Cost Management Accounting is a 3-year certificate degree course that deals with an important comprehension of money that organizations should be proficient and gainful with meaningful financial data and analysis. The CMA full form is Cost Management Accounting The main aim of the CMA course is to prepare students for working in various enterprises and corporate capacities to deal with various management and financial related problems. The CMA course students have many job opportunities in India and abroad, such as accounting, financial, consulting, auditing, and similar domains. After completing the CMA course, the job opportunities opened for the graduates are wide in numbers in both the private and public sectors of various reputed organizations in India and abroad with a very good salary.
| Degree | Certificate |
| Full Form | Cost Management Accounting |
| Duration | Course Duration of Cost Management Accounting [CMA] is 3 Years. |
| Age | Minimum 17 years |
| Minimum Percentage | 50% with commerce in HSC |
| Average Fees Incurred | INR 50K - 2.5 LPA |
| Average Salary Offered | INR 2.5 LPA - 7 LPA (Source: Payscale) |
| Employment Roles | Chief Financial Officer, Chief Investment Officer, Cost Accountant, Cost Manager, Financial Analyst, Corporate Controller, Financial Controller. |
Wikipedia defines Cost Management Accounting as a "form of accounting that aims to improve a company's profitability by managing, controlling and eliminating expenses. Cost and management accounting provides data and analyses reports that can be used by managers to make decisions that will lead to long term profits and growth."
CMA course duration in India is two years, and the structure for the course is divided into six semesters, consisting of various assignments, projects, seminars, internships, vivas etc. The important subjects of the course are Fundamentals of Business Mathematics and Statistics, Fundamentals of Laws and Ethics, Fundamentals of Economics and Management, Fundamentals of accounting and much more. The CMA course has a wide job scope for the graduates readily after the graduation in every private and public sector of various reputed organizations in India and abroad with job responsibilities concerned with an accountant, management consultant, financial analyst, financial controller etc.
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Admission for Cost Management Accounting in India requires the aspirants to complete their 10+2 with a minimum of 50% aggregate marks with commerce from any recognized board of education. Also, along with the basic essential CMA eligibility criteria, the students pursuing the course must have cleared the standard entrance examination with a decent mark from any institute to get admission. The minimum age for applying for the Cost Management Accounting course is 17 years, i.e., the aspirants can apply for the course once they have crossed 17 years of age.
The admission process for the Cost Management Accounting course in India can be done in two distinct ways. It can either be done from the college or the university premises directly by approaching the admission office or can be done online from the admission portal. The admission process for the course is undertaken strictly based on the marks from the 10+2 classes in commerce with a minimum of 50 % aggregate marks. Therefore, the aspirants applying for the course must satisfy the Cost Management Accounting essential criteria, a combination of marks scored in their 10+2 classes and the entrance exams corresponding to CMA. Apart from that, the universities or colleges will conduct personal interviews and Group Discussion rounds and a written test that is not mandatory in some cases. After that, the students are shortlisted based on the cut-offs of respective colleges.
Listed below are the various procedures to get CMA admission:
The aspirants eager to study Cost Management Accounting can either apply for the course online or offline. Most colleges or universities offering Cost Management Accounting degree courses accept online applications, while some prefer the application in offline mode. Aspirants must visit the respective college or university's online portal and fill in relevant details in the form and upload along with the other required documents. For offline registration, the aspirant needs to directly visit the college or university and fill the application form and submit the necessary documents at the college by hand. After filling and submitting the application form and other necessary documents at the college or the university, the students will then be invited by the college or the university officials to appear for a written test followed by a personal interview, group discussion and counselling, and then the aspirants will be allocated seats for the course.
Once the aspirants' application has been accepted at the college or the university admission portal, the college officials will conduct counselling rounds, personal interviews, group discussions, and written tests, optional in some colleges and universities. After the university or college conducts the written test, personal interview, counselling and group discussion, the aspirants are allocated seats based on various Cost Management Accounting essential criteria fulfilled by the aspirants which the college/university officials have proposed.
There are many entrance exams for the Cost Management Accounting course for which the students should attend. Therefore, attending the entrance exams is an essential criterion and a good merit score from the 10+2 classes to ensure admission for the course. Some of the very best and mandatory Cost Management Accounting entrance exams are as follows:
The CMA course eligibility for the entrance exams depends entirely on the conducting body which conducts the exam. The CMA course entrance exams include various questions related to reasoning and knowledge, quantitative reasoning, general knowledge and current affairs to analyze the aspirants' knowledge abilities as a whole. The test includes:
Top Cost Management Accounting colleges in India and abroad offer a Cost Management Accounting degree course to students interested in learning a course related to cost and financial accounting. Some of the very best CMA colleges in India are as follows:
|
Sl. No. |
Name of the College |
|
1 |
ICAT Design & Media College |
|
2 |
SMJC-Sri Medha Junior College, Vijayawada |
|
3 |
Amity University |
|
4 |
Christ University |
|
5 |
Vidyarupa School of Management Studies |
|
6 |
Logic School of Management |
|
7 |
The Institute of Cost Accountants of India, Cochin |
|
8 |
Chanakya Business School, Calicut |
|
9 |
College of Management and Economics Studies, Dehradun |
|
10 |
Annapurna Modern Degree College, Vijayawada |
CMA course fees in India range from INR 50 K - 2.5 LPA, and it may even vary depending upon the facilities and amenities provided at the college/university and the level of education offered to the students. The CMA fees structure may vary depending upon the college or the university the students choose to prefer. The CMA fees in India structure for the colleges are as follows:
|
College Name |
Fees Per Annum |
|
Lakshya Academy, Kochi |
INR 25K |
|
Amity University, Lucknow |
INR 65K |
|
Shobhit University, Meerut |
INR 40K |
|
Jain University Bangalore |
INR 50K |
|
BCMS, Bangalore |
INR 1 LPA |
The syllabus and subjects for the Cost Management Accounting course is structured in such a way so that the students get theoretical and practical aspects regarding the course. The CMA course in India has various assignments, quizzes, vivas, and project submissions which is a part of the degree course.
Some of the important subjects of the Cost Management Accounting course are:
Read More about CMA Syllabus and Subjects
The answer to "why to choose a Cost and Management Accounting degree course?" can be explained and interpreted by the following points:
Cost Management Accounting is a 3-year certificate degree course that mainly focuses on certain theoretical and practical skills the students should possess in certain areas such as in accounting, finance, consulting, counselling, etc. The important subjects of the course are Fundamentals of Business Mathematics and Statistics, Fundamentals of accounting, Fundamentals of Economics and Management, Company Accounts and Audit, Direct Taxation and many more. The job scope for the course of Cost Management Accounting in India and abroad is also in a diverse range with a very good salary package offered to the graduates. Some of the important CMA course full details have been explained below.
Collecting Financial Information: Cost accounting graduates are responsible for the collection, adjustment, auditing, monitoring and scrutinizing of all financial information relating to management or financial institute. The purpose of cost accounting is for budget preparation and profitability analysis.
Plan and Budget monetary Activities: Cost accounting graduates help to plan, budget, analyze and monitor performance, set standard unit costs and recommend appropriate cost-saving opportunities which will be beneficial for the organization. The role is important in understanding where a company is spending money and which products, departments or services are most profitable.
Demand: There is a very good demand for the graduates of Cost Management Accounting in the market as there are several management firms, financial and accounting institutes where there is a need for the graduates, so this is a very rewarding career, and the job is also different from other streams as aspirants have to work with accounting and management firms to deal with various finance-related problems.
Decent Salary and Job Growth: Cost Management Accounting scope and salary in India are around INR 4.5 LPA. Hence, there is a high potential for growth for the graduates in this field as the work environment is also good.
Multiple Sources of Income: Cost Accountants can do their daytime job and freelancing for individuals such as counselling and consulting in need of any management or finance-related problem arising in any organization.
Read More about CMA Jobs
Go Through The Syllabus: Students pursuing the course should study regularly, and they should be aware of the topics in the syllabus and always be prepared for the examinations ahead.
Get The Basics Right: All the aspirants pursuing the course should focus on their course right from the beginning of the class to the end to strengthen the foundation. Also, along with it, the students should ensure they have these basics right before them, going on advanced topics.
Mock Tests: Mock tests are one of the best options for the graduates to prepare themselves for the exams by giving them the best. Attending more and more mock tests before the actual exam allows the students to be updated and perform well in the actual exams.
The Cost Management Accounting course has a wide scope of jobs in India and a decent salary in almost all private and public sectors of various reputed organizations in India and abroad. Graduates willing to enhance their knowledge in the finance and accounting sector can opt for a CPA or CFA course after completing the Cost Management Accounting course. Some of the higher education after Cost Management Accounting are as follows:
The Cost Management Accounting Salary in India ranges from INR 2.5 LPA - 7 LPA and some additional benefits such as bonuses and incentives. The graduates' salary and the additional benefits may vary depending on the graduates' skills, talent, and experience. So being efficient in every job sector is necessary for the graduates to get a higher CTC.
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After completing the Cost Management Accounting course in India and abroad, many job opportunities are opened for the graduates with a decent salary and some additional benefits in public and private sectors of various reputed organizations operating in India and abroad.
Some of the very best career options for the graduates after the course of Cost Management Accounting in the government sector are as follows:
Some of the very best Cost Management Accounting careers in the private sector are:
Cost Management Accounting graduates must possess certain skills in their course curriculum, which is essential for them to evolve as the best cost accountant or a finance professional. Some of the skills required for Cost Management Accounting graduates are as follows:
