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ICWAI | CMA-Cost and Accountant Management Course

CMA-Cost and Accountant Management Course:

CMA-Cost and Accountant Management Course: The Institute of Cost Accountants of India (ICAI) [previously known as the Institute of Cost & Works Accountants of India (ICWAI)] is a premier statutory professional accountancy body in India with the objects of promoting, regulating and developing the profession of Cost Accountancy. It is the only licensing cum regulating body of Cost & Management Accountancy profession in India. It recommends the Cost Accounting Standards to be followed by companies in India to which statutory maintenance of cost records applicable. ICAI is solely responsible for setting the auditing and assurance standards for statutory Cost Audit to be followed in the Audit of Cost statements in India. It also issues other technical guidelines on several aspects like Internal Audit, Management Accounting etc. to be followed by practising Cost Accountants while discharging their services. It works closely with the industries, various departments of Government of India, State governments in India and other Regulating Authorities in India e.g. Reserve Bank of India, Insurance Regulatory and Development Authority, Securities and Exchange Board of India etc. on several aspects of performance, cost optimisation and reporting.

CMA-Cost and Accountant Management Course:

This is the primary qualification of the ICAI and following completion of up to three levels (Foundation, Intermediate and Final) examinations and three years of practical training in areas like lManagement Accounting, Cost Accounting, Financial Accounting, Taxation, Audits, Corporate Laws etc. enables an individual to become a Cost & Management Accountant.

  • The new syllabus has been introduced in August 2016 following the International Education Guidelines (IEG) of IFAC to get the advantages in the process of Mutual Recognition Agreement ( MRA) among /different member countries of the world under GATS in WTO.
  • Subjects for examinations include management accounting, Financial Accounting, strategic management, taxation, corporate law, financial management, business valuation, financial reporting and cost & management audit etc.
  • Students who have passed degree examination of any recognised university or equivalent are eligible for admission directly to Intermediate level.
  • Paperwise exemptions on the basis of reciprocal arrangement are available to students who have passed Institute of Company Secretaries of India Final Examination.
  • Examinations are held twice a year in June and December in various examination centres in India and overseas centres. And Results are declared in the month of August and February for June term and December term exams respectively.

A student has to pass three levels of examination and complete three years of practical training to be eligible to apply for Associate membership of the Institute.

The members of the Institute of Cost Accountants of India carry the designation ACMA (Associate Cost and Management Accountant) and FCMA (Fellow Cost and Management Accountant), as applicable based on their type of membership of the institute.

CMA-Cost and Accountant Management Course:

CMA Foundation The CMA foundation exam is conducted across the country every year in June and December to those who have completed 10+2. Let us know the examination pattern and syllabus.

The Syllabus and Examination Pattern of CMA

  • Paper I (100 marks): Fundamentals of economics (50 marks) and management (50 marks)
  • Paper II (100 marks): Fundamental of financial accounting (60 marks) and fundamentals of cost and financial management (40 marks)
  • Paper III (100 marks): Fundamentals of commercial laws (70 marks), fundamentals of industrial laws (20 marks), and fundamentals of ethics (10 marks).
  • Paper IV (100 marks): Fundamentals of business mathematics (40 marks), fundamentals of business statistics (60 marks).

All these papers are conducted for a total of 400 marks. All papers with the questions in objective model are conducted on the same day. In this exam one need to get at least 50% (200 marks) or more than that. Only those shall be declared as passed out in the foundation exam.

CMA-Cost and Accountant Management Course:

CMA-Intermediate Those who have done CMA foundation course / degree completed /CAIPCC completed are all eligible to write the CMA intermediate examination after one year of registration for the CMA intermediate.

In the CMA Intermediate total 8 papers are divided into two groups.

  • Papers in group I: Financial accounting, laws, ethics and governance, direct taxation, cost accounting and financial management.
  • Papers in group II: Operations management and information system, cost management accountancy, indirect taxation, company accounts and audit.

In the above every paper carries 100 marks. According to the comfort of the candidates they can either write the two groups means 8 papers at a time or else choose to write one group and the other one after 6 months.

In every paper one should get at least 40 marks for the 100 marks and also in the same way an average of 50 percent marks on the total papers have to be achieved.  In case if one writes both the groups at the same time then they should get average 50 percent marks on both the groups (400 marks) shall only be considered as qualified in the CMA intermediate.

CMA-Cost and Accountant Management Course:

CMA Final CMA final is conducted as two groups Group 3 and Group 4. If 2 years article ship has been completed then both the groups can be written at the same time. In the final group 3 there are papers on corporate laws and complaints, advanced financial management, business strategy and strategy cost management, tax management and practice. In the group 4 final paper there are topics like strategic performance management, corporate financial reporting, cost and management audit, financial analysis and business valuation.

In these entire 8 papers one should get 50% marks without less than 40 marks in any of the papers being conducted for 100 marks. The CMA final can also be completed according to the candidate’s comfort either writing all the 8 papers at a time or writing one paper and the other paper after 6 months time. Those who have completed CMA final should also complete the computer training offered by the institute to be considered as the qualified cost accountant.

Examinations for all the stages in CMA course are conducted in the months of June and December every year which means two times in a year. So for any stage in the CMA course to write the exam in June then the fees should be paid before April 10 and for writing in December fee has to be paid before October 10th.

CMA-Cost and Accountant Management Course:

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CMA-Cost and Accountant Management Course:

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