The CMA course is offered by the Institute of Management Accountants (IMA), a global professional association headquartered in the United States. The course covers a wide range of topics, including financial accounting, management accounting, strategic management, and business ethics.
Introduction
The CMA exam is a professional certification exam for management accountants. It is administered by the Institute of Management Accountants (IMA). The CMA exam is a two-part exam that covers a wide range of topics in accounting and finance, including financial reporting, performance management, strategic planning, and risk management
CMA Course Details
| Course Name | Certified Management Accounting |
| Offered by | Institute of Cost Accountants of India (ICAI) |
| Eligibility Criteria | Passed 12th with a minimum of 50% marks or have a bachelor’s degree |
| Course Levels | Foundation, Intermediate and Final |
| Total No. of Papers | 20 |
| Duration | 3-years |
| Course Fees | INR 1,00,000 – INR 2,00,000 |
| Average Salary | INR 6 LPA |
| Job Profiles | Financial analyst, cost accountant, budget analyst, cost controller, financial officer, and accountant |
What is CMA Course?
The abbreviation CMA refers to a management accounting professional qualification that is acknowledged around the world. The Institute of Cost Accountants of India (ICAI), formerly known as the Institute of Cost and Works Accountants of India (ICWAI), is the organization in India that offers the CMA program. The Foundation, Intermediate, and Final phases of the CMA course are all taught separately. Candidates must finish all three phases of the CMA course as well as other prerequisites including practical training and job experience in order to become certified management accountants in India.
CMA Duration
The duration of the CMA course is 3 years. This includes the time it takes to complete the three levels of the course (Foundation, Intermediate, and Final) and meet the work experience requirements.
The duration of each level of the CMA course is as follows:
- CMA Foundation: 8 months
- CMA Intermediate: 10 months
- CMA Final: 18 months
Skills Required in CMA Course
Here are the skills required for the CMA course, point-wise:
- Accounting and financial reporting: CMAs must have a strong understanding of accounting and financial reporting principles and practices. This includes the ability to prepare and analyze financial statements, such as the balance sheet, income statement, and cash flow statement.
- Management accounting: CMAs must also have a strong understanding of management accounting principles and practices. This includes the ability to cost products and services, develop budgets, and perform performance analysis.
- Strategic management: CMAs must be able to understand and apply strategic management principles to help businesses achieve their goals. This includes the ability to conduct environmental analysis, develop and implement strategies, and evaluate the performance of strategies.
- Business ethics: CMAs must have a strong understanding of business ethics and be able to apply ethical principles in their work. This includes the ability to identify and resolve ethical dilemmas.
Application Process
To apply for the CMA course, you must first register with the Institute of Management Accountants (IMA). You can register online or by mail.
Once you have registered, you can begin the application process. The application process includes the following steps:
- Complete the CMA application form.
- Pay the application fee.
- Submit official transcripts from all colleges and universities attended.
- Submit a professional reference form.
- Submit a copy of your resume.
CMA Eligibility
To be eligible for the CMA course, you must meet the following requirements:
- Educational qualification: Bachelor’s degree from an accredited college or university.
- Work experience: Two years of full-time work experience in accounting or finance.
- Exam requirement: Pass both parts of the CMA exam within five years of sitting for the first part.
CMA Exam Dates
| CMA Exam | Details |
|---|---|
| Format | Computer-based |
| Number of parts | 2 |
| Duration of each part | 4 hours |
| Number of questions | 100 multiple-choice questions and 2 essay scenarios |
| Passing score | 360 out of 500 |
| Exam dates | May and November |
| Registration deadline | Four weeks before the exam date |
FAQs
The CMA exam is a professional certification exam for management accountants. It is administered by the Institute of Management Accountants (IMA).
CMAs are in high demand, and they earn an average salary of over $100,000 per year. CMAs also have the opportunity to advance their careers more quickly and to work in a variety of industries
To be eligible to take the CMA exam, you must have a bachelor’s degree from an accredited university and two years of relevant work experience.
- Part 1: Financial Reporting, Performance, and Controls
- Part 2: Strategic Financial Management
