CMA course is becoming the cornerstone of financial leadership. The complex corporate intricacies become seamless with Next Graders!
The Institute of Cost Accountants in India (ICMAI) regulates Cost and Management Accounting (CMA) courses in India. The full form of CMA is Cost and Management Accounting, which primarily focuses on redefining career goals and skills in the cost and management domain. At the same time, CMA full form in commerce is Certified Management Accountant which is the professional certification in management, accounting, and financial fields. However, CMA is serving as the foundation of enterprises. The holistic education and training the Cost and Management Accountants provide encompasses multifaceted skills.
In the global landscape, CMA courses are highly prevalent. The specialization in business strategies is important to regulate the economic paradigm. CMA course in India is the bedrock of diverse industries in corporate sectors. It is not just limited to the geographical boundary of India, CMA courses in the USA are also gaining popularity, as multi-national companies hire students who hold academic excellence and skills in cost and management accounting. In India, over 20,000 students enroll in the CMA course annually after completing their 12th-grade commerce education.
At Next Graders, we aim to empower students and working professionals to conquer their career goals in cost and management accounting. From the CMA course in the USA to the CMA course in India, dedicated preparation and guidance are vital to the success of individuals. In this article, you will get in-depth information about the CMA course details that include eligibility criteria, fees, expenses, syllabus, career opportunities, etc.
What is CMA?
CMA full form in Commerce is Certified Management Accountant, which is the passport for a legitimate career in the accounting sector. A Chief Management Accountant is a professional who has strategic expertise and skills in accounting and financial management. They know the art of handling financial external reporting and business leadership. Institute of Management accountant grants the CMA course certification. Certification aims to validate the competency and standards of CMA professionals in the financial ecosystem.
Role and responsibilities of a CMA professional
The role of CMA professionals is to align the financial metrics of the institution per the institution’s growth paradigm. The expertise of CMA professionals includes costing, cost auditing, financial planning, control, and analysis. They act as a financial advisor in the company. In addition, they ensure the financial stability of the institution. CMA professionals develop cost-saving strategies and provide data-driven insights that influence company-wide decisions, making them valuable financial strategists
Key differences between CMA and other accounting certifications (e.g., CA, CPA)
| Feature | CPA | CMA USA | CMA India |
| Focus | Public accounting, External auditing | Management accounting, Financial analysis | Financial management, Management Accounting |
| Eligibility | Bachelor’s degree, with two years of accounting experience | Bachelor’s degree | Bachelor’s degree, with two years of cost management and accounting experience |
| Exam Format | Four parts, objective type, and essay | Two parts, objective type and essay | Four parts, objective type, and essay |
| Course Duration | 1.5 years | 6-9 months | 3 years |
Why Choose CMA?
CMA is an optimal choice for professionals who are aiming for senior financial management positions such as CFO, business analyst, and financial strategist. CMAs are trained and skilled in such a way as to look beyond the numbers and provide valuable insights and strategic assistance that can harness the company’s integrity.
Career Advancement opportunities
Today, the job market is crowded and it becomes difficult to get your place. Therefore, CMA can bring endless opportunities for you. According to IMA’s Global Salary Survey, CMAs have a 60% higher chance of advancing to leadership roles like CFO, Controller, or Finance Manager.
Higher Earning Potential
According to the IMA’s 2023 Global Salary Survey, Certified Management Accountants (CMAs) usually have a higher earning potential of $86,955, which is $14,853 more than their non-certified professionals. In the United States, CMAs have a base salary of approximately $124,000. In the Middle East, Africa, and India region, CMAs earn a base salary of $32,878. The salary of CMA varies according to time, geography, and economic dividend of the country.
Global Recognition
The CMA certification is recognized in 150+ countries and is a preferred qualification for finance roles at companies like Amazon, Deloitte, and PwC of the world and MNCs located in India. Global recognition of CMAs allows them to pursue international career opportunities and stimulate their growth and expertise in various sectors.
CMA vs. CA vs. CPA: Which one should you choose?
Every individual has their career aspiration and goals. The selection between CMA (Certified Management Accountant), CA (Chartered Accountant), and CPA (Certified Public Accountant) completely depends on personal experience and work location preferences. CMA USA is a prominent choice for people who are looking for a high-paying role in accounting, business management, and strategic analysis. CA India is best suitable for those who want recognition in auditing, taxation, and financial auditing. CPA USA is popular among those who want to become part of public accounting, auditing, and regulatory compliance.
Success stories of CMA professionals
For 5 years, Rajesh worked as a senior accountant. He had the optimal experience, dedication, and ambition but in her heart, there was zeal for higher positions, due to which he consistently applied for a leadership position. The major problem he faced was a lack of respect and remuneration value.
Tensed but determined, Rajesh began finding solutions and doors for global success. Then he got a chance to work with a CMA (Certified Management Accountant) and learn about the certification. He came across how CMAs are obtaining management positions and higher salaries. By the time he becomes confident about this impactful career.
At first, he tried analyzing how he could be successful in that career. However, balancing time and job was a crucial process with a severe syllabus. After struggling for months, he decided to spend money on a structured CMA overview from a recognized institution. The examination plans, mock tests, and mentorship from Next Graders made a significant impact. Instead of getting lost in the journey, he got the right partner.
On examination day, Rajesh walked with pride and confidence. All the hard work done by listening to classes and practice assessments paid off. He successfully cleared every pillar of the exam and got through the CMA certification. Rajesh started receiving interview calls. Afterward, he got hired for the role of Finance Manager at MNC. After a year he was promoted to Chief Financial Officer (CFO).
Eligibility and Requirements
The eligibility and requirements for the CMA foundation course must meet certain educational criteria. CMA eligibility is diverse and people with multiple educational qualifications can pursue it. It is variable for every level.
CMA Foundation Eligibility Criteria
- Completed Class 10th or equivalent examination followed by Class 12 or equivalent
- If they have received National Diploma in Commerce Examination (AICTE or by any recognized board)
CMA Intermediate Eligibility Criteria
- Successfully passed SSC or equivalent examination
- Foundation or entry level of Common Admission Test (CAT) by the Institute of Cost Accountants of India (ICAI)
- Graduation from any stream, the only exception was fine arts.
- The students who have their results awaited can pass the CMA course eligibility.
CMA Final Eligibility Criteria
- Students who have completed their intermediate.
- Graduation from any stream, the only exception was fine arts.
- The students who successfully pass eight papers of the Intermediate course
Here is the list of certain eligibility qualifications and exceptions for the candidate who wants to pursue a CMA course:
- The candidates who want to pursue the CMA course should have passed class 10th and equivalent examinations from recognized educational institutions.
- CMA course qualification needs completion of the Senior Secondary School Examination under the 10+2 scheme from a recognized board by the Central Government or State as equivalent.
- In addition, CMA course eligibility can be met if the student has passed the National Diploma in Commerce Examination which is conducted by the All India Council for Technical Education or state government.
- In India, the CMA Institute is the Institute of Company Secretaries of India (ICSI) that organizes foundation-level exams for CMA course qualification. The candidates who successfully pass the foundation level examination are exempt from the CMA foundation course.
- The students who have passed the Intermediate Examination conducted by the Institute of Chartered Accountants of India (ICAI) are exempt from the CMA Foundation Course. In addition, those students who have passed the intermediate level examination are exempt from the Common Proficiency Test conducted by ICAI.
- However, students can even apply for provisional admission to CMA courses. They are given around 36 months for the conversion of the provisional course into the regular course.
Document Requirements for the CMA course:
- Passport-size photo.
- Signature.
- Class 10th Marksheet.
- Class 12th Marksheet.
- Graduation degree and Certificates (if applicable)
- CMA Intermediate (both Group-I & Group-II) Marksheet, mandatory for applying CMA Final Course
CMA Course Structure and Duration
The CMA Course in India is particularly divided into three stages, mainly CMA Foundation, Intermediate, and Final. A candidate can take around 4-5 years to complete the CMA course. After the successful completion of the CMA course duration, the individual can get employed in multinational companies. Students can pursue CMA courses as per their own flexibility such as full-time, part-time, and online.
| CMA Course Stage | Duration |
| CMA Foundation (Primary Stage) | 8 months |
| CMA Intermediate (Secondary Stage) | 10 months |
| CMA Final (Tertiary Stage) | 18 months |
CMA course duration in India
CMA course duration in India and worldwide depends on whether you are pursuing CMA USA or CMA India. CMA USA can be completed within 6 months or 12 months. But the CMA course in India takes around 3 to 4 years which also includes multiple levels of qualifications and optimal time period of articleship.
Timeline for Full-time students
A fully dedicated and committed student can complete the CMA USA course in 6 to 9 months. However, Full-time students pursuing CMA Course in India can complete it in 3 to 4 years including practical training.
Duration for Working Professionals
For CMA USA, a working professional can take around 12 to 18 months the completion. However, working professional in India also takes around 4 to 5 years including training for the CMA course in India.
How to become a CMA: Step-by-step journey
Fullfil Eligibility Requirements:
- For CMA USA: A bachelor’s degree
- For CMA India: Completed 12th standard education for the Foundation level.
Enroll in the CMA Program whichever is feasible for you:
- You can enroll with IMA (USA) for CMA USA or ICAI (India) for CMA India.
Prepare for the Exams:
- Study for exams from a recognized institution like Next Graders
Qualify for the Exams:
- CMA USA: Qualify Part 1 and Part 2 with a minimum 360/500 score.
- CMA India: Qualify Foundation, Intermediate, and Final levels.
Secure Required Work Experience:
- CMA Course in USA: Two years of optimal work experience (can be completed before or after passing the exam).
- CMA Course in India: Three years of articleship under a practicing CMA.
Apply for Certification:
- Submit work experience details and obtain your CMA Certification.
CMA Course Syllabus/Subjects
All three levels of the CMA course in India have diverse combinations of subjects. The prerequisite for the CMA course is the successful passing of the exam for all papers to get the CMA designation. Here is the CMA course structure:
- The primary stage is CMA Foundation: Candidates need to qualify four papers to clear the foundation course level. Candidates can appear for the four subjects in one term.
- The secondary stage is the CMA Intermediate; the course level is diversified into two groups:
- Group 1 comprises four papers: the students can appear for all four in one examination term.
- Group 2 also comprises four papers: in this also students can appear for all four in one examination term.
- However, in some instances, students can also appear for both groups of CMA Intermediate exam in one single term.
- The tertiary stage is the CMA Final, which is majorly similar to the intermediate-level examination, the Final course has two main groups mainly:
- Group 3 comprises four papers
- Group 4 also comprises four papers.
Candidates have the flexibility to choose among three elective subjects for the last paper of Group 4.
Exam format and structure
CMA India
| Foundation Course | Marks Distribution (400 marks) |
| Paper 1 | FUNDAMENTALS OF BUSINESS LAWS AND BUSINESS COMMUNICATION (FBLC) |
| Paper 2 | FUNDAMENTALS OF FINANCIAL AND COST ACCOUNTING (FFCA) |
| Paper 3 | FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS (FBMS) |
| Paper 4 | FUNDAMENTALS OF BUSINESS ECONOMICS AND MANAGEMENT (FBEM) |
| Intermediate Course | Marks Distribution (800 marks) |
| Group 1 | |
| Paper 5 | BUSINESS LAWS AND ETHICS (BLE) |
| Paper 6 | FINANCIAL ACCOUNTING (FA) |
| Paper 7 | DIRECT AND INDIRECT TAXATION (DITX) |
| Paper 8 | COST ACCOUNTING (CA) |
| Intermediate Course | Marks Distribution (800 marks) |
| Group 2 | |
| Paper 9 | OPERATIONS MANAGEMENT AND STRATEGIC MANAGEMENT (OMSM) |
| Paper 10 | CORPORATE ACCOUNTING AND AUDITING (CAA) |
| Paper 11 | FINANCIAL MANAGEMENT AND BUSINESS DATA ANALYTICS (FMDA) |
| Paper 12 | MANAGEMENT ACCOUNTING (MA) |
| Final Course | Marks Distribution (800 marks) |
| Group 3 | |
| Paper 13 | CORPORATE AND ECONOMIC LAWS (CEL) |
| Paper 14 | STRATEGIC FINANCIAL MANAGEMENT (SFM) |
| Paper 15 | DIRECT TAX LAWS AND INTERNATIONAL TAXATION (DIT) |
| Paper 16 | STRATEGIC COST MANAGEMENT (SCM) |
| Final Course | Marks Distribution (800 marks) |
| Group 4 | |
| Paper 17 | COST AND MANAGEMENT AUDIT (CMAD) |
| Paper 18 | CORPORATE FINANCIAL REPORTING (CFR) |
| Paper 19 | INDIRECT TAX LAWS AND PRACTICE (ITLP) |
| Electives | |
| PAPER 20A | STRATEGIC PERFORMANCE MANAGEMENT AND BUSINESS VALUATION (SPMBV) PAPER |
| PAPER 20B | RISK MANAGEMENT IN BANKING AND INSURANCE (RMBI) |
| PAPER 20C | ENTREPRENEURSHIP AND START-UP (ENTS) |
CMA USA
| Part | Name | Subject |
| Part 1 | Financial Planning Performance and Analytics | External Financial Reporting Decision Planning Budgeting Forecasting Performance Management Cost Management of Internal Controls, Technology, and Analytics |
| Part 2 | Strategic Financial Management | Financial Statement Analysis Corporate Finance Decision Analysis Risk Management Investment Decisions Professional Ethics |
Exam Format and Structure
| CMA India | CMA USA | |
| Exam Structure | 3 Levels | 2 Parts |
| Number of papers | 20 papers | 2 (one per part) |
| Question Format | Descriptive and Objective | 75% MCQs and 25% Essays |
| Pass Criteria | 40% per subject and 50% overall qualification | 360/500 per part |
Tips for preparing for CMA Exams
- Understand the CMA syllabus properly
- Create Time Table
- Join authentic coaching
- Take mock tests
- Join study groups
- Stay consistent
CMA Course Fees and Expenses
| CMA Type | CMA India | CMA USA |
| CMA Exam Fees | INR 1200 (Intermediate)(per group)INR 1400 (Final)(per group) | Students – $350Working Professionals – $480 (2 parts) |
| CMA Entrance Fees | NA | Students – $225Working Professionals – $300 |
| Foundation Course | INR 6000 | NA |
| Intermediate Course | INR 23100 | NA |
| Final Course | INR 25000 | NA |
| Total Expense | INR 55700 | Students – $ 980Working professional – $ 1550 |
Career Opportunities After CMA
After successful completion of the CMA course, students can get placements on campus and off campus. The cost and management skills and experience of students can help them pursue specialized roles in MNCs and government institutions. Here are the top career opportunities after CMA:
- Financial Analyst
- Cost Accountant
- Management Accountant
- Chief Financial Officer
- Assistant Financial Manager
Industries that hire CMA
CMA has a crucial role in multiple companies, from the manufacturing industry to technical, every company is incomplete without the Chief Financial Advisor. The industries that hire CMA include banking and financial services, IT industry, healthcare, real estate, and retail, consulting and e-commerce, Audit firms, and government sectors.
CMA Salary Insights India and Abroad
| Region | Salary Range |
| CMA Salary in India | INR 5 Lacs to 40 Lacs or more |
| CMA Salary in the USA | $ 60,000 to $ 1,80,000 or more |
| CMA Salary in UAE | AED 1,20,000 to AED 6,50,000 or more |
| CMA Salary in Canada | CAD 60,000 to CAD 1,80,000 |
CMA Global Recognition
CMA certification value in different countries
| Countries | CMA Certification Value |
| CMA India | CMA India is highly valued in Multi-National Companies, Corporates, and Manufacturing Industries. It is certified for use in various countries of the world with some limitations. |
| CMA USA | CMA USA is widely recognized in the financial services industry, manufacturing sector, IT industry, etc. It is recognized by a certified authority of the country for use across the world. |
| CMA UAE | CMA UAE is also recognized across the world. In the Oil and gas industry, the role of CMA is immense in managing the finances of the country. |
| CMA Canada | CMA USA is preferred in Canada, majorly for financial planning and analysis. |
Differences between CMA USA and CMA India
| Parameters | CMA USA | CMA India |
| Regulatory Body | Institute of Management Accounts (IMA) USA | Institute of Cost Accounts in India (ICMAI) |
| CMA Recognition | Globally Recognized | Recognized in India, and limited recognition in other countries of the world. |
| Flexibility of Exam | Students can appear multiple times in a year | Conducted twice a year |
| CMA course Duration | 1 – 1.5 years | 3-4 years |
| Career Opportunities | Preferred by MNCs across the world | Chief Financial Advisor of Government or Budget Analyst and many more |
CMA certification vs. MBA for global opportunities
| Parameters | CMA certification | MBA |
| Focus Niche | Management, Accounting, and Finance | Management, Leadership, and Strategy |
| Duration | 1-2 years | 1-2 years |
| Expenses | Affordable | Usually high fees |
| Recognition | Globally recognized | Recognized in some countries as some countries have different education standards |
| Job opportunities | CFA, Cost Accountant, Financial Analyst | Business Consultant, Marketing Manager |
How to Enroll in the CMA Course
Registration process for CMA in India
- Check Eligibility, if fulfill then move ahead
- Enroll in the CMA program
- Registor for CMA Exam
- Complete the Certification document requirement
- Pay fees for the course
- Start learning effectively with Next Graders
Steps for CMA USA enrollment
- Check Eligibility
- Join IMA
- Enroll in the CMA USA program
- Register for the Exam
- Start learning with recognized institute like Next Graders
Top institutes and coaching centers for CMA preparation
Next Graders is the top coaching institute that will help you get authentic coaching for the CMA course in India. The world-class facilities and technical advancement help our students to grow well in this field. Our staff is committed to providing valuable assistance while preparing and making you credible for obtaining a job role through CMA certification.
Online vs. offline classes: Pros and cons
| Medium | Online | Offline |
| Pros | FlexibilityConvenience PortabilityAccessibilityNo rushed learningAffordability | One-to-one interactionInstant doubt resolutionCommunication enhancement Better Repo Development |
| Cons | Least Responsive Isolated LearningTechnical DifficultyFrustration Internet lags | InconvenienceRushed LearningExpensive |
Tips for CMA Exam Preparation
Study strategies for CMA students
- Understand exam structure as CMA India and CMA USA have different structure and learning patterns.
- Create a Schedule
- Follow an effective learning mechanism
- Solve maximum mock tests
Recommended study materials and resources
Follow the official study materials and resources of the country.
- For CMA USA – IMA learning system
- For CMA India – ICMAI study material
If you want more clarity and simplified learning then you can enroll in a specific coaching institute like Next Graders, so that the learning process becomes smooth and diligent.
Time management tips for working professionals
- Set Goals
- Utilize breaks effectively
- Prioritize study time
- Stay consistent
- Maintain harmony between work, time, and study.
Common mistakes to avoid during preparation
- Ignoring syllabus
- Procrastination
- Cramming at the last minute
- Neglecting weak areas
- Not able to manage time during the exam
FAQs About CMA
1.What is the passing percentage of CMA?
The passing percentage of CMA India is around 40% for each subject and 50% overall. However, CMA USA needs 360/500 marks to qualify for CMA USA certification.
2.Is CMA hard to pass?
Yes, it is difficult to reach the benchmark of qualification. But with simplified and effective learning with Next Graders, you can pass the CMA exam with ease.
3.Can I pursue CMA after the 12th?
Yes, you can pursue CMA after the 12th, as it is the minimum qualification required for enrolling in a CMA course in India.
4.How does CMA compare with CA or CS?
CMA certification primarily focuses on cost and management accounting in the financial ecosystem. However, CA and CS are the wider aspects of corporate and finance. CMA is particularly aimed at internal financial analysis and decision-making within the MNCs. CAs have a major role in auditing, taxation, and government institutions. CS deals in legal compliance and corporate law.
Conclusion
Career empowerment through CMA is becoming widely popular. CMA certification is one of the most rewarding and enticing career opportunities. Cost and management accounting have a major role in shaping the economic value of the company. Effective budget analysis and investment can be possible with the assistance of CMA (Certified Management Accountant). If you want global accessibility in this career then choose CMA USA, and if you want to pursue a high-paying job in India then go for CMA India.
Beacon of educational excellence is now at your fingertips with Next Graders. Partner with us to get a better lifestyle and education. Book a free consultation today!
