CMA or cost management accounting is one of the best careers moves for students who wish to make careers big in the field of management accounting. Before you choose it as your career, you should know all details about the course, including the eligibility, exam structure, salaries and the opportunities it will offer to you. But you don’t need to stress anymore as we have got your back by providing all the information.
Some of the basic eligibility requirements for CMA certification are:
- Membership of IMA
- A Bachelor’s degree from an accredited university
- Two years of relevant experience
- Cleared both the parts of CMA Exams
After completing the course, you can expect to become the Finance Manager, Financial Analyst, Financial Risk Manager, Financial Controller, Cost Accountant and Chief Financial Officer. Salary offered depends mainly on various factors, including Age & Years of Experience, Job Role, Region and many more.
But in this guide, we shall focus more on the “CMA Inter Group 2 Course.” Just like its predecessor CMA inter group2 comprises 4 papers or subjects. Some of the subjects under intergroup 2 are:
- Paper 9 – Operations Management and Strategic Management
- Paper 10 – Cost and Management Accounting and Financial Management
- Paper 11 – Indirect Taxation (including Customs Act)
- Paper 12 – Company Accounts and Audit
If you want to clear this examination, then you need to score a minimum 40 marks out of 100 and a total of 200 out of 400 marks. If you want to maximize your chances, then you should aim to secure as many marks as you wish.
Some of the general tips to clear group 2:
- You can reuse your notes from CMA Inter Group 1 for subjects including Cost and Management Accounting and Financial Management (Paper 10).
- It would be best to study a mix of both theory and practical. It is quite possible that you might get bored.
- It would be best if you focused more on Operations Management and Strategic Management (Paper 9) and Cost and Management Accounting and Financial Management (Paper 10) as they are majorly formula based. For acing them, Cheat Sheets are indispensable.
- Experts who offer CMA Inter Group 2 Video Lectures suggest that time is precious, so you should check the videos often if you find the study material difficult to save both time and the efforts.
Some tips to clear other subjects:
Operations Management and Strategic Management:
- It is loaded with formulas, so, all you need to do is to create a formula sheet for the same and then you can use it as a reference while you solve practical problems so you can quickly memorize the formulas.
- Strategic management counts only for 30% while on the other hand, operation management comprises 70% of the marks.
- You need to draw a lot of tables for understanding different concepts, including Demand forecasting and aggregate planning, so, you need to practice these by hand rather than using a computer.
- All you need to do is create a sheet of abbreviations of all the terms in operations management and read it daily until you memorize them.
Cost and Management, Accounting, and Financial Management:
You can start by studying concepts, including Marginal Costing concepts such as Cost-Volume-Profit Analysis (CVP Analysis), Absorption Costing, etc.
- You need to ensure you practice all variants of the questions as concepts including Fixed, Variable, and Semi-Variable costing can be confusing because of the advanced level application of these concepts.
- You need to prepare a formula sheet for Financial Management as it is entirely dependent on formulas.
- You need to make brief points that will revise Capital Structure Theories quickly and effectively.
- One of the most integral parts taught to you when you Buy Online CMA Inter Group 2 Courses is indirect taxation which consists of Goods and Services Tax and it must be studied thoroughly.
- Indirect taxation also has a plethora of abbreviations in its chapters which are relatively easy to forget unless you study them regularly.
- You should avoid memorizing the dates or the sections, articles or clauses as you get no extra marks for that.
- It would be best if you memorize the Exemptions of GST (classified as Entry No’s) throughout the study material. Thus you can draw a tabular sheet to memorize it effectively.
Career Prospects after CMA & Salary Packages:
Here is a brief list of job options along with the salaries and profiles post your degree in CMA
Anyone who holds the CMA certificate can reach multiple doors of opportunities for themselves in both the domestic as well as international world. CMA majorly helps in enhancing the financial management and accounting skills of the individual.
Major job roles offered after the CMA certification are:
- Financial analyst
- Cost Manager
- Financial Manager
- Relationship Manager
- Financial Risk Manager
- Chief Financial Officer
- Financial Controller
- Cost Accountant
CMA salary distribution on the basis of age and years of work experience:
Freshers who have just cleared the CMA certification in the age group 20-29 years, can earn around 10% lesser than the ones who are in the age group 40-49 years and have had an experience of over 20+ years.
Major companies hiring CMA’s
Here is a list of the prospectus companies, that hire CMA’s both in the domestic market as well as globally are:
- Larsen & Toubro
- Quin Street
- Standard Chartered
As per research, CMA also comes under the top 10 most preferred professionals worldwide both in terms of salary packages and knowledge.