CMA – Professional course

CMA – Professional course

 

Doing graduation or post-graduation is not enough. In order to have a successful career one need to choose a professional course. This situation generally happens with commerce students who have either completed or are completing their studies, come at a point and think – what to do next? This question is easily answered by everyone – Go for some professional course!!

 

Without proper knowledge no one can blindly trust and choose any course. A vast number of courses are available for students who are having commerce background. There are courses like CS, CA, CMA, IFS etc. All these courses are different from each other yet all guarantees a successful career ahead.

 

Among all CMA is the best course and toughest of all. ICWA is the other name of CMA. CMA stands for Certified Management Accountant. This course is governed and introduced by ICWAI- Institute of Cost and Work Accountants of India. ICWAI was setup under the Cost and Work Accountants Act, 1959.

 

CMAs have huge demand not only in India but all over the world. Today every company wants to have a CMA. The role of CMA is very significant. He is responsible to take best business decisions for the company. His decision making is very important as it leads to growth of the company and at times, can even lead to its downfall (if decision making is not apt)

 

Passing CMA exam is not as difficult as it seems to be. One just needs to be focused and hardworking. This course has basically three stages, i.e. Foundation, Intermediate and Final. The CMA syllabus 2016 for Foundation Course is:

P1 – Fundamentals of Economics and

Management

P2 – Fundamentals of Accounting

P3 – Fundamentals of laws and ethics

P4 – Fundamentals of Business Mathematics

And Statistics

Foundation exams happen online and in MCQ mode. It takes place four times in a year in every three months.

 

Syllabus 2016 for Intermediate course (module I, II, III & IV)

 

Module I

P5 – Financial Accounting

P6 – Laws, Ethics and Governance

 

Module II

P7 – Direct tax and International taxation

P8 – Cost Accounting and Financial

Management

Module III

P9 – Operations Management

P10 – Cost and Management Accounting

 

Module IV

P11 – Indirect taxation

P12 – Company Accounts and Audit

 

Syllabus 2016 for Final course (Module V, VI, VII & VIII)

Module V

P13 – Corporate Laws and Compliance

P14 – Strategic Financial Management

 

 

Module VI

P15 – Strategic Cost Management and business

Strategy

P16 – Advanced Direct tax laws and

International taxation

 

Module VII

P17 – Cost and Management Audit

P18 – Financial Analysis and Reporting

 

Module VIII

P19 – Advanced Indirect tax – laws and practice

P20 – “Optional” to be selected from “Specialization papers”

 

There are groups consisting of four papers which are turned into “Module” of two papers at Intermediate and Final stages. Seven papers at Final stage would be compulsory, spread in Modules. One paper will be optional, which student need to choose amongst five different specializations. Each student at Final course will enjoy the option to go ahead with their respective specialization subject/area as per choice and preference.

 

The first examination under “syllabus 2016” will be conducted in December, 2016 and the last examination under “syllabus 2012” will be conducted in June 2017.

 

Eligibility fees (oral) fees (postal) students would eligible to appear in examination from passed Foundation course or Graduates is 20,000 for June, 2016.

Documents required for CMA Inter- registration

  • Provisional (yet to complete Graduation/ equivalent)
  1. Passport photo
  2. Specimen Signature
  3. Age Proof
  4. 10th Pass Mark sheet
  5. 12th Pass Mark sheet
  6. Graduation Mark sheet ( 1st & 2nd year/ 1st to 5th semester)
  7. Graduation admit card(3rd year/ 6th semester)
  • Regular (Graduation/equivalent passed)
  1. Passport photo
  2. Specimen Signature
  3. Age proof
  4. 10th Mark sheet
  5. 12th Mark sheet
  6. Graduation Mark sheet

 

OR

Any one of the following qualified Mark sheet.

  1. CAT-CMA
  2. CMA Foundation
  • CS Foundation
  1. IPCC-CA Inter

 

  • Regular – for Engineering Graduates having completed 2nd year/IV semester /equivalent

 

OR

Graduate Engineers (qualified Engineering Final Examinatio

Examination)

  1. Passport Photo
  2. Specimen Signature
  3. Age Proof
  4. 10th Pass Mark sheet
  5. 12th Pass Mark sheet
  6. 2nd year or 4th semester Mark sheet or equivalent Mark sheet or Engineering Completion Certificate.

 

CMA is a good course and is a designation which is highly respected. Many people choose CA over CMA by thinking that CA is a most versatile course and its services are legal requirements for a company while CMA’s services are a business requirement, therefore, optional. People do not know that a CMA can get a job in any part of the world while a CA is useful in home country only. Getting a decent job is not difficult for a CMA as he can get a minimum pay of INR 10 lakhs per annum.

CMA is required in large production/service oriented companies, MNCs and Public Sector undertaking. CMA ensures to take best business decisions. They have choice of serving as an employee, as a consultant, as a professional but most of them go for jobs.

 

CMA is like wine; the more experienced they are higher is the value. An experienced CMA beats all other allied professions in terms of knowledge and skills that he has. 15-20 years down the line, CM are sure to get the high level executive and managerial positions in MNCs and can also become Board of Directors of the large Corporate. The pay is absolutely higher than any other profession. Experience is what matters in CMA; they play the most dynamic role in a company. The salary range with experience will be around 6 lakhs while fresher will be in the range of 3 to 4 lakhs.

 

A CMA has more scope in the market. Manufacturing industries in India are boring and they need a qualified CMA’s to run their accounts. A CA is not enough; still they are not equipped with knowledge to handle accounts of manufacturing industries. Its scope will increase in the coming future.

There are many students nowadays, wish to pursue another professional course along with CMA. Students like this, want to have benefit of both. They wish to bear fruits of both the trees. Doing two professional courses at the same time is not easy thing to do but yes, it is possible.

 

Suppose if someone wants to do CS and CMA simultaneously. Yes, it can be done. As ICSI and ICWAI both organizations which govern CS and CMA have a Big Memorandum of Understanding (MOU) signed between the two. This MOU is very helpful for students who are pursuing two professional courses. Professional courses will have vast syllabus, one will end up giving multiple exams, but exemption are claimed on some exams which are common in both courses. But it could be difficult at the time of practical training. The disadvantage of it would be that one won’t be able to do graduation at the same time.

 

Pursuing two courses at same time is possible but doing courses more than two is not possible as the examinations of all the courses could clash with each other and no organizational body will allow any student to pursue courses more than two.

 

This course is one of the best and career after it is very fruitful as a CMA is recognized all over the world. After pursuing this course it mainly depends upon how to utilize it but success is sure in it.

 

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