In this guide, we’ll cover the fundamentals, unravel the syllabus, and help you become a CMA-certified Cost and Management Accountant (CMA). Whether you’re a seasoned professional looking for promotion or a fresh enthusiast that wants to learn, let’s start a journey to the depths of financial mastery!
Now, let’s dive into the finer points!
Introduction to ICMAI CMA
The Institute of Cost and Management Accountants of India (ICMAI) provides the Cost and Management Accountant (CMA) qualification. It provides the professionals with the skills in cost accounting, financial management, and strategic decision-making. undefined
CMA Foundation: The bottom of the ladder.
CMA Intermediate: The transitional stage.
CMA Final: The advanced stage.
This blog is going to focus on ICMAI CMA Final Course.
CMA Final Course Overview
ICMAI CMA Final Course Eligibility Criteria:
- Before diving into the details, let’s ensure you meet the eligibility requirements for the CMA Final Course:
- Finishing the CMA Intermediate Course.
- Practical training or internship as specified by ICMAI.
Syllabus:
Let’s explore the subjects covered in the new syllabus:
Group III:
PAPER 13: The field of Corporate and Economic Laws (CEL)
This paper puts an emphasis on legal issues connected with corporate governance, contract law, and economic laws.
The major topics are company law, securities regulations, competition law, and economic legislation.
PAPER 14: Strategic Financial Management (SFM):
SFM is related to the financial decision-making (capital budgeting), risk management, and capital structure.
Topics discussed include cash flow analysis, working capital management, and capital expenditures.
PAPER 15: Direct Tax Laws and International Taxation (DIT):
This component focuses on the direct tax law prevailing in India and the double tax treaties.
Specific topics such as income tax, transfer pricing, and tax planning are covered.
PAPER 16: Strategic Cost Management (SCM):
SCM is based around cost management, budgeting, and performance evaluation.
Topics are going to cover expense control, pricing strategies, and strategic planning.
Group IV:
PAPER 17: Cost and Management Audit:
Cost and Management Audit is based on audit principles, techniques and internal control systems.
In this course, the topics that will be discussed are audit planning, risk assessment, and audit reporting.
PAPER 18: Corporate Financial Reporting (CFR):
CFR is the authority for financial reporting standards, accounting policies and consolidation issues.
The lessons will include financial statement analysis, consolidation accounts, and ethics in accounting.
PAPER 19: Indirect Tax Laws and Practice (ITLP):
The ITLP covers the indirect taxes which include GST, customs, and service tax.
Issues to be addressed are tax compliance, assessments and appeals.
PAPER 20A: Strategic Performance Management and Business Valuation (SPMBV):
In the context of SPMBV, we focus on performance measurement, balanced scorecards, and business valuation.
The areas to be addressed include strategic control, performance assessment, and management by values.
PAPER 20B: Risk Management in Banking and Insurance (RMBI):
RMBI explores the risk management practices that are employed in both banking and insurance sectors.
The examples include credit risk, market risk, and regulatory compliance.
PAPER 20C: Entrepreneurship and Start-Up (ENTS):
ENTS discusses the entrepreneurial ideas such as innovation, startups and new ventures.
Issues of business models, funding sources, and growth strategies are also covered.
Note:
- Each paper is based on the descriptive questions.
- Each paper has a pass mark of 40%.
- Candidates have to get through all the levels to become a CMA.
ICMAI CMA Final Course Duration and Fees
- The average time that the CMA Final Course takes is 6-8 months.
- The examination fee is determined by the number of papers and groups in which the candidate is registered.
Conclusion
The ICMAI CMA Final Course is a difficult but fruitful one for those who are willing to work hard to become cost and management accountants. It gives you the necessary knowledge to be a successful in the business world.
If you are ready to enrol, go to the ICMAI website to get the registration details and study material. However, you should not forget that perseverance and dedication are one of the keys to success in the CMA Final exams.
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