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Exemption For CA Students In CMA

Exemption For CA Students in CMA

EXEMPTION For Various Qualifications

1. Qualification-based RECIPROCAL EXEMPTION SCHEME under Syllabus 2012 between the Institute of Cost Accountants of India and the Institute of Company Secretaries of India

Exemption to ICSI passed candidates from papers of the Institute of Cost Accountants of India Exemption to the Institute of Cost Accountants of India passed candidates from papers of ICSI
Foundation course Full exemptionFoundation Program-Full exemption
Intermediate courseExecutive Programme
Group 1 – Paper 7: Direct TaxationModule 1 – Paper 2: Cost and Management Accounting
Group 1 – Paper 8: Cost Accounting and Financial ManagementModule 1 – Paper 4: Tax Laws and Practice
Group 2 – Paper 12: Company Accounts and AuditModule 2 – Paper 5: Company Accounts and Auditing Practices
Final CourseProfessional Programme
Group 3 – Paper 13: Corporate Laws & ComplianceModule 1 – Paper 1: Advanced Company Law & Practice
Group 3 – Paper 14:Advanced Financial ManagementModule 2 – Paper 5: Financial, Treasury and Forex Management
Group 3 – Paper 16: Tax Management and PracticeModule 3 – Paper 7: Advanced Tax Laws and Practice


Further, the subject exemption fee for each paper is fixed at Rs.1,000/- (Rupees One Thousand only ).
ICSI- qualification based exemption granted and availed under Syllabus 2008 now opts to pursue the Course under Syllabus 2012
Any student pursuing the course of the Institute, to whom, the subject exemption under Syllabus 2008 was granted on the basis of ICSI-Qualification, now desires to opt for pursuing the course under Syllabus 2012, shall be guided by the following procedure:
 

ICSI- Qualification based exemption granted under Syllabus 2008

ICSI- Qualification based exemption to be granted under Syllabus 2012

Special Note

INTERMEDIATE COURSE
Paper 5 – Financial Accounting of Group INO CORRESPONDING EXEMPTION AGAINST THIS PAPERStudent Shall Have to appear in “Paper 5 – Financial Accounting”
Paper 7 – Applied Direct Taxation of Group IPaper 7 – Direct Taxation of Group I 
 Paper 8 – Cost Accounting & Financial Management under Group I 
 Paper 12 – Company Accounts and Audit of Group II   This is an additional benefit offered to a student as per ICAI-ICSI MoU – Reciprocal Exemption Scheme.

  However, the exemption is not granted suo-moto and hence, the student shall have to make an application to the Directorate of Studies, Headquarters, CMA Bhawan, 12, Sudder Street, along with the prescribed fee of Rs.1,000/- (Rupees One Thousand only), per subject drawn in favour of the Institute of Cost Accountants of India, payable at Kolkata. Upon receipt of the same, Directorate of Studies would issue a revised letter granting exemption from appearing in the subjects as per MoU for this Intermediate Course.

Note:

A qualification-based exemption shall remain valid as was/is offered for that respective Syllabus only.

Example: If a student to whom exemption in some specified papers under Syllabus 2008 were granted on the basis of ICSI-qualification, then such exemption shall remain valid and can only be availed under Syllabus 2008.

So, if these students until June 2015, being the last term of Examination, under “Syllabus 2008”, fails to qualify the respective course (say Intermediate or Final), then the benefit/exemption so granted, will not be offered further on the same subjects. However, the benefit would be offered only as per subjects in “Syllabus 2012”. Students are to follow the procedure prescribed/ to be prescribed by the Directorate of Studies, from time to time.

ICSI- Qualification based exemption granted under Syllabus 2008

ICSI- Qualification based exemption to be granted under Syllabus 2012

Special Note

FINAL COURSE
Paper 12 – Financial Management & International Finance of Group IIIPaper 14 – Advanced Financial Management of Group III 
Paper 14 – Indirect and Direct Tax Management of Group IIIPaper 16 – Tax Management & Practice of Group III 
 Paper 13 – Corporate Laws & Compliance of Group III    This is the additional benefit offered to the student as per ICAI-ICSI MoU – Reciprocal Exemption Scheme. However, the exemption is not granted suo-moto and hence, the student shall have to make an application to the Directorate of Studies, Headquarters, CMA Bhawan, 12, Sudder Street, along with the prescribed fee of Rs.1,000/- (Rupees One Thousand only),[for this subject] drawn in favor of the Institute of Cost Accountants of India, payable at Kolkata. Upon receipt of the same, Directorate of Studies would issue a revised letter granting exemption from appearing in the subjects as per MoU for this Final Course.

 

  1. For Engineering Graduates having completed 2nd year/IV Semester/equivalent or Graduate Engineers (qualified Engineering Final Examination)

Exempted from CMA Foundation Course

Exemption from appearing in the following two papers at the Intermediate Course under Syllabus 2012:

Paper 6 – Laws, Ethics & Governance ( LEG)

Paper 9 – Operations Management & Information System (OMIS)

 

  1. CIMA – UK qualified students are eligible for an exemption in the following papers under the syllabus 2012.

Foundation- Complete exemption.

Intermediate :

Paper 5- Financial Accounting

Paper 8-Cost Accounting and Financial Management

Paper 9-Operations Management and Information Systems

Paper 10- Cost and Management Accountancy

Paper 12- Company Accounts and Audit

Final :

Paper 14- Advanced Financial Management

Paper 15- Business Strategy and Strategic Cost Management

Paper 17- Strategic Performance Management

Paper 18- Corporate Financial Reporting

Paper 20- Financial Analysis and Business Valuation

Further, the subject exemption fee for each paper is fixed at Rs.1,000/- (Rupees One Thousand only ).

For details visit http://www.icmai.in/upload/Institute/MOU/CIMA-CMA-Exemption-Mapping.pdf

Note: Total Number of papers exempted in CMA for CIMA professionals = 14 (fourteen) 

Total Number of paper to appear in CMA for CIMA professionals = 6 (six) 

 CMA papers For CIMA MembersFor CIMA Members
Foundation 
P1Fundamentals of Economics & Management Exempted
P2Fundamentals of AccountingExempted
P3Fundamentals of Laws and EthicsExempted
P4Fundamentals of Business Mathematics & StatisticsExempted
Intermediate 
P5Financial AccountingExempted
P6Laws, Ethics & Governance Appear and qualify
P7Direct TaxationAppear and qualify
P8Cost Accounting & Financial ManagementExempted
P9Operations Management & Information SystemExempted
P10Cost & Management AccountingExempted
P11Indirect TaxationAppear and qualify
P12Company Accounts & AuditExempted
Final 
P13Corporate Laws & Compliance Appear and qualifyAppear and qualify
P14Advanced Financial ManagementExempted
P15Business Strategy & Strategic Cost ManagementExempted
P16Tax Management & PracticeAppear and qualify
P17Strategic Performance ManagementExempted
P18Corporate Financial ReportingExempted
P19Cost and Management AuditAppear and qualify
P20Financial Analysis & Business ValuationExempted

 

Operational Modalities: for CIMA Members to pursue CMA:

  1. Registration to the Intermediate Course directly ( as CIMA Members are exempted from Foundation Course).
  2. Intermediate Course Fee: Rs.20,000 (Rupees Twenty Thousand only) [ selecting either Oral or Postal Mode of Coaching]. All registrations are to

be made through “on-line admission” only. [ On-line Admission: https://cmaicmai.in/students/Home.aspx]

  1. Qualification-based Subject Exemption Fee : @ Rs.1,000 per subject ( for exempted 4 papers of Foundation Course; 5 papers of Intermediate

Course and 5 papers of Final Course) = 14 subjects exempted @ Rs.1,000 per subject = Rs.14,000 (Rupees Fourteen Thousand only). The

qualification-based subject exemption fee shall have to be paid at the time of registration to the Intermediate Course only.

  1. Total Payment at the time of Registration : Rs.(20,000 + 14,000) = Rs.34,000 (Rupees Thirty Four Thousand only) [ On-line Admission:

https://cmaicmai.in/students/Home.aspx]

  1. CIMA Members pursuing CMA Course would be eligible for availing exemption from undergoing 100-hours Computer Training Course and

Communication & Soft Skills Training at the Intermediate Level.

  1. CMA students (with CIMA Membership, availing benefits of this MoU) while upon enrolment to Final Course shall also be exempted from

undergoing Industry Orientation Training Program (IOTP).

  1. Fee for availing exemptions from undergoing prescribed training at Intermediate and Final Course shall not be levied further and hence there shall be no refund. CMA Students with CIMA Membership shall be eligible for this exemption only.
Examination: Guidelines
1. At the Intermediate LevelIf applied and appeared for individual groupGroup I – Paper 6 & 7 Must secure at least 50% in aggregate and at least 40% in each individual paper to qualify Group I
Group II – Paper 11 Must secure at least 50% in Paper 11 to qualify Group II
If applied and appeared for both groupsPapers 6,7 and 11 Must secure at least 40% in all the papers but at least 50% in aggregate to qualify Intermediate Course.
2. At the Final Level If applied and appeared for individual groupGroup III – Paper 13 and 16Must secure at least 40% in each individual paper and 50% in aggregate to qualify Group III
Group IV – Paper 16,Must secure at least 50% in Paper 19 to qualify Group IV
If applied for both groups Papers 13,16 and 19 Must secure at least 40% in all the papers and at least 50% in aggregate to qualify Final Course.
  1. ACCA- UK qualified students are eligible for the exemption in the following papers under the syllabus 2012.

Foundation- Complete exemption.

Intermediate :

Paper 5- Financial Accounting

Paper 6 – Laws, Ethics & Governance

Paper 8-Cost Accounting and Financial Management

Paper 10- Cost and Management Accountancy

Paper 12- Company Accounts and Audit

Final :

Paper 14- Advanced Financial Management

Paper 15- Business Strategy and Strategic Cost Management

Paper 17- Strategic Performance Management

Paper 18- Corporate Financial Reporting

Paper 20- Financial Analysis and Business Valuation

Further, the subject exemption fee for each paper is fixed at Rs.1,000/- (Rupees One Thousand only )

For details visit For details visit http://www.icmai.in/upload/Institute/MOU/ACCA-CMA-Mapping-Revised.pdf

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