Certified Management Accountant (CMA) is a professional certification course in the fields of management accounting and financial management. It aims to train individuals with advanced knowledge and skills in areas like financial planning, analysis, control, decision support, and professional ethics.
To obtain the CMA certification, candidates need to qualify 10+2, preferably in Commerce stream or have a bachelor's degree from an accredited college or university.
Jain University, Indian Institute of Commerce, Miles Education, IMA (US-CMA), etc are the best institutes to pursue CMA. There is also a professional qualification called Cost and Management Accountant (CMA), issued by the Institute of Cost Accountants of India (ICMAI). These both focus on management accounting. However, they are distinct credentials with different governing bodies and specific curricula.
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CMA Key Highlights
The key highlights of CMA are tabulated below.
What is a CMA Course?
CMA is a globally recognized professional certification.It is a prestigious credential in the commerce field, focusing on management accounting and financial management. It leads to an accounting designation that demonstrates expertise in financial accounting and strategic management.
The course is studied in 3 parts; Foundational, Intermediate, and Final. Individuals are trained for cost management, reduction, and auditing for companies or organisations, making them contributing to effective financial management. Candidates have the option to choose between CMA and US-CMA. The US-CMA is basically offered by Institute of Management Accountants (IMA), whereas, CMA is offered by The Institute of Cost Accountants of India (ICMAI).
Why Study CMA?
Studying CMA equips you with a strong financial expertise, qualifying for roles in planning, analysis, control, and decision-making. It offers significant advantages for professionals aiming for a career in finance and accounting.
- In India's rapidly expanding economy, businesses are booming in every sector, demanding professionals for strategic decision-making, cost optimization, performance management, and risk analysis.
- Such high demand ensures a stable career after qualifying CMA.
- CMA leads to a versatile career options, including, Financial Analyst, Cost Accountant / Cost Controller, Management Accountant, Budget Analyst, Auditor, Risk Manager, Financial Manager, and CFO.
Who Should Study CMA?
Studying for the Certified Management Accountant (CMA) designation is ideal for those aspiring to advance in the fields of accounting, finance, management, and business strategy. The CMA credential is recognized globally and is suited for individuals who want to specialize in financial planning, analysis, control, decision support, and professional ethics. The Ideal Candidates for CMA are mentioned bellow:
- Those who have completed B.Com, BBA, BMS, or similar commerce degrees and wish to upgrade their qualifications with a globally recognized credential.
- Individuals already working in finance, accounting, or audit roles who want to move up to managerial or strategic positions.
- Those pursuing or holding management degrees, looking to enhance their employability and career prospects in the finance domain.
- Professionals from other backgrounds seeking a transition into management accounting or financial management roles.
- Anyone aiming for roles like financial analyst, cost accountant, internal auditor, financial controller, CFO, or similar positions.
CMA Eligibility Criteria
The CMA (Certified Management Accountant) eligibility criteria are as follows:
- Candidates need to have passed at least Class 10 for the Foundation course
- Class 12 or equivalent for the Intermediate course
- Clear all Intermediate exams along with practical training for the Final course
- CMA does not require a separate entrance exam to pursue the course
Click here to read more about Chartered Accountant (CA)
CMA Admission Process
CMA is a 3-phase study, starting with a Foundational level, followed by Intermediate and Final examination. Registration is mandatory for each level of CMA.
Foundational Course Registration
This is the entry-level for students who have completed their 10+2. Registration for this phase will be initiated in December 2025. Candidates have to register for Foundation examination and pay the fees before the deadline. The registration fee for Foundation is INR 6000.
Intermediate Registration
There are two routes to enter the Intermediate level:
Route 1: After clearing CMA Foundation
Route 2: Direct Entry (for Graduates and other professionals)
- Candidates can bypass the Foundation course and exam if they have any of the given qualifications.
- A Bachelor's Degree examination in any discipline (except Fine Arts) from a recognized University or equivalent.
- Foundation (Entry Level) Part I Examination of Certificate in Accounting Technicians (CAT) Course of ICMAI.
- Foundation/Intermediate Examination of the Institute of Company Secretaries of India (ICSI).
- Intermediate Examination of the Institute of Chartered Accountants of India (ICAI).
- Pursuing Engineering Course or Qualified Engineers.
- Master's Degree Examination from any recognized University or any of the Indian Institutes of Management (IIMs).
- Engineering Degree Examination from any recognized University.
CMA Final Registration
Once qualified as an intermediate, Final registration needs to be done to appear in the final exam of CMA.
Registrations can be done through icmai.in
Step 1. Go to the website of ICMAI and navigate to the 'Students' Section
Step 2. Click on 'Admissions' / 'Online Admission'
Step 3. Choose Your Course Level
Step 4. Fill Out the Online Application Form
Step 5. Generate OTP and Login Credentials
Step 6. Upload Required Documents
Step 7. Pay the application fees and submit it.
Documents Required:
- Original Marksheet of 10th and 12th grade, Graduation certificate (if applicable)
- Previous CMA exam score card (if applicable)
- School Leaving Certificate
- Caste Certificate (if applicable)
- Birth Certificate
- ID Proof (Aadhar/ PAN/ Passport)
- Passport-size Photograph
CMA Syllabus
CMA syllabus is mentioned below as per its 3 phases.
CMA Foundation
The Foundation course includes four subjects, each with a 100-mark paper:
- Fundamentals of Economics and Management (FEM)
- Fundamentals of Accounting (FOA)
- Fundamentals of Laws and Ethics (FLE)
- Fundamentals of Business Mathematics and Statistics (FBMS)
Intermediate Course
The Intermediate course is divided into two groups. Each group contains four papers with 100 marks, making up to 400.
Group I
- Financial Accounting (FAC)
- Laws and Ethics (LNE)
- Direct Taxation (DTX)
- Cost Accounting (CAC)
Group II
- Operations Management and Strategic Management (OMSM)
- Cost & Management Accounting and Financial Management (CMFM)
- Indirect Taxation (ITX)
- Company Accounts & Audit (CAA)
Final Course
As the same as the intermediate level, the final course is divided in 2 groups with 4 papers, each with 100 marks.
Group I
- Corporate Laws & Compliance (CLC)
- Strategic Financial Management (SFM)
- Strategic Cost Management – Decision Making (SCMD)
- Direct Tax Laws and International Taxation (DTI)
Group II
- Corporate Financial Reporting (CFR)
- Indirect Tax Laws & Practice (ITP)
- Cost & Management Audit (CMAD)
- Strategic Performance Management and Business Valuation (SPBV)
Learn More About Chartered Financial Analyst (CFA)
CMA Job Opportunities in India
CMA qualified individuals can work in MNCs, or in large indian companies like Reliance, Mahindra group, Tata Groups, etc. People may find a job as a Management Accountant, Financial Advisor, Budget Analyst, Accounting Manager, and with years of experience, one can become a CFO in the firm.
CMA Frequently Asked Question
Is CMA better than CA?
CA and CMA both involve accountancy, finance, auditioning, and finance analysis. However, which one is better regarding career solely depends on the career goal of an individual. While CA is more focused on statutory accounting, auditing, and taxation within India, CMA emphasizes management accounting, financial planning, and strategic decision-making, with potential for global opportunities. Hence, aspirants have to be very clear about their career interests and choose accordingly.
Is CMA and CPA the same?
No, CMA (Certified Management Accountant) and CPA (Certified Public Accountant) are two different certificate credentials. The key difference between a CPA and a CMA lies in their focus and the types of job roles. CPAs primarily work in public accounting, auditing, and taxation, while CMAs focus on management accounting, financial planning, and strategic decision-making within organizations.
Can I do CMA while working as a full-time employee?
Yes, you can pursue CMA and appear in the exam while working full-time. Many working professionals successfully qualify the CMA certification by following strict discipline, effective time management and study strategies.
