Courses Details

The CMA (Cost and Management Accounting) Foundation course is the entry-level course for aspiring Cost and Management Accountants in India. It is conducted by the Institute of Cost Accountants of India (ICAI). The course provides a strong foundation in various aspects of commerce and accounting, preparing students for further studies and a career in cost and management accounting. Here's a detailed description of what the CMA Foundation course typically entails:

Course Structure

The CMA Foundation course is divided into four papers:

Fundamentals of Accounting (FOA)

• Financial Accounting: Accounting Principles, Concepts and Conventions, Journal, Ledger, Trial Balance, Depreciation Accounting, Preparation of Final Accounts, Partnership Accounts.
• Cost Accounting: Basics of Costing, Cost Ascertainment, Cost-Volume-Profit Analysis, Budgeting and Budgetary Control.

Fundamentals of Laws and Ethics (FLE)

• Law: Basic Concepts of Business Laws, Indian Contract Act, Sale of Goods Act, Negotiable Instruments Act, Basics of Company Law.
• Ethics: Ethics and Business, Principles of Business Ethics, Ethical Management.

Fundamentals of Business Mathematics and Statistics (FBMS)

• Mathematics: Arithmetic, Algebra, Indices, Logarithms, Permutations and Combinations, Sets, Functions, Probability.
• Statistics: Collection and Classification of Data, Measures of Central Tendency and Dispersion, Correlation and Regression, Index Numbers, Time Series Analysis.

Fundamentals of Economics and Management (FEM)

• Economics: Introduction to Microeconomics, Theory of Demand and Supply, Theory of Production, Cost, Market Structures, Price Determination.
• Management: Management Process, Organizing, Staffing, Planning, Directing, Controlling, Ethics in Business.

Eligibility

To enroll in the CMA Foundation course, a candidate must have passed the 10th standard from a recognized board or have an equivalent qualification. However, to appear for the Foundation exam, the candidate must have passed the 12th standard (Higher Secondary Examination) or equivalent.

Duration

The course can typically be completed in 6 months, although the actual duration may vary depending on the study schedule and preparation of the student.

Examination

The CMA Foundation examination is conducted twice a year – in June and December. It consists of objective-type questions, and each paper is worth 100 marks. The exam duration for each paper is 3 hours.

Career Prospects

After successfully completing the CMA Foundation course, students can enroll in the Intermediate course, followed by the Final course. Completing these levels and fulfilling other criteria set by the ICAI enables students to become qualified Cost and Management Accountants. CMAs can pursue careers in various fields such as cost auditing, financial management, consulting, and strategic management.

Study Resources

• Official Study Material: Provided by ICAI, covering all topics in the syllabus.
• Reference Books: Various authors provide books focusing on specific subjects within the syllabus.
• Online Classes and Tutorials: Many institutes offer online coaching classes, video lectures, and practice tests.
• Coaching Centers: Numerous coaching centers across India provide classroom teaching for CMA Foundation courses.

Registration and Fees

Candidates can register for the CA Foundation course online through the ICAI website. The registration fee for the CA Foundation course is generally around INR 6,000, with concessions available for certain categories of students.