Exemption for CMA & ACCA Members while doing both CMA & ACCA Courses

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ICMAI / ICAI-cost Exemption for CMA & ACCA Members : The Institute of Cost Accountants of India has released a notification regarding Reciprocal Exemption between ICAI-CMA (India) and ACCA Members as per MoU. In this notification, ICMAI has mentioned details about exemptions for ACCA-UK Members for pursuing CMA Course under Syllabus 2016 and Exemption for CMA members pursuing ACCA as per MOU of the Institute with ACCA-UK.

Also Read : Procedure for obtain ICMAI CMA duplicate Mark Sheet / duplicate Certificate / Transcript

Exemption for CMA & ACCA Members while doing CMA & ACCA Courses

Subject : Reciprocal Exemption between ICAI-CMA and ACCA Members as per MoU.

Notified for general information Qualification related reciprocal exemption offered to ACCA-UK Members for pursuing the CMA Course under Syllabus 2016 and exemption for CMA members pursuing ACCA as per Addendum to Memorandum of Understanding dated 23rd October, 2018.

Exemption for ACCA-UK Members for pursuing CMA Course under Syllabus 2016:

(ACCA Members pursuing the ICAI qualification under syllabus 2016 will be awarded exemptions from 14 papers)

Exempted from complete CMA Foundation Course (four papers) under syllabus 2016.
Exempted from appearing in the following six papers (6) at the CMA Intermediate Course under syllabus 2016:

Paper 5- Financial Accounting (FAC)
Paper 6- Law A Ethics (LNE)
Paper 8- Cost Accounting (CAC)
Paper 9- Operations Management and Strategic Management (OMSM)
Paper 10- Cost A Management Accounting and Financial Management (CMFM)
Paper 12- Company Accounts and Audit (CAA)

Exempted from appearing in the following four papers (4) at the CMA Final Course under syllabus 2016:

Paper 14- Strategic Financial Management (SFM)
Paper 15- Strategic Cost Management -Decision Making (SCMD)
Paper 17- Corporate Financial Reporting (CFR)
Paper 20- Strategic Performance Management and Business Valuation (SPEW)

 

Exemption from undergoing 100-hours Compulsory Computer Training, Communication and Soft Skill Training in Intermediate Course & IOTP Training A Practical Training in Final Course for ACCA Members
Exemption for CMA members pursuing ACCA as per MOU of the Institute with ACCA.1. Associate/Fellow member with five years of work experience will get 9 exemptions.

2. Associate member with less than 5 years of work experience will get 7 exemptions.

For further details, please refer to website of ACCA-UK link.

 

Application for exemption to be made to Directorate of Studies, HQ, as per operational modalities (Anneuxre I).

Also Read :

  • Clarification for qualification based subject exemptions granted under syllabus 2012, opting for syllabus 2016
  • Exemptions for Engineering Graduates/Engineers pursuing CMA course under syllabus, 2016.
  • Exemptions for qualified LLBs pursuing CMA course under syllabus, 2016.

ACCA & CMA Syllabus 2016 – Papers List (at a glance)

ACCA

CMA (Syllabus 2016)

Fundamentals

Foundation

F1Accountant in BusinessP1Fundamentals of Economics & Management
F2Management AccountingP2Fundamentals of Accounting
F3Financial AccountingP3Fundamentals of Laws and Ethics
F4Corporate and Business LawP4Fundamentals of Business Mathematics & Statistics
F5Performance Management

Intermediate

F6TaxationP5Financial Accounting
F7Financial ReportingP6Laws and Ethics
F8Audit and AssuranceP7Direct Taxation
F9Financial ManagementP8Cost Accounting

Professional (Essentials)

P9Operations Management & Strategic Management
P1Governance, Risk and EthicsP10Cost & Management Accounting and Financial Management
P2Corporate ReportingP11Indirect Taxation
P3Business AnalysisP12Company Accounts & Audit

Professional Options (any two papers)

Final

P4Advanced Financial ManagementP13Corporate Laws & Compliance
P5Advanced Performance ManagementP14Strategic Financial Management
P6Advanced TaxationP15Strategic Cost Management- Decision Making
P7Advanced Audit and AssuranceP16Direct Tax Laws and International Taxation
P17Corporate Financial Reporting
P18Indirect Tax Laws and Practices
P19Cost and Management Audit
P20Strategic Performance Management and Business Valuation

For ACCA-UK Members for pursuing CMA Course under Syllabus 2016

CMA Foundation : CMA Foundation Course (four papers) is fully exempted.

CMA Intermediate : Exempted from appearing in the following six papers (6) at the CMA Intermediate Course under syllabus 2016:

  • Paper 5- Financial Accounting (FAC)
  • Paper 6- Law A Ethics (LNE)
  • Paper 8- Cost Accounting (CAC)
  • Paper 9- Operations Management and Strategic Management (OMSM)
  • Paper 10- Cost A Management Accounting and Financial Management (CMFM)
  • Paper 12- Company Accounts and Audit (CAA)

CMA Final : Exempted from appearing in the following four papers (4) at the CMA Final Course under syllabus 2016:

  • Paper 14- Strategic Financial Management (SFM)
  • Paper 15- Strategic Cost Management -Decision Making (SCMD)
  • Paper 17- Corporate Financial Reporting (CFR)
  • Paper 20- Strategic Performance Management and Business Valuation (SPEW)

Computer Training & CSST : Exemption from undergoing 100-hours Compulsory Computer Training, Communication and Soft Skill Training in Intermediate Course & IOTP Training A Practical Training in Final Course for ACCA Members

Exemption for CMA members pursuing ACCA

  1. Associate/Fellow member with five years of work experience will get 9 exemptions.
  2. Associate member with less than 5 years of work experience will get 7 exemptions.

For further details, please refer to website of ACCA-UK link.

Annexure I- ACCA CMA Exemption Mapping ( as per addendum MOU)

Operational Modalities for ACCAs Members to pursue CMA Course:

  1. Registration to the Intermediate Course directly ( as ACCAs members as per addendum MOU would
    be exempted from Foundation Course.

  2. Intermediate Course Fee: Rs. 20,000/- (Rupees Twenty Thousand only) [selecting either Oral or
    Postal Mode of Coaching], All registrations are to be made through “on-line admission” only. [On-line
    Admission: https:/cmaicmai.in/students/Home.aspx], Regarding changes of Intermediate course fees
    as per laid down in the prospectus from time to time.

  3. Final Course Fee: Rs. 17,000/- (Rupees Seventeen Thousand only) [selecting either Oral or Postal
    Mode of Coaching], All registrations are to be made through “on-line admission” only. [On-line
    Admission: https:/cmaicmai.in/students/Home.aspx], Regarding changes of Final course fees as per
    laid down in the prospectus from time to time.

  4. Qualification-based subject exemption fee for 14 (fourteen) papers is Rs. 25,000/- (Rupees Twenty
    Five Thousand only) to be paid at the time of applying for subject exemption during Intermediate
    Course.

  5. ACCA Members pursuing CMA Course ( as per this addendum MOU) would be eligible for availing
    exemption from undergoing 100-hours Computer Training Course and Communication & Soft Skills
    Training at the Intermediate Level.

  6. CMA students (with ACCA Membership, availing benefits of this MoU) pursuant to enrolment to the
    Final Course shall also be exempted from undergoing IOTP Training & Practical Training.

  7. There shall be no refund, if any, for availing exemptions from undergoing the prescribed trainings at
    Intermediate & Final Level.

How to claim the CMA & ACCA Exemptions

The granting of Reciprocal Exemption between ICAI-CMA and ACCA Members is not automatic, and you will have to apply to ACCA and ICAI-CMA(India) for it.

The application letter that you will send should be accompanied by copies of the official documents like CMA Course certificates, CMA mark sheets or transcripts that has been sent to you by IMA. Online certificates are not accepted, and only copies of original physical certificates must be sent. These documents need to be written in English, and the copies need to be properly signed and stamped by IMA, otherwise, they will get rejected.

Also Read : Clarification on Conversion to Syllabus 2016 and Corresponding exemptions

Still having any issues regarding Exemption for CMA & ACCA Members while doing CMA & ACCA Courses, you can ask us through our Ask & Answer Forum. Follow the above mentioned procedure to obtain Exemption for CMA & ACCA Members while doing both CMA & ACCA Courses.

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