Frequently Asked Questions on CMA

FAQs

What is CMA?

CMA is a Certified Management Accountant in a professional certification credential in the management accounting and financial management fields.The certification signifies that the person possesses knowledge in the areas of financial Planning,analysis,control,decision,support and professional ethics. There are many professional bodies globally that have management accounting professional qualifications. The main bodies that offer the CMA certification are:-

  • Institute of Management Accountant USA
  • Institute of Certified Management Accountant Australia
  • Certified Management Accountant of Canada 

Is CMA is Valuable or Not?

CMA Institute is the worlds 2nd largest  Management Accounting Institute. CMA Institute provides campus placement drives as those students who passes their CMA Exam who get the job through the institute itself. CMA is known to be the gold standard in Management Accounting which is said to be one of the top certifications in management Accounting that can be obtained.
CMA certification holders get paid more. CMA certification salary may rise and fall from year to year so you have to stay updated on the stats. However, the figures remain high and attractive to future Certified Management Accountants, meaning it’s still a good reason to consider getting your CMA.
The management accounting knowledge & Skills are more useful for CMA professionals. Its all depends on what career path you want to take but the skills learned from becoming a Certified Management Accountant are often taught as the best in the industry for the day-to-day tasks you will have as an accountant.

Should I Do CMA/ Scope of CMA?

Yes, definitely it is worth doing CMA in India.CMA has a varied skills across many fields such as costing,management accounting,audit,taxation,corporate law. If you are looking for an employment some MNCs treat CMA or on part with CA as regards with the package.
If you are looking up for a practice the recent developments may help you in practice such as GST audit,cost audit (old and exclusive). Even institute has approached Finance Ministry for Inclusion of CMA professionals for eligibility of tax audit under DTC code. CMA is also having tie up with international bodies therefore it can help one to get the international degrees which will ultimately boost our Cv and scope of work.I would like to take this opportunity and talk about the scope of CMA in India in a hope to help you all take awareness of CMA career prospects in India.

To get CMA certification, you must fulfill some criteria which are listed below.

  • Membership of IMA
  • A Bachelor’s degree from an accredited university
  • Two years of relevant experience
  • Passed both the parts of CMA Exams

    Can CMA Students Do Articleship in CA Firms?

    Yes, CMA students can do the articleship in CA Firms If the firm of Chartered Accountants/ Company Secretaries has separate Management Consultancy Division and if the applicant has exclusively worked in that division, then such service is given on percentage basis depending on the nature of job related with cost/ management accounting/ financial accounting/ taxation, size of the firm, nature of duties handled by the applicant.
    Most of the CA firms also heir CMAs either on salary or on assignment basis. Such firms, get the CMA students registered under practicing CMAs, who are also getting some outsourced assignments from the CA firm. This is far better strategy, in view of the fact that most Indian CA firms donot have a separate Management Consultancy Division, and even if they have, CMA gives acceptance to such service in Management Consultancy Division of CA / CS firm.

    How to Prepare for CMA While Doing a Job?

    CMA Exam Preparation is all about managing the time. Since you're doing a job, just having an hour a day to study might be difficult for the preparation of CMA Exam.It's therefore critical that you maximize the productivity of whatever time you do manage to prepare for the exam, spending it studying in ways that are proved to help candidates pass the exam.
    There are a number of ways to do and help yourself  to get a time for the preparation of CMA Exam.These include: 
    • Building a realistic study plan, based on your work and personal schedule.
    • Stay organized so that the commitments don't fall to the wayside
    • Set realistic study goals or have a strong determination for each week.
    • Use a CMA reveiw course that will help you study your weaker areas
    • Lean on family, friends and coworkers for support wherever you are required with it.

    Should Candidate appear for Both Groups or Single Group in First Attempt?

    Students first priorty is to analyse your level of preparation and ability to prepare for the exam. Although you have been given the choice to either appear for one group alone or both groups together, it is always suggested that you give both groups together.
    Since there is ample time in hand right now for you, regardless of whether you have June or December attempt, you should seriously consider giving both groups together. you will easily be able to complete your syllabus and would have given ample of mock tests by then.

    How Students of CMA get an Exemption?

    In CMA exams, a student is required to obtain a minimum of 40 percent marks in each of the subjects of a group and an aggregate of 50 percent or more in the group. Therefore, there are certain policy in the CMA course for availing the benefit of exemption and carry forward of marks.

    Exemption in CMA Exams
    If a candidate remains unsuccessful in clearing a group but secures 60 percent or more in any of the paper or papers, he/ she shall be exempted from appearing in that paper(s) in the subsequent attempt.
    Carry Forward of marks

    If a candidate remains unsuccessful in clearing a group but secures 60 percent or more in any of the paper or papers and minimum of 40 percent marks in each of the remaining papers of that group, he/ she shall be exempted from appearing in that paper(s) in the subsequent attempt and allowed the benefit of carrying forward of the actual marks of exempted paper(s) in the subsequent attempt. 

    When a CMA Student become eligible for membership of ICMAI?

    A CMA student become eligible for membership of ICMAI only after passing of  CMA Final course and completion of Modular Training & Practical Training as provided under the regulations. One is admitted as an associate member and can use the descriptive title ACMA after his/her name to indicate that he/she is an Associate Member of an institute. After fulfilling all criteria an ACMA can become a fellow member and can use the letter  FCMA after his/her name to indicate that he/she is a Fellow Member of the institute. 

    Why the institute has introduced New Practical Training Scheme?

    The students who are pursuing the CMA Course should possess and acquire robust employability skills to cope with the global challenges and become a future ready professional.Therefore the institute has introduced mandatory SAP Finance Power User Training & Certification,Microsoft office Training & certification,cambridge University Press soft skill Training & certification and E-filing Training & certification as a bouquet of world Class Employability and Techno-skill Training facilities for its intermediate Students from Aug 2020 Batch onwards.

    Should Candidate appear for Both Groups or Single Group in First Attempt?

    Students first priorty is to analyse your level of preparation and ability to prepare for the exam. Although you have been given the choice to either appear for one group alone or both groups together, it is always suggested that you give both groups together.
    Since there is ample time in hand right now for you, regardless of whether you have June or December attempt, you should seriously consider giving both groups together. you will easily be able to complete your syllabus and would have given ample of mock tests by then.

    Who are to undergo the CMA New Practical Training Scheme- 2020?

    Every Student having registered for the intermediate course on or after 11th February,2020 shall be required to undergo practical training for a period of 15 months before the date of declaration of examination result of both or remaining group of final examination to the satisfaction of council in any one or more of the organizations.  
    Hence, a student to become eligible to appear in the final examinationmust satisfy the criteria on such cut off date as may be specified from time to time. The cut-off date for certification of Form T-5 shall be 31st Aug for appearing in Dec exam which shall specify completion of Form T-5 shall be 28th/29th Feb for appearing in June exam which shall specify completion of at least 10 months of training as on that date.

     

    Can CMA 2016 Syllabus students convert to CMA New Syllabus?

    Yes, old students seeking conversion into CMA Syllabus 2022 shall be given one time option to be exercised at least 6 months prior to the examination for necessary verification and approval.

    Once their request for conversion is accepted, old students have to purchase necessary Study Materials under Syllabus 2022 at prescribed prices.

    What are the Objectives of the CMA New Practical Training Scheme- 2020?

    Developing necessary skill-sets among the students enabling them to
    apply theoretical knowledge of cost and management accounting to
    practical situations in various professional fields
    ▪ Providing practical exposure to the eco-system under which
    different organizations operate
    ▪ Providing on-job experience of practical and contemporary aspects
    of cost and management accounting arena
    ▪ Developing and nourishing pool of employable and future-ready
    professionals
    ▪ Developing disciplined attitude required to grow as a professional
    ▪ Creating awareness and consciousness on ethical values in the professional journey.     

    Which are the Organizations Recognized for the CMA New Practical Training Scheme-2020?

    A Cost & Management Trainee shall undergo practical training under:
    (1) Practicing Cost Accountant or
    (2) a firm of Cost Accountants or
    (3) in any of the following organizations:
    i. Central/State Government / Semi-Government / Public Utilities.
    ii. Banks/Insurance/ other Financial Institution
    iii. Public Sector Undertakings
    iv. Universities, Management Institutes and any other recognized educational institute
    v. Co-operative societies and NGOs
    vi. If the firm of Chartered Accountants/ Company Secretaries has separate Management Consultancy Division and if the applicant has exclusively worked in that division, credence to such service is given on percentage basis depending on the nature of job related with cost/ management accounting/ financial accounting/ taxation/ MIS or of similar nature, size of the firm, nature of duties handled by the applicant, size of the client companies etc.

    How can you Claim Exemption from the CMA New Practical Training Scheme-2020?

    A student of the Institute who is working or has already worked in any of the recognized Organizations as given in ‘Appendix A’ and in any of the recognized areas as given in ‘Appendix B’, can claim exemption from Practical Training by following the procedures given below:
    ▪ Submission of Online Form T-3 to Directorate of Training and Placement of the Institute along with a Payment for 2000/-
    • The students whose applications are received and found eligible on or before 31st May will be eligible to appear for June Examination and 30th November will be eligible to appear for December Examination respectively.
    ▪ A student can seek exemption from Practical Training immediately after joining the Intermediate course, or at any time during the course of studies subject to dates given above if the student is otherwise eligible.

    What is the procedure for the CMA New Practical Training Scheme- 2020?

    A student desirous of undergoing Practical Training can approach any Organizations as defined in ‘Appendix A’ or Practicing Cost Accountants. A student after joining an Organization/ Practicing Cost Accountants has to intimate the Institute within 30 days from the date of joining about the fact of his/her Training by following the below mentioned procedures:
    a. Online Submission of Form No. T-1 (with UDIN) in case of PCMA/firm of Cost Accountants.
    b. The documents that need to be submitted along with Form T-3 are as follows:
    ▪ Scan copy of Experience certificate duly signed by the Competent Authority of the organization in which employed/were employed.
    • Scan Copy of Audited balance sheet of employers or any other proof of turnover, wherever required.
    • Scan Copy of current salary slip duly attested by employer.

    How do I submit the Forms related to the Practical Training Scheme 2020?

    The entire process for submitting the Forms related to the Practical Training Scheme is online. No Offline Forms/Hard Copies related to the practical training is entertained.

    What are the documents that need to be submitted along with Form T-3?

    The documents that need to be submitted along with Form T-3 are given under:
    Scan copy of Experience certificate duly signed by the Competent Authority of the organization in which employed/were employed.
    Scan Copy of Audited balance sheet of employers or any other proof of turnover, wherever required
    Scan Copy of current salary slip duly attested by employer.

    Can I do Practical Training in a CA/CS Firm under the CMA New Practical Training Scheme-2020?

    CA/CS articleship will not be set off / entertained / not be recognized for CMA Practical Training.

    If the firm of Chartered Accountants/ Company Secretaries has separate Management Consultancy Division and if the applicant has exclusively worked in that division, awareness to such service is given on percentage basis depending on the nature of job related with cost/ management accounting/ financial accounting/ taxation/ MIS or of similar nature, size of the firm, nature of duties handled by the applicant, size of the client companies etc.

    What will happen in case there is a change of employer during the tenure of Practical Training?

    A student shall inform any change in the Principal or employer to the Institute within 30 Days of such changes with all the relevant documents i.e. New online Form T-1/ T-4, experience certificate from principal or employer alongwith a fee of 1000/-

    In case of change of Principal/Employer, i.e. students serving under different Principal/Employer, the accumulated period of training shall include training periods undergone with different Principal/Employers, including the days of leave availed as per rules but excluding excess leave availed, if any. Not more than three changes shall be allowed within a period of fifteen months of training.

    Hope you can find this article helpful. If you did like this Blog then Share it with your friends who are doing Professional studies or who are planning for appearing in any of the professional studies in the near future. All The Best. 

    How can you Claim Exemption from the CMA New Practical Training Scheme-2020?

    A student of the Institute who is working or has already worked in any of the recognized Organizations as given in ‘Appendix A’ and in any of the recognized areas as given in ‘Appendix B’, can claim exemption from Practical Training by following the procedures given below:
    ▪ Submission of Online Form T-3 to Directorate of Training and Placement of the Institute along with a Payment for 2000/-
    • The students whose applications are received and found eligible on or before 31st May will be eligible to appear for June Examination and 30th November will be eligible to appear for December Examination respectively.
    ▪ A student can seek exemption from Practical Training immediately after joining the Intermediate course, or at any time during the course of studies subject to dates given above if the student is otherwise eligible.

    Can a student do Practical Training in a CA/CS firm under the CMA New Practical Training scheme- 2020?

    CA/CS articleship will not be set off,entertained and not to be recognized for CMA Practical Training.If the firm of CA/CS has separate Management Consultancy Division and if the applicant has exclusively worked in that division acceptance to such service is given on percentage basis depending on the nature of job related with cost/management accounting/ financial accounting/taxation/MIS or of similar nature,size of the firm,nature of duties handled by the applicant,size of the client companies etc. Management Consultant in individual caapcity depending on the size of the firm,nature of duties handled by the applicant related with cost & management accounting/ financial accounting/taxation/MIS or of similar nature,size of the client companies etc.

    How do I submit the Forms related to the Practical Training Scheme 2020?

    The entire process for submitting the Forms related to the Practical Training Scheme is online. No Offline Forms/Hard Copies related to the practical training is entertained.

    What are the documents that need to be submitted along with Form T-3?

    The documents that need to be submitted along with Form T-3 are given under:
    Scan copy of Experience certificate duly signed by the Competent Authority of the organization in which employed/were employed.
    Scan Copy of Audited balance sheet of employers or any other proof of turnover, wherever required
    Scan Copy of current salary slip duly attested by employer.

    Can I do Practical Training in a CA/CS Firm under the CMA New Practical Training Scheme-2020?

    CA/CS articleship will not be set off / entertained / not be recognized for CMA Practical Training.

    If the firm of Chartered Accountants/ Company Secretaries has separate Management Consultancy Division and if the applicant has exclusively worked in that division, awareness to such service is given on percentage basis depending on the nature of job related with cost/ management accounting/ financial accounting/ taxation/ MIS or of similar nature, size of the firm, nature of duties handled by the applicant, size of the client companies etc.

    What will happen in case there is a change of employer during the tenure of Practical Training?

    A student shall inform any change in the Principal or employer to the Institute within 30 Days of such changes with all the relevant documents i.e. New online Form T-1/ T-4, experience certificate from principal or employer alongwith a fee of 1000/-

    In case of change of Principal/Employer, i.e. students serving under different Principal/Employer, the accumulated period of training shall include training periods undergone with different Principal/Employers, including the days of leave availed as per rules but excluding excess leave availed, if any. Not more than three changes shall be allowed within a period of fifteen months of training.

    Hope you can find this article helpful. If you did like this Blog then Share it with your friends who are doing Professional studies or who are planning for appearing in any of the professional studies in the near future. All The Best.  

    What is the procedure for the CMA New Practical Training Scheme- 2020?

    A student desirous of undergoing Practical Training can approach any Organizations as defined in ‘Appendix A’ or Practicing Cost Accountants. A student after joining an Organization/ Practicing Cost Accountants has to intimate the Institute within 30 days from the date of joining about the fact of his/her Training by following the below mentioned procedures:
    a. Online Submission of Form No. T-1 (with UDIN) in case of PCMA/firm of Cost Accountants.
    b. The documents that need to be submitted along with Form T-3 are as follows:
    ▪ Scan copy of Experience certificate duly signed by the Competent Authority of the organization in which employed/were employed.
    • Scan Copy of Audited balance sheet of employers or any other proof of turnover, wherever required.
    • Scan Copy of current salary slip duly attested by employer.

    How do I submit the Forms related to the Practical Training Scheme 2020?

    The entire process for submitting the Forms related to the Practical Training Scheme is online. No Offline Forms/Hard Copies related to the practical training is entertained.

    What are the documents that need to be submitted along with Form T-3?

    The documents that need to be submitted along with Form T-3 are given under:
    Scan copy of Experience certificate duly signed by the Competent Authority of the organization in which employed/were employed.
    Scan Copy of Audited balance sheet of employers or any other proof of turnover, wherever required
    Scan Copy of current salary slip duly attested by employer.

    Can I do Practical Training in a CA/CS Firm under the CMA New Practical Training Scheme-2020?

    CA/CS articleship will not be set off / entertained / not be recognized for CMA Practical Training.

    If the firm of Chartered Accountants/ Company Secretaries has separate Management Consultancy Division and if the applicant has exclusively worked in that division, awareness to such service is given on percentage basis depending on the nature of job related with cost/ management accounting/ financial accounting/ taxation/ MIS or of similar nature, size of the firm, nature of duties handled by the applicant, size of the client companies etc.

    What will happen in case there is a change of employer during the tenure of Practical Training?

    A student shall inform any change in the Principal or employer to the Institute within 30 Days of such changes with all the relevant documents i.e. New online Form T-1/ T-4, experience certificate from principal or employer alongwith a fee of 1000/-

    In case of change of Principal/Employer, i.e. students serving under different Principal/Employer, the accumulated period of training shall include training periods undergone with different Principal/Employers, including the days of leave availed as per rules but excluding excess leave availed, if any. Not more than three changes shall be allowed within a period of fifteen months of training.

    Hope you can find this article helpful. If you did like this Blog then Share it with your friends who are doing Professional studies or who are planning for appearing in any of the professional studies in the near future. All The Best. 

    Can CMA 2016 Syllabus students convert to CMA New Syllabus?

    Yes, old students seeking conversion into CMA Syllabus 2022 shall be given one time option to be exercised at least 6 months prior to the examination for necessary verification and approval.

    Once their request for conversion is accepted, old students have to purchase necessary Study Materials under Syllabus 2022 at prescribed prices.

    What are the Objectives of the CMA New Practical Training Scheme- 2020?

    Developing necessary skill-sets among the students enabling them to
    apply theoretical knowledge of cost and management accounting to
    practical situations in various professional fields
    ▪ Providing practical exposure to the eco-system under which
    different organizations operate
    ▪ Providing on-job experience of practical and contemporary aspects
    of cost and management accounting arena
    ▪ Developing and nourishing pool of employable and future-ready
    professionals
    ▪ Developing disciplined attitude required to grow as a professional
    ▪ Creating awareness and consciousness on ethical values in the professional journey.

    How do I submit the Forms related to the Practical Training Scheme 2020?

    The entire process for submitting the Forms related to the Practical Training Scheme is online. No Offline Forms/Hard Copies related to the practical training is entertained.

    What are the documents that need to be submitted along with Form T-3?

    The documents that need to be submitted along with Form T-3 are given under:
    Scan copy of Experience certificate duly signed by the Competent Authority of the organization in which employed/were employed.
    Scan Copy of Audited balance sheet of employers or any other proof of turnover, wherever required
    Scan Copy of current salary slip duly attested by employer.

    What will happen in case there is a change of employer during the tenure of Practical Training?

    A student shall inform any change in the Principal or employer to the Institute within 30 Days of such changes with all the relevant documents i.e. New online Form T-1/ T-4, experience certificate from principal or employer alongwith a fee of 1000/-

    In case of change of Principal/Employer, i.e. students serving under different Principal/Employer, the accumulated period of training shall include training periods undergone with different Principal/Employers, including the days of leave availed as per rules but excluding excess leave availed, if any. Not more than three changes shall be allowed within a period of fifteen months of training.

    Which are the Recognized areas for the CMA  New Practical Training Scheme -2020?

    • Management Accounting
    • Cost Accounting
    • Financial Accounting
    • Financial Management
    • Auditing
    • Regulatory Compliances
    • Direct Taxation
    • Indirect Taxation
    • Corporate laws, Industrial laws,Commercial laws
    • Systems Analysis,Information Technology 
    • Project Management
    • Banking Operation
    • Insurance
    • Insolvency & Valuation
    • Financial Services
    • Teaching in Finance,Accounts,Costing,Taxation & Mangement
    • Management Consultancy Services
    • Engineering Services involved in production
    • Any other areas approved by the council.

    Hope you can find this article helpful. If you did like this Blog then Share it with your friends who are doing Professional studies or who are planning for appearing in any of the professional studies in the near future. All The Best.

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