ICMAI (Institute of Cost Accountants of India) Course, Fees, Duration, Admissions, Eligibility, Syllabus

ICMAI (Institute of Cost Accountants of India), previously known as ICWA (Institute of Cost & Work Accountants of India) offers CMA which is a management course consisting of three levels, foundation, intermediate, and final. The aim of the CMA (Cost and Management) course is to nurture future business leaders and accountants. The course curriculum of the CMA course is designed based on International Standards set by IFAC, IAESB (International Accounting Education Standards Board), and Initial Professional Development- Professional Skills through IEG (International Educational Guidelines). CMA helps students develop professional qualifications in cost management accounting while offering them the education required to excel as cost management accountants worldwide.

To pursue the ICMAI course, students need to clear the examination which assesses the eligibility of students to become a cost management accountant. After completion of the ICMAI course, students are prepared for senior-level positions in the accounting and finance disciplines. A Cost Management accountant is responsible for collecting and analysing financial records from all the sections of the organisation. Upon completion of the CMA course, students will not only gather the required education and qualifications for the job but will also get opportunities across the financial industry.

ICMAI Course Details

ICMAI Course Fee

Students willing to pursue the ICMAI course are required to pay the fees. It is different for all the three levels. CMA fees for the foundation course are Rs. 6000, the intermediate fee is Rs. 23,100 and the fee for the final course is Rs. 25,000.

Why Choose ICMAI Course?

A Cost Management Accountant (CMA) is responsible for collecting and analysing financial records from all the sections of the organisation. The ICMAI course can be pursued either through the online medium from an accredited university or through correspondence. After the completion of this course, candidates will not only upskill themselves with relevant education and qualifications but also explore lucrative employment opportunities in the financial industry. If a candidate has a keen interest in managing the numerous departments’ accounts of the organisation, this course is beneficial for them.

ICMAI Eligibility Criteria

The ICMAI eligibility criteria can be defined as the minimum prerequisites prescribed by the authority to be eligible for admission to a particular course. If candidates meet the basic requirements then they are required to clear the entrance examination ICMAI exam conducted by the Institute of Cost and Works Accountants of India. The eligibility criteria for all the stages are different from one another. The eligibility criteria according to the stage are discussed below:

ICMAI (CMA) Foundation eligibility:

• To pursue the CMA foundation course, students are required to complete their 10th standard from a recognized board in India.
• Students appearing for the 10+2 examination are also eligible for the ICMAI foundation course.
• Students are required to meet the age limit which is a minimum of 17 years old.

ICMAI (CMA) Intermediate eligibility:

• To pursue the CMA intermediate course, students are required to complete their 10+2 from a recognized board in India.
• Students are required to complete either the foundation course or graduation from any field other than fine arts from a recognized university in India.

ICMAI (CMA) Final ligibility:

• To pursue the CMA final course, students are required to complete the intermediate level of the ICMAI course.

Top ICMAI Exams

Since the course is conducted by the Institute of Cost and Works Accountants of India, there are no other examinations but the ICMAI exam itself. After the successful completion of the course, students are required to take the examination to assess their skills and education gained during the course. There are mainly two exams conducted by the ICMAI which are as follows:

ICMAI intermediate entrance examination: The ICMAI intermediate examination is conducted by the Institute of Cost and Works Accountants of India to assess the qualifications of students gained in the foundation course. After successful completion of the entrance exam, students are required to pursue the intermediate course.

ICMAI final examination: The ICMAI final examination is conducted by the Institute of Cost and Works Accountants of India to assess the credibility of students’ education gained in all three courses combined.

ICMAI CMA Application Process

Admissions to the course are offered based on an entrance examination conducted by the Institute of Cost and Works Accountants of India. There are separate entrance exams for all three stages. However, the qualification exam of the previous stage is termed the entrance exam for the next stage, and students are judged based on their scores obtained from these qualification/entrance examinations. The entrance examinations are conducted two times a year, in June and December, by the Institute of Cost and Works Accountants of India

Students can join the ICMAI course by applying for admission online or offline. They are required to register themselves through the Online Student Registration System by providing all the required details. They need to choose the course stage and enter the required information like highest qualification, registration type, coaching type, state, region/chapter, and email ID. After that, they need to click on the send OTP tab.

For offline enrollment, students need to fill up the postal application form and submit it along with relevant documents and remittances to their respective Regional Councils / Chapters.

ICMAI Syllabus

The ICMAI syllabus is designed to nurture the business leaders of tomorrow. The syllabus for each stage comprises core courses. In the Final course, students will have the opportunity to choose from any one of three elective papers. We have discussed below the ICMAI syllabus for all three stages.

ICMAI (CMA) Course Specializations

The ICMAI course is segregated into three stages - the CMA Foundation course, the CMA Intermediate course, and the CMA Final course. All three stages offer different insights into financial management education and enable students to be professionally ready for their careers. The courses can be regarded as of both undergraduate and postgraduate levels.

The foundation course is pursued by candidates who have completed their high school studies from a recognized board in India. The intermediate level is pursued by candidates who have completed their undergraduate. The final level of the course is pursued by candidates to gain advanced skills in cost management accounting.

ICMAI CMA Foundation: The CMA Foundation course is the first and foremost stage of the course. In this stage, students are introduced to the basics of cost management tactics and whereabouts regarding the financial industry. The CMA Foundation course is to be completed in a minimum duration of eight months.

ICMAI Intermediate: The CMA Intermediate course is the second stage of the course. If students complete the foundation course, they are required to complete the intermediate course. In the Intermediate course, students learn about financial accounting in-depth and are introduced to various financial sections such as direct and indirect taxation, cost accounting, and many more.

ICMAI Final: The CMA Final course is the last stage of the course. Regarded as the toughest of all three courses, the Final course offers an insight into the management of different financial aspects such as strategic financial management and certain laws related to different taxation. After completing the course, students are required to appear for the examination that analyses the quality of the education gained by a candidate during the course.

What after the ICMAI (CMA) Course?

The scope for a cost management accountant is huge. There is an undeniable requirement of the post in each organization no matter what their work is. There is a huge advantage to the subjects taught in the CMA course and this helps you excel in your career as a financial management accountant. The job scope and employment scale for cost management accountants are expanding with higher employment options. An individual can also excel in selecting financial features or administration, as this domain covers both niches.

Students with good command over the subject and appropriate knowledge about the finance and management industry are given the first priority during the employment drive. In the present scenario, internships are considered an essential aspect of the career-building process. Also, employers seek students who possess industry experience exposure along with good academic performance.

Financial education is low in India today but with an increasing number of educated investors getting into the field, a cost management accountant will have to have the academic qualifications to enable him/her to walk their talk. CMA course is the way to go. High-paced development in the finance and corporate industry calls for large employment throughout the country. It broadly seeks graduates having commerce, economics, finance, mathematics, and management backgrounds in education.

CMA course graduates can enter financial planning companies. Mutual fund firms also hire fresh and skilled graduates and so do stock brokerage houses. The mutual fund company mainly contains sales and marketing, fund accounting, investment and research, operations, and management. Candidates can choose to become a cost management accountant and with an experience of around five years go further to become a research analyst.

Career Opportunities after CMA

Candidates who have completed the CMA course have a variety of job options available to them. The Indian financial market is among the most established in the world, and because of its rapid expansion, it has gained access to the greatest emerging market exchanges. Around Mumbai, the first capital market was developed. During the second half of the 19th century, there were about 250 active security brokers there. The following list includes the various jobs that may be pursued upon the completion of the CMA course:

Financial Analyst: A Financial Analyst is a professional who is responsible for determining the cost of operations by establishing standard costs; and collecting operational data. A Financial Analyst is also responsible for identifying financial status by comparing and assessing actual results with plans and forecasts. He/she guides cost analysis solutions by organizing and enforcing strategies and processes; providing trends and forecasts; explaining procedures and techniques; and recommending actions.

Cost Manager: A cost Manager is responsible for overseeing the entire credit-granting procedure, including the ongoing implementation of credit policies. To maximize firm sales and bad debt losses, cost managers must routinely analyze the credit of current customers and evaluate the creditworthiness of prospective consumers. Depending on the organization and position they are working on, cost managers have different functions and duties.

Research Analyst: Research Analysts are the professionals who collect and analyze data, research trends along with evaluating economic problems for resources, goods, and services. Research analysts are responsible for applying both qualitative and quantitative economic analysis to niches within a variety of sectors. For instance, education, health, development, and the environment. Some research analysts are also required to study the cost of products, healthcare, or energy, along with examining employment levels, business cycles, exchange rates, taxes, inflation, or interest rates.

Employment Areas

CMA graduates can work in different areas. They will explore lucrative careers in project management, GST Audit, Internal Audit, and consultancies. We have mentioned below some of the popular employment areas for graduates.

• Indian Revenue Services (IRS)
• Indian Foreign Services (IFS)
• Indian Economic Services (IES)
• Indian Audit and Accountant Services (IAAS)
• Indian Cost Accounts Services (ICAS)
• Indian Administrative Services (IAS)
• Consultancies
• Banks
• Stock Market

Courses Similar to Cost Management Accounting

To conclude, CMA is a promising course offered by the Institute of Cost Accountants of India (ICMAI). Students interested in studying the same should meet the eligibility criteria and follow the admission procedure.