The Institute of Cost Accountants of India (formerly ICWAI) has a Memorandum of Understanding (MoU) with the IMA. The MoU enables mutual recognition of the professional qualification of the respective Institutes - i.e., a member of ICWAI can get enrolled as a member of IMA and vice versa.
Careers in accounting & finance with the CMA qualification will certainly prove to be extremely rewarding in terms of increased credibility, opportunities and pay. With increasing globalization, FDIs, outsourcing, off-shoring, US financial service MNCs in India and Indian companies listed in the US, CMAs with an international perspective are in very high demand.
Career opportunities for CMAs include but are not limited to:
Financial services or consulting firms
US-based firms & organizations
Opportunities for CMAs are boundless as they often expand their careers beyond the traditional management accounting realm to provide related services for many different types of organizations.
CMAs are required in all areas of the business world:
Management & Cost Accounting
Financial Risk Management
Management Consulting & Performance Management
Corporate Finance (M&A, IPO, Share & Debt Issues)
Information Technology (especially as applied to accounting)
PATHWAY TO CPA OR A GLOBAL MBA
The Certified Management Accountant (CMA) designation is a highly respected credential awarded by the Institute of Management Accountants (IMA) which is a US-based worldwide association for accountants and financial professionals working in business.
The CMA designation provides an objective measure of an individual’s knowledge and competence in the field of management accounting and financial management.
CMA is the US equivalent of the Indian Cost Accountant qualification from The Institute of Cost Accountants of India (formerly ICWAI).
CMAs have knowledge of:
Decide to be a CMA
The CMA exams comprise 2 parts:
(4 hours - 100 multiple choice questions and two 30-minute essay questions)
4 hours - 100 multiple-choice questions and two 30-minute essay questions)
Clear the CMA Exams
The CMA exams can be taken in Prometric centres across major cities in India. The CMA exams may be taken in any of the three testing windows each year -
(i) January & February
(ii) May & June
(iii) September & October
KALYAN will guide and support you through the entire process including exam application and scheduling.
Scores for the exams are released within 6 weeks after the end of the month in which the exams were taken.
What is CMA (US) qualification?
CMA (Certified Management Accountant) qualification is provided by IMA, US (Institute of Management Accountants), one of the professional accounting bodies of US, the other being AICPA (providing CPA qualification).
The CMA (Certified Management Accountant) is an advanced professional management accounting certification specifically designed to measure the accounting and financial management skills that drive business performance. It awards the most coveted and prestigious Qualified Management Accountant designation recognized across the globe. In India, it is officially equivalent to ICWA (now called CMA-India) through a MoU signed between Institute of Management Accountants (US) and Institute of Cost Accountants of India.
What is IMA and what is its role?
IMA or Institute of Management Accountants, US, is the apex management accounting body of United States of America.
What is the eligibility for pursuing CMA (US)?
Bachelor’s degree, in any area, from an accredited college or university is required. Even those pursuing Bachelor’s can do this course; however, they need to provide proof of Bachelor’s degree at the time of certification.
1. Do I need to go for any credential verification before pursuing CMA (US)?
No, you need not go for any prior credential verification. However, degrees not from accredited institutions must be evaluated by an independent agency listed at www.aice-eval.org or http://www.naces.org/members.htm.
You will have to produce your graduation certificate and relevant work experience documents to IMA to get the final certification.
2. What are the requirements to get the final certification?
To be eligible for CMA certification, you must fulfill all of the following requirements:
a. Membership in the Institute of Management Accountants
b. Paying the Entrance Fee
c. Satisfying the Education Qualification
d. Satisfying the Experience Qualification
e. Passing scores for all required examination parts
f. Compliance with the IMA Statement of Ethical Professional Practice
3. How many papers are there in CMA? i> CMA comprises of only two papers (parts).
ii> Part 1: Financial Planning, Performance and Control.
iii> Part 2: Financial Decision Making.
You will have to write two examinations of 4 hours-duration each. Each paper is a 500-mark exam consisting of 100 multiple choice questions (3 hours) and 2 essay type questions (1 hour).
What is the passing score?
The minimum passing score is 360 out of 500 or 72%.
What is the duration of the course?
A serious student can achieve this qualification within 6-9 months. However, IMA will allow you 3 years to complete the 2-part CMA program.
When and how many times can I write CMA exams?
You can write CMA exams three times a year in January/February, May/June and September/October.
How CMA exams are conducted?
CMA exams are conducted ONLINE through Pro metric Examination Centers located across the world, including India.
If I fail, can I repeat the exams?
Yes, you can go for repeated attempts. You will have to pay the examination fee again before taking the exam.
Can I write CMA (US) exams from India?
Yes, you can write CMA exams from India through Prometric Exam centers located in every big city. For details, go to www.prometric.com to locate a test center of your choice.
I am studying in college. Can I do CMA?
Yes, you can pursue CMA (US) and appear for the examinations but will have to produce your graduation certificate while acquiring the final CMA (US) certification. However, you will get pass certificate after passing CMA Part 1 and Part 2 examinations. Additionally, university students (pursuing Bachelors, Masters or Ph.D.) get discount of about $766 in IMA fee.
Is there any student discount offered by IMA?
Yes, IMA offers heavy discount in the Membership Fee, Exam Entrance Fee and Examination Fee for students pursuing graduation/post graduation or research program. University students (pursuing Bachelors, Masters or Ph.D.) get discount of about $766 in IMA fee.
What is the importance of CMA (US) in India?
CMA (US) being an internationally recognized qualification has a special importance in India. It is considered equivalent to ICWA qualification of India (presently known as CMA, India) as per a Mutual Recognition Act (MRA) between IMA, US and ICWA, India.
Can I get the ICWA, India certification if I pass both parts of CMA?
If you pass CMA exams from India, your qualification will be considered equivalent to ICWA, India. If you pass CMA exams from anytwhere outside India, you will get dual certification of CMA (US) +ICWA, India.
Can I go through the details of IMA, US and ICWA, India agreement?
Click the following link to know more about the agreement and MOU with IMA:
Can I get the syllabus for CMA (US)?
For the detail syllabus, please click here