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CMA

Professional qualification (ICMAI)

Cost and Management Accountancy is a professional qualification, not a university degree. It is awarded by the Institute of Cost Accountants of India (ICMAI), a statutory body once known as ICWAI. The course covers costing, management accounting, financial management, tax and cost audit. You move through Foundation, Intermediate and Final levels, with practical training along the way.

3
Exam levels
Foundation → Intermediate → Final; exams in June and December
15 months1
Practical training
For students registered for Intermediate from February 2020

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15 months
Practical training
ICMAI practical training scheme · 2020
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~33%2
CMA Final pass rate (both groups)
June 2026: 1,430 of 4,337 passed

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~33%
CMA Final pass rate (both groups)
ICMAI result press release · 2026
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After CMA, you can

Further Study
  • CA or CS as a Second Qualification
  • CFA
  • FRM
See all 5 options
Government
  • GST / Commercial Tax Officer
  • Indian Cost Accounts Service
  • PSU Finance Officer
See all 5 options
Get a job
Job / Practice
  • Cost & Management Accountant
  • Cost Audit Practice
  • Credit Analyst
See all 6 roles

How you get in

Register with ICMAI for the Foundation course and take the Foundation exam after Class 12; any stream can apply. Graduates and some others who meet ICMAI's conditions can register directly for the Intermediate level.

At a glance

  • Cost audits under the Companies Act are done by practising cost accountants.
  • Exams are held twice a year, so a failed level usually means waiting about six months to retry.
  • Many students take a B.Com or another degree alongside the course.
  • Since 2021, UGC treats the CMA (ICWA) qualification as equivalent to a postgraduate degree.

In numbers

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