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About Institute of Cost Accountants of India

The Institute of Cost Accountants of India (ICMAI), previously known as The Institute of Cost & Works Accountants of India(ICWAI), is a premier statutory professional accountancy body in India with the objects of promoting, regulating and developing the profession of Cost & Management Accountancy. It is the only licensing cum regulating body of Cost & Management Accountancy profession in India. It recommends the Cost Accounting Standards to be followed by companies in India to which statutory maintenance of cost records applicable. ICMAI is solely responsible for setting the auditing and assurance standards for statutory Cost Audit to be followed in the Audit of Cost statements in India. It also issues other technical guidelines on several aspects like Internal Audit, Management Accounting etc. to be followed by practicing Cost Accountants while discharging their services.

Cost & Management Accountants (CMAs)


CMA Logo for exclusive use by Indian CMAs

This is the primary qualification of the ICMAI and following completion of up to three levels (Foundation, Intermediate and Final) examinations[6] and three years of practical training[7] in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Audits, Corporate Laws etc. enables an individual to become a Cost & Management Accountant.


  • Subjects for examinations include management accounting, Financial Accounting, strategic management, taxation, corporate law, financial management, business valuation, financial reporting and cost & management audit etc.
  • Students who have passed degree examination of any recognized university or equivalent are eligible for admission directly to Intermediate level.
  • Paperwise exemptions on the basis of reciprocal arrangement are available to students who have passed Institute of Company Secretaries of India Final Examination.
  • Examinations are held twice a year in June and December in various examination centres in India and overseas centres. And Results are declared in the month of August and February for June term and December term exams respectively.

A student has to pass three levels of examination and complete three years of practical training to be eligible to apply for Associate membership of the Institute.

The members of the Institute of Cost Accountants of India carry the designation ACMA (Associate Cost and Management Accountant) and FCMA (Fellow Cost and Management Accountant), as applicable based on their type of membership of the institute.

  • Course Structure
  • Exam Pattern
  • Job Prospectus
  • Fee Details

Course Structure

Foundation Course:

  • Paper – 1 Fundamentals of Economics and Management
  • Paper – 2 Fundamentals of Accounting
  • Paper – 3 Fundamentals of Laws and Ethics
  • Paper – 4 Fundamentals of Business Mathematics & Statistics

Intermediate Course:

Group – 1

  • Paper – 5 Financial Accounting
  • Paper – 6 Laws & Ethics
  • Paper – 7 Direct Taxation
  • Paper – 8 Cost Accounting

Group – 2

  • Paper – 9 Operations Management & Strategic Management
  • Paper – 10 Cost & Management Accounting and Financial Management
  • Paper – 11 Indirect Taxation
  • Paper – 12 Company Accounts & Audit

Final Course:

Group – 3

  • Paper – 13 Corporate Laws & Compliance
  • Paper – 14 Strategic Financial Management
  • Paper – 15 Strategic Cost Management – Decision Making
  • Paper – 16 Direct Tax Laws and International Taxation

Group – 4

  • Paper – 17 Corporate Financial Reporting
  • Paper – 18 Indirect Tax Laws & Practice
  • Paper – 19 Cost & Management Audit
  • Paper – 20 Strategic Performance Management and Business Valuation.

Exam Pattern

  • Three levels of exams.
  • Foundation, Intermediate and Final.
  • Descriptive mode of examination.
  • Each paper will be of 100 marks (3 Hours)

Job Prospects

Obtaining the CMA certification will open a lot of opportunities for you in the domestic as well as the global market. It will help you to enhance your financial, accounting and management skills that will expand your career potential and which will help you to stand out from the rest. Some of the job roles that you expect after completing CMA are:

  • Finance Manager
  • Financial Analyst
  • Financial Risk Manager
  • Financial Controller
  • Chief Financial Officer
  • Cost Manager
  • Relationship Manager

Fee Details

Registration Fee (To be payed to ICAI)

Foundation Course-4000

Intermediate Course-20000

Final Course-17000

Our Coaching Fee

Foundation Course: 15000

Intermediate Course: 30000