CMA- EXCITING CAREER OPTION IN ACCOUNTING AND MANAGEMENT 

Are you seeking for a valuable and exciting career in the field of Accounting and Management? Then CMA is what you should be looking at, as it might be a well-suited course for you. CMA is for sure a lucrative career option and has a growing demand in today’s world of start-ups, Multinational Companies, and Industries. People with good management and accounting skills are valued in all fields, and especially when you are from the commerce field, Accounting or Management must intrigue you. So, if you are also the one planning your career growth and advancement, then read further and know more about CMA.

What is a CMA Course?

The CMA stands for “Certified Management Accountant”. CMA are professionals who possess expertise in financial accounting, Cost management, Strategic planning, and other management related areas. It is offered by the “Institute of Management Accountant” and is globally recognized. Considering its versatility, it is one of the most knowledge-bearing courses for you. An Icing on the cake is that CMA certification is globally valued and once you are certified, there are numerous career alternatives you could look for in future. 

Moving ahead, we will now brief you about CMA course details. If you are looking forward to the time-duration for completing this course, refer to the given synopsis, for completing the course you generally need to clear the examinations for the below three levels that would approximately take 2-3 years. Although the course would vary depending upon individuals’ capabilities and study pace, there are also slight variations among different countries and institutions. However, here a general overview:

1) Foundation Level (CMA Level I): You are eligible to appear for the foundation level examination after passing 10^th standard exams, it would take around 8 months for preparing and clearing the foundation level exams. The fee for the foundation is INR 6000. 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.

2) Intermediate Level (CMA Level II): After foundation level and after clearing your class 12th, you are eligible to appear in the intermediate level examinations. Depending upon your study pace it might take up to 10 months for preparations of the exams. The fee for the foundation is INR 23,100. 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. The fee for the foundation is INR 25,000.

Overall, the passing score for each part is 360 out of 500 or 70% in all. Please note that these durations are purely approximate and can vary based on the candidate’s study pace and other factors too. 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. The CMA exams 

What is the CMA Exam Syllabus?

The CMA exam consist of two parts:

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.

2. Part 1: 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.

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.

Are there some additional requirements to qualify as a CMA?

Certainly! After successfully completing the CMA exams, there are some other add-ons steps to complete:

• You need to accumulate at least two continuous years of full-time work experience in a financial management or management accounting role. This can be done either during the examination phase or after completing the exams.
• You should get yourself registered under IMA and must become an active IMA member, only then you are allowed to sit in the exams. IMA membership provides access to study material, networking, and support throughout your CMA journey.
• Candidates must adhere to the strict code of ethics set by IMA by signing the statement containing all the ethical standards.
• Additionally, once you become a CMA you must complete 30 hours of continuing professional Education including at least 2 hours related to ethics, the aim behind this is that CMA professionals are up to date.

Salary Packages and Career opportunity

We know that you all must be excited to know about the salary of a CMA professional. The average salary for a CMA ranges between 16 LPA – 23 LPA. Isn’t this a lucrative package? It certainly is, after becoming a CMA, you can pursue roles of a CFO (Chief Financial Officer), Financial controller, Finance Controller, Cost Auditor, and other industry specific roles also. CMA certification opens the door for a lucrative career in accounting, Financing, and auditing. It is also recognized globally. So, if you are interested in pursuing a career in it then it is a viable option for you.