A career as a Cost and Management Accountant (CMA) in India can be a lucrative and challenging one. Here are some details about the career path and opportunities for CMA in India:
Education and training: To become a CMA in India, one must complete the CMA course offered by the Institute of Cost Accountants of India (ICAI). The course comprises three stages: the Foundation Course, the Intermediate Course, and the Final Course. The course involves extensive study of subjects such as cost accounting, financial management, management accounting, indirect taxation, and corporate laws, as well as practical training in areas such as cost management, accounting, and auditing.
Career opportunities: CMA in India can work in a variety of roles in different sectors, including manufacturing, banking, financial services, insurance, and consulting. They may work as cost accountants, financial analysts, management accountants, or in other roles related to cost and management accounting.
Salary and compensation: CMA in India can expect to earn competitive salaries, especially at senior levels. Salaries vary depending on factors such as experience, industry, and location. According to data from the ICAI, the average salary of a newly qualified CMA in India is around Rs. 5 lakh per annum, while senior CMA with over 20 years of experience can earn Rs. 30 lakh or more per annum.
Continuing professional education: CMA in India are required to undertake regular continuing professional education (CPE) to keep their skills and knowledge up to date. The ICAI offers a range of CPE courses and programs, both online and offline, to help CMA stay current with developments in their field.
Professional networking: CMA in India can benefit from a strong professional network through their membership in the ICAI. The ICAI offers opportunities for networking, mentoring, and professional development through its various chapters and branches across the country.