CMA is a notable professional course to pursue in today’s growing economies and business industries. Companies need experts who have knowledge and experience in handling the financial changes, risk scenarios, and cost analysis. The Certified Management Accountant (CMA) course is a professional certification awarded by the Institute of Cost Accountants of India (ICMAI). The CMA designation signifies expertise in various critical areas. As part of the CMA course, candidates undergo articleship, which provides hands-on experience in cost and management accounting, which prepares you for real-world challenges, and this is the prime reason that big industries value your theoretical and practical knowledge about various subjects.
Benefits of CMA:
- The CMA is designation is recognised worldwide, opening doors to international career opportunities,
- Employers value CMAs for their analytical skills, cost management expertise, and ethical standards,
- CMAs often hold key positions in organisations, contributing to strategic decision-making and financial management.
Once you successfully complete you CMA qualification you can work in the following fields as a CMA professional:
- Management Accountant: Managing financial operations, budgeting, and cost analysis within an organisation.
- Cost Accountant: Focusing on cost control, inventory management, and pricing strategies,
- Financial Risk Manager: Assessing and managing financial risks, including credit, market, and operational risks,
- Financial Analyst: Analysing financial data, preparing reports, and providing insights for decision-making.
Who is eligible to pursue CMA?
To become a Certified Management Accountant (CMA), you’ll need to meet the following eligibility requirements:
- For enrolling into the foundation level for CMA you must have passed your class 10th, while to appear in the intermediate exam, you must pass class 12th. For the final level, candidates should pass the previous level exams.
- You need at least two continuous years of full-time employment in a financial management or management accounting role.
CMA Examination Structure and Course Content
The CMA exam syllabus consists of two parts. Both the parts would consist of Multiple-Choice Questions (MCQ’s) and conceptual based essay questions that will test how you would handle real-world scenarios. These are basically the case-study questions. The topics covered in both the parts include the following: –
1. Part 1: Financial Reporting, Planning, Performance, and Control (CMA-FA): Topics related to Financial Accounting, Financial Statement analysis, budgeting, cost management, performance measurement, and risk management are all subsumed in Part 1. It also covers cost concepts and internal controls.
- Part 2: Financial Decision Making (CMA-FD): Part 2 majorly focuses on more practical aspects of handling the business. It includes areas such as financial management, corporate finance, and professional ethics.
CMA examination covers the topics related to both the parts of the module as stated above. Let us understand the level wise distribution and question paper blueprint:
The CMA is divided into three levels namely:
Foundation Level
Intermediate Level
Final Level
1) Foundation Level (CMA Level I): This level consists of four exams, 100 marks each, and you need to score 50% or more aggregate to clear the foundation level along with having passing marks in each individual level which is 40 or above. It would take around 8 months for preparing and clearing the foundation level exams.
2) Intermediate Level (CMA Level II): After foundation level you are eligible to appear in the intermediate level examinations. There are eight papers of 100 marks each in this level segregated in two separate groups consisting of 4 papers in each group. The passing score is determined based on the aggregate performance across all eight papers The passing score is determined based on the aggregate performance across both groups.
3) Final Level (CMA Level III): After the above two levels have been cleared, then and only you are eligible to appear in the CMA final. The study duration could be around 18 Months as it consists of eight papers of 100 marks each divided in two separate groups of 4 each. The passing score is determined based on the aggregate performance across all eight papers.
Overall, the passing score for each part is 360 out of 500 or 70% in all. Also, if you are a graduate and want to kick-start your CMA course, then you may be exempted from the foundation level. This is also called a direct entry route. So, the duration would be less than that appearing all together for the three levels.
Why is CMA a Valuable Qualification?
CMA designation is highly valued across various industries such as Oil Exploration and Production Companies, Information Technology (IT), FMCG, Banking, and Telecommunication for their expertise that CMAs bring to managing complex operations and financial planning. TATA and Reliance Groups, HUL, ITC, Bharti Airtel are potential hirers of CMAs. The average salary of a CMA qualified is approx. 7-8 LPA as a fresher, which grows to 15-20 LPA with one or two years of experience. With even higher experience, the salary ranges somewhere between 36LPA to 55LPA. As a CMA qualified you carry a valuable title with yourself which is not just recognised nationally but also internationally. CMA qualification opens doors to various international markets with high-end salaries and reputed jobs. CMA qualified enjoy a good lifestyle and numerous work opportunities. It is undoubtedly a path to excellence and a great future!
