Cost Management Accountant Course Guide - All You Need To Know About CMA

Cost and Management Accountant (CMA) is a highly reputed profession in the commerce field. There are various promising career avenues for the CMA professionals due to the dynamic business environment and rising market demand.


CMA provides a rewarding and a promising career for the candidates pursuing this course. The statutory body governing this course is called 'The Institute of Cost and Management Accountants of India (ICMAI)'.


Before pursuing the course, candidates must have a detailed understanding of it. To become a Cost and Management Accountant, candidates have to clear three levels as given below-

  • CMA Foundation

  • CMA Intermediate

  • CMA Final


Let us look at some Frequently asked questions about this course.


Q - What is the process to register for the CMA Exam?

A - Students can register for any of the levels through online mode. To register successfully, the following is the prescribed procedure -

  • Step 1 - Go to the official website of ICMAI - icmai.edu.in. Click on the option- CMA 2021 Registration.

  • Step 2 - After the page will open, fill in all the specified details on the registration form. Then click on save and continue.

  • Step 3 - Upload the photographs as per the required specifications and submit them.

  • Step 4 - A payment gateway will open with various modes of payment. Choose any mode and fill in all the details. Click on Make Payment.

  • Step 5 - The candidate should take the printout of the application for future references.


All candidates are advised to refer to the icmai.edu.in for latest updates on the registration process.


Q - What is the registration fee of all the levels of CMA?

A - CMA 2021 Registration Fee for all the levels is as mentioned below-

  • Foundation Course for both oral and postal mode - INR 4,000

  • For the Intermediate Course registration, there are two options to pay the fee through both, oral and postal mode-

    • Option I - Full Fees- INR 20,000

    • Option II - Fees in 2 Installments-

      • 12,000 (1st Installment)

      • 8,000 (2nd Installment)

  • Final Course registration through both oral and postal mode - INR 17,000

  • Please note that Candidates will receive a confirmation message after six days of payment done.

  • Payment can be done through any of the following modes -

    • Online through Debit card/Credit card/Net Banking.

    • Offline through challan of PNB, IDBI Bank, or the financial institution of India.

    • Challan can be downloaded from the online portal of the ICMAI.


All candidates are advised to refer to the icmai.edu.in for latest updates on the registration payment and procedures.


Let us now look at the frequently asked questions for each CMA level in detail.


Level 1: CMA FOUNDATION


Q - Who is eligible to appear in the CMA Foundation Exam?

A - 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.


Q - What is the syllabus of CMA Foundation Exam?

A - Within the CMA Foundation Exam, candidates have to clear four papers as per below -

  • 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)


Q- What are the passing criteria for CMA Foundation Exam?

A- A student is considered to pass the CMA Foundation Exam if he/ she has secured a minimum of 40% marks in each paper and an aggregate of 50% of total marks.


Level 2: CMA Intermediate


Q - Who is eligible to appear for the CMA Intermediate Exam?

A - The eligibility criteria to appear in the CMA Intermediate Exam is given below-

  1. Through Foundation Exam entry route - Candidates must pass the Foundation Course Exam of the Institute of Cost and Management Accountants of India (ICMAI). Also they must have passed 10+2 Exam or Senior Secondary School Examination from a government-recognized board.

  2. Through direct entry route - Graduated candidates in any discipline other than Fine Arts from a recognized board of education.

or

  1. Candidates who have passed the Foundation (Entry Level) Part I Examination of CAT of the Institute/Foundation (Entry Level) Part I Examination and Competency Level Part II Examination of CAT of the Institute

or

  1. Candidates who have passed Foundation of ICSI / Intermediate of ICAI are eligible to register for CMA Intermediate course.

  2. If your results are awaiting, you can apply for admission on a provisional basis.


Q - Does CMA Intermediate exam have any age limit?

A - No, there is no age limit fixed to appear in the CMA Intermediate Examination.


Q - What is the syllabus of CMA Intermediate Exam?

A - CMA Intermediate course is split into two groups having 4 papers in each as given below –


  • Group - 1

    • Paper 5: Financial Accounting (100 marks)

    • Paper 6: Laws and Ethics (100 marks)

    • Paper 7: Direct Taxation (100 marks)

    • Paper 8: Cost Accounting (100 marks)


  • Group - 2

    • Paper 9: Operations Management and Strategic Management (100 marks)

    • Paper 10: Cost & Management Accounting and Financial Management (100 marks)

    • Paper 11: Indirect Taxation (100 marks)

    • Paper 12: Company Accounts and Audit (100 marks)


Q - What are the passing criteria for CMA Intermediate level?

A - To pass the Intermediate level, candidates have to secure a minimum of 40% marks in each paper of the group, and an aggregate of 50% marks overall.


Level 3: CMA Final


Q - What are the eligibility criteria to register for the CMA Final course?

A - Only the candidates who have qualified for the CMA Intermediate course can register for CMA Final.


Q - What is the syllabus of the CMA Final Exam?

A- The syllabus of CMA Final is split into two groups having 4 papers in each as given below-

  • Group - 3

    • Paper 13: Corporate Laws & Compliance (100 marks)

    • Paper 14: Strategic Financial Management (100 marks)

    • Paper 15: Strategic Cost Management & Decision Making (100 marks)

    • Paper 16: Direct Tax Laws and International Taxation (100 marks)


  • Group - 4

    • Paper 17: Corporate Financial Reporting (100 marks)

    • Paper 18: Indirect Tax Laws and Practice (100 marks)

    • Paper 19: Cost and Management Audit (100 marks)

    • Paper 20: Strategic Performance Management and Business Valuation (100 marks)


Q - What are the passing criteria for the CMA Final Exam?

A - To pass the Final level, candidates have to secure a minimum of 40% marks in each paper of the group, and an aggregate of 50% marks overall.


The career profession as a CMA is very promising and satisfying. But, the most critical aspect that one needs for pursuing CMA is dedication and hard work. So, give your 100% while preparing for this course and fulfil your dreams.