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US CMA vs Indian CMA - Eligibility, Syllabus, Cost, Career and Salaries
As the finance world continues to expand, professionals are increasingly seeking specialized qualifications to stay ahead. The US CMA (Certified Management Accountant) qualification, awarded by the Institute of Management Accountants (IMA), serves as a professional credential in the areas associated with management accounting and financial management. However, the Indian CMA stands for Cost and Management Accountant. It is a professional course affiliated with the Institute of Cost Accountants of India.
CMA is designed for finance professionals in India who wish to specialise in cost management and strategic financial planning. To become certified, candidates must clear the CMA examination, which consists of 3 parts (Foundation, Intermediate, and Final.)
CMA Eligibility Criteria
The eligibility criteria for US CMA and Indian CMA must be fulfilled, along with other registration and examination requirements set by the relevant governing body. Now, let's take a look at the difference in eligibility between both the certifications.
US CMA Eligibility
Hold a bachelor’s degree from an accredited college or university or an equivalent professional certification.
Have two continuous years of professional experience in management accounting or financial management. This can be completed either before or within seven years after passing the exams.
Enroll as a member of the IMA.
Indian CMA Eligibility
CMA Foundation Course Eligibility
Candidates must have passed a recognised board or institution's class 10 or equivalent exam in order to gain admission to the 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
The candidate should be a 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.
CMA Syllabus
The US CMA exam syllabus focuses on strategic financial management, performance analysis, risk management, and ethics. Whereas the Indian CMA exam syllabus covers a wide range of topics, including accounting, taxation, corporate laws, and cost management across different levels. Candidates must be familiar with the syllabus of CMA before taking the exam.
US CMA Exam Syllabus
Financial Planning, Performance, and Analytics | Percentage (%) | Strategic Financial Management | Percentage (%) |
External Financial Reporting Decision | 15% | Financial Statement Analysis | 20% |
Planning, Budgeting and Forecasting | 20% | Corporate Finance | 20% |
Performance Management | 20% | Decision Analysis | 25% |
Cost Management | 15% | Risk Management | 10% |
Internal Controls | 15% | Investment Decisions | 10% |
Technology and Analytics | 15% | Professional Ethics | 15% |
Indian CMA Exam Syllabus
Foundation course | Intermediate course | Final course | ||
Group 1 | Group 2 | Group 3 | Group 4 | |
P1: Fundamentals of Economics and Management | P5: Financial Accounting (FAC) | P9: Operations Management & Strategic Management | P13: Corporate Laws & Compliance | P17: Corporate Financial Reporting |
P2: Fundamentals of Accounting | P6: Laws and Ethics | P10: Cost & Management Accounting and Financial Management | P14: Strategic Financial Management | P18: Indirect Tax Laws & Practice |
P3: Fundamentals of Laws and Ethics | P7- Direct Taxation (DTX) | P11: Indirect Taxation | P15: Strategic Cost Management – Decision Making | P19: Cost and Management Audit |
P4: Fundamentals of Business Mathematics & Statistics | P8- Cost Accounting (CA) | P12: Company Accounts & Audit | P16: Direct Tax Laws and International Taxation | P20: Strategic Performance Management and Business Valuation |
CMA Course Cost for US vs India
The course cost difference between the US CMA vs Indian CMA is primarily due to variations in exam fees, registration charges, and membership costs in each country.
US CMA Course Fees
IMA Membership Fee: Approximately INR 15,000 per year.
Entrance Fee: Around INR 18,000 (one-time).
Exam Fees: Approximately INR 35,000 per part, totaling INR 70,000 for both parts
Indian CMA Course Fees
CMA Course Level | Cost of Prospectus | CMA Course Fee |
CMA Foundation | Rs. 250 | Rs. 6,000 |
CMA Intermediate | Rs. 250 | Rs. 23,100 |
CMA Final | Rs. 250 | Rs. 25,000 |
Recommended eBooks
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CMA Course: Career and Salaries
Students are placed through both campus and off-campus opportunities, gaining the skills to pursue accounting roles as well as consulting and management positions.
CMA Job Roles
Students can explore and take up multiple roles in a company post-course completion:
US CMA Job Roles
Management Accountant
Financial Controller
Tax Manager
Risk Manager
Cost Accountant
Indian CMA Job Roles
Internal Auditor
Cost Accountant
Finance Manager
Assistant Finance Manager
Chief Financial Officer
CMA Salary Expectation
With experience, the salary of the candidate will eventually increase. The table below mentions the average salaries offered to candidates holding a CMA designation:
CMA Salary in USA
Job | Average Salary (Rs) |
Corporate Controller | 8.00 LPA - 12.00 LPA |
Risk Manager | 7.00 LPA - 10.00 LPA |
Management Accountant | 8.50 LPA - 10.00 LPA |
Consultant | 6.00 LPA - 9.00 LPA |
CMA Salary in India
Job | Average Salary (Rs) |
Cost Accountant | 1.8 LPA - 13.5 LPA |
Management Accountant | 2.2 LPA - 15.00 LPA |
Accountant | 1.00 LPA - 6.00 LPA |
Internal Auditor | 1.5 LPA - 14 LPA |
Finance Manager | 3.5 LPA - 33 LPA |
Source: AmbitionBox
CMA Course Difficulty
The course difficulty between Indian CMA vs US CMA varies due to differences in the pass rates, exam structure, and focus areas. The following points are discussed below:
US CMA
Exam Format and Structure: Combines 100 multiple-choice questions with two essay questions per part, challenging candidates to demonstrate not only their knowledge but also their analytical and application skills.
Preparation Time: Requires about 150-170 hours of study per part, indicating the significant effort needed to cover the material comprehensively.
US CMA Pass Rate: Moderate pass rates reflect the exam’s challenging nature but also suggest that success is attainable with focused preparation.
Indian CMA
Exam Format and Structure: Includes a combination of descriptive and objective questions, covering a wide range of subjects. The exam structure demands thorough preparation and a deep understanding of the curriculum.
Preparation Time: Candidates often require a longer preparation period, sometimes extending over years, particularly when balancing studies with employment.
Indian CMA Pass Rates: Similar to the US CMA, moderate pass rates indicate a challenging certification process, achievable with diligent study and preparation.
Frequently Asked Questions (FAQs)
Q: What is the annual salary of Corporate Controller in US?
A:
The annual salary of a corporate controller in US typically ranges between Rs. 8 LPA and 12 LPA.
Q: What is the salary of a Management Accountant in India?
A:
The salary of an Indian management accountant ranges between Rs. 2.2 LPA and 15.00 LPA.
Q: How much preparation time does US CMA syllabus need?
A:
The US CMA requires about 150-170 hours of study per part.
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