CMA Membership Details 2021 – Associate & Fellow Memberships, Guidelines, Application, Fee, Certificate

CMA Membership Details 2021: In this article, we are giving the complete information of CMA Membership Details, Guidelines, how to apply and also the fee structure of the CMA Membership Form. This article also includes the details of procuring the CMA Membership Certificate which is given to a person who wants to put a practice as a Cost Accountant throughout India.

There are two types of Memberships In CMA. They are

1. Associate Membership
2.  Fellow Membership

CMA Membership Details

There are two types of Memberships In CMA. They are

1. Associate Membership
2.  Fellow Membership

To know more about CMA Membership Details [su_button url=”https://icmai.in/upload/Students/Prospectus_Syll-2016_Revised_20-11-2019.pdf” target=”blank” style=”flat” background=”#b92255″ size=”5″ center=”yes” icon=”icon: book”]Registration Details [/su_button]

CMA Membership Details – Associate Membership

A person who has passed the Final Examination of the Institute and who has obtained for a period of not less than three years of practical experience covering different branches of Costing or Industrial Accounting viz. stores, materials, labor, overhead, etc. In a responsible position in any one or more industrial or commercial or government units or departments and produced evidence to that effect to the satisfaction of the Council may seek admission to associate membership of the Institute. The practical experience as above may be acquired prior to or after passing the Final Examination or partly before and partly after passing the said examination.

Guidelines for Associate Membership

1. An applicant for Associate Membership of the Institute is required to produce evidence to the satisfaction of the Council that he has acquired for a period of not less than three years practical experience covering different branches of Costing or Industrial Accounting in a responsible position in any one or more Industrial or Commercial or Government units or departments.
2. Experience in Banking, Insurance, and other Financial Institutions involving project analysis, feasibility reports, financial profitability analysis, economic efficiency analysis – 3 years (minimum).
3. In Universities and Management Institutions etc. – practical experience in handling projects and specific studies in costing and management accounting and in other management functions with economic content and analysis – 3 years (minimum).
4. Experience on a full-time basis with a practicing Cost Accountant – 3 years (minimum).
5. Experience on a part-time basis with any organization – 5 years (minimum).
6. Experience with engineering bias involving system analysis, project study and allied disciplines, cost and project estimation, inventory control and accounting, budgeting – 3 years (minimum).
7. Teaching experience for Degree/Post Graduate courses or recognized Institutes in subjects – Costing/ Management Accounting and/or other papers covered in the syllabus of ICAI for a minimum of 3 years on a full-time basis.
8. Teaching experience for Degree/Post Graduate courses or recognized Institutes in subjects – Costing/ Management Accounting and/or other papers covered in the syllabus of ICAI for a minimum of 5 years on a part-time basis.
9. Articled Service under CA. Regulations are not recognized.
10. Experience either by service or practice in firms of Chartered Accountants / Company Secretaries is not recognized.
11. If a firm of Chartered Accountants / Company Secretaries has separate Management Consultancy Division and if the applicant has exclusively worked in that Division, credence to such service is given on a percentage basis depending on the nature of job-related with cost/management accounting, financial accounting, taxation/MIS or of similar nature, size of the firm, nature of duties handled by the applicant, size of the client companies, etc.
12. Management Consultant in individual capacity depending on the size of the firm, nature of duties handled by the applicant related with cost/ management accounting/financial accounting/ taxation/MIS or of similar nature, size of the Client Companies, etc.

Procedure of CMA Associate Membership application

An Application for Associate Membership should be made in prescribed Form ’M-2’ available at the Headquarters of the Institute in Kolkata, the offices of Regional Councils and Chapters, and also available on the Institute website www.icmai.in. The application should be accompanied by prescribed fees mentioned in the Form M-2’, experience certificate(s) duly attested by the employer(s) in original, and a photocopy of certificates of date of birth and highest academic qualification of the applicant. Applicants can make the application online also.

CMA Membership Details – Fellow Membership

An Associate Member may apply to the Council for advancement to Fellowship if he/she fulfills, subject to satisfaction of the Council, either of the following conditions:

(a) He/She should have been an Associate Member of the Institute for a continuous period of not less than five years and in continuous practice in India as a Cost Accountant for at least five years, and

(b) He/She should have been an Associate Member of the Institute for a continuous period of not less than five years and immediately before the date of his/ her application should have held for a continuous period of not less than five years a position as Chief Cost Accountant or an equivalent appointment, by whatever name designated, in an organization approved for the purpose by the Council.

Guidelines for Fellow Membership

1. A member, being an Associate who has been in continuous practice in India for at least five years, whether before or after the commencement of the Cost Accountants Act, or whether partly before and partly after the commencement of the said Act, and a member who has been an Associate for a continuous period of not less than five years and who possesses such qualifications as the Council may prescribe with a view to ensuring that he has experience equivalent to the experience normally acquired as a result of continuous practice for a period of five years as a cost accountant shall, on payment of the prescribed entrance fee and on an application made and granted in the prescribed manner, be entered in the Register as a Fellow of the Institute.
2. For purposes of subsection (4) of Section 5 of the CWA Act, an associate who, for a continuous period of not less than five years immediately before the date of his application has held a position as Chief Cost Accountant, or an equivalent appointment, by whatever name designated, in an organization approved for the purpose by the Council shall be deemed to have experience equivalent to the experience acquired as a result of continuous practice for a period of five years as a Cost Accountant.
3. Chief Cost Accountant, Chief Accountant, FA & CAO/ Chief of Finance, Jt. or Dy. FA & CAO/Jt. or Dy. Chief (Finance), Financial Controller, Controller of Accounts, Finance Manager, or equivalent designations.
4. Cost Accountant, where he is the head of the Cost Department or Division.
5. In some private sector companies the post of Accountant/Divisional Accountant/ Senior Executive, where he is the head of the Cost Department.
6. Secretary of a Company if the Chief Accountant and/ or the Cost Accountant reports to him.
7. Works Accountant of a Factory.
8. Deputy Finance Manager / Deputy Controller of Accounts / Sr. Accounts Officer Deputy Manager (Accounts), Assistant Manager, Account Officer, Finance Officer, Cost Accounts Officer, Income Tax Officer or equivalent of an organization but not below the rank of Accounts Officer or equivalent.
9. Management Accountant, Budget Manager, Manager (I & A).
10. As per provisions of Section 5(4) of the CWA Act, a member who has held a Certificate of Practice as Cost Accountant continuously for at least a period of five years is eligible for Fellowship.
11. Teaching experience of 5 years as Lecturer or Professor or Head of the Department of any recognized University or University affiliated Colleges or Institutes.
12. Articled Service under C.A. Regulations is not recognized. Experience either by service or practice in firms of Chartered Accountants / Company Secretaries is not recognized. However, if a firm of Chartered Accountants / Company Secretaries has separate Management Consultancy Division and if the applicant has exclusively worked in that Division, credence to such service is given on a percentage basis depending on the nature of job-related with cost/management accounting / financial accounting/taxation / MIS or of similar nature, size of the firm, nature of duties handled by the applicant, size of the client companies, etc.
13. Management Consultant in individual capacity depending on the size of the firm, nature of duties, handled by the applicant related with cost/management accounting / financial accounting/taxation / MIS or of similar nature, size of the client companies, etc.
14. In all cases mentioned above, the nature of the experience of the applicant in practice/consultancy/ service, his position, and responsibility, whether the authority to whom he reports is sufficiently high in the organization are taken into account. If the applicant holds the second or third position, regard is paid to the size and set-up of the organization, the applicant’s responsibility, division of work in the organization, and the authority to whom he is directly responsible.
15. Out of 5 years to be computed, if the applicant has held the approved post, say, for 2 or 3 years, the lesser position held by him previously has also been approved in suitable cases taking into account the size and nature of the organization. 16. A gap not exceeding one year is condoned so as not to affect the interpretation of the word immediately appearing in Section 5(4) of the CWA Act.

Note: Officiating or acting in a particular post does not entitle a member to be considered equivalent for that post.

Procedure of CMA Fellow Membership Application

Application for Fellow Membership should be made in prescribed Form ‘M-2’ available at the Headquarters of the Institute in Kolkata, the offices of Regional Councils and Chapters and also available in the Institute website www.icmai.in. The application should be accompanied by prescribed fees mentioned in the Form ’M-2’, experience certificate(s), and organization chart(s) duly attested by the employer(s) in the original. Member may apply online also.

Fees Payable with The Application

The fee that is to be paid with the application depends on the membership opted.

Refund of Membership Application Fee

Every person whose application for admission to the membership of the Institute is not accepted by the Council shall be entitled to a refund of the fee paid by him/her.

Designation for CMA Membership

Associate Member: An Associate Member shall be entitled to use the descriptive letters “ACMA” after his/her name and describe himself/herself as an Associate Member of the Institute of Cost Accountants of India.

Fellow Member: A Fellow Member shall be entitled to use the descriptive letters “FCMA” after his/her name and describe himself/ herself as a Fellow Member of the Institute of Cost Accountants of India.

Certificate of Practice

A member of the Institute, an Associate or Fellow, may apply to the Council in the prescribed Form ’M-3’, Form ‘M-5’ & Form ‘M-6’ for Certificate of Practice. The Certificate of Practice, if issued, will entitle the holder to practice as a Cost Accountant throughout India. The fee for Certificate of Practice is ` 2000 which should be paid along with the application, the validity of a Certificate of Practice should be got renewed annually, by applying in Form ‘M-3’ with a payment of ` 2000 which will become due on 1st April in each year.

Here, we give the complete information regarding the CMA Membership Details 2021, Guidelines, how to apply, and also the fee structure of the CMA Membership Form. For more CMA Membership Details and any other related queries please contact us through your comments. so, that we can clarify doubts.