The Cost & Management Accounting (CMA) is a professional accounting program offered by Institute of Cost Accountants of India (ICMAI), formerly known as ICWAI.
The CMA program focuses on recording, analyzing, and controlling costs associated with production, operations, and business activities to help management in decision-making, planning, and performance evaluation.
The core objective of a CMA professional is to help businesses reduce expenses, improve efficiency, and maximize profitability.
CMA Course Levels
The CMA program comprises three progressive levels:
- CMA Foundation
- CMA Intermediate
- CMA Final
| CMA Course | Duration | Exams |
| Foundation | Minimum 8 months | June & December |
| Intermediate | Minimum 10 months | June & December |
| Final | Minimum 18 months | June & December |
It usually takes candidates 3.5 to 4 years to clear all the levels.
In this article, we will explore in detail about CMA course details, eligibility criteria, career prospects and salary.
CMA Course Details
CMA or Cost & Management Accounting is the professional certification program offered by the Institute of Cost Accountants of India (ICWA).
Candidates who want to make their career in the field of business accounting, can pursue CMA after completing class 12th.
The CMA program is conducted at three levels namely foundation, Intermediate and Final. After qualifying all the levels, candidates can use the CMA designation before their name.
Also Check – Top Courses after 12th Commerce
Below are the key highlights of CMA program:
| CMA Program | Details |
| CMA Full Form | Cost & Management Accounting |
| Course Level | Professional Certification |
| Course Duration | 3-4 years |
| Admission Process | Direct Admission with ICMAI |
| Exam Frequency | Twice in a year |
| Course Fee | 1 lakh approx. |
| Career Scope | Banks, Consultancy, Manufacturing, Govt. services |
| Average Salary | INR 6–20 LPA |
| Job Profiles | Cost Accountant, Financial Analyst, Internal Auditor |
| Top Recruiter | Deloitte, PwC, KPMG, EY, L&T, Reliance |
Learn More – Auditing and Taxation
CMA Eligibility Criteria
The CMA eligibility criteria for all the three levels are given below:
CMA Foundation Course
- Must have passed 10+2 (Higher Secondary) or equivalent from a recognized board.
- The minimum age is 17 years. No upper age limit.
CMA Intermediate Course
- Passed CMA Foundation examination. OR
- Graduated in any discipline (other than Fine Arts).
- Minimum 18 years at the time of registration.
CMA Final Course
- Must have cleared CMA Intermediate examination (both groups).
CMA Registration Process and Dates
The registration process begins in January and June, and the examinations are conducted in July and December. Candidates can register online from the ICMAI official website at www.icmai.in
The online registration includes selecting the course (Foundation / Intermediate / Final). Filling the application form with personal, academic & contact details.
In the last step, candidates need to upload the scanned documents and pay the registration fees.
The last date of registration:
31st January – For June Attempt.
31st July – For December Attempt.
CMA Syllabus
The CMA syllabus for all three levels is mentioned below:
Foundation Syllabus
- Fundamentals of Business Laws & Business Communication (FBLC)
- Fundamentals of Financial & Cost Accounting (FFCA)
- Fundamentals of Business Mathematics & Statistics (FBMS)
- Fundamentals of Business Economics & Management (FBEM)
CMA Intermediate Syllabus
The intermediate level is divided into 2 groups having 8 papers:
| Group 1 | Group 2 |
| Financial Accounting | Operations Management & Strategic Management |
| Laws & Ethics | Cost & Management Accounting and Financial Management |
| Direct Taxation | Indirect Taxation |
| Cost Accounting | Company Accounts & Audit |
CMA Final Syllabus
The final syllabus, is divided into 2 groups having 8 papers:
| Group 3 | Group 4 |
| Corporate Laws & Compliance | Corporate Financial Reporting |
| Strategic Financial Management | Indirect Tax Laws & Practice |
| Strategic Cost Management – Decision Making | Cost & Management Audit |
| Direct Tax Laws and International Taxation | Strategic Performance Management & Business Valuation |
Top Universities & Colleges
In India, the CMA certification is awarded by ICMAI (Institute of Cost Accountants of India) itself, not by a university. But many universities/colleges offer degree programs that integrate CMA preparation, so you can pursue both a degree + professional certification together.
Career Opportunities
There are plenty of employment opportunities available for CMA qualified professionals. Once you complete the CMA course, you can begin your career as a Cost Accountant.
CMA degree holders are in high demand across the government sector, private enterprises, corporate sector, banking and finance, education, and training institutions.
With the continuous growth of the economy, the demand for cost and management professionals is rising rapidly.
The course is ideal for students who aspire to become Cost and Management Accountants. The Institute provides professional education, training, and skill development to help candidates excel as globally recognized cost and management accounting professionals.
The cost accountants can also go for independent practice, for which candidates have to obtain a practice certificate from the institute.
Candidates starting their practice can work for public or private companies, large, medium and small scale undertakings, partnership and proprietary firms.
Top Job Profile
- Cost Accountant
- Management Accountant
- Financial Analyst
- Internal Auditor
- Finance Manager
- Corporate Planner
- Chief Financial Officer (CFO)
- Financial Controller
- Budget Analyst
- Cost Auditor
Top Recruiters
- Deloitte
- PwC (PricewaterhouseCoopers)
- EY (Ernst & Young)
- KPMG
- Grant Thornton
- Tata Consultancy Services (TCS)
- Infosys
- Wipro
- Larsen & Toubro (L&T)
- ITC Limited
- Reliance Industries Limited
- Hindustan Unilever Limited (HUL)
- Bharat Petroleum Corporation Limited (BPCL)
- Oil and Natural Gas Corporation (ONGC)
- National Thermal Power Corporation (NTPC)
- Steel Authority of India Limited (SAIL)
Salary & Payscale
The salary of CMA professionals in India depends on factors such as educational qualifications, industry type (manufacturing, IT, consulting, BFSI), years of experience, and the size of the organization.
Being one of the most respected finance qualifications, CMAs are well-paid professionals, both in India and globally.
Freshers/Entry-level – The average annual salary for fresh CMAs usually ranges between ₹6–8 LPA, with top recruiters like Big 4 firms, manufacturing companies, and IT giants offering competitive packages.
Mid-level Professionals – With 5–10 years of experience, CMAs can expect earnings in the range of ₹10–15 LPA, especially in roles such as Cost Accountant, Financial Analyst, or Internal Auditor in reputed companies.
Senior-level/Leadership Roles – Professionals moving into senior positions such as Finance Manager, Head of Finance, or CFO in large organizations often command salaries of ₹20–30+ LPA, depending on expertise and industry demand.
Government/PSU Sector – CMAs employed in government departments or PSUs earn around ₹8–12 LPA, along with additional perks like pension, housing allowance, and job security.
Abroad Opportunities – Certified Management Accountants with international exposure or those working in global markets like the USA, Middle East, or Singapore can earn substantially higher, with average packages ranging from USD $80,000–$150,000 per year, depending on role and experience.
FAQ’s
If you have any other queries regarding Cost and management Accounting (CMA), feel free to leave your queries below.