CMA Course – How to Become a Cost and Management Accountant

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Cost and Management Accountant (CMA) Course

Introduction

Cost and Management Accountancy CMA course is one of a professional course in India. The CMA Profession is legally recognized as the profession is governed by The Act of The Parliament. with the globalization of all economic activities, the industries both in service and manufacturing sector have recognized the potential of Cost and Management Accounting profession in giving support in effective resource management and making the operations more cost effective for facing the challenges of management.

A Cost and Management Accountant provide services in Investment planning, profit planning, project management and overall managerial decision making process. The requirement of Cost and Management Accountant has also being recognized under various Statues and Laws.

Who is Cost Accountant (CMA) in India?

As per Companies Rules 2014, a Cost Accountant or generally CMA means person defined under Section 2 (1)(c) of  The Cost and Works Accountants Act, 1959 and holds a valid certificate of Practice under Section 6(1) of that Act who is deemed to be in practice under sub-section (2) of section 2 thereof, and includes a firm or limited liability partnership of cost accountants.

Now, Section 2(1)(c) of The Cost and Works Accountants Act, 1959 define Cost Accountant as Person who is member of the Institute. 

Who is required to appoint to have a Cost Accountant?

The Companies Rules, 2014 has put statutory requirement for some Companies to conduct Cost Audit by a Practicing Cost Accountant.

applicability of cost audit

How to Become a “Cost Accountant”?

In India, to become a Cost Accountant, a person shall have to register for Cost Accountancy Course with Institute of Cost and Management  Accountant of India, generally knows as ICMAI , and have to pass all the main Examinations under the Course. To  register Click Here.

Currently, there are 3 main examinations under CMA Course viz. Foundation , Intermediate and Final.

Stages of CMA Course

  1. CMA Foundation: Foundation Course is an entry level Programme for non- graduate student which is held twice in an year. To be eligible for registration in CMA Foundation, a person should be 10 passed and 12 passed will be eligible to appear for Foundation Course Examination. The Course comprises of 4 subjects. After Passing Foundation Examinations, the next step is CMA Intermediate

Exemption from Foundation Exam: Person who has passed the Foundation exams of Company Secretary or Chartered Accountancy Course is exempt from appearing in Foundation Exam. Such person can apply direct to Intermediate Course. Graduate of any stream (other than performing art & music) are also apply direct in Intermediate.

Download CMA Foundation latest Study Material Click here

2.Intermediate Course: The second stage of CMA Course comprises of 8 subjects divided into 2 groups with four in each.

Download CMA Intermediate latest Study Material Click here

3. Final Course: The last stage of  CMA, comprises  of 8 subects divided into 2 groups.

Download CMA Final latest Study Material Click here

For more detail about CMA Course Click here

Cost Accountant average Salary

The average salary of Cost Accountant in India is between Rs 450000- 550000. The experience in this field influence the Salary.

The Cost Accountant is high standard Profession in India. A requirement of a Cost Accountant is Industry and Finance sector is always present. Like CA and CS Profession, Cost Accountant Profession is also internationally recognized.

Note: The salary data is sourced from Internet, actual data may differ.

For more details regarding CMA Course, Visit Institute website: icmai.in/studentwebsite

 

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