CMA Final is the last stepping stone that a student must clear so as to witness the sweet fructification of his study and hard work. Post clearing the CMA Final, a student would hence be considered a budding master in the eclectic and ginormous world of accounting.
It is however pertinent to mention that each student who has registered himself for CMA Intermediate has to compulsorily undergo a practical training ie an articleship of 3years, out of which it is mandatory that a student must have a practical, hands on experience of atleast 6months before being eligible for sitting in the CMA Final exams.
These CMA exams are conducted by the Institute of Cost Management Accountants of India comprises of two groups ie Group 3 and Group 4 and the subjects in each of these two groups are as follows -
Paper 13 - Corporate Laws & Compliance
Paper 14 - Strategic Financial Management
Paper 15 - Strategic Cost Management – Decision Making
Paper 16 - Direct Tax Laws and International Taxation
Paper 17 -Corporate Financial Reporting
Paper 18 - Indirect Tax Laws & Practice
Paper 19 - Cost & Management Audit
Paper 20 - Strategic Performance Management and Business Valuation
Clearing the aforementioned laborious papers is not a cakewalk per se, a student needs to give utmost priority to his CMA studies in case he wishes to nail the exams. While there are no definite number of attempts for the CMA Foundation, Intermediate or even the CMA Professional Exams, a student must however put in all his hard work for excelling in these exams.
In the theoretical subjects of CMA Final, a student must try to understand and gauge each of the minute concepts, and should also learn its practical application, but however for the mind-boggling numerical subjects such as costing, mathematics and accountancy, a CMA Final student should try to build a deep understanding of each of the formulas, and the methods and a CMA Final student must be able to lucidly and coherently present all his answers in a 3hour knackering and perplexing exam.
The registration fee that a student must pay so as to pursue his CMA Final studies is Rs17000, that is to be paid at once and post this, there is an examination fee of Rs1400 for a student to appear in either one of the two groups, in one sitting, or Rs2800 for a student to appear in both of the CMA Final groups, in one sitting.
Also the passing criteria is the same as for CMA Foundation and CMA Intermediate, ie a minimum of 40% marks in each of the individual subjects, along with an overall aggregate of 50%.
A candidate shall however be addressed as a qualified CMA only after he completes his three years of practical training, along with which, he should've cleared all the 20CMA exams, post which such a student can emblazon the sublime title of a professional, that he would've earned for himself, with a lot of blood and sweat, along with hard work, dedication and perseverance - that is the key to tasting excellence for a CMA Final student.