Cost and Management Accountant (CMA) is a professional certification credential in the management accounting and financial management fields. The certification signifies that the person possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics. The CMA is a India based, globally recognized certification offered by the Institute of Cost Accountants of India. In this globalised world, organizations require professionals such as Cost Accountants (CMAs) who have specialized knowledge on business strategy and value creation. The Cost Accountant being the foundation on which the enterprises are built, the specialized education and training by the Institute make the Cost Accountant a multi-faceted professional.
Cost Accountants are in great demand in government sector, private sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Further, in view of their specialized knowledge and training, CMAs may hold top management position in public and private sectors’ enterprises like Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager and Chief Internal Auditor and other important positions.
Those CMAs managing their own businesses have found themselves as a Manager and as an Accountant can control and thereby flourish their businesses. There is no doubt that a Cost Accountant can attain the highest ladder of professional career.
Scope of CMA in India
There is a sustained demand for qualified, trained and experienced cost accountants in India and abroad in different industries and Government Departments. Many members of the Institute are also engaged in providing professional and cost consultancy services and in teaching cost and management accountancy in Universities and Colleges. India is a developing economy and there are so many opportunities for CMA students, especially in the area of Banking and Finance. CMA course in India is conducted by ICMAI, which has three levels (Foundation, Intermediate and Final).
Eligibility criteria for COST AND MANAGEMENT ACCOUNTANT Foundation
- A candidate should have passed Class 10 or equivalent from a recognized Board or Institution.
- Passed Senior Secondary Examination under 10+2 scheme of a recognized Board or an Examination recognized by the Central Government as equivalent thereto or has passed National Diploma in Commerce Examination held by the All India Council for Technical Education or any State Board of Technical Education under the authority of the said All India Council, or the Diploma in Rural Service Examination conducted by the National Council of Higher Education.
- CMA Foundation :
- Fundamentals of Economics and Management
- Fundamentals of Accounting
- Fundamentals of Laws and Ethics
- Fundamentals of Business Mathematics & Statistic
Eligibility criteria for COST AND MANAGEMENT ACCOUNTANT Intermediate
- A candidate should have passed Senior Secondary School Examination (10+2)and Foundation Course of the Institute of Cost Accountants of India.
- Graduation 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.
- Passed Foundation of ICSI/Intermediate of ICAI by whatever name called along with 10+2
- CMA Intermediate :
- Paper 5 – Financial Accounting
- Paper 6 Laws and Ethics
- Paper 7 Direct Taxation
- Paper 8 Cost accounting
- Paper 9 Operation Management and Strategic Management
- Paper 10 Cost & Management Accounting and Financial Management
- Paper 11 Indirect Taxation
- Paper 12 Company Accounts & Audit
- CMA Final :
- Paper 13 CORPORATE LAWS & COMPLIANCE
- Paper 14 STRATEGIC FINANCIAL MANAGEMENT
- Paper 15 STRATEGIC COST MANAGEMENT – DECISION MAKING
- Paper 16 DIRECT TAX LAWS AND INTERNATIONAL TAXATION
- Paper – 17 CORPORATE FINANCIAL REPORTING (CFR)
- Paper 18 INDIRECT TAX LAWS AND PRACTICE
- Paper 19 COST AND MANAGEMENT AUDIT (CMAD)
- Paper 20 STRATEGIC PERFORMANCE MANAGEMENT AND BUSINESS VALUATION
THIS IS DETAILED DESCRIPTION ABOUT COST AND MANAGEMENT ACCOUNTANT.