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ICMAI stands for the Institute of Cost Accountants of India, formerly known as the Institute of Cost and Works Accountants of India (ICWAI). It is a professional body in India that provides education, training, and certification in the field of cost and management accounting.
The ICMAI offers various courses, including the Foundation, Intermediate, and Final courses in Cost and Management Accounting. These courses are designed to equip students with the necessary knowledge and skills to become professional cost accountants and work in various industries, including manufacturing, services, and finance.A
To become a member of ICMAI, candidates must pass the respective course exams and fulfill the membership requirements, including practical training, continuing education, and ethical standards.
The ICMAI is recognized by the Indian government and is regulated by the Ministry of Corporate Affairs. The organization works closely with various industries, regulatory bodies, and professional associations to promote the profession of cost and management accounting in India and internationally.
CMA Exam Highlights 2023
|Organization||Institute of Management Accountants (IMA)|
|Exam Parts||Part 1 and Part 2|
|Exam Format||Computer-based with multiple-choice questions and essay questions|
|Exam Duration||4 hours per part with a 30-minute break between the multiple-choice and essay sections|
|Exam Dates||January/February, May/June, and September/October|
|Exam Scoring||Scored on a scale of 0-500, passing score of 360 or higher, multiple-choice questions account for 75% of the score|
|Exam Preparation||Study materials, practice questions, review courses, and local IMA chapters for networking and support|
|Exam Eligibility||Bachelor’s degree and 2 years of professional experience in management accounting or financial management|
|Alternative Eligibility||Candidates can pursue the CMA program while completing their degree, but they must fulfill the experience requirement within 7 years of passing the exam.|
CMA Exam Reviews
- Application Process –The application process for the CMA exam is straightforward and can be completed online through the Institute of Management Accountants (IMA) website. Candidates must first create an account and then submit their application, which includes providing their educational and professional background information and paying the exam fees.
- Eligibility Criteria – To be eligible for the CMA exam, candidates must have a bachelor’s degree from an accredited institution, or a professional certification, along with two years of relevant work experience. Alternatively, candidates can also qualify with a combination of education and experience. The IMA provides more detailed information on their website about the eligibility requirements for the CMA exam.
- Selection Process – The CMA exam does not have a selection process in the traditional sense, as all eligible candidates who complete the application process are permitted to take the exam. However, passing the exam requires rigorous preparation and study, as it tests candidates’ knowledge and proficiency in various aspects of management accounting.
- Job Prospects – Obtaining the CMA certification can significantly enhance a candidate’s job prospects in the fields of management accounting, finance, and business. CMA-certified professionals are highly sought after for their expertise in cost management, financial analysis, and strategic planning, and can find job opportunities in various industries, including manufacturing, healthcare, and technology. Additionally, the CMA certification is recognized globally, providing opportunities for international career growth.
CMA Exam Dates 2023
|CMA Exam Registration for June 2023 Session (Final)||24 Mar ’23 – 15 May ’23|
|CMA Exam Registration for June 2023 Session (Intermediate)||24 Mar ’23 – 15 May ’23|
|CMA Exam Registration for June 2023 Session (Foundation)||24 Mar ’23 – 16 May ’23|
|CMA December 2023 Term: Last Date of Enrolment||11 Feb ’23 – 31 Jul ’23|
|Issuance of CMA Foundation June 2023 Admit Card||Jul ’23|
|CMA June 2023 Final Exam Dates||15 Jul ’23 – 22 Jul ’23|
|CMA June 2023 Intermediate Exam Dates||15 Jul ’23 – 22 Jul ’23|
CMA Exam And Fees 2023
Application Fee for Test Centers in India
Application Fee for Test Centres Overseas
|Foundation course||INR 1,200||USD 60|
|Intermediate course (Group I or II)||INR 1,200||USD 90|
|Intermediate course (combination groups)||INR 2,400||N/A|
|Final course (Group I or II)||INR 1,400||USD 100|
|Final course (combination groups)||INR 2,800||N/A|
CMA Exam Pattern 2023
- Foundation Course: Online (computer-based test), 2 hours, 100 multiple choice questions (MCQs), maximum 100 marks, +1 for every correct answer with no negative marking, syllabus covers fundamentals of economics and management, accounting, laws and ethics, and business math and statistics.
- Intermediate Course: Online (computer-based test), 3 hours, 120 MCQs, maximum 120 marks, +1 for every correct answer with no negative marking, syllabus covers financial accounting, laws, ethics and governance, taxation, cost accounting and financial management, operations management and information systems, and indirect taxation.
- Final Course: Online (computer-based test), 3 hours per group, Group I – 100 MCQs and 8 descriptive questions, Group II – 100 MCQs and 8 descriptive questions, maximum marks for each group is 100 for MCQs and 100 for descriptive questions, +1 for every correct answer with no negative marking, syllabus covers financial reporting, strategic financial management, auditing, laws and compliance, management accounting, information systems control and audit, direct and indirect taxation, and international taxation.
CMA Placements 2023
CMA can open up various job opportunities in the corporate sector. Some common job profiles that CMA holders can pursue are:
- Financial Analyst
- Cost Accountant
- Financial Planning and Analysis Manager
- Budget Analyst
- Internal Auditor
- Management Accountant
- Financial Controller
- Chief Financial Officer
CMA holders are also preferred in various industries like banking, consulting, manufacturing, healthcare, and government agencies. The salary of CMA holders can vary based on their experience, location, industry, and job profile. However, according to the Institute of Management Accountants (IMA), CMA holders earn 67% more than non-CMA holders on average.
CMA Exam Syllabus
|Foundation Course||Paper 1||Fundamentals of Economics and Management|
|Paper 2||Fundamentals of Accounting|
|Paper 3||Fundamentals of Laws and Ethics|
|Paper 4||Fundamentals of Business Mathematics & Statistics|
|Intermediate Course||Group 1 – Paper 5||Financial Accounting|
|Laws, Ethics and Governance|
|Group 2 – Paper 6||Direct Taxation|
|Cost accounting and Financial Management|
|Operations Management and Information Systems|
|Group 3 – Paper 7||Indirect Taxation|
|Final Course||Group 1 – Paper 8||Financial Reporting|
|Strategic Financial Management|
|Advanced Auditing and Professional Ethics|
|Corporate Laws and Compliance|
|Group 2 – Paper 9||Advanced Management Accounting|
|Information Systems Control and Audit|
|Direct Tax Laws and International Taxation|
|Indirect Tax Laws and Practice|
CMA Admit Card
- Visit the official website of the Institute of Cost Accountants of India (ICAI) at https://www.icmai.in/
- Click on the “Students” tab and select the “Examination” option from the dropdown menu.
- On the next page, click on the “Admit Card” option.
- Select the exam for which you want to download the admit card (Foundation, Intermediate, or Final).
- Enter your CMA registration number in the provided field and click on the “Print Admit Card” button.
- Your CMA admit card will be displayed on the screen. Check all the details mentioned on the admit card carefully.
- Download and take a printout of the admit card for future reference.
CMA Exam Results 2023
- Visit the official website of ICAI (https://www.icmai.in/)
- Click on the “Students” tab on the homepage and select “Examination” from the drop-down menu.
- Click on the “Check your result online” link.
- Select the CMA course and examination term (June or December) from the drop-down menu.
- Enter your 11-digit registration number in the required field.
- Click on “View Result” to access your CMA Exam Result.
Frequently Asked Questions on CMA
- The selection process for CMA involves meeting the eligibility criteria, registering for the exam, and appearing for and clearing the exam. There are no interviews or group discussions involved in the selection process. Upon clearing the exam, candidates can become certified management accountants.
- For Foundation course – Class 10 or equivalent from a recognized Board.
- For Intermediate course – Passed Foundation course or a degree from a recognized university.
- For Final course – Passed Intermediate course from the Institute of Cost Accountants of India or a recognized university.
- The salary of a CMA (Certified Management Accountant) can vary depending on factors such as location, experience, industry, and job title. According to the Institute of Management Accountants (IMA), the average total compensation for CMAs in the United States was $129,000 in 2020. However, this can range from around $60,000 for entry-level positions to over $200,000 for top-level executives. It’s important to note that certification as a CMA can increase earning potential and career opportunities for professionals in the accounting and finance field.
CMA EXAM 2023 Vacancy Process
- Registration: Candidates need to register for the CMA exam on the official website of the Institute of Cost Accountants of India (ICMAI). The registration process for the June 2023 session of the CMA exam is ongoing and will continue until May 15, 2023, for the Foundation, Intermediate, and Final courses.
- Admit Card: Admit cards for the CMA exam will be issued to candidates who have successfully registered for the exam. The CMA Foundation June 2023 Admit Card is tentatively scheduled to be issued in July 2023.
- Exam: The CMA exam for the June 2023 session will be conducted from July 15-22, 2023, for both the Intermediate and Final courses. The Foundation course exam will be conducted in online mode from a designated test center.
- Results: The results of the CMA exam will be declared on the official website of the ICMAI. The results of the June 2023 session are expected to be declared in August 2023.
- Certification: Candidates who pass the CMA exam will be awarded the CMA certification by the ICMAI. The CMA certification is globally recognized and is a symbol of professional excellence in the field of management accounting and financial management.
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