CMA (Certified Management Accountant) certification is a professional credential that can be earned in the advanced management accounting and financial management fields. The certification signifies that the person possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics, the skills most in demand on finance teams around the world.
CMA- certified professionals work inside organizations of all sizes, industries, and types, including manufacturing and services, public and private enterprises, not-for-profit organizations, academic institutions, government entities, and multinational corporations.
About CMA Final
Certified Management Accountant (CMA) is an accounting or finance specialist. CMAs work in the areas of financial planning, analysis, and management decision-making. Many accountants, auditors and financial analysts earn the CMA designation to advance in their careers. The CMA credential has specific education and work experience requirements. You must also earn a passing score on the CMA certification exam.
Meeting The CMA Requirements
Obtain a bachelor’s degree in accounting, finance or economics
- A Certified Public Accountant (CPA) is a similar designation to the CMA. The CPA credential is focused on accounting and auditing professionals. A CMA professional focuses more on management decision-making and analysis.
- If you are unsure whether you want to become a CMA or a CPA, check on the course requirements for both credentials. You may be able to schedule your coursework to meet both sets of requirements.
Get your necessary work experience.
The CMA designation requires 2 years of continuous work experience. Your work needs to be in a CMA-related field. These jobs include accounting, auditing, financial analysis or budgeting.
- You can complete this 2-year work experience after you take the exam as well. Once you are a CMA candidate, you have 7 years to submit proof of your financial management experience.
Apply for membership in the Institute of Management Accountants.
The annual membership cost will vary, based on your status as a student or as an employee working in the field. Membership in this professional organization gives you access to exam preparation, employment boards and continuing education courses.
- Once you apply and pay the membership fee, you will be eligible to take the CMA exams within the next 3 years.
- Send the IMA your college transcripts.
Taking The CMA Exam
Go over the structure of the CMA exam parts.
- Part one covers financial reporting, planning, budget topics and cash management topics.
- Part two tests your knowledge of financial statements analysis, risk management and investment decisions.
Complete the registration to take your CMA exam
You should review the CMA Handbook to verify that you meet all of the requirements. The handbook is on the website. You will need to take at least one part within the first year of purchasing the CMA exam.
- Access the CMA Resource Guide on the website. The guide lists all of the specific content areas on the exam. Knowing those areas will help you study for the exam.
- You must pass both exam parts within 3 years of starting the program.
Review you exam results.
The multiple-choice section of each part can be graded quickly. The essay portion, however, takes longer to grade. Exam reviewers who work or teach in the field manually grade your essay questions.
- Use the performance report to study for the exam and take it again.
- Once you have passed your exams and meet all eligibility requirements you will receive your certification. You will need to complete 30 hours of continuing education credits annually in order to maintain your certification.
Finding A Job
- Find out exactly what types of jobs and industries need CMAs.
- Create an effective resume.
- Use several types of resources to look for a job
- Gold-Standard in Management Accounting
- Arguably the Most Global Management Accounting Certification
- CMAs Get Paid More
- For Many, CMA Skills are More Practical
- IMA Makes it Easy for Us
- Duration: 120 minutes
- No. of questions: 100
- Maximum marks: 100, Passing marks: 50 (50%); There is no negative marking in this module.
- Certificate validity: For successful candidates, certificates are valid for 5 years from the test date.
Total Fees : Rs.17000/- (Rupees Seventeen Thousand Only).
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Course Syllabus : GROUP – III
13 – Corporate Laws & Compliance
SECTION A: COMPANIES ACT
- The Companies Act, 2013
SECTION B: OTHER CORPORATE LAWS
- SEBI Laws and Regulations
- The Competition Act,2002 and its role in Corporate Governance
- Foreign Exchange Management Act,1999
- Laws related to Banking Sector
- Laws related to Insurance Sector
SECTION C: CORPORATE GOVERNANCE
- Corporate Governance
- Social, Environmental and Economic Responsibilities of Business
14 – Strategic Financial Management
Section A : Investment Decisions
- Investment Decisions, Project Planning and Control
- Evaluation of proposals for Investment decisions
- Leasing Decisions
Section B : Financial Markets and Institutions
- Institutions in Financial Markets
- Instruments in Financial Markets
- Capital Markets
- Commodity Exchange
Section C : Security Analysis and Portfolio Management
- Security Analysis & Portfolio Management
Section D : Financial Risk Management
- Financial Risks & Management
- Financial Derivatives – Instruments for Risk Management
- Financial Risk Management in International Operations
15 – Strategic Cost Management – Decision Making
SECTION A: COST MANAGEMENT
- Cost Management
SECTION B: STRATEGIC COST MANAGEMENT TOOLS AND TECHNIQUES
- Decision Making techniques
- Standard Costing in Profit Planning
- Activity Based Cost Management – JIT and ERP
- Cost of Quality and Total Quality Management
SECTION C: STRATEGIC COST MANAGEMENT – APPLICATION OF
STATISTICAL TECHNIQUES IN BUSINESS DECISIONS.
- Application of Operation Research and Statistical Tools in Strategic
16 – Direct Tax Laws and International Taxation
Section A : Advanced Direct Tax Laws
- Return of Income & Assessment Procedure
- Assessment of Various Entities & Tax Planning
- Clubbing of Income
- Set-Off and Carry forward and Set-off of losses
- Deduction in Computing Total Income
- Business Restructuring
- Administrative procedures under Direct Taxation
- Grievances Redressal Procedure
- Settlement of Cases
- Black Money Act, 2015
Section B : International Taxation
- Double Taxation Avoidance Agreements (DTAA)
- Transfer Pricing Issues
Section C : Tax Practice and Procedures
- Case Study Analysis
GROUP – IV
17 – CORPORATE FINANCIAL REPORTING
Section A : GAAP and Accounting Standards
- Accounting Standards
Section B: Accounting of Business Combinations & Restructuring
- Accounting of Business Combinations & Restructuring
Section C : Consolidated Financial Statements
- Group Financial Statements
Section D: Developments in Financial Reporting
- Recent Trends in Financial Reporting
- Valuation, Accounting and Reporting of Financial Instruments and others
- Share based payments
- Reporting through XBRL (Extended Business Reporting Language)
Section E: Government Accounting in India
- Government Accounting Procedure and Standards
18: Indirect Tax Laws and Practice
Section A : Advanced Indirect Tax – Laws & Practice
- Central Excise 20%
- Customs law 10%
- Service tax 30%
- Foreign Trade Policy (with special reference to Tax
- Central Sales Tax & Value Added Tax 10%
Section B : Tax Practice and Procedures
- Case study analysis 20%
19 – COST AND MANAGEMENT AUDIT
Section A: Cost Audit
- Nature, Scope, utility and Advantages of Cost Audit
- Companies (Cost Records & Audit) Rules,2014
- Professional Ethics, Misconduct, Offences and Penalties
- Cost Accounting Standards
- Cost Auditing and Assurance Standards
- Format of Cost Audit Report – XBRL – Salient Features
Section B: Management Audit
- Management Reporting issues under Cost Audit
- Management Audit – Meaning, Nature, Scope etc
- Energy Audit, Efficiency Audit, Propriety Audit and Systems Audit
- Evaluation of Corporate Image – Corporate Development Audit –
- Impact of environmental pollution
Section C: Internal Audit, Operational Audit and other related issues
- Concept of Internal Audit
- Provisions of Internal Audit under Companies Act, 2013
- Audit Planning, Audit Programme, Audit working papers
- Receivables Audit, Audit of services and local bodies
Section D: Case Study on Performance Analysis
20 – Strategic Performance Management and Business Valuation
Section A : Strategic Performance Management
- Conceptual Framework of Performance Management
- Performance Evaluation & Improvement Tools
- Economic efficiency of the firm— Impact analysis on Performance
- Enterprise Risk Management
Section B : Business Valuation
- Business Valuation Basics
- Valuation in Mergers and Acquisitions
- Fair Value in Accounting Measurement
- Valuation of Intangibles