CMA Classes

The Cost and Management Accountant is reputed to be one most commendable a qualification bestowed on any one such as one was considered by CMA as reigning master over the vast field of financial management and management accounting. The Institute of Cost Management Accountants of India, previously known as the Institute of Cost and Works Accountants of India, was primarily established in 1944 under the Companies Act, 1956, with the primary objective of promoting, regulating, and developing the profession of cost accountancy.

The Institute of Cost Management Accountants of India, to give its full name, was, in essence, established on May 28, 1959, as the statutory professional body by virtue of a special act of Parliament- The Cost and Works Accountants Act of 1959-for the regulation of a wide profession of cost and management accountants in India.

This organisation came into being in Kolkata, and it has four regional councils across India-Kolkata, Delhi, Chennai, and Mumbai- as well as several other educational institutions throughout India and other countries. The Institute of Cost Management Accountants of India is, in fact, the single recognised statutory professional organisation and licensing body with a solitary focus of cost and management accountancy in India.

The Institute of Cost Management Accountants of India presides over and holds the examinations of the harsh and terrible yet highly reputable Cost and Management Accountant that is the CMA across India and some parts of the world that impart a professional and meaningful career to an individual who clears the several major stages of CMAs.

A Cost and Management Accountant is or does operate to render his deft services for evaluating the cost or prices of different goods and services. An individual assists his organization in preparing, verifying, or certifying cost accounting and related statements.

Currently, there are about 90,000 high-skilled learned CMA’s in India who have immeasurably contributed to the economic and industrial growth of the country: moreover, there are more than 500,000 students pursuing an ICMAI course.

Also, it is pertinent to mention that a professionally qualified CMA would in fact fast-track his organization on the strength of the value addition by his stakeholders in an interminable metroeconomic environment through their extraordinary competencies, they themselves draw from their superlative mixture of strategy, management and accounting.

A CMA has a wide and multidisciplinary knowledge of Financial Planning and Analysis, Cost Management, Decision Analysis, Risk Management, Financial Management and Internal Controls, etc., basically making him highly beneficial for companies: they are on constant lookout for CMAs. There are innumerable job opportunities for CMAs in MNCs, industries of all types, a manufacturing industry. A CMA can also work for any public or private enterprise, NPObodyas, government bodies, schools, etc. in which they are paid very well.

With the fast-changing, volatile, and globally integrated business world, there is a scope for infinite career opportunities not only in India but also abroad, particularly in the USA. In 2018, The Institute of Cost Management Accountants of India entered into a memorandum of understanding jointly with the Institute of Management Accountants, USA, providing recognition to this professional accounting course on both sides. The ICWAI members can enroll with IMA USA and vice versa quite conveniently, opening a floodgate of opportunities for the CMA, India graduates, who can practice in any corner of the world now. Thus, it may be said that going for the CMA certification is surely a step on the right side and an added feather in the cap, especially for those who would want to excel in management accounting, wherein the scope is sky high and limitless.

However, possessing knowledge, expertise and skill sets required of a CMA is not a picnic, and for students, it is considered herculean, as there are generally three broad levels with various subject papers each of which needs to be cleared for one to attain the title of CMA.