CMA Full Form

Certified Management Accountant (CMA) is a professional certification credential in the management accounting and financial management fields. The person who is, Certified Management Accountant has a piece of good knowledge in the field of finance. However, this certification is mainly given to those who are well skilled and qualified in finances. Various areas of the financial process like planning, analysis, control, decision-making come under this certification. A person having this certificate is eligible to perform financial jobs. Although, Certified Management Accountant is fabricated to impart the knowledge of finances among the youth and make the country very strong in Cost and Management Accounting. 

Working of CMAs 

CMAs deal with cost management, cost reduction, and cost audit of a company or other organizations. So, CMAs can work for any business organization. 

CMAs use their decision-making, planning, and performance managing skills to provide expert advice and reporting. From there, they work to create and implement a financial strategy that will benefit their organization. 

Advantages of choosing CMA as a Career Option

Certified Management Accountant is a good career option for those who have a keen interest in finances. Let’s understand some major advantages of choosing CMA as a career. 

• CMA is both quicker and easier than CA

CMA is easier than CA and CS, with lesser chapters that are quicker and easier to understand! And it takes just 3-4 years to complete the CMA course, while it’s expected to take at least five years to complete. 

• CMA salary is high 

The average annual salary for CMA (7 lakhs) is higher than the CA average annual salary (6 lakhs). Along with this, the candidate also gets an extension on their pay according to his performance. 

• Makes it easier to settle abroad

If a candidate wants to settle abroad, it’s easier to get a job outside the country while studying for CMA. You can get a job in a foreign country by clearing ACCA and CMA USA. 

• Impart values 

CMA imparts various ethical values in one person. For instance, 

• Focused: On the critical skills you use in the business 

• Valued: CMA earns higher than non-certified professionals. 

• Respected: Leading employers seek to hire and promote CMA’S. 

Eligibility Criteria for CMA 

Candidates can apply for a CMA course If they have passed Senior Secondary or Graduation in any discipline other than Fine Arts or Passed Foundation of ICSI/Intermediate of ICAI. 

Different courses in CMA

CMA has three different courses. Let’s understand them in detail. 

• Foundation course 

The Foundation course of CMA comprises the following 4 Subjects or four papers, each of 100 marks. 

Paper 1: Fundamentals of Economics and Management (FEM) 

Paper 2: Fundamentals of Accounting (FOA) 

Paper 3: Fundamentals of Laws and Ethics (FLE) 

Paper 4: Fundamentals of Business Mathematics and Statistics (FBMS) 

• Intermediate Course 

The intermediate course of CMA comprises two groups. Each group contains four papers, each paper of 100 marks.

Group I 

Paper 1: Financial Accounting (FAC) 

Paper 2: Laws & Ethics (LNE) 

Paper 3: Direct Taxation (DTX) 

Paper 4: Cost Accounting (CAC) 

Group II 

Paper 1: Operations Management & Strategic Management (OMSM) 

Paper 2: Cost & Management Accounting and Financial Management (CMFM) 

Paper 3: Indirect Taxation (lTX) 

Paper 4: Company Accounts & Audit (CAA) 

• Final Course 

The final course of CMA comprises two groups. Each group contains four papers, each paper of 100 marks. Group I 

Paper  1: Corporate Laws & Compliance (CLC) 

Paper 2: Strategic Financial Management (SFM) 

Paper 3: Strategic Cost Management – Decision Making (SCMD) 

Paper 4: Direct Tax Laws and International Taxation (DTI) 

Group II 

Paper 1: Corporate Financial Reporting (CFR) 

Paper 2: Indirect Tax Laws & Practice (ITP) 

Paper 3: Cost & Management Audit (CMAD) 

Paper 4: Strategic Performance Management and Business Valuation (SPBV). 

Top Institutes for CMA in India

Various institutions of India provide certified Management Accountants. Also, any organizations and universities provide this certificate on a personal basis. Here are the top 5 institutions cataloged which provide this certification course. 

• Global Smart Infotech & Education in Chennai 

• Ajay Verma CMA Classes in Delhi 

• ICWA CMA Classes in Mumbai 

• Edmiron in Kolkata 

• Edline in Kolkata 

Career Options in CMA 

The CMA Designation Opens up Limitless and Exciting Career Possibilities. One has diverse career options available. With positions across all business areas, CMAs work across a wide array of business functions, including Accounting and Finance, Sales and Marketing, Operations, Strategic Planning and Analysis, Information Technology, and Human Resources. A CMA’s Strategic Management and Accounting skills are transferable to a wide range of industries. CMAs work in virtually every industry sector. 

Conclusion

Certified Management Accountant is a great career choice with its easy and quick course with high annual salary and Limitless career choice. It also gives a chance to work abroad. It also provides growth and value as an employee and business appeal. Every year the examination board of India holds the CMA exam in June and December. The examination forms can be filled out online. So, we learn about the Certified Management Accountant from this article.