About ICWA/CMA: The course Institute of Cost & Works Accountants (ICWA) has recently modified or renamed as Institute of Cost & Management Accountants (CMA) as there is no differences in both the courses. The professionals identified and changed the name of ICWAI to CMA where ICWA stands for Institute of Cost & Work Accountants whereas CMA stands for Cost & Management Accounting.
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The Cost & Management Accountant Course deals with the strategic management decisions with respect to economic activities of an organization. This field provides satisfaction to the candidates in providing good career opportunities for successful candidates in the form of receiving good remuneration.
The Cost & Management Accounting must have knowledge in cost & financial management to ensure balance between expenditures & available resources. ICWA is a job assured course that secures immediate career towards market tendencies whereas CMA Course is a profession that have a good social status and is expected to collect, assimilate, analyze and collate financial information from all areas of organization.
Governing Body:
Institute of Cost & Works Accountants (ICWA) which is recently changed as Institute of Cost & Management Accountants (ICMA) is governed by Cost & Management Accountancy in India. Now let’s go for details of CMA Course which include levels of CMA, ICWA Registration, eligibility etc.
CMA Course Levels
Cost & Management Accounting consists of three levels viz. Foundation, Intermediate & Final.
CMA Eligibility
The eligibility criteria of CMA at different levels are as follows:
CMA Foundation Course Eligibility:
The candidate who is willing to pursue the CMA Foundation Course should possess 12th under any recognized Board of Examination which is recognized by Central Government or equivalent examination by name National Diploma in Commerce Examination held by All India Council.
CMA Intermediate Course Eligibility:
Candidates who have passed Senior Secondary School Examination i.e.12th who possessed Graduation under any specialization except Fine Arts or who have completed CMA Foundation course are eligible for attaining admission into CMA Intermediate Course.
CMA Final Course Eligibility:
Candidates who completed Foundation & Intermediate levels in CMA course are eligible to attain admission into CMA Final Course.
CMA Syllabus
The Syllabus for CMA Course under various levels are furnished hereunder.
Foundation Level Syllabus
The CMA Syllabus for CMA under foundation level comprises of 4 papers and are mentioned below:
P1- Fundamentals of Economics & Management
P2 – Fundamentals of Accounting
P3 – Fundamentals of Laws & Ethics
P4 – Fundamentals of Business Mathematics & Statistics
Intermediate Level Syllabus
The CMA Syllabus of intermediate level is divided into two groups viz. Group 1 & Group 2 and is mentioned below:
| Group 1 | Group 2 |
| P5 – Financial Accounting | P9 – Operations & Strategic Management |
| P6 – Laws & Ethics | P10 – Cost & Management Accounting & Financial Management |
| P7 – Direct Taxation | P11 – Indirect Taxation |
| P8 – Cost Accounting | P12 – Company Accounts & Audit |
Final Level Syllabus
The CMA Syllabus of Final Level comprises of two groups and are mentioned below:
| Group 3 | Group 4 |
| P13 – Corporate Laws & Compliance | P17 – Corporate Financial Reporting |
| P14 – Strategic Financial Management | P18 – Indirect Tax Laws & Practice |
| P15 – Strategic Cost Management – Decision-Making | P19 – Cost & Management Audit |
| P16 – Direct Tax Laws and International Taxation | P20 – Strategic Performance Management & Business Valuation |
CMA Exam Pattern
Exam pattern for foundation, intermediate and final levels are as follows:
Foundation Level
| Name of the Exam | CMA Foundation Course Exam |
| Type of Exam | Pen & paper based or Offline Mode |
| Type of Questions | Descriptive |
| Duration of Exam | 3 Hours |
| Total Marks | 100 |
Intermediate Level
| Name of the Exam | CMA Intermediate Course Exam |
| No. of Groups | Group 1 & Group 2 |
| Type of Exam | Pen & paper based or Offline Mode |
| Examination Shifts | Morning – Group 1 Afternoon – Group 2 |
| Type of Questions | Descriptive |
| Duration of Exam | 3 Hours |
| Total Marks | 100 |
Final Level
| Name of the Exam | CMA Final Course Exam |
| No. of Groups | Group 1 & Group 2 |
| Type of Exam | Pen & paper based or Offline Mode |
| Examination Shifts | Morning – Group 1 Afternoon – Group 2 |
| Type of Questions | Descriptive |
| Duration of Exam | 3 Hours |
| Total Marks | 100 |
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