In our previous blog, we discussed the MBBS Subjects which is the course that can only be opted by the science stream students. Now, it is time to discuss the CMA course. CMA’s full form is Certified Management Accountant which is a certification course. READ FURTHER!
Read this: Which Stream Is Hard Science Or Commerce? Salary and Scope
What does CMA Stand for?
CMA stands for Certified Management Accountant. For those who choose to focus on accounting and financial management, this is a professional credential. To become a qualified management accountant, one must complete particular coursework, pass exams, and meet job experience and educational requirements.
Advantages of holding a CMA Certification
1. Improved Career Prospects
Possessing a CMA can lead to more favourable employment prospects in the accounting and financial industries.
2. Greater Salary
CMAs frequently make a higher salary than non-certified individuals.
3. Expertise
It demonstrates your unique understanding of accounting and financial management.
4. Global Recognition
If you wish to work abroad, the CMA is beneficial because it is recognised everywhere.
5. Work stability
Because CMAs are in high demand, they may offer employment stability.
6. Job Advancement
It can assist you in assuming more significant roles and climbing the job ladder.
7. Network
By joining a group of experts who share your qualifications, you can forge important business ties.
Certified Management Accountant Subjects
| Levels | Subjects of CMA |
| Foundation Level | 1. Fundamentals of Economics and Management 2. Fundamentals of Laws and Ethics 3. Fundamentals of Business Mathematics and Ethics 4. Fundamentals of Accounting |
| Intermediate Level | 1. Direct Taxation 2. Operation Management Information System 3. Indirect Taxation 4. Cost Accounting and Financial Management 5. Cost and Management Accounting 6. Financial Accounting 7. Laws, Ethics and Governance 8. Company Accounts and Audit |
| Final Level | 1. Cost and Management Audit 2. Financial Analysis and Business Valuation 3. Corporate Laws and Compliance 4. Strategic Performance Management 5. Corporate Financial Reporting 6. Strategic Cost Management and Business Strategy 7. Tax Management and Practice 8. Advanced Financial Management |
Registration Fee for the CMA Course
- CMA Foundation Level:- INR 4,000
- CMA Intermediate Level:- INR 20,000
- CMA Final Level:- INR 17,000
Certified Management Accountant Eligibility
Foundation Level Eligibility For CMA
- Possess the necessary skills to pass both Class 10 and Class 12.
- If they have been awarded a National Diploma in Commerce by any recognised board or the AICTE.
Intermediate Level Eligibility For CMA
- Passed the Common Admission Test (CAT) at the Institute of Cost Accountants of India’s foundation or entrance level, or the equivalent SSC.
- Graduation from any field (except fine arts).
- Students would pass the CMA course eligibility even if they are still awaiting results.
Final Level Eligibility For CMA
Graduates from any stream (except from fine arts) who have completed their Intermediate level at school and passed all eight exams
Jobs and Salaries for CMA Graduates
| Job Profiles | USA Salary (per year) (in INR and $) |
| Financial Controller | INR- 80.54 Lakh; $- 98,464 |
| Chief Financial Officer | INR- 1.17 Crore; $- 143,514 |
| Financial Risk Manager | INR- 93.14 Lakh; $- 113,867 |
| Cost Accountant | INR- 62 Lakh; $- 75,792 |
| Cost Manager | INR- 82.98 Lakh; $- 101,436 |
| Finance Manager | INR- 84.59 Lakh; $- 103,430 |
| Relationship Manager | INR- 49.58 Lakh; $- 60,626 |
| Financial Analyst | INR- 60.64 Lakh; $- 74,146 |
Top Recruiters
The top recruiters that hire CMA graduates are:-
- Desai Haribhakti
- Grand Thornton International
- BDO International
- Godfrey Phillips India Limited
- Hindustan Salt Limited
- KPMG
- PWC
- Deloitte
- Ernst and Young
Top Colleges for CMA
Below are some of the top colleges that offer CMA certification from all over the world.
| College Name | Location |
| The University of Liverpool | United Kingdom |
| Superwhizz College | India |
| Cairo University | Egypt |
| College of Management and Economic Studies | Dehradun, India |
| Australian National University | Canberra, Australia |
| Gandhi Shanti Niketan Mahavidyalaya | Allahabad, India |
| Bombay Stock Exchange Institute Ltd. | Mumbai, India |
| Gurukul Education and Management Studies | Bangalore, India |
| Yarmouk University | Amman, Jordan |
| Annapurna Memorial Modern Degree College | Vijayawada, India |
| Jivkaran Institute of Business Administration | Anand, India |
CMA Foundation Level Books
| Book Name | Author/ Editor |
| Financial Accounting | Jasmine Kaur |
| Fundamentals of Accounting | NS Zad |
| Fundamentals of Business Mathematics | Dr Kavita Gupta, Dr S. R. Arora |
| Offences Under Company Law | CA Kamal Garg |
CMA Intermediate Level Books
| Book Name | Author/ Editor |
| Quick Revision for Financial Accounting | Tulsian Bharat |
| Financial Accounting and Analysis | Varun Dawar |
| Taxmann Financial Accounting for CMA Intermediate | CA Rupesh Aggarwal |
CMA Final Level Books
| Book Name | Author/ Editor |
| Cma Final Scm (Paper-15) Books (with Solution) | CA CMA Ashutosh Lata |
| Cost and Management Audit | Govada Chalapathi Rao |
| Strategic Financial Management | Prof. Arun Kumar, CA (Dr.) Mohit Bahal, CS (Dr.) Himanshu Srivastava |
| CA / CMA Final Financial Reporting Digest Concept Book & Question Bank | CA Aakash Kandoi |
Know more: 10 Best Computer Courses After 12th Commerce In 2023
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FAQs
What is the average salary of a CMA in India?
The average salary of a CMA in India is INR 10 Lakh per annum and the monthly salary is INR 83,000.
By whom CMA should be chosen?
Those who wish to work in positions like financial analysis, budgeting, and strategic planning within companies should opt for the CMA course.
Which is the toughest course: CA vs CMA?
According to the syllabus, CA is tougher than the CMA. CA earns more than the CMA. Therefore, students have their own interests for choosing the course which they want to pursue.
