Cost and Management Accountant | CMA Course Guide
A CMA or a Cost and Management Accountant is answerable for the distribution, the executives, and the guideline of assets in business; any business. A Cost and Management Accountant is somebody who plays out these obligations. Work as a CMA is fulfilling and generously compensated just as a decent one.
There are various reasons why you should seek after a vocation in CMA, however, the most significant explanation is that you should need to; else you won’t have the option to progress in the direction of it or appreciate it. Do you have a talent for bookkeeping and account, and an ever-developing adoration for business and numbers? At that point, maybe, CMA is the best approach for you. Additionally, there is no deficiency of occupations or vocation alternatives for the CMA proficient, nor is there an absence of ventures. Each industry needs a CMA.
Cost Accountants are consistently sought after in the Public and Private Segments, Banking and Finance, Developmental Agencies, Education and Research, and so on! Some normal activity titles for CMA experts include Finance Manager, Financial Analyst, Financial Controller, Chief Financial Officer (CFO), Certified Management Accountant, Finance Director, Senior Financial Analyst, Chairman, Managing Director, Chief Executive Officer. These are just a couple among the many activity roads you can look for work in, to the extent the private segment goes.
In the administration segment, you can be working in the all-India unit which is the Indian Cost Accounts administration and is as renowned as the common help posts of IAS, IPS, and IFS. What’s more, if that is not some tea, you can generally instruct CMA by picking up the vital scholastic capabilities.
The Institute of Cost Accountants of India was recently known as The Institute of Cost and Works Accountants of India (ICWAI). The ICMAI was first settled in 1944. The finish of the Second World War saw the beginning of another Industrial Revolution to revive everything that it had removed. Colonization was on out and new governments were being framed and the requirement for cost bookkeeping was developing quickly. Thus, in 1959, the Institute was restored under the Cost and Works Accountants Act. This demonstration announced the establishment, a legal expert body (the main permitting body in India working solely in this field) for the guideline of the calling of Cost and Management Accountancy. From that point forward, ICMAI has been dependable extraordinarily for the changing and improving mechanical and financial scene of India. Its goals incorporate Making Cost and Management, Accountancy a supportive apparatus in every single financial movement, Implementing logical strategies in Cost and Management Accountancy, Staying fully informed regarding all the changing patterns in the field, and Economics, all in all, Operating morally and denouncing exploitative practices in the calling, To hold meetings on new and fascinating proficient subjects that may increase the value of the current Cost and Accounting subjects.
The CMA course has two components: practical training and a theoretical (examination) component. The theoretical component involves passing the following three exams:
3. CMA Final
The CMA tests are held two times per year, once in June and once in December. Enrollment to the course is open consistently; be that as it may, in the event that you need to show up for the June assessment, the last date to enlist (for any of the three levels) is 31st January for the June endeavor and 31st July for the December endeavor. ICMAI offers potential understudies the whole bundle from start to finish to launch a profession in CMA.
CMA Foundation Exam
The Syllabus of the CMA Foundation Course comprises of 4 papers
1. Paper 1: Fundamentals of Economics and Management
2. Paper 2: Fundamentals of Accounting
3. Paper 3: Fundamentals of Laws and Ethics
4. Paper 4: Fundamentals of Business Mathematics and Statistics
Each paper is of three hours’ length and the tests are directed disconnected. They are unmistakable papers in nature. Presently, we should take a gander at the passing prerequisites. On the off chance that you need to find out about the idea of the test, paper, and subject astute weight age, we welcome you to peruse our blog entry on “What’s in the CMA Foundation Exam?”
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CMA Foundation Exam Passing Requirements
You can show up for the CMA Foundation Exam the same number of times as you need. In any case, you’ll need to show up for all papers simultaneously.
You’ll have to satisfy the accompanying two conditions:
1. Acquire in any event 40% in all papers; and
2. At any rate half altogether
That is, at any rate, 40 in each paper, and a sum of 200 when you include every one of your imprints acquired!
You can get paper-wise exceptions on the off chance that you can’t clear the test. On the off chance that you secure 60% or more in any paper or papers, you will be excluded in that paper(s) from showing up in the promptly progressive three terms of assessment. From that point forward, your exclusion gets invalid and you’ll need to show up for that paper once more.
Moreover, you can get capability-based paper-wise exclusions on the off chance that you fall among the accompanying classes of students:
1. Reciprocal Exemption between ICAI-CMA and ACCA-UK Members as per MoU.
2. Clarification on Conversion to Syllabus 2016 and Corresponding exemptions
3. Clarification for qualification based subject exemptions granted under syllabus 2012, opting for syllabus 2016
4. Exemptions for Engineering Graduates/Engineers pursuing a CMA course under syllabus, 2016.
5. Exemptions for qualified LLBs pursuing CMA course under syllabus, 2016.
CMA INTERMEDIATE EXAM
The CMA Intermediate Exam comprises of 2 gatherings of 4 papers each. Each paper is worth 100 checks and is of 3 hours length. It is a pen and paper test. You can decide to show up for one of the two gatherings. In any case, while enrolling, you should enlist for the two gatherings. The papers are numbered from 5 to 12 as a continuation of the numbering plan from the CMA Foundation where the papers are numbered from 1 to 4. The gatherings of papers are as per the following:
Group – 1
1. Paper 5: Financial Accounting
2. Paper 6: Laws & Ethics
3. Paper 7: Direct Taxation
4. Paper 8: Cost Accounting
Group – 2
1. Paper 9: Operations Management & Strategic Management
2. Paper 10: Cost & Management Accounting and Financial Management
3. Paper 11: Indirect Taxation
4. Paper 12: Company Accounts & Audit
CMA Intermediate Exam Passing Requirements
To comprehend the passing necessities, you ought to know that you can decide to show up for one or both gatherings of papers.
In the event that you show up for a solitary gathering, the passing necessities are as per the following:
1. You get at least 40% imprints in each paper of the gathering and
2. You acquire at least half checks in the total of all papers of the gathering taken together.
In the event that you decide to show up for the two gatherings, the passing prerequisites are:
1. You meet the base necessities to clear a gathering independently or
2. You get at least 40% imprints in each paper of both the gatherings and at least half checks in the total of all papers of the two gatherings taken together.
It is a genuinely basic inquiry for understudies with regards to which alternative they ought to pick. As we would see it, it is ideal to show up for the two gatherings in the event that you have concentrated well. This is on the grounds that, as should be obvious over, the passing necessities are less rigid.
Also, you can get paper-wise exclusions on the off chance that you can’t free at least one gathering from the test. In the event that you secure 60% or more in any paper or papers, you will be excluded in that paper(s) from showing up in the promptly progressive three terms of assessment.
CMA FINAL EXAM
The last advance to turn into an effective CMA, to the extent scholastics go is the CMA Final Course and so as to be qualified:
a. You ought to have passed the Intermediate course of ICMAI and selected for the CMA Final Course
b. You ought to have finished a required multi-day Industry Oriented Training Program (IOTP)
c. You ought to have enrolled for the multi-year Practical Training segment of the course and have finished in any event a half year of this preparation
The CMA Final Exam comprises of 2 gatherings of 4 papers each. Each paper is worth 100 checks and is of 3 hours term. It is a pen and paper test. You can decide to show up for one of the two gatherings. Be that as it may, while enlisting, you should enroll for the two gatherings. The papers are numbered from 13 to 20 as a continuation of the numbering plan from CMA Intermediate where the papers are numbered from 5 to 12. The gatherings of papers are numbered 3 and 4 for much a similar explanation:
Group 3 –
a. Paper 13: Corporate Laws and Compliance
b. Paper 14: Advanced Financial Management
c. Paper 15: Strategic Cost Management – Decision Making
d. Paper 16: Direct Tax Laws and International Taxation
Group 4 –
a. Paper 17: Corporate Financial Reporting
b. Paper 18: Indirect Tax Laws and Practice
c. Paper 19: Cost and Management Audit
d. Paper 20: Strategic Performance Management and Business Valuation
CMA Final Exam Passing Requirements
To comprehend the passing prerequisites, you ought to know that you can decide to show up for one or both gatherings of papers.
In the event that you show up for a solitary gathering, the passing prerequisites are as per the following:
a. You acquire at least 40% imprints in each paper of the gathering and
b. You obtain a minimum of 50% marks in the aggregate of all papers of the group taken together.
On the off chance that you decide to show up for the two gatherings, the passing prerequisites are:
a. You meet the base prerequisites to clear a gathering independently or
b. You acquire at least 40% imprints in each paper of both the gatherings and at least half checks in the total of all papers of the two gatherings taken together.
It is a genuinely basic inquiry for understudies concerning which choice they ought to pick. As we would see it, it is ideal to show up for the two gatherings on the off chance that you have concentrated well. This is on the grounds that, as should be obvious over, the passing prerequisites are less rigid.
Furthermore, you can get paper-wise exceptions on the off chance that you can’t free at least one gathering from the test. In the event that you secure 60% or more in any paper or papers, you will be absolved in that paper(s) from showing up in the promptly progressive three terms of assessment. Likewise, capability-based exceptions are accessible and laid out on the CMA site.
During your CMA Intermediate and Final courses, you will likewise be required to take distinctive instructional courses online in Computers, Soft Skills, and Practical Training in addition to other things. These are compulsory except if you meet all requirements for exclusions dependent on your experience and capabilities.
For the CMA Intermediate Course, the preparation is as per the following:
a. Computer Training (100 hours): Here, the goal is for you to pick up capability in the activity of programming ordinarily utilized in Management Accounting fields.
b. Communication and Soft Skills Training (3 days): Here you are to build up the vital correspondence and delicate abilities expected to work as a Professional
During the CMA Final Course, the preparation is as per the following:
a. Mandatory Industry Oriented Training Program (IOTP) – 7 Days: Here, the goal is for you to get “preparing on consistence prerequisites and their arrangement under different resolutions”
b. Practice Training (least a half year before showing up for CMA Final; complete of 3 years): Here you build up the aptitudes required “to apply the hypothetical information on cost and the board bookkeeping to viable circumstances in various expert fields”
Becoming a Member of ICMAI
In the wake of clearing all the tests, and finishing the preparation sketched out above, you’ll have to finish a multi-day Modular Training.
When that is done, you’ll be qualified to turn into an individual from the ICMAI. You’ll be at first conceded as an Associate Member and permitted to utilize the title ACMA after your name showing all things considered.
In the wake of satisfying other recommended measures that can be found on the Institute’s site, you can turn into a Fellow Member of the ICMAI. Presently, you can utilize the title FCMA after your name!
On the off chance that you are to turn into the best CMA, at that point you should realize that everything is computerized in this day and age. You can increase a great deal of understanding through extra preparing projects and aptitudes during your time preparing to be a CMA proficient.
a. MoU: ICMAI has an MoU with IGNOU which offers specific B.Com and M.Com programs for the understudies of ICMAI. This area additionally gives you an itemized expense structure for the courses on the off chance that you wish to join.
b. Knowledge Resources: This tab on the site is an understudy’s closest companion. It gives all the examination material that you might require during your course-work. Aside from that, it likewise has comprehensive information on CMA as introductions, test papers, MCQs, documents, and so forth.
c. Examination updates: To remain insider savvy and cutting-edge on news, you can watch out for the ‘Assessment’ tab on the site. Here you can discover everything test related. From dates to warnings to past inquiry papers to recommended answers to results. The rundown goes on.
Counseling, Placement & Training
When you’ve crossed this obstacle, there are mind-blowing openings for work that anticipate you. ICMAI offers ground positions for both June and December groups, each year, and has tie-ups with the absolute best scouts in the nation. Mainstream names incorporate – Ashok Leyland, Bata, Castrol India Ltd, IDBI Bank, ICICI Bank, Tata Consultancy Services Ltd, among numerous others. ICMAI additionally offers professional guidance for both qualified CMAs and semi-qualified CMAs. They work with the corporate area to assist understudies with building up the vital expert ranges of abilities to succeed.
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