Is ICMAI the right place for you?
You’re about to find out.
A Brief History of ICMAI
ICMAI, full-form – Institute of Cost Accountants of India, was previously known as The Institute of Cost and Works Accountants of India (ICWAI). ICMAI was first established in 1944. Yes, it goes back to that long ago! However, 1945 brought with it the end of the Second World War, and to resurrect everything that had been destroyed, the world saw the start of a new Industrial Revolution. Colonisation was on its way out and new governments were being formed. Naturally, the need for cost accounting was growing.
And so, in 1959, the Institute was established under the Cost and Works Accountants Act. The act declared the institute as a statutory professional body (the only licensing body in India operating exclusively in this field) for the regulation of the profession of cost and management accountancy. Since then, ICMAI has been responsible greatly for the changing and improving industrial and economic condition of India. The ICMAI logo has remained the same since, with some modifications here and there, over the years.
So, what is Cost Accounting?
In simple words, Cost Accounting is the allocation, management and regulation of funds in a business. A Cost Accountant is someone who performs these duties. A job as a CMA is a rewarding and a highly paid one. While the road may not be as easy, it is certainly worth taking.
Now, let’s explore, in detail, a career as a Cost Accountant, and taking the ICMAI exam for admission into the prestigious institution.
ICMAI is headquartered in Kolkata and has 3 other regional councils located in Chennai, Delhi and Mumbai. It also has several chapters spread out across the rest of country, as well as abroad.
What does ICMAI wish to accomplish?
ICMAI is constantly looking to grow. Some of its objectives include:
- Making Cost and Management Accountancy a helpful tool in all economic activities
- Implementing scientific methods in Cost and Management Accountancy
- Staying up-to-date with all the changing trends in the field, and Economics as a whole
- Operating ethically and condemning unethical practices in the profession
- To hold conferences on new and interesting professional subjects that might add value to the existing Cost and Accounting subjects
What is ICMAI’s admission criterion and procedure?
You can apply for initial CMA Foundation course if you:
- Have passed your 10th standard exam (or its equivalent recognized by the Board of Education).
- Have cleared your 10+2 exam (or its equivalent from a recognized Board of Education by the Central Government).
You can apply for the course exam in two ways:
- By filling up the CMA Foundation Registration form offline and sending it across along with the mandatory documents to your respective Regional Councils/Chapters
- Register online on the ICMAI website by uploading soft copies of your documents. After the completion the entire registration process, you will receive your Admit Card. Be sure to carry it with you to the examination hall.
Here are more details of the ICMAI CA Foundation registration process.
Also, here is an in-depth look on how to become a CMA.
What are the subjects for all CMA courses?
You can find the following subjects in CMA courses as you progress and graduate:
CMA Foundation Course Papers –
- Paper 1: Fundamentals of Economics and Management
- Paper 2: Fundamentals of Accounting
- Paper 3: Fundamentals of Laws and Ethics
- Paper 4: Fundamentals of Business Mathematics & Statistics
CMA Intermediate Course Papers –
- Paper 5: Financial Accounting
- Paper 6: Laws, Ethics and Governance
- Paper 7: Direct Taxation
- Paper 8: Cost Accounting and Financial Management
- Paper 9: Operation Management Information System
- Paper 10: Cost and Management Accounting
- Paper 11: Indirect Taxation
- Paper 12: Company Accounts & Audit
CMA Final Course Papers –
- Paper 13: Corporate Laws and Compliance
- Paper 14: Advanced Financial Management
- Paper 15: Business Strategy & Strategic Cost Management
- Paper 16: Tax Management and Practice
- Paper 17: Strategic Performance Management
- Paper 18: Corporate Financial Reporting
- Paper 19: Cost and Management Audit
- Paper 20: Financial Analysis & Business Valuation
What areas can you specialize in as a CMA?
As a CMA professional, you can choose from a number of career options. Cost Accountants are always in high demand in the Public and Private sectors, Banking and Finance, Developmental Agencies, Education and Research, you name it! Some common job titles for CMA professionals include:
- Finance Manager
- Financial Analyst
- Financial Controller
- Chief Financial Officer (CFO)
- Certified Management Accountant
- Finance Director
- Senior Financial Analyst
What does ICMAI provide its students?
If you finish all the registration steps, attempt your exam and get admitted into ICMAI, there are many things to engage you as a student. ICMAI has a great online portal where students have access to everything they need during their academic journey. Let’s look all the website tabs that can help you gather information as well as help you study:
- Admission: The ‘Admission’ tab gives you step-by-step instructions on not only how to appear for future CMA exams, but also gives you the syllabus for all the papers. On a different note, ICMAI has an MoU with IGNOU which offers specialised B.Com and M.Com programmes for the students of ICMAI. This section also gives you a detailed fee-structure for the courses if you wish to join.
- Knowledge Resources: This tab on the website is a student’s best friend. It provides all the study material that you could possibly need during your course-work. Apart from that, it also has exhaustive knowledge on CMA in the form of presentations, test papers, MCQs, archives, and ICMAI journal (‘The Management Accountant’ Journal), etc.
- Training: During your CMA Intermediate and Final courses, you will also be required to take different mandatory training sessions online in Computers, Soft Skills, and Practical Training among other things. For those looking for exemption, you can click on the ‘Exemption’ tab on the website under the ‘Students’ section, to see if you qualify.
- Examination: To stay in the loop and up-to-date on news, you can keep an eye on the ‘Examination’ tab on the website. Here you can find all things exam-related. From dates to notifications to previous question papers to suggested answers to results. The list goes on.
- Placements: Another piece of good news for students who wish to get into ICMAI is that the institute also provides campus placements in some of the most reputed companies across the country such as Tech Mahindra, Schneider Electric, VIP, Reliance, Deloitte and such.
ICMAI has a number of online services for its students. As is the trend nowadays, everyone is going digital and on that front too, it has made learning accessible locally and globally. You can attend Webinars, Conferences; take online Mock Tests, all on the ICMAI website. There is also a virtual library accessible to all students. You can use your ICMAI Login ID to gain access and unlock a new world of learning.
Are you now motivated enough to pursue a career in CMA from ICMAI? We sure hope so.
If you need our assistance in getting through the exam, learn more about the goings-on in ICMAI or about any other academic challenge, be sure to comment down below or write to us at email@example.com
There’s no such thing as ‘too much knowledge’, so, why not try out our HD quality video lectures by qualified professionals who know the in-and-out of Cost and Management Accountancy? You can also test yourself at the end of each topic by taking an interactive quiz and checking your progress. If you feel stuck at any point, speak to our Student Mentors, ready to help you at any time.