mistakes.
● Good exam-centric strategy
Here, exam-centric strategy means carefully planning your preparation, playing with your strength by completing all the topics in advance to avoid panic at the last minute.
● Don't leave out any topic
An important part of preparing for a professional exam is that, one has to complete the entire syllabus because these tests can be expected. So make sure that you haven't left any topic.
We all know planned things have more chances of success than unplanned ones. The same is true for the preparation as studying without a schedule or timeline will make it difficult to analyze which topics are your weakest areas and need more effort. Success comes a bit easier to those who have a good plan and who work based on a well- designed plan.
● Coaching and mock tests
Students can opt for good coaching that saves your time. Online coaching has a plus point for students who want to utilize their every minute without any wastage. The most effective coaching is the one that gives you chapter-wise study materials so there will be no doubts and provides live classes where you can interact with the teachers directly. Facilities like previous paper analysis, revision test papers, suggested answers & mock tests should also be provided. You can join ProEdge coaching classes as we offer all these facilities and many more like these to the students.
Mock tests are also a must because it will help you to know the pattern of the exam and understand what improvements are required, and in which particular area.
● Start early and work hard
Here, starting early means you can start preparing right after standard 10th as the syllabus of the CMA Foundation is quite similar to 11th and 12th class syllabus. So, instead of waiting and preparing for these courses after finishing the 12th class, you should start your preparation for these courses along with 11th and 12th class. At ProEdge, we offer online coaching for CMA Foundation, through which you can prepare for these courses along with 11th and 12th class. This dual preparation helps you in both your professional and academic performance.
And lastly, you should remember that CMA isn't only a test of your conceptual understanding but it is also a test of your determination, single-minded focus, and perseverance!
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