Pathway to become a Certified Management Accountant

 

META DESCRIPTION: Here is a guide to become a Certified Management Accountant in India with the answers to the most asked queries related to it.

 

Accountants who have established themselves in the fields of financial accounting and strategic management are given the title of Certified Management Accountant (CMA). This validation is typically predicated on competence in Financial and Management Accounting, which supports the use of financial data in critical business decisions. For certification, you must pass two exam sections on decision analysis, corporate finance, financial statement analysis, budgets, forecasts, performance management predictions, cost management, and forecasting. Risk management, choosing investments, and professional ethics is also a part of a Certified Management Accountant job.

 

Objective

 

1. To increase public knowledge and support the teaching of cost and management accounting.

 

1. Attain knowledge, comprehension, application, analysis, synthesis, and evaluation, six skill sets.

 

1. To draw attention to the importance of the four knowledge pillars of management, strategy, legal framework, and financial reporting.

 

1. To instil and give the necessary skills for professional development and employability.

 

1. To place more emphasis on corporate and related laws, taxation, ethics, and governance, as well as accounting, analysis, reporting, and control, strategy, performance measurement, analysis, and control.

 

1. To raise cost and management accounting professionals' proficiency level to a level consistent with the global benchmark.

 

 

Eligibility

 

FOUNDATION

 

• A candidate must have completed Class 10 or the equivalent from a recognised Board or Institution, or the candidate must have completed Class 10 or the equivalent from a recognised Board or Institution.

 

• Candidates will not be required to take the Foundation Course if they have passed the Institute of Company Secretaries of India's Foundation test;

 

• The Institute of Chartered Accountants of India does not require anyone to take the Foundation Course if they have passed the Intermediate Exam. Any candidate who has completed the Intermediate examination would not be required to take the Common Proficiency Test, which is the entry-level test, from the Institute of Chartered Accountants of India.

 

• Foundation Course is not required of applicants who have completed the qualifying exam for direct admission to the Intermediate Course.

 

• Students can also apply for temporary admission to the foundation course. For such students, a conversion from Provisional to Regular Status would be possible after 36 (thirty-six) months.

 

 

 

INTERMEDIATE COURSE

 

• Passed the Senior Secondary School Examination or Higher Secondary Examination (10+2) and the Institute of Cost Accountants of India's Foundation Course, or obtained a degree in engineering or a profession equivalent, and passed the Foundation (Entry Level) Part I Examination of the Certificate in Accounting Technicians (CAT) Course

 

• A list of prerequisite exams for direct entrance to the intermediate course is also provided.

 

• Provisional Registration: While waiting for the results of their degree examinations, candidates may also apply for provisional admission. For such students, a conversion from Provisional to Regular Status would be allowed after 18 (eighteen) months.

 

 

FINAL

• Students must have cleared CMA Intermediate.

 

 

Curriculum

 

Foundation Course

 

P1 : Fundamentals of Economics and Management (FEM)

P2 : Fundamentals of Accounting (FOA)

P3 : Fundamentals of Laws and Ethics (FLE)

P4 : Fundamentals of Business Mathematics and Statistics (FBMS)

 

 

Intermediate Course

 

Group - I

P5 : Financial Accounting (FAC)

P6 : Laws & Ethics (LNE)

P7 : Direct Taxation (DTX)

P8 : Cost Accounting (CAC)

 

Group - II

P9 : Operations Management & Strategic Management (OMSM)

P10 : Cost & Management Accounting and Financial Management (CMFM)

P11 : Indirect Taxation (lTX)

P12 : Company Accounts & Audit (CAA)

 

Final Course

 

Group - III

P13 : Corporate Laws & Compliance (CLC)

P14 : Strategic Financial Management (SFM)

P15 : Strategic Cost Management – Decision Making (SCMD) P16 : Direct Tax Laws and International Taxation (DTI)

 

Group - IV

P17 : Corporate Financial Reporting (CFR)

P18 : Indirect Tax Laws & Practice (ITP)

P19 : Cost and Management Audit (CMAD)

P20 : Strategic Performance Management and Business Valuation (SPBV)

 

Skills Training            

 

The goal of skills training is to give students the specialised instruction they need to acquire the information and skills required to meet the demands of their respective work roles. When new technology, procedures, or systems are introduced, skills training can be utilised to re-educate and restrain pupils. For any nation, "Skills'' and "Knowledge" are the accelerators for both social and economic progress. It increases pupils' skill levels, which leads to improved job chances. The right skill development initiatives would provide the nation a chance to attain inclusivity and productivity.