[FAQs] Certified Management Accountant (CMA) – General Questions

Yes. Generally, people tend to confuse between terms like ICWAI, ICWA, ICMAI and CMA. ICWAI (Institute of Cost & Works Accountants of India) has changed its name to ICMAI (Institute of Cost Accountants of India). Also, ICWA course has been remodelled into CMA course, i.e. Cost Management Accounting course offered by the Institute of Cost Accountants of India (ICAI).

It is certainly possible for a student to clear all levels of CMA in his/her first attempt of examinations. Following are some of the guidelines to aid a candidate in clearing CMA in his/her first attempt:

• • Understand the Course and Career Goal: Firstly, a candidate has to understand why he/she must pursue the course i.e. the ultimate objective of achieving the target.
  • Creation of Study Plan: Next, a candidate should create a detailed study plan that can help him/her prepare for the examination effectively which can include allocation of time to each subject, order of subjects in which they must be studied as well as the number of revisions required for each subject.
  • Consistency is the Key: A student shall prepare to study on a regular and consistent basis, given the length and complexity of the syllabus.
  • Attempt Mock Tests: A candidate can choose to appear for the mock tests for better evaluation of his/her studies that ultimately helps in the main examination.

As a newly qualified Cost and Management Accountant, the average starting salary is Rs. 5 lakhs to Rs. 6 lakhs. Whereas, the experienced ones can earn up to Rs. 13 lakhs to Rs. 15 lakhs, though there can be no upper limit.

The CTC can be different for different geo-locations and can also differ from company-to-company based on normal industry practices.

There is a vast scope for practice by a Cost Accountant for which he/she has to obtain Practice Certificate from the Institute.

Cost Accountant may set up the practice on his own as a Proprietor or set up a new Partnership Firm with like-minded Cost Accountants in practice or may be admitted as new partner in the existing firm of Cost Accountants in practice. His/Her clientele includes private and public companies, large, medium and small scale undertakings, partnership and proprietary concerns, industrial, commercial and service undertakings, etc. For practicing Cost Accountants, the Institute has issued suggested fees guidelines, which may be seen at https://icmai.in/upload/pd/Scale_of_Fees.pdf.

Cost and Management Accountants are basically the members of ICMAI. After completing the course and also the mandatory trainings, a candidate can become a member of the institute. As per the statistics there are around 87,000 CMAs in India as on 1st April, 2021.

Yes. If a candidate applies for the course immediately after senior secondary school (10+2), and clear all the levels in the first attempt, then he/she may clear CMA while being still in the third year of Graduation.

A candidate after completing CMA can pursue his/her career as one or more of the following:

• • Cost Accountant
  • Cost Manager
  • Financial Analyst
  • Financial Risk Manager
  • Finance Manager
  • Financial Controller
  • Relationship Manager
  • Cost Auditor
  • Chief Financial Officer

After completing CMA a candidate can apply for campus placements by following the below given process:

• • On the website of CMA results (https://icmai.in/studentswebsite/exam.php), a candidate shall be given an option to apply for campus placement. The option will be shown as “Please upload your resume”.
  • After clicking on the option, the candidate needs to type his/her registration number and click on ‘Submit’.
  • After submitting, a new page will be displayed giving five-page information on how the campus placement process shall be conducted.
  • After reading the complete information, check the “I accept” checkbox and click on ‘Next’.
  • On the next page displayed, a candidate needs to fill all the details such as personal information, address, details of qualification, practical training experience details, any other experience. Thereafter, he/she needs to upload the CV (max size 200kb) and a recent photograph (max size 100kb).
  • Further, he/she must select the preferred location and also the check box for those willing to relocate anywhere in India.
  • Clicking on submit, the payment shall be made.

Note: The fees for campus placement is Rs. 4,000.

Yes, the Institute of Cost and Management Accountants of India provides a comprehensive training on:

• • How the interview process is conducted.
  • How to build the resume.
  • How to crack the interview.
  • Mock interviews.

This training is complimentary and is provided after filling up the campus placement form.

CMA campus placement schedule and updates for December 21 batch can be accessed on ICMAI website. (https://icmai.in/CPT/placement/Dec_2021_Batch.php)

Below is the list of some of the top recruiters of CMAs:

• • Accenture
  • Axis Bank
  • Exim Bank
  • Ford India Ltd.
  • Vedanta
  • GAIL
  • ONGC
  • Nestle
  • Micro Inks Limited
  • Reliance Industries Limited
  • ITC Limited
  • Saint-Gobain
  • Yes Bank
  • Inext Infotech Services
  • Zexus Air Services Pvt. Ltd.
  • ALTRET Industries Pvt. Ltd.
  • Kotak Mahindra Bank Limited
  • Berger Paints
  • JK Paper Limited
  • Aparna Carbons Private Limited
  • Prism Cement
  • Big 4’s
  • Hero Moto Corp
  • Tata Motors, Tata Projects, Tata Steel
  • Tech Mahindra
  • Infosys
  • IOCL
  • L & T Ltd.
  • ICICI Bank
  • IDBI Bank

Certified Management Accounting (CMA) of the USA has worldwide recognition managed by a regulatory body IMA (Institute of Management Accountants). In contrast, the CMA India certification is granted by the Institute of Cost Accountants of India.

Below are some of the major differences between the two courses: