The cost management accountant exam is a finance-related career option and perfect for those who have a flair for it. A CMA aspirant is required to successfully cross the three exams- foundation, intermediate and finals along with quite a few vocational training. The scope of CMA in India is manifold and hence quite rewarding as well. And this blog is all about explaining to you the things related to the course in India.
What Responsibility Do CMA’s Handle?
In the simplest words, the basic functions of CMA’s are to plan the cost and budget for each product and service. They usually assist companies in understanding what their cost expenditures are and how they can be managed well for better revenues. It is usually the primary role of a CMA to collect the various cost reports from the varied departments. Once that has been done, they analyze the same and understand how it can be managed better. Some of the most important roles of a CMA include:
- Chief Financial Officer
- Budget Analyst
- Finance Analyst
- Ops Evaluator
- Performance monitors.
When Does the Exam Registration Start, And When are the Exams Held?
The CMA exam in India is monitored by the ICMAI aka the Institute for Cost Management Accountants India. They have a dedicated website, and all the necessary CMA course details are released here. The exam usually takes place twice a year- June and December, nationwide, and for all the three stages- foundation, intermediate and finals. The board releases the registration date, and you have to deposit a CMA course fee as well. Usually, the stipulated time frame for application is around January 31st for the June exams and July 31st for the December exams. However, this year there have been a few alterations to the ongoing pandemic.
What is CMA Practical Training?
Along with clearing the three tired exams, you also have to complete practical training sessions. These are extremely beneficial for garnering knowledge about how a firm works in real life. Each student has to complete a three-year-long practical training in any of the organized institutions from ICMAI. However, to apply for the final exams, you need to have a working experience of only six months.
What Skillset Should You Have to Become A CMA?
Being a CMA is extremely rewarding for those who have an interest in the economy and finances. However, these two are not the sole requirements, and you have to possess a few others for having a promising career. A career as a cost management accountant usually demands the following skills:
- Analytical skills for understanding the changing nature of the economies.
- Negotiation skills to finalize on the various deals.
- Sound knowledge of the computer to understand how the various accounting software work.
- Strategic understanding helps in making accurate decisions after understanding the needs of the market.
The career of a cost management accountant is rewarding as it pays you well and also has immense scopes for flourishing. However, it is important that you carefully analyze if the profession suits you and then take upon the decision. At CMA Nation, we help our students to achieve their goals and emerge as brightly shining stars in the field.