Cost & Management Accounting or CMA is one of the most valuable courses that exist in the field of finance. It is an in-demand program among the students who want to graduate from the commerce field to secure a stable job in the finance sector. Not only students from commerce backgrounds are going for CMA course but also students from other streams who want to make a career in the commerce/finance sector are going for this program.
If you are someone who wants to settle in the commerce/finance sector comfortably with a job that pays well and makes you stand apart from your peers. CMA, like CA and CS, is a well-paid profession. Furthermore, it is easier to get a job outside of the country while studying for the CMA. As a result, CMA Course is one of the most beneficial programs in the commerce field.
What is Cost & Management Accounting Course?
The credentials for the CMA course in India are issued by the Institute of Cost and Management Accountants of India (ICMAI), a statutory body of Management Accountants in the country established on 28th May 1959 under the Cost and Works Accountants Act, 1959 enacted by the Parliament to regulate the profession of Cost and Management Accountancy in India. The Cost & Management Accounting course focuses on a wide range of subjects such as valuation concerns, external financial reporting, and financial statement examination, among others. The course divided into three phases and each stage must be completed in order to go to the next level.
Three Levels of CMA Course
To define your position in CMA it is important to focus on the three different levels. The entire course comprises three different levels with 20 subjects/topics:
- Foundation
- Intermediate
- Final
Graduate candidates are eligible to take registration to the Intermediate Course without level 1. Other candidates must complete three levels of this course to get certified as a qualified Cost Management Accountants.The course generally takes a minimum of 4 years to complete, which may also vary depending upon various factors such as the student’s capacities, interest, dedication, and hard work.
Benefits of CMA Certification
Every year an increasing number of accountants choose to pursue the CMA certification for varying reasons. So, what exactly does a CMA do? What makes it so desirable? If you are working in the financial, accounting, or business industry, having a CMA certification can boost your profile which can lead to a higher salary, more benefits, and better career opportunities.
One major benefit of having CMA certification is it helps you stand out from other accountants. It also adds increased credibility to your qualifications. Additionally, if you are seeking new career opportunities it pivots your career in more cost management roles, can work with upper-level management staff, and grant you roles with increased responsibility.
The responsibilities of a CMA are frequently more specialized than those of a standard accountant. Performing various duties in your daily routine, such as budget analysis and planning, important investment decisions, and risk management, will improve your professional talent.
The CMA certification is internationally recognized and respected. It is an excellent choice for those who plan to live or work overseas in the future. If your company has worldwide operations or collaborates with foreign companies, this could be a fantastic career route for you. Qualifying both sections of the CMA Exam grants you a lifetime of global employment opportunities.
Eligibility Criteria of Cost & Management Accounting
CMA Course Syllabus
The CMA Subjects taught at different levels as per the 2016 Syllabus.
CMA Career Scope
When you successfully complete CMA, it opens various lines of work for you. CMA certification opens opportunities for students across all areas of an organization, including planning, decision support, and control. CFO, CTO, Treasurer, VP (Finance), Controller, Finance Manager, Internal Auditor, Budget Analyst, Financial Analyst, Corporate or division planner, Senior Accountant, Cost Accountant, Staff Accountant, and so on are some of the titles they hold.
CMA is a demanding course, but the hard work doesn’t end with the submission of exam papers; rather applying the knowledge is just as demanding. One must be capable of learning and returning to basics when necessary, to solve difficult problems in the field. However, the task adequately compensates for the effort. It’s worthwhile to put in the effort at a young age to get the necessary skills and certification. As a result, obtaining a CMA certification provides sufficient opportunities for a successful career.
