Updated on Nov 16, 2024 10:12 IST
Chanchal Aggarwal

Chanchal AggarwalSenior Executive Content

One of the most essential and sound programs in the business and finance sectors is Cost Management Accounting. CMA, or Cost Management Accounting, is a three-year certificate program that focuses on financial understanding for businesses to be proficient and profitable while dealing with financial data and analysis. The Cost Management Accounting program is one of the top options accessible for courses in the commerce industry for someone who wants to create a career in management accounting. It's one of the most popular and in-demand business programs. As a result, one of the most popular courses in the business world is Cost Management Accounting. In India, a Cost and Management Accountant's average annual income is INR 7.2 lakhs.

Syllabus - Important facts for Cost And Management Accounting

Taking many Cost And Management Accounting courses can help you seek a career in the field. Financial analysis, audit, tax, laws & ethics, management strategies, cost, accounting, and various other topics are covered in depth in Cost Management Accounting programs. This course covers a total of 20 cases. Three levels of subjects have been established. There are three different levels to the system:

  • Level 1: Accounting Foundations for Cost Management

  • Level 2: Intermediate Accounting for Cost Management

  • Final Level 3: Accounting for Cost Management

Some essential facts about its syllabus are:

  • Trends and subjects change all the time, so it's essential to stay on top of things. In the discipline of management accounting, the following are the future trends:

  • You can make a difference by transforming theoretical costing ideas into practical ones.

  • IT and shared services should be backed up by management approaches.

  • It should work with a variety of machines and systems.

  • It must aid the operations of sales and marketing.

  • Accounting professionals should understand modern technologies, analytics, and financial predictions along with traditional procedures. To be eligible for this course, there is no entrance exam. To register for the first level of the course, students must have completed Class 10.

List of Subjects in Cost and Management accounting

Typical Core subjects for Cost And Management Accounting

Subject Title

Subject details

Fundamentals of Accounting

 

Financial accounting is concerned with accurately presenting transactions in financial statements, such as income statements, shared with those outside the company. Management accounting is when the management department receives financial data to make critical business choices that ensure the company's long-term viability.

Direct Taxation

A direct tax is paid directly to the institution that imposed the tax. Income, real estate, personal property, and asset taxes are examples of taxes paid directly to the government by an individual taxpayer.

Operation Management Information System

 

MIS is a people-oriented field with a focus on technology-assisted service. MIS professionals assist companies in getting the most out of their investments in people, equipment, and business processes. The study of people, technology, organisations, and relationships is known as management information systems.

Cost and Management Audit

 

A cost audit is a thorough study of expense records conducted by a competent person. It's a system for detecting and communicating problems in cost accounts, cost statements, and cost data, and if the procedure is followed properly.

A cost audit entails reviewing the accuracy of cost accounts, statements, reports, cost data, costing techniques, etc.

Financial Analysis & Business Valuation

 

Financial accounting is typically done to determine whether a company is stable, solvent, liquid, or profitable enough to warrant a financial investment. Financial analysis assesses the performance and suitability of companies, projects, budgets, and other financial operations. Financial and business analysts analyse data from internal and external clients and utilise their findings to generate business suggestions.

Typical Elective subjects for Cost And Management Accounting

Subject Title

Subject details

E-Commerce

Subjects in the curriculum include computer applications, software development languages, and more. This course covers information technology, business, management, finance, and economics. Candidates are taught how to use a variety of concepts in e-commerce.

Computer Applications in Business

Business Computer Applications focuses on combining computer technology with problem-solving and decision-making abilities. Advanced applications in word processing, spreadsheets, presentations, and database software are among the topics covered in class, which prepare students for industry-standard certifications.

Human Resource Management

Administrative services, personnel administration, performance management, and, most crucially, the hiring process are all covered in the Human Resource Management course. The course aids students in their studies and acquisition of the knowledge and principles necessary to manage the company's human resources.

Detailed syllabus for Cost And Management Accounting

Cost and Management Accounting is a three-year certificate program focusing on understanding money for businesses to be proficient and profitable with relevant financial data and analysis. The CMA program's primary goal is to equip students to work in various firms and corporate capacities, dealing with various management and financial issues.

Semester

Core/Elective

Subject title

Subject details

1

Core

Financial Accounting

Financial accounting is a field of accounting that entails recording, summarising, and reporting various transactions arising from corporate operations throughout time.

Core

Business Organisation and Management

The course will introduce you to the fundamentals of business and business organisations. Its goal is to improve knowledge and abilities in various business and management disciplines. Management, organisation, control, communication, motivation, and leadership will be covered.

Elective

Environmental Studies

This study looks at managers' information needs for corporate operations that influence the environment and the company's environmental impacts.

2

Core

Business Law

Business law is the body of law that regulates business and commerce. Contracts between companies, hiring procedures, and the manufacture and sale of consumer goods are all governed by commercial law.

Core

Business Mathematics and Statistics

This course covers business forecasting approaches, decision modelling, Excel tools, standard spreadsheets, simple averages, and distribution.

Elective

Language: English/Hindi/Modern Indian Language

The Department of Modern Indian Languages is a multilingual department that includes Telugu, Tamil, Malayalam, Bengali, Marathi, Punjabi, and Kashmiri.

3

Core

Company Law

Company law is a branch of law that deals with the laws, regulations, and practices that regulate a corporation's operations. The program teaches students about corporation management, operations, formation, and ownership.

Core

Income Tax Law and Practice

The ideas of financial structure, taxation, accounting records, and managing monetary arrangements are covered in this course, focusing on tax evaluation.

Elective

Computer Applications in Business

Business Computer Applications focuses on combining computer technology with decision-making and problem-solving skills. Advanced applications in word processing, spreadsheets, presentations, and database software are among the areas of study that qualify students for industry-standard certifications.

4

Core

Corporate Accounting

Accounting is the study of documenting, classifying, collecting, measuring, and communicating economic data for planning, reporting, decision-making and evaluating the outcomes.

Core

Cost Accounting

This course looks at the principles and methods of creating a cost accounting system for managerial decision-making, control, and reporting.

Elective

E-Commerce

The curriculum includes subjects that aid in studying computer applications, programming languages, and other topics. This course covers IT, commerce, management, finance, and economics.

5

Elective

Principles of Marketing

Branding and product creation, price strategies, market research, promotion, supply chain management, and service marketing are just a few covered topics.

Elective

Fundamentals of Financial Management

It involves the planning, organising, controlling, and directing of various financial activities. It entails anticipating the future by analysing your cash flow and financial objectives.

Elective

Entrepreneurship

The present economic, social, and political culture is taught to students in the entrepreneurship course.

6

 

 

 

 

 

 

 

 

 

 

Elective

Corporate Tax Planning

Several areas of corporate income tax are covered in this course. In terms of income, tax preparation is critical for all taxpayers.

Elective

Fundamentals of Investment

This course is a complete package for new investors, aspirants to work in the financial sector, and finance students.

Elective

Indian Economy

This course is for undergraduate students who want to understand how the economy works in light of its mixed economic structure, historical changes, and recent reforms.

Specialisations offered in Cost And Management Accounting

It covers a wide range of topics and specialist subjects, many of which are beneficial to businesses and non-profit organisations. It will assist you in determining the areas of accounting you wish to practise and specialise in once you have obtained your professional accounting licence.

Specialisation Subjects

Subject Details

Managerial Accounting

 

Managerial accounting is a branch of accounting that focuses on gathering financial data and producing reports for internal consumers alone, such as the company's management or executives. The messages are typically kept private and only utilised for internal decision-making.

Cost Accounting

Cost accounting is a branch that records and aggregates manufacturing or production costs for internal management to make decisions. Cost accounting reports are valuable tools for leadership in budgeting, product costing, and pricing, all of which can benefit the company's future net margins and profits.

Auditing and Assurance Services

 

Auditing and assurance services are independent professional services that aim to improve financial data reported to internal or external users to make better, risk-free decisions. It also entails a review of the accounting system's internal controls.

Budgetary Accounting

 

It is concerned with establishing a tool or control device to assist management in measuring performance against a budget or plan that has been approved. Its main goal is to keep track of a company's or organisation's spending. Like managerial accounting, budgeting looks forward with prospective values, unlike financial accounting, which is based on historical costs. It calculates the cost of projected acquisitions and the future utilisation of economic resources.

Books and Authors related to Cost And Management Accounting

A Textbook of Cost and Management Accounting gives students a solid foundation in cost concepts, cost behaviour, methodologies, and strategies and an awareness of the uses and limitations of cost and financial data in organisational operations. Accounting knowledge is vital for managers and thus for those without a background in accounting.

Subject

Book title

Authors

Description of the book

Cost & management accounting

Management Accounting: Principles & Practice

 

M.A Sahaf

This book covers the breadth and nature of management accounting and accounting concepts and processes, decision-making using cost analysis, cost inventory, product costing, financial statement analysis, ratio analysis, and more.

 

Real Numbers: Management Accounting in a Lean Organisation

Jean E. Cunningham and Orest Fiume 

 

 

Managers who require a book to make their lean calculations accurate will find it helpful. This book focuses on how the subject has evolved and how management might restore simplicity and clarity in the workplace, particularly in lean businesses. This book's management accounting model demonstrates how to unleash an organisation's full profit potential.

 

Best Management Accounting

Deepak Gupta

This book will aid you in making pricing, total cost, and sales order decisions, among other things. The author's goal is to inform readers, both graduates and professionals, about the plans of cost accounting and how they may aid management decision-making.

 

Advanced Management Accounting

Robert Kaplan and Anthony A. Atkinson

The book examines the significant cost management difficulties that huge businesses face worldwide. Systematic accounts management has provided the authors with a flexible approach to advanced management problems. Case examples and descriptions of the principles used are included in each book chapter.

 

Handbook of Management Accounting Research

Christopher S. Chapman, Anthony G. Hopwood, Michael D. Shield

The author of this management accounting book offers a model that generates cost accounting and management performance using various metrics and analysis tools.

Entrance Exams for Cost And Management Accounting

CMA Inter is available to those who have taken the CMA Foundation test. In June and December, CMA Foundation exams are held twice a year by the Institute of Cost Accountants of India. The ICMAI Foundation tests are not required if you have a graduate degree.

ICWA intermediate entrance examination: The ICWA intermediate test is administered by the Institute of Cost and Works Accountants of India to evaluate students' credentials who have passed the foundation course. After passing the admission exam, students must enrol in the intermediate class.

ICWA final examination: The ICWA final test is administered by the Institute of Cost and Works Accountants of India to determine the consistency of students' knowledge gained across all three semesters.

Syllabus for Distance Program in Cost And Management Accounting

A distance learning course or degree will facilitate a student to learn and submit assignments and projects and earn a certification or degree in the comfort of their place. While in traditional regular programs, students are required to visit the concerned College or University to take that course. While student learning, instruction, and interaction between students and the instructor are all vital in the online parts, the findings show that the traditional learning strategy gave richness to the student learning experience that the online approach could not match.

The traditional cost management and accounting classroom training and degree approach consist of foundation, intermediate and final courses consisting of core subjects, including financial accounting, audits, tax management, advanced financial management, business valuation, etc. The remote cost management and accounting program syllabus vary from the traditional classroom degree or course. It generally consists of 4 to 5 modules composed of the overviews of financial and cost accounting, contract management, Financial institutions and markets, company laws, indirect taxation, and strategic cost management.

The distance learning method comprises work worth 100 marks for each module and a final capstone project for its completion. The duration of the distance course in this varies anywhere from 5 to 8 months depending upon the subjects covered. Whereas in the regular taught course the time varies from 3 years to 6 years. The maximum fees for a regularly taught degree can be 3.8 lakhs INR depending upon the college, and for a distance program, it can vary from 25000 INR to 30000 INR.

Top Colleges for Cost And Management Accounting

The study materials given by these institutes are developed by professional experts, allowing students to achieve remarkable results.

Sl. No.

College/University/Institution

Syllabus (URLs)

1.

Indian School Of commerce (ISC)

To be uploaded soon

2.

IAM Business School

To be uploaded soon

3.

EDUBRIC

To be uploaded soon

4.

ICAMS Academy

To be uploaded soon

5.

IAT Professional Campus

To be uploaded soon

6.

Madhi Academy

To be uploaded soon

7

Maharani Lakshmi Ammanni College for Women

To be uploaded soon

8

Logic School of Management, Bangalore

To be uploaded soon

9

Vidyarupa School of Management Studies, Edappally 

To be uploaded soon

10

Uplift Professionals, Kolkata

To be uploaded soon

FAQs

Q. What is the purpose of cost and management accounting?

Ans. Cost and management accounting is a type of accounting that focuses on controlling revenues and expenses to maximise profits. It provides managers with data and reports that help them formulate long-term gain and growth strategies.

Q. What are some key challenges faced by management accountants?

Ans. Preparing for globalisation in both the local and global market is one of the most challenging tasks facing management accountants today. Globalisation, fierce rivalry, shifting government regulations, and technological progress have contributed to changes in the market environment that significantly impact a company.

Q. What is the relationship between cost and management accounting?

Ans. The management accountant reports the impact of cost on the firm and the cost analysis. In addition to cost accounting tools and techniques, the management accountant's accounting tools and techniques include funds and cash flow statements, ratio analysis, etc.

Q. What is the importance of cost accounting?

Ans. Cost accounting aids management in anticipating the cost and selling price of a product or service, allowing them to create company policies. With the cost value as a guide, management can devise cost-control strategies to maximise profits.

Q. What is the scope of cost accounting?

Ans. Cost accounting encompasses more than just examining the costs connected with a product or activity. It considers various factors, such as cost kinds, new company endeavours, budget preparation, profitability analysis, etc.

Q. What is the difference between financial accounting and cost accounting?

Ans. Cost accounting is the branch of accounting that deals with the expenses incurred in manufacturing an organisation's units. On the other hand, financial accounting is the branch of accounting that deals with recording a company's financial data to show the company's exact financial status.

Q. What are the objectives of cost and management accounting?

Ans. Cost accounting's goals include determining costs, determining selling prices, properly recording and presenting cost data to management for efficiency measurement, cost control, and cost reduction, determining the profit of each activity, and supporting management in decision making.

Q. What are the principles of costing?

Ans. Products must be documented at the actual price paid according to the cost principle. The cost principle states, in a nutshell, that each transaction costs the same amount of money. When a buyer buys something, and the transaction is recorded based on the amount paid, it's the same.

Q. Why is it essential to study cost accounting?

Ans. Cost accounting assists businesses in identifying areas where they may be able to improve cost control and informing pricing decisions to ensure profitability. Because a company's internal management team only uses cost accounting numbers, collection methods can be tailored to meet the demands of the business.

Q. Is CMA good for the future?

Ans. Obtaining the CMA certification is an excellent career move, particularly if you want to work in management accounting. But, before you dive in, make sure you understand everything there is to know about the course, including the prerequisites, eligibility, exam structure, salary, and opportunities.

Q. What is the limiting factor in cost accounting?

Ans. Factors in management accounting relate to the limitations in the availability of production resources that restrict a company from maximising its sales.

Q. Why is CMA not famous?

Ans. CMA isn't widely known in the private sector. It's rarely used by management to make decisions. When there are two candidates for a job, one CA and the other CMA, all other factors being equal, the CA is preferred. In comparison to CA, CMA does not receive article ship training.

Q. What is the future of CMA in India?

Ans. CMAs may hold top management positions in both the public and private sectors, such as Chairman of the Board of Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager, and Chief Internal Officer, due to their specialised knowledge and training.

Q. What is the cost management process?

Ans. Cost management includes estimating, allocating, and controlling project costs. Using cost management, a corporation can estimate future expenses and avoid budget overruns. Cost estimates are developed at the project planning stage and must be approved before work can begin.

Popular Cost & Management Accounting Colleges in India

Following are the most popular Cost & Management Accounting Colleges in India. Learn more about these Cost & Management Accounting colleges (Courses, Reviews, Answers & more) by downloading the Brochure.
2.7 L
3.44 LPA

#22 The Week

#30 The Week

3 LPA

#41 The Week

1 Course
3.68 LPA

#47 The Week

6.4 L
4.0

#48 The Week

Cost & Management Accounting Applications open. Apply Now

2.4 L
2.25 LPA

#196 India Today

Cost & Management Accounting Applications open. Apply Now

Popular Private Cost & Management Accounting Colleges in India

6.4 L
4.0

#48 The Week

Cost & Management Accounting Applications open. Apply Now

1 Course
6 L

Cost & Management Accounting Applications open. Apply Now

1 Course
5.31 L
4.0

Cost & Management Accounting Applications open. Apply Now

1 Course
6 L
3.0

Cost & Management Accounting Applications open. Apply Now

2.4 L
2.25 LPA

#196 India Today

Cost & Management Accounting Applications open. Apply Now

1 Course
1.09 L
3.4

Most Popular Courses

Following are the most popular Cost & Management Accounting courses, based on alumni reviews. Explore these reviews to choose the best course in Cost & Management Accounting.

Popular Cost & Management Accounting UG Courses

Following are the most popular Cost & Management Accounting UG Courses . You can explore the top Colleges offering these UG Courses by clicking the links below.

UG Courses

Popular Cost & Management Accounting PG Courses

Following are the most popular Cost & Management Accounting PG Courses . You can explore the top Colleges offering these PG Courses by clicking the links below.

PG Courses

Popular Exams

Following are the top exams for Cost & Management Accounting. Students interested in pursuing a career on Cost & Management Accounting, generally take these important exams.You can also download the exam guide to get more insights.

1 Mar ' 25 - 14 Mar ' 25

CA Inter May 2025 registration

15 Mar ' 25 - 17 Mar ' 25

CA Inter May 2025 registration with late fee

1 Mar ' 25 - 14 Mar ' 25

CA Foundation May 2025 registration

15 Mar ' 25 - 17 Mar ' 25

CA Foundation May 2025 registration with late fee

1 Mar ' 25 - 14 Mar ' 25

CA Final May 2025 registration

15 Mar ' 25 - 17 Mar ' 25

CA Final May 2025 registration with late fee

Jun '24

CT SET 2024 Counselling Start

TENTATIVE

Jun '24

CT SET 2024 Result

TENTATIVE
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