Page 105 - GSTL_20th August 2020_Vol 39_Part 3

2020 ] IN RE : MASTER MINDS 319
for obtaining the qualification/certificate of CA and is a continuing education for
the students.
4.21 CA Final is the final stage of CA course and a student will get the
eligibility to write this examination after getting qualification of CA-IPCC/CA-
Inter and after completion of 2.5 years of articleship. A student who has passed
both the groups of CA Final examination will receive a certificate issued from
ICAI, a statutory authority (Annexure-M) under Chartered Accountants Act,
1949 read with Regulation 25D(3) of the Chartered Accountants Regulations,
1988 which was must to apply for the CA-Membership. According to Chartered
Accountants Act, 1949, ‘Chartered Accountant’ means a person who is a member
of the Institute.
4.22 At present ICWA course has been renamed as CMA which stands
for Cost Management Accounting. ICWA Foundation is the first stage of CMA
and to apply for this course, students must have passed 10th or equivalent from
any recognized Institution or Board and the candidate must have completed the
age of 17 years. The duration of this course is four months i.e., a student must
wait for a minimum of 6 months to write the CMA Foundation exam after regis-
tering with ICWAI. Every student who has passed Senior Secondary School Ex-
amination (10+2) and Foundation Course of the Institute of Cost Accountants of
India/Graduation in any discipline other than Fine Arts/Foundation (Entry Lev-
el) Part I Examination of CAT of the Institute/Foundation (Entry Level) Part I
Examination and Competency Level Part II Examination of CAT of the Insti-
tute/Passed Foundation of ICSI/Intermediate of ICAI is eligible to apply to
ICMAI for CMA Inter. It is an intermediate stage to cross for obtaining the quali-
fication/certificate of CMA and is a continuing education for the students. A
Student who passed the Foundation exam will be awarded with a Marks Memo-
randum issued by the Institute showing obtaining of qualification of Foundation
Course.
4.23 In respect of the Intermediate Course, it is the second stage in
completion of CMA course after the completion of CMA-Foundation. Intermedi-
ate Course consists of two groups i.e., Group-1 and Group-2 with a duration of 8
months i.e., a student has to wait for a minimum of 8 months to write the CMA
Inter exam after registering for CMA-Inter with ICWAI. Student will be issued a
certificate from ICWAI when he/she passes the CMA-Inter examination. The
certificate issued under statutory authority for passing the exam and as a qualifi-
cation to go to next stage i.e. Final Course and Practical Training. It is an inter-
mediate stage to cross for obtaining the qualification/certificate of CMA and is a
continuing education for the students.
4.24 A student can apply for ICWA-Final after qualifying both the
groups of ICWA Intermediate course conducted by the Institute of Cost Ac-
countants of India. Every student who has registered for the intermediate course
of CMA, must undergo a practical training (articleship) of total 3 years. It is
mandatory to complete 6 months of practical training before appearing for either
groups or both groups of CMA Final examination. A student who has passed
both the groups of CMA Final examination will receive a certificate issued from
ICWAI, a statutory authority. After passing both the groups of CMA Final, one
can apply for the membership of CMA after which he/she will become Cost
Management Accountant. According to Sec. 2(b) of CWA Act, 1959, “Cost Ac-
countant” means a person who is a member of the Institute.
4.25 The Intermediate Education [also known as Higher Secondary
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