What is ICMAI CA Exam 2021? How students can apply for this exam?
The Institute of Cost Accountants of India aims to make students eligible as cost or management accountants. This is a national-level exam.
There are three stages in the ICMAI CA 201 exam: the foundation, intermediate, and final stages. To be a cost accountant, every aspirant must qualify for the three stages of the ICMAI CA exam.
Before applying for the ICMAI CA, all the aspirants first check the required criteria for eligibility by visiting the official site.
The Institute of Cost Accountants of India, Cost Accountants (ICMAI CA Exam): For one to qualify to become a cost and management accountant in India, they must pass three ICAI CA stages. These stages are the Foundation course, the Intermediate course, and the Final course. Luckily for all potential aspirants, the application is open all year round. However, all applicants must meet some set criteria for the relevant authority to approve their registration
As one may correctly guess from the exam name, ICMAI is the body in charge of organizing these exams. The institution conducts the reviews in June and December, every year.
- Aspirants will have to submit the ICMAI CA application cost of Rs.9800 for applying in the ICMAI Exam.
- The payment mode for the registration fee will be by using a credit card or a bank demand draft in favor of the Institute of Cost Accountants of India.
ICMAI CMA Admit Card:
The ICAI is the body in charge of the exams. For this reason, the authority issues admit cards to the aspirants upon completion of application processing. Usually, ICMAI issues admit cards to the aspirants in May, every year.
However, for an aspirant to access the admit card, they must log in to their accounts. The admit cards differ depending on the course level. The admit card contains essential information such as the aspirant’s name, exam center, location, course, and exam dates. If an applicant misses the admit card, they ought to report to ICMAI before the exam dates.
ICMAI Exam Eligibility Criteria:
The eligibility requirements heavily depend on the stage of the course. However, below are some of the general conditions.
- An applicant must have completed both classes 10 and 12; ICMAI requires an applicant to have completed their class 10 and class 12 education. This education prepares applicants for the ICMAI course.
- An aspirant must be an Indian citizen; ICMAI gives priority to Indian applicants. For this reason, the body requires that an applicant be a valid Indian citizen with the relevant documents.
- An aspirant must have passed the previous level exam; An aspirant must complete one ICMAI level to proceed to the next one. For example, for one to move to the Intermediate course level, they must have successfully finished the Foundation ICMAI course level.
- An aspirant must be 17 years or more; ICMAI only allows applicants that have attained 17 years or more to enroll for ICMAI.In some instances, the institution might ask for copies of the identification documents, such as the national identification card. The ID helps CMA to verify that the aspirant meets the age requirement.
As mentioned above, CMA classifies the course into three distinct stages. Below are the subjects under each of the topics.
CMA Foundation Stage – ICMAI Exam
- Basics of laws and ethics
- The basics of accounting
- Fundamentals of business management and statistics
- Economics and management
CMA Intermediate Stage – ICMAI Exam
- Direct taxation
- Ethics, law, and governance
- Company auditing
- Management accounting
- Cost auditing
- Indirect taxation
CMAI Final Course – ICMAI Exam
- Financial analysis
- Business evaluation
- Tax management
- Corporate laws
- Financial management
- Management audit
- Corporate financial reporting
ICMAI CMA 2021 Exam pattern:
The candidate who will give an attempt of the upcoming ICMAI CA 2021 exam read the following pattern:
- ICMAI CA 2021 exam is expecting to be computer-based.
- The authority will set the exam duration of a total of 02 hours.
- The ICMAI CA 2021 question paper will consist of multiple-choice questions.
- ICMAI will divide the exam into two parts the part 1 and part 2
- Examiner will ask 100 questions for each paper.
- This paper has the benefit of having no marks for wrong answers while each question carries 01 positive marks.
ICMAI CA 2021 Preparation Tips:
- The most used formula for preparation is regular study; it becomes a key for your success when you study regularly.
- First, prepare the most compulsory topics, then prepare the others.
- Study each subject for at least two hours.
- Carry an in-depth study of theories.
- Go for mock tests of ICMAI CA 2021.
ICMAI CMA Exam Important Dates:
|ICMAI Foundation Course Examination||Jun-2021||Dec-2021|
|Fundamentals of Economics & Management||11-18 Jun 2021||10-17 Dec 2021|
|Fundamentals of Accounting||11-18 Jun 2021||10-17 Dec 2021|
|Fundamentals of Laws & Ethics||11-18 Jun 2021||10-17 Dec 2021|
|Fundamentals of Business Mathematics & Statistics||11-18 Jun 2021||10-17 Dec 2021|
CMA Inter Exam Dates:
|ICMAI CMA Inter||Dates (tentative)|
|CMA Inter 2021 Jun exam||11-18 Jun 2021|
|CMA Inter 2021 Dec exam||10-17 Dec 2021|
Duties of a Cost Accountant:
- Regular Collection of Data; The primary role of a cost acc. is to gather data regularly. That is not all the acc. It also creates a data accumulation system.
- Validate the Prices of Purchased Products; A company also hires a cost acc. to validate prices of products sold out. Usually, this validation takes place towards the end of the month.
- Tracing Back of Expenses; A cost acc. also plays a crucial role in locating the activities for which a company spent money. This service is especially useful during auditing to account for every company coin. For this reason, this employee helps in heightening accountability by all the employees.
- Preparing Financial Reports for the Company; Another duty of a cost acc. is to develop business documents regularly. These reports are highly crucial to the directors to make appropriate decisions. For example, they may prepare reports to highlight existing variances as well as their causes.
- Prepare a Budget for the Firm; No company on earth can perform well unless they have a professional cost acc. to prepare regular budgets for them. Budgeting helps a business to improve profits by avoiding unnecessary financial mismanagement.
- More, a budget also helps business directors to have control of the funds. Consequently, employees have no choice but to be accountable.
- Creates an Inventory and Controls Inventory Data; Most big companies heavily rely on a cost acc. to create an inventory. The account is also in charge of all the inventory data on behalf of the firm.
Frequently Asked Questions (FAQs):
The minimum age is 17 years.
Usually, ICMAI issues admit cards to the aspirants in May, every year.
There are three different stages. These stages are the Foundation course, the Intermediate course, and the Final course.
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