The Cost Accountancy Course is a distance learning professional course offered by The Institute of Cost Accountants of India. It is one of the highly respected professional course available with commerce students. Infact it is equally acceptable and sought after course by students.
Although there are various other options available for commerce students which they can opt for after 10+2 which includes following
- Bachelor of Business Administration
- Bachelor of Business Administration- International Business
- Bachelor of Business Administration- Computer Applications
- Industry Oriented Integrated Courses
- Chartered Accountancy
- Company Secretary
- Cost and Management Accountancy
After passing out 12th standard, every Commerce student wants to pursue his career wherein he would excel like anything and should also have atleast following characteristics
- Learning of concepts with practical implementation in the corporate world
- Linking your books with the actual processes undertaken on the office desks
- Practical work promotes experiential learning.
- Gain Clarity on the path to be taken going forward
Some of the important and prominent options available with the Commerce Students once they clear 12th standard is CMA and MBA apart from others. Taking different subjects and selecting the right course of path is as difficult as selecting the first step towards schooling. Infact it is considered as a decision for lifetime wherein your choice will actually decide the whole career.
Cost and Management Accountancy Course offered by the Institute of Cost Accountants of India
The main purpose of designing of this course is to nurture young minds into business leaders of tomorrow, wherein cost accountants can play a very important role in decision making. Students are more inclined in understanding the concepts of costing and management accounting and applying them in the practical work of field, they usually opt for this course instead of Company Secretary or Chartered Accountancy Course.
The different stages of examination includes the following-
- Foundation Programme
- CMA Intermediate Programme
- CMA Final Programme
| Course | Duration & Eligibility | Subjects |
| Cost and Management Accountant by the Institute of Cost Accountants of India | 3-5 years standard duration for this professional course10+2 with a minimum 60% aggregateCourse if divided into three levels- Foundation, Inter and FinalPractical Internship is also required to be done by the candidates at a requisite interval of time frameMultiple attempts are also required to be taken sometimes by the candidatesMaximum attempts limit should be checked before pursuing the course | Business Mathematics and StatisticsLaws and EthicsAccountingEconomicsManagementCompany Accounts and AuditOperation Management Information SystemBusiness Strategy & Cost Management |
Career after CMA
- Finance Manager
- Financial Analyst
- Chief Financial Officer
- Financial Controller
- Corporate Controller
- Chief Investment Officer
- Cost Accountant
The average salary for a fresher CMA in India is 7 lakh rupees per annum. However, this number can go up to rupees 20lakhs too based on your skills. With experience and developed skillset, there is no bar on earnings for CMAs.
Cost Accountants are well paid professionals
There is no doubt that CMAs gets handsome salary/ income from whatever option they chose. They are considered as highly paid in the companies and when it comes to practice/ own business there is no limit once they decide the type of business they chose to proceed with.
The take home salary once they decide can vary between Rs. 5 lacs to Rs. 10 lacs but with experience the rise and growth can be exponentially high.
Although the salary and remuneration depends upon the skill and experience of the candidate also but at the same time this profession brings atleast minimum security on account of financial front.
Salary Expectations
If we arbitrarily try to bring an estimate on the basis of experience of the candidate, then some picture may come out like below-
| Years of experience | Salary can range upto |
| 0-5 years | Rs. 8-9 lacs |
| 5-10 years | Rs. 12-15lacs |
| 10-15 years | Rs. 20-25 lacs |
| 15-20 years | Rs. 30-45 lacs |
Remuneration on the basis of professional capacity and profile
After qualifying cost accountancy, the candidates have numerous options with themselves like getting into the job or doing their own professional business or practice or on partnership basis-
a. Costing Jobs
b. Taxation Jobs
c. Finance Jobs
They also act as business advisors and they may not always be in forefront but still an intrinsic part of the strategy making and planning. They also occupy various critical positions in business setting.
While acting as business advisors they also help the business owners to reach to a higher level of profits and excellent margins by rationalising the cost.
The demand for CMAs in the foreign market is getting higher and higher day by day and infact at a peak right now. If anyone has anytime dreamt of settling abroad then this is the right choice for him. The demand for CMAs in the foreign market is as much as the demand is in India.
As per the profile offered to them , their salary varies from role to role. For instance-
| Role Profile | Estimated salary per annum |
| Financial officer in the company | Rs. 35 lakh |
| Costing executive | Rs. 5-10 lakh |
| Cost Accountant- in accounts deptt | Rs. 15-25 lakh |
| Finance controller job | Rs. 10-19 lakh |
| Managerial Role- Finance manager | Rs. 10-15 lakhs |
| Financial analyst profile | Rs 6- 8 lakh |
| Assistant Cost accounting manager | Rs. 5-7 lakh |
| Senior cost account executive | Rs. 4-5 lakh |
| Senior Cost Accountant | Rs 3.5- 5 lakh |
| Business analyst role | Rs 4- 5 lakh |
| Account assistant | Rs 2-5 lakh |
Location based salary structure
The remuneration of the CMAs also vary from the location in which the job profile is posted, for example in Gurgaon the salary will be higher as compared to Punjab region. Similarly if we talk about Chennai or Mumbai region it will be even more than Gurgaon and far higher than Punjab region. Normally maximum Cost Accountants opt for working in and around Delhi region. Other regions include Pune, Ahmedabad, Jaipur as top locations among others across India. Also they are prone to opt for Government Jobs/ PSU jobs.
Top Paying industries for Cost Management Accountants
| Oil and Gas | Rs. 19 lacs |
| IT services & Consulting | Rs. 10.1 lacs |
| Engineering / Construction | Rs. 7.8-8.5 lacs |
| Education & Training | Rs. 6.3 lacs |
| Analytics & KPO | Rs. 6.6 lacs |
| FMCG Companies | Rs. 5.7-7.3 lacs |
| Clinical Research | Rs. 3.9 lacs |
| Financial Services | Rs. 3.5 lacs |
Annual Packages of Cost Management Accountants in Government Jobs
| Government Companies | Job profile | CMA Salary |
| NAFED | Manager of Accounts | Rs. 6.5 lacs |
| Regional Centre for Biotech | Senior Accounts Assistant | Rs. 8.5 lacs |
| IWAI | CFO | Rs. 12 lacs |
Comparison between CMA and MBA
| CMA | MBA |
| Pros | Pros |
| Need for Speed | A more diverse education and network |
| More relevant and specific | No post degree maintenance cost |
| Money matters | Status symbol |
1. Cost Accountancy gives avenues for various career options
After qualifying cost accountancy, the candidates have numerous options with themselves like getting into the job or doing their own professional business or practice or on partnership basis-
a. Costing Jobs
b. Taxation Jobs
c. Finance Jobs
2. Cost Accountants are well paid professionals
There is no doubt that Cost Accountants gets handsome salary/ income from whatever option they chose. They are considered as highly paid in the companies and when it comes to practice/ own business there is no limit once they decide the type of business they chose to proceed with.
3. Varied Career Paths
When into job, the Cost Management Accountants can select as many options for them as they think for. These days Cost Accountants play a very major role in helping companies grow and succeed. They also act as business advisors and they may not always be in forefront but still an intrinsic part of the strategy making and planning. They also occupy various critical positions in business setting.
While acting as business advisors they also help the business owners to reach to a higher level of profits and excellent margins. Over the years the experience and skill set acquired by them have actually helped them in establishing their own Cost Accountancy Firm.
4. International Benefits and Operations
The demand for CMAs in the foreign market is taking a lead now a days. If anyone has anytime dreamt of settling abroad then this is the right choice for him. The demand for CMAs in the foreign market is as much as the demand is in India. Pursuing CMA would be a great option for you if you are thinking of starting your international career.
5. Vast Learning and a Secure Profession
Cost Accountancy has evolved like a secure learning platform for all the candidates who aspire to learn something new and exciting every time they start their career. Even there is a big misconception that Cost Accountancy is only about costing, rather it carries vide knowledge and coverage when it comes to different subjects and approaches.
How to choose which is best for you?
- Narrow down the range
- Average earning potential
- Training and ability
- Which option will open more doors for growth
