It’s great that you’re interested in Cost Accountancy! The course is indeed known for being one of the toughest professional accountancy examinations after Chartered Accountancy.
The main goal of the Cost Accountancy course is to develop and prepare young minds to become future business leaders. Cost accountants play a critical role in decision-making within organizations. If you have a strong inclination towards understanding concepts of costing and management accounting, and applying them in practical work situations, then this course might be a good fit for you.
Many students choose the Cost Accountancy course instead of pursuing courses like Company Secretary or Chartered Accountancy because they believe it aligns better with their interests and career goals. By focusing on the concepts of costing and management accounting, this course can equip you with valuable skills that are highly relevant in the business world.
What is CMA Course?
The CMA course consists of three levels: CMA Foundation, CMA Inter, and CMA Final. The duration of the entire CMA course is three years. Each level has specific subjects and examinations that need to be cleared in order to progress to the next level.
To ensure top-notch preparation for the CMA exams, aspiring students can look for the best CMA online/offline classes in India. These classes provide comprehensive study materials, expert faculty, and a structured approach to help students excel in their exams.
There are three levels of the course
Cost Accountants are in great demand in government sector, private sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Further, in view of their specialized knowledge and training, CMAs may hold top management position in public and private sectors’ enterprises like Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager and Chief Internal Auditor and other important positions.
They can also hold their independent practice.
Major Practice avenues for a CMA
- Cost Audit, Advising on Cost records Maintenance
- GST Audit & Consultancy
- Customs Audit & Certification
- Insolvency Professionals
- Registered Valuers
- Tax & Accounts Consultancy
- Project Management
- Surveyor and loss Assessor
- Internal Audit
- Stock Audit & concurrent audit
- Management Consultancy & Financial Services
- Various Consulting services.
Job roles and job opportunities after CMA
- Cost Accounting
- Cost Auditing
- Financial Planning
- Management Accountant
- Finance Analyst
- Cost Accountant
- Accounting Manager
- Senior Accountant
- Corporate Controller
- Chief Financial Officer
CMAs in Government Department:
Realizing the importance of the profession of the Cost and Management Accountancy in the economic development of the nation, the Central Government has constituted an all-India cadre known as Indian Cost Accounts Service (ICoAS) at par with other Class-I services such as IAS, IFS etc. to advise the government in cost pricing and in framing the appropriate fiscal and tax policies.
CMAs IN EDUCATION:
University Grants Commission (UGC) has notified “UGC Regulations on Minimum Qualifications for Appointment of Teachers and Other Academic Staff in Universities and Colleges and Measures for the Maintenance of Standards in Higher Education, 2010 vide its Circular No. F.3-1/2009 dated 30th June 2010. The Regulations prescribe the minimum qualification for appointment of teaching faculty in universities and colleges in the area of Management/ Business Administration. The qualifications specified for appointment of Assistant Professor, Associate Professor and Professor in the above area and Principal/Director/Head of the Institution include First Class Graduate and professionally qualified Cost Accountant among other qualifications and subject to other requirements including qualifying NET/SLET/SET as the minimum eligibility condition for recruitment and appointment of Assistant Professors.
CMA Average Salary in India
The average CMA pay in India is Rs 13 lakhs per year (Source – Glassdoor) with salaries ranging from Rs 3 lakhs to Rs 40 lakhs. The yearly wage is based on the 500 newly chosen CMAs who will be placed on the ICMAI campus in 2022.
In addition, the highest salary offered to a new CMA during off-campus postings is Rs. 27 lakhs annually. A CMA’s highest annual compensation can reach up to Rs 55 lakhs with experience and knowledge.