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Tuesday, August 04, 2020

CMA AS A CAREER | ALL YOU WANTED TO KNOW ABOUT CMA | CMA SYLLABUS | CMA TRAINING PROGRAM | JOB OPPORTUNITIES FOR CMAs


About Cost and Management Accountant
Cost & Management Accountant is a reputed certification given by the Institute of Cost Accountants of India (ICAI). Previously this course was known as CWA (Cost and works accountants, but presently CWA course has been renamed to CMA. A CMA is a person who performs services like costing; pricing of goods or services; prepares, verifies or certifies cost accounting; and prepares related statements. A CMA’s job essentially involves an analysis of costs and to devise ways to reduce it. Apart from this, the CMA also assist in designing and implementing effective management information and control systems, planning costing systems and methods, inventory control incorporating mathematical models, investment analysis, project management, internal audit, cost audit and Assurance, fund management, Budgeting, Direct and indirect taxation, Financial reporting etc.
Admission and Examination

CMA examinations are conducted two times in a year, i.e. June and December. Admission/Registration for the CMA course is open throughout the year However, Students desirous to appear for June Term Examination should apply before 10th February of that year and for December Term Examination should apply before 31st July of that year.
Stages in CMA Course
There are three stages in CMA course:
Stages
Name
Qualification
No. of Papers
Stage 1
Stage 2
Stage 3
Foundation
Intermediate
Final
Class 12
Foundation or Graduation
CMA Intermediate
4 Papers
8 Papers (Two Groups)
8 Papers (Two Groups)
Fees Structure
Admission Fees
Stage
For States other than NE region and J&K
NE region and J&K (75%)
Foundation
Rs. 4,000/-
Rs. 1,000
Intermediate
Rs. 20,000/-
(With Installment: 1st Installment: 12,000 at the time of registration and 2nd Installment: 8,000 before 31st Jan for June term and before 31st July for Dec term)
Rs. 5,000
Final
Rs. 17,000/-
Rs. 4,250
Examination Fees
Stage
Fees
Foundation
Rs. 1200
Intermediate
One Group: 1,200; Both Group Together: 2400
Final
One Group: 1,400; Both Group Together: 2800
Subject Details
The subjects for Foundation Course are:
Paper 1: Fundamentals of Economics and Management
Paper 2: Fundamentals of Accounting
Paper 3: Fundamentals of Laws and Ethics
Paper 4: Fundamentals of Business Mathematics and Statistics
The Intermediate Course consists of two Groups comprising of the following papers:
(Group - I)
Paper 5: Financial Accounting
Paper 6: Laws & Ethics
Paper 7: Direct Taxation
Paper 8: Cost Accounting
(Group - II)
Paper 9: Operations Management & Strategic Management
Paper 10: Cost & Management Accounting and Financial Management
Paper 11: Indirect Taxation
Paper 12: Company Accounts & Audit
The Final Course consists of two Groups comprising of the following papers:
(Group - III)
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
(Group IV)
Paper 17: Corporate Financial Reporting
Paper 18: Indirect Tax Laws & Practice
Paper 19: Cost & Management Audit
Paper 20: Strategic Performance Management and Business Valuation.
Career Scope of Cost Accountants
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. The employment avenues for CMAs’ are various and can range from holding key positions such as Chief Finance Officer, Chief Executive Officer and Finance Manager, etc. to Chairman, Managing Director and Finance Director in MNCs, Private and Public Sector, Central and State Government Institutions.
Various Avenues available for CMA’s are listed below:
1. Independent Practice: There is vast scope for practice by a Cost Accountant for which he has to obtain Practice Certificate from the Institute. Details in this regard are available in the “Membership Section” of the Institute website: http://www.icmai.in A Cost Accountant may set up the practice at his own as Proprietor or set up a new partnership firm with like-minded Cost Accountants in practice or may be admitted as new partner in the existing firm of Cost Accountants in practice. His clientele include private and public companies, large, medium and small scale undertakings, partnership and proprietary concerns, industrial, commercial and service undertakings etc
Scope of CMAs as Independent practitioner
a)      Maintenance of cost records and cost audit of companies and cooperative societies.
b)      Stock audit, due diligence audit and concurrent audit of various banks.
c)       Internal audit of Companies including SEBI and NSDL.
d)      Tax consultancy, Insolvency professional, registered valuer, Project management consultancy.
e)      Special audit under Custom Act, 1962
f)       Certification under EXIM policy.
g)      Certification of various forms in director general of foreign trade under the ministry of commerce and industry.
2. Cost Accountants in Employment: As mentioned in the beginning, the Cost Accountants are most sought in the business world. There services are deemed vital in investment planning, profit planning, project management and overall managerial decision making process. Many members of the Institute are occupying the top positions in the organizations, as Chairman & Managing Director, Managing Director, Finance Director, Financial Controller, Chief Financial Officer (CFO), Cost Controller, Marketing Manager and Chief Internal Auditor etc.
3. Cost Accountants in Government Department: Realising the importance of the profession of the Cost and Management Accountancy in the economic development of the nation, the Central Government has constituted an all-India cadre known as Indian Cost Accounts Service (ICoAS) at par with other Class-I services such as IAS, IFS etc. to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.
The following government agencies employ CMAs:
a)      Central government ministry through UPSC (ICoAS)
b)      State Public Service Commission
c)       Central and State Level PSUs.
d)      Central university as Deputy registrar or registrar
e)      Huge demand of CMAs in Maharatna and Navarantna Companies of India
4. Cost Accountants in Education: The Regulations of UGC prescribe the minimum qualification for appointment of teaching faculty in universities and colleges in the area of Management/ Business Administration. The qualifications specified for appointment of Assistant Professor, Associate Professor and Professor in the above area and Principal/Director/Head of the Institution include First Class Graduate and professionally qualified Cost Accountant among other qualifications and subject to other requirements including qualifying NET/SLET/SET as the minimum eligibility condition for recruitment and appointment of Assistant Professors.
a)      A member of the Institute can get enrolled as a member of IMA (The Institute of Management Accountants) USA.
b)      CMA qualification is recognised by various universities for registration as M.Phil. and Ph.D. candidates in commerce and allied disciplines.
c)       The MOU between CIMA (The Chartered Institute of Management Accountants), UK and The Institute of Cost Accountants of India introduces a new CIMA Professional Gateway examination for the students who have successfully completed the whole of the Institute’s professional examination, enabling a ‘fast track’ route into CIMA’s Strategic level examinations, final tests of professional competence and ultimately CIMA Membership.
d)      MOU between Indira Gandhi National Open University (IGNOU): As per MOU dated 11th July, 2008, IGNOU offers specialized B.Com and M.Com Programs for the students. The Students can simultaneously study the specialized B.Com (Financial & Cost Accounting) programme with the Institute’s Intermediate Course and specialized M.Com (Management Accounting & Financial Strategies) with the Institute’s Final Course.
Training during CMA Intermediate Course
1. Computer Training of 100 Hours
The main aim of this training is to develop the skill of operation of some specific software used in management accounting fields.
Exemption from computer training:
a) Member of CIMA (Chartered Institute of Management Accountant)/ ACCA (Association of Chartered Certified Accountants)
b) CAT qualified from ICAI
c) Having “A” Computer Certificate for a recognised institution
d) MBA (System)/MCA/PGDCA
How to avail exemption?
a) Apply online at least 60 days prior to examination.      (Apply Now)
b) If applicant is found eligible, an exemption letter will be issued and subsequently appropriate amount will be refunded.
a) Day 1: Oral Communication
b) Day 2: Written Communication and Goal Setting
c) Time Management; Getting ready for Examination; Group discussion, Presentation and other Soft Skills.
Exemption from Communication and Soft skills Training
a) Master degree or Passed/Finalist of ICSI, ICAI, Acutaries and Valuers. And
b) Work experience of 3 or more years.
How to avail exemption?
Apply online in value added services section.     (Apply Now)
Last date for Completion of Computer Training
A student appearing for the remaining group/both groups of the Intermediate Examination has to complete Computer Training before filling up the form for Intermediate Examination.

TRAINING DURING FINAL COURSE
This will cover training on compliance requirements and their preparation under various statutes and shall be imparted as under:
Subjects/Topics to be covered
Soft Skills
Indirect Tax
Business Etiquette
Direct Tax
Career Planning
Book-keeping including Bank Reconciliation Statement
Interview Skills
Finalization of Accounts
Presentation Skill
1 (Topic shall be made known by the respective Chapter/ Regional Council)
Cost Management
Presentation Skill
2 (Topic shall be made known by the respective Chapter/ Regional Council)
Treasury Management Statutory Compliance
Group Presentation
Practical Training
Applicability
Students registered in Intermediate course on or after 1.1.2008
Duration of Practical Training
15 months Practical Training
Last date for online submission of Six months Practical Training documents
For December Term-before 30th November
For June Term- before 31st May
Student undergo Practical Training
Immediately after registration into Intermediate course or before appearing in the final examination
On-line Submission of Practical Training/Exemption Forms
Please click here for T1 form - Intimation form in case of PCA/firm of Cost Accountants
Please click here for T3 form - For working employees (meeting the criteria of Appendix A and Appendix B
Please click here for T4 form - Intimation form in case of organization
Please click here for Revised T5 form - On completion of six month mandatory training
Intimate to the Institute through T 1/T4 form immediately after joining or within 30days from the joining.
For details, please click here for the Practical Training Scheme

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