Currently, the CMA course has gained a lot of popularity among commerce students who plan to pursue a career in the field of Cost and Management accounting. Students who plan to give this exam are quite curious to know about the CMA course syllabus, CMA course exam dates, CMA course subjects and CMA course career prospects. Thus, if you are also interested, then this guide is indeed for you as we have covered almost all the details for CMA. Generally, people tend to confuse between some terms, including CMA, ICMAI, CWA and ICWAI. But now all the confusion has been sorted as the Institute of Cost & Works Accountants of India (ICWAI) has changed its name to The Institute of Cost Management Accountants of India (ICMAI).
Additionally, CMA is also renamed from ICWA. There is no significant difference between ICWAI and CMA and these both are the same. Just that two words are used to describe one single term. CMA stands for Cost Management Accounting while on the other hand, ICWAI stands for Institute of Cost and Work Accountant of India. Besides the literal meaning, there is no significant difference at all.
The three stages of the CMA course are:
Under this article, we shall be focusing much more on the CMA Inter Group 1 Course. If you want to become a cost management accountant, then you need to clear 10+2 to become eligible. By being so, you are eligible to appear for the foundation course. Every year, the Institute of Cost Accountants of India conducts the CMA Foundation exam twice, which is in the months of June and December. If you have cleared the CMA foundation course successfully, then you are eligible to appear for the CMA Inter Group 1 Course. You can directly attend CMA Inter Group 1 Video Lectures without appearing for the foundation level provided you have a graduate degree.
Eligibility criteria to Buy Online CMA Inter Group 1 Courses
- A candidate should have cleared the 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 it is known as with 10+2
Syllabus details of CMA Inter Group 1;
- Paper 5 Financial Accounting
- Paper 6 Laws, Ethics and Governance
- Paper 7 Direct Taxation
- Paper 8 Cost accounting and financial management
- Paper 9 Operation Management Information System
- Paper 10 Cost and Management Accounting
- Paper 11 Indirect Taxation
- Paper 12 Company Accounts & Audit
The last date for joining the Intermediate Course while pursuing their Undergraduate degree:
As per the current laws, the students can join the CMA intermediate course while they are pursuing their Undergraduate studies, but it is all based on provisional admission. The student will only be eligible to appear for the exam after qualifying for the graduation examination. Thus, qualifying the Graduation examination makes the candidate suitable to get converted from Provisional to Regular status. Therefore, students would be considered as regular Students and shall be eligible to appear in the Intermediate Course Examination, provided they have appeared for CMA Foundation/CS Foundation/Intermediate.
How can you clear the Financial accounting paper under CMA Inter Group 1 Course?
You can quickly learn financial accounting by writing down the journal entries for various transactions on paper and then memorize. You can practice writing and draw financial statements by hand. It would be best if you do not skip some chapters, including Accounting Standards, Accounting for Non-Profit Organizations (NPO), Royalties and Partnerships.
How can you clear the G1 Laws and Ethics paper in the first attempt?
When you choose to appear for the CMA Inter Group 1 Course, you might need to read this subject daily, so you don’t forget the different laws. All you need to do is to stick to the ICMAI study material. You shouldn’t write any array of information instead, make a note of some crucial points to remember. Instead of mugging significant chapters like the companies act 2013, you can read it like a story. It will help you in retaining for a long time in your memory.
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 has reached 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, earn about 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.