Cost and Management Accountancy (CMA) India is a professional qualification and member of Institute of Cost Accountants of India (ICAI). The Institute of Cost Accountants of India (ICAI) was previously known as The Institute of Cost and Works Accountants (ICWAI). ICAI previously known as ICWAI is a statutory body formed under an act of parliament. The institute was set with an objective of promoting and regulating Cost Accountancy profession in India.
This is a very good career opportunity in the field of accounting, finance and management.
What is Cost and Management Accountancy (CMA)?
Cost and Management Accountancy (CMA) is the primary qualification of the ICAI and is a membership of the ICAI. This can be obtained by completion of various levels of examinations and practical training programs.
Roles and Responsibilities of a CMA
A CMA can attain a job in different positions. Roles and responsibilities are also different for different positions. Mostly the job responsibilities includes proper management of financial resources. That includes all the functions of a finance manager.
Educational Qualification Required
The minimum educational qualification to attempt foundation course is a pass in 10+2. A graduate in any discipline other than fine arts and qualified CAT of CMA/ICSI Foundation/ICAI Intermediate can directly register for intermediate course. It is necessary to get prescribed training and pass in corresponding exam to qualify for the next level.
Registration for ICAI Foundation and Intermediate courses are open throughout the year. Exams are conducting only twice in June and December. Students willing to appear for June Term Examination should apply before 31st January of that year and for December Term Examination should apply before 31st July of that year.
Skills and Knowledge Required
To become a CMA, one has to complete different levels of course. This includes exams, practical training, etc. So complete dedication is a requirement to pass the exam. The job mainly includes various financial activities, so one requires various skills related to that. Good analytical skills, numerical ability, interest to update the knowledge regularly, good communication skills, presentation skills, ability to handle difficult situations, etc. are some of them.
How to become a Cost and Management Accountant (CMA)?
There are two ways to become a CMA, they are through foundation course and through direct entry. The qualification for appearing for foundation course is 10 + 2 pass. Those who are qualified in foundation course can register for intermediate course. After prescribed training they can appear for intermediate exam. Those who have qualified in intermediate exam must undergo prescribed training to get qualified to attempt the final exam. After qualified in the final exam, they have to undergo prescribed training and then apply for membership.
In direct entry method those who are graduated in any discipline other than fine arts and qualified CAT of CMA/ICSI Foundation/ICAI Intermediate are exempted from attempting the foundation exam. They can directly register for intermediate course. The remaining procedure will be same.
Where do I get the Job?
CMA qualified (ICAI earlier ICWAI) candidates can become top managers. Some of the opportunities they can achieve are Finance Director, Financial Controller, Cost Controller, Finance Manager, etc. They can also get jobs in professional and management institutes as teaching faculty.
Job opportunities are available both in public and private firms. Self-employment opportunities are also high for qualified person. Consultancy jobs are much getting importance.