CMA Full Form: Course Details, Future Scope, Job Prospects, Salary, Levels

What is the Full Form of CMA

The full form of CMA is Cost and Management Accounting. It is one of the prestigious professional degrees in finance and accounting offered by the Institute of Cost Accountants of India. It is awarded after the candidate clears all the three levels of the CMA course.

CMA's History

The CMA course full form is Cost and Management Accountant which was introduced in 1972, and many candidates have received the CMA certification since then. The exam structure has changed over time, and the most recent version requires the candidate to pass the exam in two sections, each with 100 MCQs and two 30-mark essays.

Benefits of CMA Course

The goal of being a CMA is to get an in-depth understanding of accounting, finance, and management. It is one of the most widely recognised certifications in the business world, proving the ability of a person to make financial decisions for a firm.

Furthermore, CMA course boosts a person's earning potential while also granting him creditability and standing in society and the economic sector. The following are some of the benefits of obtaining pursuing CMA in India:

• High pay-scale

• Enhanced job prospects

• Certification that is recognised around the world

Eligibility Criteria for ICMAI CMA

CMA Foundation Course Eligibility

• The candidate must have passed a recognised board or institution's class 10 or equivalent exam in order to get admission to CMA Foundation.

• A candidate is eligible to appear for the exam if he/she has passed the Senior Secondary Examination under the 10+2 scheme from a recognised board.

CMA Intermediate Course Eligibility

• The candidate must have passed the Senior Secondary School Examination (10+2) and CMA Foundation Course of the Institute of Cost Accountants of India

OR

• Candidate should be graduate in any discipline other than Fine Arts/ 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

• Passed Foundation of ICSI/Intermediate of ICAI along with Class 10+2

CMA Final Course Eligibility

• The candidate should have passed the CMA Intermediate examination.

• The candidate must have a current registration number

• The candidate should have completed the CMA Final course's required training.

• The candidate should not be disqualified from taking the CMA Final Course Exam.

CMA Direct Admission

• The candidate must have a bachelor's degree in any discipline other than fine Arts.

• The candidate must have qualified CAT/ICSI Foundation/ ICAI Intermediate.

Syllabus for CMA

The exam syllabus for CMA foundation, CMA intermediate, and CMA final course is mentioned in the table below:

Exam syllabus for CMA

Read detailed CMA syllabus:

• CMA Foundation syllabus

• CMA Intermediate syllabus

• CMA Final syllabus

Fees for CMA Certification

The fees for CMA certification vary depending on the types of courses.

CMA Foundation Course

The registration fee for CMA Foundation is Rs. 6,000 which can be paid via oral or postal mode.

CMA Intermediate Course

The registration fee for CMA Intermediate is Rs. 23,100 which can be paid in two installments via oral or postal mode.

Options to pay CMA Intermediate fee

CMA Final Course

The registration fee for CMA Final is Rs. 25,000 which can be paid in two installments via oral or postal mode.

Options to pay CMA Final course fee

When should you apply for the CMA certification?

CMA Foundation Course: Admission to the CMA Foundation course is offered throughout the year for the course. Students who wish to appear for the June term examination must apply by the 31st of January of that year, and students who wish to appear for the December term examination must apply by the 31st of July of that year.

CMA Intermediate Course: The registrations for this course are open throughout the year. Students who wish to appear for the June term examination must apply by the 31st of January of that year, and students who wish to appear for the December term examination must apply by the 31st of July of that year.

CMA Final Course

The CMA Final course is offered for registration throughout the year. Students who wish to appear for the June term examination must apply by the 31st of January of that year, and for the December term examination, candidates must apply by the 31st of July of that year.

Important - Check the Complete List of Full Forms

Variety of Career Options after CMA Certification

After earning your CMA certification, you have a variety of career options both domestically and internationally. It will help you improve your financial, accounting, and management skills, which will help you advance in your job and make you stand out from the crowd. Following are the various job opportunities for CMA (CMA full form is Cost and Management Accountant):

• Cost & Management Accounting

• Financial Management

• Financial/Business Analyst

• Systems Analyst & Systems Management

• Auditing, Internal Control

• Tax Management - Direct and Indirect Tax

• Capital Market Analyst, Fund Manager, Portfolio Analyst

• ERP Implementation

• Process Analysis in BPO/KPO Sector

• Implementing Business Intelligence Systems

• Academic Opportunities

CMA as a Career

In a decade, demand for CMA full form course and other accountants is likely to rise. The need for accountants is expected to increase by 4% between 2019 and 2029. This expansion is projected to continue in the management accounting industry due to the lack of standardisation, as organisations have a lot of flexibility in building management accounting systems.

CMA Salary

The average salary of a CMA professional can range anywhere between 5 Lakhs to 40 Lakhs pa. On average a fresher can expect to make an average salary of 10 Lakh pa. With increase and skill and experience, the CMA salary can see tremendous growth.

CMA Exam Techniques

Candidates can find the following tactics that should be used during the exam period:

• To pass the CMA exam, the first step is to pay great attention to every word in the question in order to gain a thorough grasp of it.

• All the options should be thoroughly examined, particularly in multiple-choice questions.

• If an answer can be found, go on to the next step after picking it.

• Don't waste too much time on a single question.

• If the candidate is unsure about the proper answer, they should endeavour to make the best guess possible.

CMA Career Opportunities in India

Cost Accountants enjoy great demand in government as well as private sector. Some of the key job areas of Cost Accountants are government sector, private sector, banking & finance sector, developmental agencies, education, training & research sector. Some of the popular job profiles for CMAs are cost accounting, financial planning, management accountant, accounting manager, chief financial officer, financial analyst etc. Below are some of the top recruiters for CMAs in India:

Top Recruiters for CMAs in India

• Pricewaterhouse Coopers (PwC)
• Ernst & Young (EY)
• Deloitte
• Klynveld Peat Marwick Goerdeler (KPMG)
• Accenture
• Larsen & Tourbo (L&T)
• Tata
• Reliance
• ITC Limited
• Bajaj

CMA Salary in India

According to Ambitionbox, the average CMA salary in India is 6 lakhs per annum. The CMA year salary in India ranges from Rs 1 lakhs to 22 lakhs. Here are industry wise salaries for CMAs in India:

CMAs Salary in India - Industry Wise

Is CMA better than CA?

The CMA and Chartered Accountant (CA) are equally well-known certifications in the finance domain. Both these certifications have their own specific areas where they specialise. The CMA focuses on areas such as management accounting, financial planning, and strategic decision-making. On the other hand, CA covers broader domains, which include auditing, taxation, financial reporting, etc. Hence, the choice between these two certifications comes down to one's career goals and interests.

CMA Pass Percentage

The Institute of Cost Accountants of India releases the pass percentage of CMA along with the CMA result. The pass percentages are released for all three levels of CMA. Historically, it has been seen that the pass percentage in CMA fluctuates between the range of 8 to 25%.