Cost accounting or CMA is one of the best courses in finance. This program is an excellent option for those who wish to pursue a fulfilling career in management accounting. Moreover, this course is becoming increasingly popular among students currently studying business administration in India. This course provides in-depth knowledge on corporate finance, cost management, risk management, etc.
Cost Management Accounting is an essential certification in the financial sector offered by the Institute of Cost Management Accountants of India or ICAI. When you come across a CMA course, you will usually come across different terms such as CMA, ICMAI, CWA and ICWAI. This can be very confusing for many people. Here’s the thing: ICWA is an old name for a CMA course, so there is no difference between CMA and ICWAI. On the other hand, the Institute of Cost Management Accountants in India (ICMAI) is the new name of the Institute of Cost and Works Management Accountants in India (ICWAI).
The Cost Management Major is considered one of the most challenging professional degrees in the country and is preferred by business students. If you are interested in taking a management accounting course in India, this article is the best option for you. Here we have covered all the aspects of this course that you need to know.
Basic information on the CMA training:
The CMA is a professional certification designed for students who wish to work in a variety of business functions and industries. This course is offered by the Institute of Cost Accountants of India. The CMA course enables students to perform a variety of functions including. B. Analysis of financial statements, working capital policies, evaluation issues, etc.
This course is primarily designed to prepare students to work in various industries and make financial decisions for companies. In this course, students learn how to make business decisions, run a business, and perform other tasks related to business.
The cost accounting course generally combines accounting techniques and business practices to optimize operations. This course also covers several important accounting concepts that enable students to understand both the financial and business aspects of business. Candidates for the CMA course can work as business advisors with multiple clients and help them manage their business effectively.
Those who take a cost accounting course can work with management and use their skills, knowledge and experience to make better financial and business decisions. They play an important role in the analysis of financial data by the management team. This course is therefore the ideal choice for you if you aspire to a career in accounting.
CMA Field of study:
The Cost Management Accountant course is ideal for candidates who are interested in the field of accounting and wish to pursue a career in this area. The course is fully career focused and will enable you to achieve your career goals. If you want to gain more in-depth accounting knowledge than a bachelor’s or master’s degree, the CMA program is the ideal choice for you.
Providing a thorough knowledge of finance and economics, the Cost Management Accounting course enables students to work in a variety of positions in a variety of companies. At the end of the CMA course, candidates will be given an entry ticket to the world of business and will be able to work in the management team of any company. Holders of a CMA degree can apply for various positions such as senior accountant, finance director, cost accountant, budget analyst, etc.
Different levels of CMA training:
The CMA training has a total of three levels, one of which is chosen for a higher level after passing the previous level. To obtain a CMA certificate, you must pass all three levels. Below are the three levels of the CMA course that you will learn during the course.
Step one: CMA basic level
Step two: Average CMA level
Step three: Level of attainment of the CMA diploma
Course duration Cost Accounting:
The duration of the CMA training depends on the seriousness with which the candidate follows the training and the degree of commitment and concentration he or she demonstrates. In other words, the duration of the course varies from participant to participant. This course lasts between 6 months and 4 years. In India, most students take 3 to 4 years to complete a degree in cost management.
What skills does the CMA training enable you to acquire?
The Accounting for Cost Management course offers students the opportunity to acquire a wide range of skills. This allows candidates to acquire specific skills and get different jobs in different sectors. Here are some of the important skills that are taught in a cost management course.
- Cost management
- expertise in financial accounting
- Performance Management
- Risk management
- Investment decision
- Profitability Analysis
- Proficiency in management accounting
- External financial information
- Planning and budgeting
Eligibility criteria for the Cost Accounting course
To participate in the CMA course, you must meet the course qualification criteria. The admission criteria for a CMA course vary according to the level of the course. Below are the qualification criteria for each level of the Cost Management Accounting course.
CMA basic level :
- Candidates wishing to take this course must have completed the 10th grade. Class or have passed an equivalent standard from a recognized organization.
- Candidates must also have completed twelfth grade. Normalized or passed another equivalent exam from a recognized panel.
- Those who hold a national business diploma issued by the state agency or the AICTE.
Intermediate CMA :
- Candidates had to get permission from the ICAI to attend the CMA course.
- Candidates must be licensed in any discipline to enroll in this course.
- To access level 2 of cost accounting, you must have completed level 12.
Last phase of the CMA :
- To qualify for the final CMA level, candidates had to pass the intermediate level of the CMA course.
CMA course registration:
Depending on your ability, you can apply for a CMA course level. Enrollment in the cost accounting course ends before the end of the four-month exam. Therefore, you must complete the registration process for the designated level of the CMA course prior to completion.
You can register for any level of the CMA course before the end of the four-month exam period. The exams are held annually in June and December. Those wishing to register for the exam in the June semester may complete the registration form until January 31 of the year in question. Also, if you wish to register for the December exam, please complete the registration form by December 31. July of the year in question.
To register for the Cost Management Billing course, you must complete a registration form and send it to the appropriate regional office along with the required documents. The regional council for West India is Mumbai, for East India it is Kolkata, for North India it is New Delhi and for South India it is Chennai.
CMA training courses Application fee:
The cost of a cost management course varies by level. Please find below the course fees for the different CMA levels.
The registration fee for the CMA fund level is Rs. 4,000, for the intermediate level Rs. 20,000 and for the final level Rs. 20.000. 17.000.
Level of flexibility of the CMA examination
The CMA course exams offer students great flexibility, allowing them to take different levels of exams at a time that is convenient for them. The exam window for the CMA exams remains open 6 months per year. In addition, the CMA exams are computerized, allowing students to choose the time they take the exam.
Curriculum for management accounting Course:
The three levels of CMA training offer a total of 20 papers to study. Here are the 20 papers taught in the three levels of the course.
The curriculum for the CMA core level :
There are four documents at this level, presented below:
- Handout 1 – Basic concepts of mathematics and business statistics
- Handout 2 – Legal and ethical bases
- Document 3 – Accounting concepts
- Handout 4 – Economic and management fundamentals
Curriculum for the CMA Intermediate Level :
The interim phase consists of eight documents, listed below.
- Sheet 1 – Accounting and auditing
- Document 2 – Indirect taxes
- Document 3 – Costs and operating accounts
- Document 4 – Management Information System for Operations
- Sheet 5 – Cost accounting and financial management
- Document 6 – Direct taxation
- Sheet 7 – Legislation, ethics and governance
- Document 8 – Financial accounts
Curriculum for the CMA final level :
There are 8 works at the final level of the CMA, presented below:
- Handout 1 – Financial analysis and business valuation
- Document 2 – Costs and management control
- Document 3 – Consolidated financial statements
- Document 4 – Strategic performance management
- Unit 5 – Tax administration and tax practice
- Document 6 – Corporate strategy and strategic cost management
- Document 7 – Extended financial management
- Document 8 – Company law and compliance
Career opportunities for the CMA training programme:
Upon completion of the CMA program, students can get better paying jobs in various industries. The course also offers candidates a 30% higher salary than other courses. You can work in a variety of areas, such as. B. Planning, decision-making, management functions, etc. As a result, students who take this course can pursue dynamic careers in finance and business management.
Salaries of CMA professionals
Graduates of the CMA program may have a better chance of getting into various management positions. You can work in different companies in India and abroad. A young CMA graduate can earn an average of 5 lakh per year. With their knowledge, skills and experience, candidates can earn between 30 and 50 lakh per year.
Best professional profiles for CMA graduates
Below is a list of the best jobs for CMA graduates.
- Business controller
- finance director
- Financial Controller
- Chief Investment Officer
Conclusion:
Cost accounting is one of the best courses in finance. The program provides students with various job opportunities upon completion of their education and allows them to earn a higher salary. So, if you are interested in a career in finance, you should consider opting for this career path.
frequently asked questions
What is the cost of CMA training?
CMA (Cost Management Accounting) Course India : Level…
What is the scope of the CMA training?
In addition, CMAs, by virtue of their expertise and training, may hold managerial positions in public and private companies, such as B. Chief Executive Officers and Managing Directors, Managing Directors, Chief Financial Officers, Financial Controllers, Financial Managers, Cost Controllers, Marketing Managers and Heads of Internal Services …
What is CMA training?
A bachelor’s degree in a field other than art is required for the CMA degree. A student who is in the final year of an undergraduate program can also enroll in the CMA program, but he or she will need a degree and two years of work experience to earn the certificate.
