CMA india Explained : Know the syllabus in 2024

The Certified Management Accountant (CMA) India program is a prestigious professional certification designed to enhance the skills of individuals in the fields of financial management and strategic decision-making. Governed by the Institute of Cost Accountants of India (ICMAI), the CMA course offers a comprehensive curriculum that equips aspiring accountants with expertise in areas like cost management, financial planning, performance evaluation, and regulatory frameworks. With its globally recognized qualifications, the CMA India program opens up diverse career opportunities for students, professionals, and finance enthusiasts looking to advance in management accounting and corporate leadership roles.

CMA India Foundation

1. Fundamentals of Business Laws and Business Communication

a. Fundamentals of Business Law

Introduction
Indian Contracts Act, 1872
Sale of Goods Act, 1930
Negotiable Instruments Act, 1881

b. Business Communication

Business Communication Fundamentals
Written Communication
Oral Communication
Non-verbal Communication
Business Communication Tools

2. Fundamentals of Financial and Cost Accounting

a. Fundamentals of Financial Accounting

Accounting Fundamentals
Accounting for Special Transactions
Preparation of Final Accounts

b. Fundamentals of Cost Accounting

Application of Cost Accounting for Business Decisions
Definition of Cost, Cost Centre, Cost Unit and Cost Drivers
Classification of Costs
Ascertainment of Cost and Preparation of Statement of Cost & Profit.

3. Fundamentals of Business Mathematics and Statistics

a. Fundamentals of Business Mathematics

Arithmetic
Algebra
Calculus-Application in Business

b. Fundamentals of Business Statistics

Statistical Representation of Data
Measures of Central Tendency and Dispersion
Correlation and Regression
Probability
Index Numbers and Time Series

4. Fundamentals of Business Economics and Management

a. Fundamentals of Business Economics

Basic Concepts
Forms of Market
Money and Banking
Economic and Business Environment

b. Fundamentals of Management

Introduction to Management
Stewardship Theory and Agency Theory of Management
Planning, Organising, Staffing, and Leading
Communication, Coordination, Collaboration, Monitoring, and Control
Organisation Structure, Responsibility, Accountability and Delegation of Authority
Leadership and Motivation – Concepts and Theories

CMA Intermediate

1. Business Laws and Ethics

a. Commercial Laws

Introduction to Law and Legal System in India
Indian Contracts Act, 1872
Sale of Goods Act, 1930
Negotiable Instruments Act, 1881
Indian Partnership Act, 1932
Limited Liability Partnership Act, 2008

b. Industrial Laws

Factories Act, 1948
Payment of Gratuity Act, 1972
Employees Provident Fund and Miscellaneous Provisions Act, 1952
Employees State Insurance Act, 1948
The Code on Wages, 2019

c. Corporate Law

Companies Act, 2013

d. Ethics

Business Ethics and Emotional Intelligence

2. Financial Accounting

a. Accounting Basics

Four Frameworks of Accounting (Conceptual, Legal, Institutional and Regulatory)
Accounting Principles, Concepts, and Conventions
Capital and Revenue Transactions

b. Preparation of Financial Statements

Bills of Exchange, Consignment, Joint Venture

c. Self-Balancing of Ledgers, Royalties, Hire Purchase & Installment System, Branch & Departmental Accounts

Preparation of Final Accounts of Commercial Organisations, Not-for-Profit Organisations

d. Partnership Accounting

Admission of Partner
Retirement of Partner
Death of Partner
Treatment of Joint Life Policy
Dissolution of Partnership Firms, including Piecemeal Distribution
Amalgamation of Partnership Firms
Conversion of Partnership Firm into a Company and Sale of Partnership Firm to a Company
Accounting of Limited Liability Partnership

e. Lease, Branch and Departmental Accounts

Lease Accounting
Branch (including Foreign Branch) and Departmental Accounts
Insurance Claim for Loss of Stock and Loss of Profit
Hire Purchase and Instalment Sale Transactions

f. Accounting Standards

Introduction to Accounting Standards
Specified Accounting Standards with Comparative Provisions under Ind AS

3. Direct & Indirect Taxation

a. Direct Taxation

Basics of Income Tax Act
Heads of Income
Total Income and Tax Liability of Individuals & HUF

b. Indirect Taxation

Concept of Indirect Taxes
Goods and Services Tax (GST) Laws
Customs Act & Rules

4. Cost Accounting (CA)

a. Introduction To Cost Accounting

Introduction to Cost Accounting
Cost Ascertainment – Elements of Cost
Cost Accounting Standards (CAS 1 to CAS 24)
Cost Bookkeeping

b. Methods Of Costing

Methods of Costing
Job Costing
Batch Costing
Contract Costing
Process Costing
Operating Costing – Transport, Hotel, and Healthcare

c. Cost Accounting Techniques

Standard Costing and Variance Analysis
Budget and Budgetary Control

5. Operation Management & Strategic Management

a. Operations Management

Introduction
Operations Planning
Designing of Operational Systems and Control
Application of Operation Research - Production Planning and Control
Productivity Management and Quality Management
Project Management, Monitoring and Control
Economics of Maintenance and Spares Management

b. Strategic Management

Introduction
Strategic Analysis and Strategic Planning
Formulation and Implementation of Strategy
Digital Strategy

6. Corporate Accounting and Auditing

a. Corporate Accounting

Accounting for Shares and Debentures
Preparation of the Statement of Profit and Loss and Balance Sheet (As per Schedule III of the Companies Act, 2013)
Accounts of Banking, Electricity, and Insurance Companies
Accounting Standards

b. Auditing

Basic Concepts of Auditing
Provisions Relating to Audit under the Companies Act 2013
Auditing of Different Types of Undertakings

7. Financial Management and Business Data Analytics

a. Financial Management

Fundamentals of Financial Management
Institutions and Instruments in Financial Markets
Tools for Financial Analysis
Sources of Finance and Cost of Capital
Capital Budgeting
Working Capital Management
Financing Decisions of a Firm

b. Business Data Analytic

Introduction to Data Science for Business Decision-making
Data Processing, Organisation, Cleaning and Validation
Data Presentation: Visualisation and Graphical Presentation
Data Analysis and Modelling

8. Management Accounting

a. Introduction to Management Accounting

Conceptual Understanding
Relationship between Management Accounting and Cost Accounting
Role of a Management Accountant in the Modern Business World

b. Activity-Based Costing Section

Traditional Cost System
Definition and Meaning of Activity-Based Costing (ABC)
Steps in ABC System
Cost Pools and Cost Drivers
Merits and Demerits of ABC System
Activity Based Information and Decision Making

c. Decision-Making Tools

Marginal Costing
Applications of Marginal Costing in Short-Term Decision-Making
Transfer Pricing

d. Standard Costing and Variance Analysis

Material and Labour Variance
Variable Overhead Variance
Fixed Overhead Variance

e. Forecasting, Budgeting, and Budgetary Control

Rationale for Budgets
General principles in the Budgetary process
Formulation of various types of Budgets

f. Divisional Performance Measurement

Organisations with Multiple Divisions, Benefits of Decentralization
DuPont Analysis
Divisional Performance Measurement tools – ROI, Residual Income
Economic Value Added – Definition, EVA Centre, EVA Drivers

g. Responsibility Accounting

Concept of Cost, Revenue, Profit and Responsibility Centres
Preparation of Responsibility Report

h. Decision Theory

Decision-Making under Certainty
Decisions Making under Risk
Decision-Making under Uncertainty
Decision Tree

CMA Final

1. Corporate and Economic Laws

a. Corporate Laws

The Companies Act,2013
Insolvency and Bankruptcy Code, 2016
Corporate Governance, Social Responsibility and Sustainability

b. Economic Laws and Regulations.

SEBI Laws and Regulations
The Competition Act, 2002
Foreign Exchange Management Act, 1999
Laws and Regulations Related to the Banking Sector
Laws and Regulations Related to the Insurance Sector
Specific Legal Provisions Related to the MSME Sector
Laws and Regulations related to Cyber Security and Data Privacy
Laws and Regulations about Anti-Money Laundering

2. Strategic Financial Management

a. Investment Decisions

Investment Decisions, Project Planning and Control
Evaluation of Risky Proposals for Investment Decisions
Leasing Decisions
Securitisation

b. Security Analysis & Portfolio Management

Introduction
Equity and Bond Valuation and Evaluation of Performance
Mutual Funds
Portfolio Theory and Practice
Asset Pricing Theories
Portfolio Performance Evaluation and Portfolio Revision
Efficient Market Hypothesis

c. Financial Risk Management

Risks in the Financial Market
Financial Derivatives – Instruments for Risk Management

d. International Financial Management

Foreign Exchange Market
Foreign Exchange Risk Management

e. Digital Finance

Digital Finance Ecosystem
Digital Infrastructure
Digital Financial Services – Wallets, UPI, Neo-Banks, FinTech
Regulation and Governance in a Digital Finance Environment

3. Direct Tax Laws and International Taxation

a. Direct Tax Laws

Assessment of Income & Computation of Tax Liability of Various Entities
Tax Management, Return and Assessment Procedure
Grievance Redressal
Penalties and Prosecutions
Business Restructuring
Different Aspects of Tax Planning
CBDT and Other Authorities
E-commerce Transaction and Liability in Special Cases
Income Computation and Disclosure Standards (ICDS)
Black Money Act,2015
Case Study

b. International Taxation

Double Taxation and Avoidance Agreements (DTAA)
Transfer Pricing
GAAR

4. Strategic Cost Management

a. Strategic Cost Management Tools and Techniques

Introduction to Strategic Cost Management
Quality Cost Management
Decision-Making Techniques (Case Study-based Approach)
Activity-Based Management and Just in Time (JIT)
Evaluating Performance

b. Quantitative Techniques in Decision-Making

Linear Programming
Transportation
Assignment

Game Theory
Simulation
Network analysis – PERT, CPM
Learning Curve
Business Application of Maxima and Minima
Business Forecasting Models – Time Series and Regression Analysis
Introduction to Tools for Data Analytics

5. Cost and Management Audit

a. Cost Audit

Basics of Cost Audit
Companies (Cost Records and Audit) Rules, 2014 (as amended)
Cost Auditor
Overview of Cost Accounting Standards and GACAP
Cost Auditing and Assurance Standards
Cost Audit Programme
Cost Audit Documentation, Audit Process and Execution
Preparation and Filing of Cost Audit Report

b. Management Audit

Basics of Management Audit
Management Reporting Issues and Analysis
Management Audit in Different Functions
Evaluation of Corporate Image
Information Systems Security Audit
Internal Control and Internal Audit
Operational Audit and Internal Audit under the Companies Act 2013
Audit of Different Service Organisations

Internal Control and Internal Audit
Operational Audit and Internal Audit under the Companies Act 2013
Audit of Different Service Organisations

d. Forensic Audit and Anti-Money Laundering

Forensic Audit
Anti-Money Laundering

6. Corporate Financial Reporting

a. Indian Accounting Standards

Overview of Indian Accounting Standards
Recognition and Measurement of Financial Assets and Liabilities
Revenue Recognition under Ind AS
Leases and Ind AS
Employee Benefits
Financial Reporting by Small and Medium-sized Entities (SMEs)

B. Valuation of Shares, Accounting & Reporting of Financial Instruments & NBFCs

Valuation of Shares (including Determination of Goodwill, Post-valuation of Tangible and Intangible Assets)
Accounting of Financial Instruments
NBFCs – Provisioning Norms, Accounting and Reporting

c. Accounting for Business Combination & Restructuring (In Compliance with Ind AS)

Absorptions, Amalgamations, External Reconstruction
Detailed Discussion on Business Combination
A Business Combination Achieved in Stages
Reverse Acquisition
Business Combination under Common Control (Appendix C of Ind AS 103)
Internal Reconstruction (Capital Reduction)

d. Consolidated Financial Statements and Separate Financial Statements (In Compliance with Ind AS)

Concept of Significant Influence, Joint Control & Control as per Ind AS
Consolidation Procedure for Investment in Associates, Joint Ventures, and Subsidiaries
Accounting and Reporting in Consolidated Financial Statements and Separate Financial
Statements at Acquisition Date - Introductory Examples
Consolidated Financial Statements and Separate Financial Statements at Subsequent

e. Recent Developments in Financial Reporting

4P Bottom Line Reporting
Corporate Social Responsibility Reporting in India
Environmental, Social and Governance (ESG)
Reporting through XBRL (Extensible Business Reporting Language)
Quarterly Earnings Call Management

f . Government Accounting in India

General Principles and Comparison with Commercial Accounting
Government Accounting Standards Issued by the Government Accounting Standards Advisory Board (GASAB)
Government Accounting and Reporting

7.Indirect Tax Laws and Practice

a. Goods and Services Tax Act and Rules

Supply under GST - A Refresh
Time of Supply (Advanced)
Place of Supply
Valuation (Advanced)
Input Tax Credit (Advanced)
Zero Rated Supplies and Deemed Exports
TDS & TCS under GST
E-way Bill
GST Refunds - Inverted Duty Structure and Zero-Rated Supplies
GST Returns
Accounts and Records
GST Annual Return and GST Audit Return
Transition to GST (Transitional Provisions)
Dispute Resolution Mechanism under GST
Inspection, Search, Seizure, Arrest and Prosecution
Anti-profiteering Walkthrough of GSTN Portal

b. Customs Act and Rules

Valuation and Related Party Transactions
Customs Procedures - Baggage & Courier / Post
Manufacture in Bond
Duty Drawback
Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017
Remission of Duties
Refund
Trade Facilitation Measures
Export Promotion Schemes under Foreign Trade Policy
Special Economic Zone Scheme (with Amended SEZ Rules)

8.A. Strategic Performance Management & Business Valuation

a. Strategic Performance Management

Introduction to Performance Management
Performance Measurement, Evaluation, and Improvement Tools
Economic Efficiency of the Firm – Performance Analysis
Enterprise Risk Management

b. Business Valuation

Fundamentals of Business Valuation
Laws and Compliance in Business Valuation
Business Valuation Methods and Approaches
Valuation of Assets and Liabilities
Valuation in Mergers and Acquisitions

8.B. Risk Management in Banking and Insurance

a. Risk Management in Banking Section

Introduction to Risk Management
Interest Rate Risk and Market Risk
Credit Risk and Liquidity Risk
Sovereign Risk and Insolvency Risk
Operational Risk and Off-Balance Sheet Risk

b. Risk Management in the Insurance

Introduction to Insurance Business
Insurance Intermediaries, General Insurance, Health Insurance and Life Insurance
Managing Risk in the Insurance Business

8.C. Entrepreneurship and Start-up

a. Entrepreneurial Skill Sets

Building the Entrepreneurial Quotient
Identifying and Meeting the Gaps in Resources at Optimised Cost
Capital Structuring, Resource Mobilization and Management
New Age Marketing and After Sales Services
Using IT and 8 Deep Technologies
Strategies for Disruption

b. The Entrepreneurial Ecosystem

Macroeconomic Environment and Emerging Dimensions of Business Ecosystems
Formation and Incorporation of a Legal Entity
Legal and Intellectual Property Rights
Procurement to Pay
Government Policies, Subsidies, Incentives, Tax Laws
Trends in Entrepreneurship

c. Idea To Action

Monetising Ideas
Bootstrapping
Preparation of Project Report
Launching Sustainable Impact Initiatives
From the start-up to MNCs

d. Value Addition

Process of Innovation
Design Thinking
Lean Start-Up & Customer Validation
Generating Market Traction
Positioning and Packaging
Start-up Models

e. Scale Up

Scalability, scaling up, and Stabilisation of Sustainable Business
Business Scalability –Validation and Roadmap
Preparation of Pitching Document and giving Elevator Pitches
Funding Strategies and Funding Series, including crowdfunding
Start-up Valuation – Pre-money, Milestone, and Investors’ Exit Point

f. Risk Management Strategies

Predicting, Calculating and Mitigating Enterprise Risks
Predicting, Calculating and Overcoming Financial Risks
Project Monitoring and Controlling
Start-up Audit
Bouncing Back from Failures

g. Leadership

Leading Mission Driven Ventures and Organisations
Business Ethics and Best Practices
Forecasting and Planning - Building Capabilities to See Deeper, Wider and Faster
Developing Mission, Vision, and Goals
Designing Strategies to Suit the Business Needs and Ecosystem

h. Types of New Age Business

Agro-preneurship
Women Entrepreneurship
Family Run Business
MSME

The CMA India course not only provides extensive understanding of management accounting, finance, & business but also equips individuals with the knowledge & skills required to excel in the field of management accounting and finance. If you are looking to advance your career in this field, the CMA course is an excellent investment.

CMA India Explained : Know the syllabus in 2024

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