Career Path to become CMA (CWA/ICWA)
Role / Profile
Who can become ?
Who is a CMA (CWA/ICWA)?
CMA (Cost & Management Accountants) is the primary qualification given to a candidate by the Institute of Cost Accountants of India upon the completion of three levels of examination (Foundation, Intermediate and Final).
What are the roles & responsibilities of a CMA (CWA/ICWA)?
A CMA (CWA/ICWA) can perform a variety of roles, some of which are outlined below:
• Managing the cost information of products or services of an organisation.
• Analysing the cost of production or services and finding ways to reduce it.
• Maintaining monthly inventory and costs of goods sold or services provided.
• Generating shipment and labour costs and reports for management review.
• Doing cost analysis for management review.
• Providing management control of operations.
What are the skills required to become a CMA (CWA/ICWA)?
To be a successful CMA (CWA/ICWA), you need to have the following skills:
• Strong analytical and problem solving skills.
• Advanced mathematical and statistical knowledge.
• Basic computer skills like Excel and accounting software.
• Ability to meet deadlines and good time management skills.
• Thorough knowledge of accounting procedures.
What are the career outcomes of a CMA (CWA/ICWA) certification?
With a CMA (CWA/ICWA) certification, you can expect to get opportunities in one of the following career profiles:
• Finance Manager
• Financial Analyst
As you progress in your professional life and acquire more experience, you can also move to higher positions like:
• VP Finance/VP Operations
• Chief Financial Officer
What is the average salary of a CMA (CWA/ICWA)?
The average salary of an entry-level CMA (CWA/ICWA) professional is approximately ₹ 4 Lakhs per annum, while a mid-level professional earns around ₹ 6 Lakhs per annum. An experienced or senior-level professional can earn a salary of about ₹ 10 Lakhs per annum. The salary can also vary according to an individual’s experience, qualification or the type of organisation. Generally, a certified cost accountant like CMA (CWA/ICWA) earns more than a non-certified professional.
What are the career advantages of becoming a CMA (CWA/ICWA)?
There are various advantages of being a CMA (CWA/ICWA) certified professional. Some of the career benefits are:
• The certification will help you to become job-ready and you will get a good salary with good job opportunities.
• You will have a comprehensive knowledge of cost and management accountancy, which will help you in your professional life.
• The certification will prove your credibility both domestically and globally.
• With a CMA (CWA/ICWA) certification, you will get the opportunity to be a part of a global professional network.
Which profiles can go for a CMA (CWA/ICWA) profile?
• Finance Executives
• Account Executives
• Cost Account Executives
Who can become a CMA (CWA/ICWA)?
• Non-experienced professionals – Professionals with no experience can go for a CMA (CWA/ICWA) qualification. It’s good to have some knowledge in the field, which you can gain with the help of a professional course in accounting or cost analysis.
• Experienced professionals – Most experienced professionals are expected to have good knowledge in cost analysis and accounting. You can improve your chances of being successful in the CMA examination with the help of training course in accounting.
Naukri Learning offers a variety of courses in accounting which will help you to get better jobs, improve your salary and boost your career.
What is the eligibility criteria of a CMA (CWA/ICWA)?
There are three different levels of examination, which one has to pass to become a CMA:
• Foundation Level – There are two different ways you can be eligible for the Foundation Level – a) You have passed Class 10 or equivalent from a recognised board or institution and b) Passed 10+2 from a recognised board or institution. You are exempted from Foundation Level if you have successfully cleared the Foundation exam conducted by Institute of Company Secretaries of India or the Intermediate Examination conducted by the Institute of Chartered Accountants of India.
• Intermediate Level – There are two different ways you can be eligible for the Intermediate Level – a) You have passed 10+2 and cleared the Foundation Level exam or b) You are a graduate in any discipline from a recognised board. You are exempted from Foundation Level if you have successfully cleared the Foundation exam conducted by Institute of Company Secretaries of India or the Intermediate Examination conducted by the Institute of Chartered Accountants of India.
• Final Level – Only candidates who have passed the Intermediate Level are eligible to appear for the Final Level exam.
Why are candidates going for a CMA (CWA/ICWA) profile?
CMA (CWA/ICWA) is a prestigious qualification in the finance industry. Here are some of the reasons why candidates are going for a CMA (CWA/ICWA) profile:
• Finance Executives – Being a finance executive without any certification or professional qualification can lead to a slow career growth. This is why finance executives are looking to get qualified as a CMA (CWA/ICWA) professional.
• Accountants/Account Executives – The qualification of a CMA (CWA/ICWA) offers candidates with a higher career growth as compared to accountants or account executives. The salary of a CMA (CWA/ICWA) is also higher than the average salary of an accountant or account executives.
What do recruiters look for in a CMA (CWA/ICWA) candidate?
• Prior experience – Any experience in the field can be beneficial as recruiters love to hire people who have experience. You can go for a certification course in accounting to improve your knowledge.
• Key skills –Accounting, auditing, cost analysis, reporting, product costing, cost accounting, etc.
Who are the top recruiters who hire CMA (CWA/ICWA)?
There are many big organisations hiring CMA (CWA/ICWA) professionals who can manage product and labour costs. Some of the top organisations are Accenture, Deloitte, KPMG, Indus Towers, Genpact and Aon Hewitt.