The Institute of Cost Accountants of India (ICMAI) administers the Cost and Management Accounting (CMA) course in India. Previously known as Cost and Works Accounting (CWA) and governed by the Institute of Cost and Works Accountants of India (ICWAI) the course name has changed but the governing body remains the same. The CMA course is ideal for students interested in managing and optimizing costs across various company departments. The course duration is three years.
The CMA course provides the CMA designation to qualifiers opening up lucrative career opportunities in business accounting. The course is based on four pillars of knowledge: Management, Regulatory Framework, Strategy, and Financial Reporting. The designation is awarded after passing exams at three levels:
The CMA course, previously known as Cost and Work Accounting (CWA), is offered by the same institute, now known as the Institute of Cost and Management Accountants of India (ICMAI). The name changes do not affect the course content or structure.
The CMA Foundation syllabus for 2024 includes four papers covering the basics needed for the Intermediate and Final course subjects. Applicants should be familiar with the subjects, topics, and contents to prepare effectively for the examination. By understanding the CMA course structure and eligibility, students can better prepare for their journey to becoming certified Cost and Management Accountants.
| Papers | CMA Syllabus 2024 Details |
|---|---|
| Paper 1 | Fundamentals of Business Laws and Business Communication (FBLC) |
| Paper 2 | Fundamentals of Financial and Cost Accounting (FFCA) |
| Paper 3 | Fundamentals of Business Mathematics and Statistics (FBMS) |
| Paper 4 | Fundamentals of Business Economics and Management (FBEM) |
The CMA Intermediate new syllabus for 2024 consists of two groups, each containing four papers. Students should be familiar with the subjects and their respective groups to prepare effectively for the examinations.
| Groups | Papers | CMA Syllabus 2024 |
|---|---|---|
| Group 1 | Paper 5 | Business Laws and Ethics (BLE) |
| Paper 6 | Financial Accounting (FA) | |
| Paper 7 | Direct and Indirect Taxation (DITX) | |
| Paper 8 | Cost Accounting (CA) | |
| Group 2 | Paper 9 | Operations Management and Strategic Management (OMSM) |
| Paper 10 | Corporate Accounting and Auditing (CAA) | |
| Paper 11 | Financial Management and Business Data Analytics (FMDA) | |
| Paper 12 | Management Accounting (MA) |
The CMA Final New Syllabus 2024 is divided into two groups: Group 3 and Group 4. These groups build on the subjects covered in the Intermediate course, further advancing students' knowledge and skills.
| Groups | Papers | Details |
|---|---|---|
| Group 3 | Paper 13 | Corporate and Economic Laws (CEL) |
| Paper 14 | Strategic Financial Management (SFM) | |
| Paper 15 | Direct Tax Laws and International Taxation (DIT) | |
| Paper 16 | Strategic Cost Management (SCM) | |
| Group 4 | Paper 17 | Cost and Management Audit (CMAD) |
| Paper 18 | Corporate Financial Reporting (CFR) | |
| Paper 19 | Indirect Tax Laws and Practice (ITLP) | |
| Paper 20A | Strategic Performance Management and Business Valuation (SPMBV) | |
| Paper 20B | Risk Management in Banking and Insurance (RMBI) | |
| Paper 20C | Entrepreneurship and Start-Up (ENTS) |
The CMA course offers excellent career opportunities and a broad scope for growth in various industries. Graduates can be placed through both campus and off-campus recruitment, equipped to pursue roles beyond traditional accounting, including consulting and management.
Industries such as IT, ITeS, and Telecommunications offer the highest remuneration for CMA professionals. Average starting salary for freshers: INR 22,000-25,000 per month. Salaries increase with experience and exposure.
| Job | Average Salary (In INR) |
|---|---|
| Cost Controller | 6.94 LPA |
| Finance Manager | 10.86 LPA |
| Chief Financial Officer (CFO) | 36.98 LPA |
| Senior Financial Analyst | 8.17 LPA |
| Accountant | 2.92 LPA |
| Certified Management Accountant | 5 LPA |
| Cost Accountant | 7.05 LPA |
| Financial Controller | 24.35 LPA |
| Internal Auditor | 5.85 LPA |
| Finance Analyst | 5.40 LPA |
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