CMA Courses To Choose in 2024
CMA courses are meant for those students who aspire to build a career as Certified Management Accountant (CMA). Through these courses, one can learn about the different concepts that are taught to CMAs.
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What is CMA course?
CMA full form is Certified Management Accountant (CMA). This certification is a global benchmark for commerce students, management accounting, and financial professionals. Those who want to learn about cost accounting and management accounting can also enroll in CMA courses.
To complete this CMA certification, the duration is 6 months in the US. In India, the duration is 3 years from the date of registration. There are three level CMA exams with 20 papers. These three levels include foundation, intermediate and final. Candidates have the option to appear in January/February, May/June, and September/October. Let us discuss the CMA USA course details including the eligibility criteria, syllabus, course fees, exam, etc.
Eligibility Criteria for US CMA Courses
- You must pass class 10th if you want admission to the foundation course. If you plan to sit for the foundation course exam, then you must have passed 10+2 or equivalent from a recognized board.
- In the intermediate course, you can have two methods. If you have passed class 12th and qualified for the foundation course, then you can register for the intermediate course. In case you plan to register for the intermediate course directly after graduation (except fine arts), then you need to qualify for CAT Level 1 or ICAI intermediate.
- For the final level, you must have completed the intermediate course and 15 months of practical training. The training consists of technical skills which include SAP Finance Power User, Microsoft Office, and e-Filing. They also teach soft skills. At the final level, students are provided with a 7-day industry-oriented training program.
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CMA Exam Pattern
| Level | Paper | Marks |
| Foundation | 1. Fundamentals of Business Laws and Business Communication 2. Fundamentals of Financial and Cost Accounting 3. Fundamentals of Business Mathematics and Statistics 4. Fundamentals of Business Economics and Management |
400 |
| Intermediate | Group – I 1. Business Laws and Ethics 2. Financial Accounting 3. Direct and Indirect Taxation 4. Cost Accounting Group – II 1. Operations Management and Strategic Management 2. Corporate Accounting and Auditing 3. Financial Management and Business Data Analytics 4. Management Accounting |
800 |
| Final | Group – III 1. Corporate and Economic Laws 2. Strategic Financial Management 3. Direct Tax Laws and International Taxation 4. Strategic Cost Management Group – IV 1. Cost and Management Audit 2. Corporate Financial Reporting 3. Indirect Tax Laws and Practice Electives (choose 1 out of 3 during enrolment in the final course) 1. Strategic Performance Management and Business Valuation 2. Risk Management In Banking and Insurance 3. Entrepreneurship and Startup |
800 |
CMA Course Paper Wise Syllabus
Each of these papers carries 100 marks.
| Paper No. | Paper Name | Section | Weight |
|---|---|---|---|
| 1 | Fundamentals of Business Laws and Business Communication | Section A: Fundamentals of Business Laws | 80% |
| Section B: Business Communication | 20% | ||
| 2 | Fundamentals of Financial and Cost Accounting | Section A: Fundamentals of Financial Accounting | 70% |
| Section B: Fundamentals of Cost Accounting | 30% | ||
| 3 | Fundamentals of Business Mathematics and Statistics | Section A: Fundamentals of Business Mathematics | 40% |
| Section B: Fundamentals of Business Statistics | 60% | ||
| 4 | Fundamentals of Business Economics and Management | Section A: Fundamentals of Business Economics | 70% |
| Section B: Fundamentals of Management | 30% | ||
| 5 | Business Laws and Ethics | Section A: Business Laws | 30% |
| Section B: Industrial Laws | 15% | ||
| Section C: Corporate Laws | 40% | ||
| Section D: Business Ethics | 15% | ||
| 6 | Financial Accounting | Section A: Accounting Fundamentals | 15% |
| Section B: Accounting for Special Transactions | 10% | ||
| Section C: Preparation of Financial Statements | 20% | ||
| Section D: Partnership Accounts | 20% | ||
| Section E: Lease, Branch and Departmental Accounts etc. | 15% | ||
| Section F: Accounting Standards | 20% | ||
| 7 | Direct and Indirect Taxation | Section A: Direct Taxation | 50% |
| Section B: Indirect Taxation | 50% | ||
| 8 | Cost Accounting | Section A: Introduction to Cost Accounting | 40% |
| Section B: Methods of Costing | 30% | ||
| Section C: Cost Accounting Techniques | 30% | ||
| 9 | Operations Management and Strategic Management | Section A: Operations Management | 60% |
| Section B: Strategic Management | 40% | ||
| 10 | Corporate Accounting and Auditing | Section A: Corporate Accounting | 50% |
| Section B: Auditing | 50% | ||
| 11 | Financial Management and Business Data Analytics | Section A: Financial Management | 80% |
| Section B: Business Data Analytics | 20% | ||
| 12 | Management Accounting | Section A: Introduction to Management Accounting | 5% |
| Section B: Activity Based Costing | 10% | ||
| Section C: Decision Making Tools | 30% | ||
| Section D: Standard Costing and Variance Analysis | 15% | ||
| Section E: Forecasting, Budgeting and Budgetary Control | 15% | ||
| Section F: Divisional Performance Measurement | 10% | ||
| Section G: Responsibility Accounting | 5% | ||
| Section H: Decision Theory | 10% | ||
| 13 | Corporate and Economic Laws | Section A: Corporate Laws | 60% |
| Section B: Economic Laws and Regulations | 40% | ||
| 14 | Strategic Financial Management | Section A: Investment Decisions | 25% |
| Section B: Security Analysis and Portfolio Management | 35% | ||
| Section C: Financial Risk Management | 20% | ||
| Section D: International Financial Management | 15% | ||
| Section E: Digital Finance | 5% | ||
| 15 | Direct Tax Laws and International Taxation | Section A: Direct Tax Laws | 60% |
| Section B: International Taxation | 40% | ||
| 16 | Strategic Cost Management | Section A: Strategic Cost Management for Decision Making | 60% |
| Section B: Quantitative Techniques in Decision Making | 40% | ||
| 17 | Cost and Management Audit | Section A: Cost Audit | 50% |
| Section B: Management Audit | 25% | ||
| Section C: Internal Control, Internal Audit, Operational Audit and Other Related Issues | 15% | ||
| Section D: Forensic Audit and Anti-Money Laundering | 10% | ||
| 18 | Corporate Financial Reporting | Section A: Indian Accounting Standards | 25% |
| Section B: Valuation of Shares, Accounting and Reporting of Financial Institutions and NBFCs | 15% | ||
| Section C: Accounting for Business Combinations and Restructuring (in Compliance with Ind ASs) | 20% | ||
| Section D: Consolidated Financial Statements and Separate Financial Statements (in Compliance with Ind ASs) | 20% | ||
| Section E: Recent Developments in Financial Reporting | 10% | ||
| Section F: Government Accounting in India | 10% | ||
| 19 | Indirect Tax Laws and Practice | Section A: Goods and Services Tax Act and Rules | 70% |
| Section B: Customs Act and Rules | 30% | ||
| 20A | Elective Papers: Strategic Performance Management and Business Valuation | Section A: Strategic Performance Management | 50% |
| Section B: Business Valuation | 50% | ||
| 20B | Elective Papers: Risk Management in Banking and Insurance | Section A: Risk Management in Banking | 60% |
| Section B: Risk Management in Insurance | 40% | ||
| 20C | Elective Papers: Entrepreneurship and Startup | Section A: Entrepreneurial Skill Sets | 15% |
| Section B: The Entrepreneurial Eco-system | 15% | ||
| Section C: Idea to Action | 15% | ||
| Section D: Value Addition | 15% | ||
| Section E: Scale up | 10% | ||
| Section F: Risk Management Strategies | 10% | ||
| Section G: Leadership | 10% | ||
| Section H: Types of New Age Business | 10% |
Online CMA Courses
1. Cost Accounting – A Comprehensive Study for CA/CMA/CS /ACCA/
This is an online self-study course that helps learners with learning advanced concepts in cost accounting. Through this course, you will gain an understanding of the basics of cost accounting, labor costing, overhead costing, standard costing techniques, marginal costing, etc.
- Suitable for: Those who have basic knowledge of accounting
- Course provider: Udemy
- CMA course fees: ₹ 490
- Duration: 38 hours
2. Cost Accounting and Financial Management – A Complete Study
This online self-study course will help you in learning the practical concepts related to financial management and cost accounting. The course takes you through the theories, definitions, practical problems, and examples. As you progress through the course, you will learn the time value of money, financial ratio analysis, and cash flow analysis.
- Suitable for: Those who have basic knowledge of accounting
- Course provider: Udemy
- CMA course fees: ₹ 490
- Duration: 45 hours
3. Learn Cost Accounting
This is a short online self-study course that will build your complete knowledge of costing. During this course, you will learn about tools and techniques used in management accounting. You will also understand the standard costing system and the difference between types of costings.
- Suitable for: those who have financial accounting as a subject
- Course provider: Udemy
- CMA course fees: ₹ 1280
- Duration: 2 hours
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CMA Courses After 12th
1. Certified Management Accountant (CMA USA)
Through this course, you will learn about financial controllership and management accounting functions and ways to take strategic decisions. The course comes with built-in-class study material and continuous assistance for the CMA exam. This course intends to prepare you for job opportunities after the CMA exam.
- Suitable for: 12th class in India to write for US CMA exam and graduation to get CMA credential
- Course provider: Hi Educare
- CMA course fees: to be enquired
- Duration: 10 months
2. CMA Certification
This is an online self-study course that will help you learn financial planning, strategic financial management, external financial reporting decisions, etc. After this course, you will have knowledge of risk management, cost management, decision analysis, etc.
- Suitable For: Those who have a bachelor’s degree or certification in professional accounting
- Course provider: Institute Of Management Accountants
- CMA course fees: ₹ 1,29,713
- Duration: 12 months
3. Cost and Managerial Accounting – Part 1
This online self-study course explains the costs for the successful management of companies. It explains various classifications of costs, the difference between costs and expenses, and differential cost analysis. The course is taught by experienced instructors with face-to-face instructions. Students are provided corporate training to enhance their business careers.
- Suitable for: Anyone who wants to learn the basics concepts of accounting
- Course provider: Udemy
- CMA course fees: ₹ 1280
- Duration: 5 hours
4. Strategic Cost & Performance Management
This is an intermediate course that teaches learners ways to manage costs strategically. It also helps in monitoring and controlling performance with respect to managerial decisions. Through this course, you will learn about standard costing, budgeting and variance analysis, and customer profitability analysis. People from different domains can enroll in this course without any prior knowledge of cost management.
- Suitable for: anyone who wants to learn cost management
- Course provider: IIM Calcutta
- CMA course fees: ₹ 82,600
- Duration: 9 days
Free CMA Courses
1. Cost Accounting Specialization
This is a free online self-study course that will teach you the fundamentals of cost accounting. Through this course, you will learn ways to determine the cost of individual products. You will also be able to connect cost information with revenue information for calculating profitability.
- Suitable for: Beginners
- Course provider: Coursera
- CMA course fees: free
- Duration: 3 months
2. Cost Accounting: Profit and Loss Calculation
This free course teaches you ways to understand whether the company has made profit or loss. Through this course, you will learn to use cost information for calculating profit and thus, assess profitability. You will also learn about variable costing and absorption costing. The benefits and disadvantages of these methods are also discussed in this course.
- Suitable for: intermediate
- Course provider: Coursera
- CMA course fees: free
- Duration: 4 hours
3. Cost Accounting: Decision Making
Through this free course, you will learn ways to use cost accounting information for improving managerial decision-making. The course will also suggest ways in which cost accounting information can positively support business decisions. Here, you will also learn how costs behave and what their functions are.
- Suitable for: Intermediate
- Course provider: Coursera
- CMA course fees: free
- Duration: 8 hours
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Career Opportunities After CMA Courses
1. Financial Controller
These are senior-level managers who are responsible for the day-to-day financial operations of the business. They are responsible for the company’s books and records. In small-scale companies, they take care of detailed accounting tasks. For midsize companies, they are involved in insurance, compliance functions, and project management. In large-scale organizations, these professionals work with CFOs, CAOs, and finance managers to manage the finance of the company.
Average Salary in India: ₹ 22.4 Lakhs (As per AmbitionBox)
2. Financial Analyst
These finance professionals study data to evaluate outcomes related to business and investment opportunities. They gather data and perform financial modelling for predicting economic conditions for multiple variables. They research macroeconomic and microeconomic conditions to make predictions. Such professionals also make profit and loss forecasts for the business.
Average Salary in India: ₹ 4.0 Lakhs (As per AmbitionBox)
3. Finance Risk Manager
These are the certified professionals who have the expertise in identifying threats to assets and the earning capacity of the organization. They analyze financial markets to determine risk and to predict the changes in trends. Their role involves planning out strategies to counteract the effects of the potential risks. These professionals are in demand by most industries that need risk management teams.
Average Salary in India: ₹ 9.0 Lakhs (As per AmbitionBox)
4. Cost Accountant
Cost accountants are responsible for analyzing the cost of production to help out companies in planning budgets and increase their profits. They investigate the cost that takes place in manufacturing products or providing the service. Based on their assessment, they help in developing budgets and cost control initiatives to increase the profits of the business.
Average Salary in India: ₹ 5.1 Lakhs (As per AmbitionBox)
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CMA Courses Vendors
Following vendors offer CMA courses for those who want to learn cost accounting in detail:
| Vendors | Description |
| Coursera | It is one of the top international course providers in the world. It offers certifications, online courses, and degree programs in association with universities across the globe. At present, the vendor has more than 90 million active users. |
| Udemy | It is an open online course provider for professional learners. It has more than 190,000 courses that are taught by over 65000 instructors. The vendor offers a variety of skill-based courses in over 75 languages. |
| Hi Educare | It is a training institute for CMA, CFA, CPA, CIMA, EA, and CIA aspirants in their careers. Anyone who wants to learn finance and accounting can enroll in the courses offered by the training institute. The course provider not only provides the learners with theoretical knowledge but also with practical experience. |
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Conclusion
Anyone who has a background in financing and accounting can enrol in CMA courses. The online courses will be an add-on during the CMA course exam preparation. Through these courses, you will be able to learn different concepts of the exam syllabus in detail at your own pace.
FAQs
Can I self study for clearing CMA exam?
Yes, you can but you will require the mentorship of experts. For this, you can take online courses to learn the details of any concept that is important from the CMA exam point of view.
Is there any negative marking in the CMA foundation exam?
No, there is no negative marking in the CMA foundation examination.
What are the technical skills required of a CMA professional?
CMA professionals should have knowledge of financial reporting, cost accounting, planning and budgeting, and performance management.
Can CMA perform audit?
No, they can neither perform audits nor can they sign audit reports.
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