The students of CMA fall under three categories. And they are B.com students, working professionals, and non-working professionals. The foundation syllabus is equivalent to the 12th standard and B.com first-year syllabus. The academicians of RR Academy suggest to the students that it is good to do CMA along with B.com. The intermediate syllabus is equivalent to B.com second-year syllabus. The final syllabus of CMA is equivalent to B.com third-year syllabus. It is easy to manage B.com and CMA as the syllabus is in alignment. One month of study is enough for B.com. Ten months of regular hard work is enough for CMA. Two hours of study per day is enough for the CMA exam. There are four subjects in each group. Thirty minutes of allocation per subject is enough per day. Regular learning and continuous learning is the best study plan for completing CMA successfully.
For non-working professionals taking two groups is beneficial. For working professionals taking one group is beneficial. The advantages of the two groups are overlapping of the syllabus, carry forward of marks for the aggregate, and easy to take rank. In the case of CA, young students are more. In the case of CMA, working professionals are large. So, the working professionals go slowly and take one group to manage the double task. It is good to learn CMA with full-fledged dedication. For two groups it takes eight months or ten months. It is good to bear in mind CMA as a main course and B.com as the side course. This will help the students to take CMA seriously. Let me analyze the scenario as time management for working professionals and the motivation for the non-working professionals. Because from the real-life experiences students think about the confidence level and working professionals think about the time.
The motivation for the non-working CMA students
The recognition and the ability in believing in self are important for a student. If they believe that they can clear both the groups then by default this will decrease the number of attempts, increase the rank and the carry-forward system will help to clear the intermediate level and final level easily. The number of attempts and AIR rank is the factors that help the student to get placed in the Big four companies. So, writing both the groups help in terms of marks, interview, and self-confidence. CMA course is not a course to say as a walk in the park. It demands the full attention of the students.
Time management for the working CMA students
CMA group one is easy for candidates with experience in a manufacturing company. CMA group two-pass rates are comparatively higher than group one. So, it is easy to clear CMA intermediate group two exam after clearing group one. In the case of the CMA final, there are fifteen subjects and the results are taken separately not together. So, it is again perceived as good for the working professionals to write the two groups separately. Working professionals looking for promotions and the application of the knowledge into their job prefer CMA courses. So, the idea which works for them is to prioritize the needs. Apart from the job they take the CMA course as the side course. In that case, they are advised to write one group at a time. As they have practical knowledge it is easy to clear. The BOS is the unit from ICAI which add or omit certain subject as per the need. The change of syllabus is to prepare the students and not to introduce challenges to the students. When writing the amendments it is essential to remember the right one and if there is doubt then it is good to write the answer leaving the provision. Working professionals know better about presentation skills as they know what to write and what not to write. So, the practical knowledge and presentation skills are the big advantages for the working professionals to get AIR in the CMA exam.
What is the highest salary of a CMA?
CMA student’s high package goes with a range of 18 lakhs per annum whereas the average salary is somewhere around seven lakhs per annum. In the budding period chartered accountants get more salary than cost accountants. But CMA candidates have the opportunities to learn additional global certifications like IPA and CIMA. The MOU allows the students to hold IPA and CIMA certification with few formalities. Further, it is easy to clear the ACCA examination also after getting CMA, IPA, and CIMA. At the time of retirement, the salary of cost accountants rises as four to five crores per annum.
Chartered accountants handle financial records, cost records and audit them. The scope of cost accountants is only around the cost audit and not with the financial audit. The demand for cost accountants exists in manufacturing companies, PSUs, MNC companies, and service-oriented companies. The recession period will have an impact on Cost accountants and it has less impact on chartered accountants. The structure of the business and the laws create the edge between chartered accountants and cost accountants. But both have equal power in terms of knowledge and skills.