CMA stands for Cost and Management Accountant. The CMA course is run by the Institute of Cost Accountants of India (ICMAI) and sits across three levels: Foundation, Intermediate, and Final.
It is not a degree. It is a professional certification, similar to CA, and the CMA course takes 3 to 4 years to complete if you clear each level on the first attempt. Exams happen twice a year, June and December.
Course Highlights
| Feature | Details |
| Conducted by | Institute of Cost Accountants of India (ICMAI) |
| Levels | Foundation, Intermediate, Final |
| Exam frequency | Twice a year: June and December |
| Foundation eligibility | Passed Class 12 from a recognized board with minimum 40% marks |
| Intermediate eligibility | CMA Foundation cleared OR graduation in any discipline except Fine Arts |
| Final eligibility | Passed both groups of CMA Intermediate |
| Course duration | 3 to 4 years minimum |
| Practical training | 3 years required before certification is awarded |
| Exam mode | Offline, centre-based |
| Official website | icmai.in |
Eligibility Criteria
CMA Foundation
- Passed Class 10 and Class 12 from a recognized board
- Minimum 40% marks in Class 12
- Candidates awaiting Class 12 results can apply provisionally
CMA Intermediate
- CMA Foundation cleared, OR
- Graduation in any discipline except Fine Arts (direct entry, no Foundation needed), OR
- Passed ICSI Foundation along with Class 12
- Candidates awaiting graduation results can apply provisionally
CMA Final
- Passed both groups of CMA Intermediate
- Practical training must be completed before certification is awarded (not before registering)
Key Exam Dates and Deadlines 2026
| Exam term | Registration / exam form cutoff | Late fee |
| June 2026, Intermediate & Final | April 10, 2026 without late fee; April 11–17, 2026 with late fee | ₹500 |
| June 2026, Foundation | April 15, 2026 without late fee; April 16–22, 2026 with late fee | ₹500 |
CMA Course Fees
| Level | Registration Fee | Exam Fee |
| CMA Foundation | INR 6,000 | INR 1,200 per term in India; USD 60 overseas |
| CMA Intermediate | INR 23,100 | INR 1,200 per group; INR 2,400 for both groups sjcinstitute+1 |
| CMA Final | INR 25,000 | INR 1,400 per group; INR 2,800 for both groups |
CMA Syllabus: Level-wise Subjects
Foundation (4 Papers)
| Paper | Subject |
| Paper 1 | Fundamentals of Business Laws and Business Communication |
| Paper 2 | Fundamentals of Financial and Cost Accounting |
| Paper 3 | Fundamentals of Business Mathematics and Statistics |
| Paper 4 | Fundamentals of Business Economics and Management |
Intermediate (8 Papers across 2 Groups)
| Group | Paper | Subject |
| Group 1 | Paper 5 | Business Laws and Ethics |
| Group 1 | Paper 6 | Financial Accounting |
| Group 1 | Paper 7 | Direct and Indirect Taxation |
| Group 1 | Paper 8 | Cost Accounting |
| Group 2 | Paper 9 | Operations Management and Strategic Management |
| Group 2 | Paper 10 | Corporate Accounting and Auditing |
| Group 2 | Paper 11 | Financial Management and Business Data Analytics |
| Group 2 | Paper 12 | Management Accounting |
Final (8 Papers across 2 Groups, 1 Elective)
| Group | Paper | Subject |
| Group 3 | Paper 13 | Corporate and Economic Laws |
| Group 3 | Paper 14 | Strategic Financial Management |
| Group 3 | Paper 15 | Direct Tax Laws and International Taxation |
| Group 3 | Paper 16 | Strategic Cost Management |
| Group 4 | Paper 17 | Cost and Management Audit |
| Group 4 | Paper 18 | Corporate Financial Reporting |
| Group 4 | Paper 19 | Indirect Tax Laws and Practice |
| Group 4 | Paper 20 (choose one) | 20A: Strategic Performance Management and Business Valuation OR 20B: Risk Management in Banking and Insurance OR 20C: Entrepreneurship and Startup |
Paper 20 is a permanent choice made at Final enrollment. All three electives carry 100 marks and focus on practical application.
Exam Pattern
| Feature | Foundation | Intermediate | Final |
| Mode | Offline | Offline | Offline |
| Question type | Objective (MCQ) | Subjective | Subjective with case studies |
| Marks per paper | 100 | 100 | 100 |
| Duration | 2 hours | 3 hours | 3 hours |
| Passing criteria | 40% per paper, 50% aggregate | 40% per paper, 50% per group | 40% per paper, 50% per group |
CMA Salary in India
| Experience Level | Typical Salary Range |
| Fresher | INR 6 to 10 LPA |
| Mid-level (3 to 7 years) | INR 12 to 20 LPA |
| Senior (7 plus years) | INR 25 to 40 LPA |
| CFO or Finance Director | INR 50 LPA and above |
Manufacturing, FMCG, consulting, and IT tend to pay the most for CMA course-qualified professionals. Government PSUs and banking also hire at good packages, especially for cost audit and compliance roles.
Career Paths After CMA
- Cost Accountant and Cost Controller in manufacturing or FMCG
- Financial Analyst and Budget Analyst in corporate finance teams
- Internal Auditor and Cost Auditor at listed companies and PSUs
- Tax Consultant and Compliance Officer at Big 4 and consulting firms
- Risk Manager and Financial Controller in banking and NBFC sectors
- Finance Manager and CFO at mid to large corporates
Government roles are also open: Indian Railways, ONGC, BHEL, NTPC, GAIL, Income Tax Department, and Ministry of Corporate Affairs all hire CMAs as Account Officers, Audit Officers, and Finance Managers.
Global Opportunities
Indian CMA course certification holders can find work in UAE, Saudi Arabia, USA, Canada, UK, Singapore, Qatar, and Australia. Roles include Management Accountant, Financial Controller, Budget Manager, and Strategic Finance Analyst. Adding certifications like ACCA, CPA, or CFA expands options further.
If CMA is what you are going for, take a look at Zell Education. Their course is hands-on, covers both parts of the US CMA, and works well for people already in finance roles who want to add the credential without too much disruption.