CMA Exam Fees Unveiled: Are You Paying More Than You Should?

The CMA (Certified Management Accountant) course is recognised worldwide. It is meant for aspirants who wish to apply their technical knowledge in commerce and finance for business-related activities or high-stake decision-making ventures. The candidate receives the final certification after appearing for and passing the three stages of certification, namely, the foundation exam, the intermediate exam and the final exam. 

The eligibility or qualification to appear for the different stages of CMA exams are different and inter-connected.

This course is designed to enhance an aspirant's critical accounting and finance-oriented skills and management accounting capabilities. CMA exam fees have been standardised by reputed institutions conducting these examinations. A prospective candidate must be mindful of the CMA exam fees being charged by the institution. 

CMA Course Syllabus 

The syllabus for all three mentioned exams is formulated in India by the Institute of Cost and Management Accountants (ICMAI). The course consists of 20 papers in total. The foundation course consists of 4 papers, while both the intermediate CMA and the final CMA consist of 4 papers each in 2 groups. The course material ranges from fundamental to advanced-level studies in accounting, cost, management, law etc.

The list of subjects in the CMA Foundation course is as follows –

• Fundamentals of Business Mathematics and Statistics
• Fundamentals of Accounting
• Fundamentals of Law and Ethics
• Fundamentals of Economics and Management

The list of subjects in the CMA Intermediate course is as follows –

Group - I

• Financial Accounting
• Law and Ethics
• Direct Taxation
• Cost Accounting

Group – II

• Operations Management and Strategic Management
• Cost & Management Accounting and Financial Management
• Indirect Taxation
• Company Accounts and Audit

The list of subjects in the CMA Final course is as follows -

Group – I

• Direct Tax Laws and International Taxation
• Strategic Financial Management
• Strategic Cost Management – Decision-Making
• Corporate Laws and International Taxation

Group – II

• Strategic Performance Management and Business Valuation
• Corporate Financial Reporting
• Indirect Tax Laws and Practice
• Cost and Management Audit 

CMA Exam Fees, Procedures and Eligibility 

It may be noted that CMA examinations are conducted two times each year, once in June and once in December. However, CMA exam registration in these cases must be done by 31st January and 31st July of the same year. CMA registration for all three exam stages should be applied for as per the mentioned timings.

The registration process is a simple, online method through the ICMAI portal. The eligibility criteria for the different stages of the examination are well-defined. A candidate with a minimum qualification of 10+2 from any recognised board can appear for the CMA foundation course exam. 

Any honours graduate except those in fine arts is entitled to appear for the intermediate exams directly and need not take the foundation course exams. Eligibility for the CMA final examination is guaranteed only after passing the intermediate exams and completing 15 months of practical training.

Next, we will discuss the most important aspect of the CMA exam fees, both for application and course. The purpose of this blog is to inform prospective students regarding the standard CMA exam fees so that they can have a clear idea and are not misguided.  

In India, the application fee for CMA registration for the foundation course is Rs. 1200/-. CMA intermediate registration fees stand at Rs. 1200 for each group, and the CMA registration fee for the final exam is Rs. 1400 for each group. So, Rs. 6,400 is the total amount of money required for CMA exam registration.  

The CMA course fees are Rs. 6000 for the foundation course, Rs. 22,000 for the intermediate course and Rs. 25,000 for the final course. So, a maximum of Rs. 55,000 will be charged to the prospective student for pursuing CMA courses at different stages.

Students should explore the institute’s website for elaborate details on CMA exam fees and CMA exam registration procedures so that they can avoid paying more.

CMA Study Material, Duration and Classes

Generally, the study materials provided by the institute will suffice. However, for students who wish to excel, it is always advisable to study previous years’ question papers and refer to the institute’s website from time to time.

The duration of the CMA foundation course is 8 months, while that of the intermediate course is 10 months. The duration of the CMA final course is 18 months, which includes 10 months of practical training or internship before the final exam. However, to earn the certification as CMA, a candidate must accomplish 3 years of on-the-job training or articleship.  

Candidates should join physical or online classes besides self-study. Reference books should complement study materials.  

CMA Career Prospects

CMA opens a barrage of opportunities to a focused aspirant. The course provides practical knowledge in business, finance, and accounting, improving the candidate’s reasoning abilities and empowering their decision-making skills. Not only the private sector and NBFCs but the top public sectors, banks, and finance companies are also engaging CMAs to boost their business.

Thus, pursuing a Certified Management Accountant Course can propel young professionals to the organisation’s top management level faster. Jobs offered at different career levels after being CMA are as follows -  

• Accountant
• Cost Accountant
• Cost Controller
• Financial Controller
• Corporate Controller
• Business Auditor
• Finance Manager
• Financial Analyst
• Financial Consultant
• Chief Investment Officer
• Chief Internal Auditor
• Chief Financial Officer
• Finance Director
• Managing Director

The profile of a successful CMA would interest not only the blue-chip organisations of India but also the global ones. 

Advantages of Pursuing CMA­

There are quite a few significant advantages the students gain after pursuing the CMA course. These are as follows-

• High and fast-paced career growth  

Being a management-level certification, the CMA course lands a fresher candidate directly into a middle-management job. Thus, scaling up the corporate ladder to reach the top management becomes just a matter of time.

• Handsome packages 

CMA candidates are generally placed in management roles empowered with decision-making. They are hired with high compensation packages. Their pay packages increase significantly upon switching jobs.

• Global opportunities 

CMA accreditation claims both recognition and respect in the global market. So, Indian students may even apply for job roles in foreign markets.

• Demand for CMA professionals 

CMA course-trained candidates are technically sound on one hand and business-oriented on the other. So, they are in huge demand from MNCs all over the world.   

Conclusion

The CMA course is primarily meant for those students who hail from a commerce background with a flair for business. An ideal candidate must have a master's degree in cost accountancy and management, audit, or economics and should also possess sound knowledge of budgeting, risk management, ethics, corporate law, and taxation.

Nowadays, this course is gaining immense mileage even amongst graduates from other disciplines, who have an affinity towards both finance and business. The facility of multiple re-attempts by just paying the requisite CMA exam fees also adds to the popularity of the course.  

There are reputed institutions that coach students and charge them standard course fees and CMA exam fees. Students must enrol with any of these institutions to kick start their careers and achieve a superior professional experience. Students prefer the CMA course because of its global outreach and the handsome compensation it begets after successful completion.     

The CMA Certified Management Accountant course  by Imarticus is 6 to 8 months long and will give prospective candidates a perfect start in their careers. 

Visit the official website of Imarticus for more details.

FAQs

• Which is better - CA or CMA? 

Both the courses have their own merits and claim global recognition. While the role of CA is more technical, the CMA role offers a business-oriented approach and has become popular nowadays.

• Are any honours graduates eligible for the CMA course? 

All honours graduates except those pursuing a fine arts degree are eligible to apply for the CMA course. 

• How many papers are there in the CMA course?

There are 20 papers in total in the course.

• How many papers are there in the CMA Foundation course?

There are 4 papers in the CMA foundation course.