ICMA Full Form
What is the full form of ICMA?
ICMA stands for Institute of Cost and Management Accounting. ICMA works under the ministry of corporate affairs of the government of India. ICMA conducts an entrance examination and provides professional training and needed education for candidates who wish to excel in their career in cost accounting management. ICMA is considered one of the toughest certification courses and yet confusing because ICMA is also known as CMA, ICWAI, ICMAI, and CWA.
What does an ICMA-certified person do?
A certified Cost and Management Accountant is a professional with knowledge in financial planning, taxation, cost analysis, control, decision support and professional ethics.
Level of exams conducted by ICMA
1-Foundation level
2-Intermediate level
3-Final level
Syllabus of ICMA
Foundation level:
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 and statistics.
Intermediate level:
Paper 5: Business laws and ethics
Paper 6: Financial Accounting
Paper 7: direct tax and indirect tax
Paper 8: Cost accounting
Paper 9: Operations management and strategic management
Paper 10: Corporate accounting and auditing
Paper 11: Financial Management and business data analytics
Paper 12: Management Accounting
Final level:
Paper 13: Corporate and comics laws
Paper 14: Strategic finance management
Paper 15: Direct tax laws and international taxation
Paper 16: Strategic cost management
Paper 17: Cost and management audit
Paper 18: Corporate financial reporting
Paper 19: indirect tax laws and practice
Electives anyone:
Paper 20A: Strategic performance management and business valuation
Paper 20B: Risk management in banking and insurance
Paper 20C: Entrepreneurship and startup
Eligibility criteria
A student who wants to pursue ICMA should have passed 10+2. An elementary passed student can appear for the foundation level, but he can only give his intermediate level after the 12th.
All the graduated students can apply except ARTS stream students.
If a student is applying for ICMA, he can skip the foundation level and directly give intermediate level if he has graduated from any field except Arts or cleared his CAT and CA entrance exams. A student who wishes to give final levels should have at least 15 months (may differ) article ship.
After the final level, students should have at least 3-year training.
Fees structure
The fee structure depends upon the level at which you are giving.
Foundation level fee- 6,000 /-
Intermediate level fee - 23,100/-
Final level fee- 25,000/-
An instalment facility is available.
Career in ICMA
Certified ICMA can open up his firm
Various jobs such as :
Internal control manager
International audit
Management accountant
Coating and taxation auditor
Financial reporting and strategies making
Cost audit and assurance
Direct and indirect taxation
Internal audit
Investment banking
And many more.
Frequently Asked Questions (FAQs)
Yes, if the firm has a particular cost and management accounting section.
Student should at least clear his 10+2
Many CMA-certified employees are earning up to 30 lakhs.
As businesses are expanding and there is a need for cost management, therefore, plenty of jobs are there for CMA