CMA in India

Yes, as a mechanical engineering graduate, you can apply for the CMA (Certified Management Accountant) programme offered by the Institute of Management Accountants (IMA), USA. The CMA programme is an internationally recognised professional certification in management accounting and is designed to enhance the skills and knowledge of professionals in finance and accounting. Completing the CMA programme can provide you with various career opportunities in the areas of management accounting, financial planning and analysis, budgeting, and strategic management. In addition to technical accounting knowledge, the CMA programme also focuses on developing skills such as decision-making, communication, leadership, and teamwork, which are highly valued in the business world. Having a background in mechanical engineering can also be an advantage in certain industries, such as manufacturing or energy, where knowledge of engineering concepts can be useful in decision-making and analysis. Therefore, pursuing the CMA programme after completing your B.Tech in mechanical engineering can help you broaden your career prospects and enhance your professional skills.

The Certified Management Accountant (CMA) course itself is a well-recognized course, irrespective of where you pursue it. Which option is better depends on your requirements. For example, completing a CMA course in India will take approximately three years. However, you can complete this course in nine months from the United States.
1. Affordability: In India, the CMA course is more affordable and costs around Rs. 50,000 rather than in the US, which costs up to one lakh rupees.
2. Recognition: The CMA Certificate issued by the Institute of Cost Accountants of India (ICAI) is recognized only in India. But the CMA Certificate, issued in the US by the Institute of Management Accountants (IMA), has global recognition. So, US CMA will be better if you want to do a job abroad, but CMA India will be better if you are looking to start a career as a cost advisor or auditor in India.
3. Salary: The average salary of both is around 7 LPA; however, you may get up to a 28% hike for jobs like chief financial officer abroad with CMA US.
4. Eligibility: For CMA US, you need to have two years of experience in the financial domain in addition to a 12th grade certificate. For CMA India, you just need a 6-month articleship with a 12-pass certificate.
5. Course structure: CMA US is divided into two parts: first, financial planning, performance, and analytics. Second, it includes topics on strategic financial management.
CMA India is comparatively tougher and includes 20 papers in total at three levels: foundational level with four papers, intermediate level, and final level with eight papers each.

CMA USA is globally recognised whereas CMA India is an Indian Certification. CMA USA focuses on Cost Management, I. e. Cost Reduction, auditing, whereas CMA India lays more focus on Cost Management, I. e. Cost Controlling. Article ship is not applicable in CMA USA, whereas it is applicable for six months in CMA India. Certified Management Accountant (CMA) certification has been the global benchmark for management accountants and financial professionals. IMA (Institute of Management Accountants) is the worldwide association of accountants and financial professionals in business that offers the CMA. CMAs are considered highly desirable for FP&A job roles (financial reporting, financial planning, financial analysis and financial decision making). The CMA curriculum also focuses on developing and testing skills required to perform the aforementioned jobs. Many American CFOs choose to be CMAs themselves and prefer to hire CMAs in their teams. CMAs expertise in USGAAP and understand its distinctions from IFRS. In most cases, multinational companies registered with the SEC in USA have to provide audited annual financial statements per USGAAP. These financial statements are prepared by the internal finance team of the company. Since CMAs are well qualified in USGAAP and understand the SEC reporting requirements well, companies preparing their financial statements using USGAAP prefer to hire US CMAs for the job. The average salary package for a fresher CMA with no experience ranges from INR 4.5-6 Lacs p. a. Of course, with experience the salary increases and depending upon the role, compensations will vary.

The advantages of doing the CFA course for any graduate starts from gaining analytical skills in quantitative methods, financial reporting, portfolio management, investment analytics and many more. CFAs can work in a plethora of fields ranging from Investment Banking, Finance, Corporate Sectors, Leasing Openings, Insurance, Banking, Railways, RBI and other financial institutions like IDBI and ICICI, in India. On the other hand, the benefits of getting trained as a CMA professional in the industry and commerce helps one to deliver audit, business and tax services to prospective clients. CMAs in India can work in the domain of International Business, Banking, Education, Teaching, Finance and Accounting, etc.

If you are currently pursuing CMA (India) course, then I would advise you to complete it to avail following perks. The Institute of Cost Accountants of India (ICAI) has signed MoU with The Association of Chartered Certified Accountants (ACCA) of the UK. According to this MoU, If you are a CMA Graduate (Final passed) then you are -
Exempted from 7 Papers of Fundamental Level ( Papers F1, F2, F3, F4, F6, F7, F9)
Appear and Qualify in 2 papers at the Fundamental Level ( F5 & F8)
After completion of Fundamental Level, appear and Qualify in 5 (five) papers at the Professional Level (P1 to P3 - Essential/ Compulsory P4 to P7 - any two papers - which are Optional). If you are a ACMA (Associate member)/FCMA (Fellow member) then you are -
Exempted from All 9 Papers of Fundamental Level ( F1 to F9)
Appear and Qualify in 5 (five) Papers at the Professional Level (P1 to P3 - Essential/ Compulsory P4 to P7 - any two papers - which are Optional).