Comprehensive Guide to CMA Courses: Eligibility, Fees, and Career Opportunities in Kheda
The Cost and Management Accounting (CMA) course, administered by the Institute of Cost Accountants of India (ICMAI), is designed for students interested in mastering cost optimization and accounting management across various company departments. Formerly known as Cost and Works Accounting (CWA), the governing body, previously called the Institute of Cost and Works Accountants of India (ICWAI), has remained the same despite the name change. The CMA course, ideal for those aiming to manage and integrate accounts effectively, spans a duration of three years.
What is CMA Course?
The Cost and Management Accounting (CMA) certification course awards the prestigious CMA designation to successful candidates, opening doors to a lucrative career in business accounting. This course is built on four key pillars of knowledge: Management, Regulatory Framework, Strategy, and Financial Reporting. To earn the CMA designation, candidates must pass the CMA exam, which is conducted in three levels.
- Level 1: CMA Foundation
- Level 2: CMA Intermediate
- Level 3: CMA Final
CMA Full Form
The designation of Cost and Management Accountant, abbreviated as CMA, was formerly known as Cost and Work Accountant (CWA). The Institute of Cost and Works Accountants of India (ICWAI) originally awarded the CWA designation to qualified candidates. However, to align with international standards and equivalent designations in other countries, ICWAI was renamed the Institute of Cost Accountants of India (ICAI), and the CWA designation was changed to CMA.
This name change was proposed to grant CWA qualifiers an equal status to their international counterparts, known as Certified Management Accountants (CMAs). Additionally, the course curriculum was updated to focus more on management rather than works accountancy, ensuring that it provides knowledge on par with advancing technologies.
Difference Between CWA, CMA, ICMAI, and ICWAI
The Institute of Cost Accountants of India (ICAI) offers the CMA course at three levels. Previously known as Cost and Work Accountant (CWA), the designation and the institute have undergone name changes while maintaining the same core. The institute was initially called the Institute of Cost and Work Accountants of India (ICWAI), which was later renamed the Institute of Cost and Management Accountants (ICMAI).
Therefore, there is no difference between CWA and CMA; they are the same courses with a name change in recent years. Similarly, ICWAI, ICMAI, and ICAI are the same institute with evolving names over time. Apart from the nomenclature, the essence and purpose of the course and the institute remain unchanged.
CMA Course Eligibility Criteria
Eligibility Criteria for CMA Foundation Level
- Completion of Class 10 or equivalent, followed by Class 12 or equivalent
- Possession of a National Diploma in Commerce Examination (awarded by AICTE or any recognized board)
Eligibility Criteria for CMA Intermediate Level
- Passed Class 10 (SSC) or equivalent
- Completion of the Foundation or entry-level of the Common Admission Test (CAT) conducted by the Institute of Cost Accountants of India (ICAI)
- Graduation in any stream (excluding Fine Arts)
- Students awaiting their graduation results are also eligible to apply
Eligibility Criteria for CMA Final Level
- Completion of the Intermediate level of the CMA course
- Graduation in any stream (excluding Fine Arts)
- Successful completion of all eight papers of the Intermediate course
Eligibility Criteria for CMA Intermediate Level
Candidates enrolling in any of the three CMA course levels must appear for exams conducted by the Institute of Cost Accountants of India (ICMAI) to progress to the next phase. ICMAI conducts the CMA exams twice a year, in June and December. Candidates can choose to appear in either session based on their eligibility.
All CMA students must complete and submit the CMA exam form by a specified deadline to take the exam in their chosen session. Submission of the CMA exam form requires payment of the exam fee.
Career Opportunities, Scope, and Salaries for CMA Graduates
Job Roles for CMA Graduates
Upon completing the CMA course, graduates can pursue various roles within a company, such as:
- Cost Accountant
- Internal Auditor
- Finance Manager
- Assistant Finance Manager
- Chief Financial Officer
Salary Expectations for CMA Professionals
Currently, the IT, ITeS, and Telecommunications sectors offer the highest remuneration for CMA professionals. The average starting salary for freshers ranges from INR 22,000 to 25,000 per month. With increased experience and exposure, these figures can rise significantly.
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