A person who holds the esteemed and highly commended Cost and Management Accountant (CMA) professional qualification is regarded as a master in the broad field of financial management and management accounting. The primary goal of the Institute of Cost Management Accountants of India, formerly known as the Institute of Cost and Works Accountants of India, was to promote, regulate, and develop the field of cost accounting. The organisation was first founded in 1944 as a company under the Companies Act, 1956.The highly reputable Institute Of Cost Management Accountants Of India was fundamentally established on 28th May,1959 as a statutory professional body by a special act of Parliament, that is the Cost and Works Accountants Act, 1959, for the regulation of the expansive profession of cost and management accountancy in India.

The Institute of Cost Management Accountants of India, that has its headquarters in Kolkata, along with four regional councils in Kolkata, Delhi, Chennai and Mumbai, along with a number of important chapters that are situated elsewhere in India and also abroad, is the only recognised statutory professional organisation and licensing body in India that specialises exclusively in Cost and Management Accountancy.

The demanding and difficult but highly regarded Cost and Management Accountant exams, or CMA exams, are administered throughout India and in some other countries by the Institute of Cost Management Accountants of India. A candidate who passes all three of the eclectic CMA levels will be awarded the prestigious professional certification of a CMA.

An expert who provides his skillful services for assessing the costs or pricing of various goods and services is a cost and management accountant. Such a person also assists his company with cost accounting and associated statement production, verification, or certification.

Approximately 90,000 highly qualified and knowledgeable CMAs work in India today, having made significant contributions to the nation’s industrial and economic progress. In addition, over 500,000 students are enrolled in the ICMAI programme.

Furthermore, it’s important to note that a CMA with professional qualifications would effectively advance his company by creating value for stakeholders in the vast socioeconomic domain through astute competencies derived from their exceptionally potent and distinctive blend of strategy, management, and accounting.

A CMA is highly sought after by companies due to their multidisciplinary knowledge base, which includes extensive knowledge of Financial Planning and Analysis, Cost Management, Decision Analysis, Risk Management, Financial Management, and Internal Controls, among other areas. These opportunities to work in organisations of all sizes, MNCs, and various industries, including the manufacturing sector, are all available to CMAs. A CMA can also work for any highly compensated public or private company, nonprofit organisation, governmental agency, educational institution, etc.

The rapidly changing, highly dynamic, and internationally integrated business world gives CMAs enormous opportunities for career advancement, both in the Indian market and abroad, particularly in the USA, where The Institute of Cost Management Accountants of India and the Institute of Management Accountants, USA, jointly signed a Memorandum of Understanding (MOU) in 2018 to facilitate mutual recognition of this professional accounting course. Thus, it is quite easy for an ICWAI member to enlist as an IMA USA member and vice versa. This has opened up a wide range of prospects for CMA, India students, who can now practise anywhere in the globe. Consequently, one may conclude that choosing to obtain the CMA certification is a very commendable and Excellent career decision, particularly for those hoping to achieve greatness in the subject of management accounting, which has boundless potential.

Wearing the hat of a skilled and competent CMA, however, is not an easy feat and is seen as a monumental undertaking for everyone. To fulfil the ambition of becoming a CMA, a student must principally pass three extensive and complex levels with several topic papers.