Exemptions

• 1. Qualification-based RECIPROCAL EXEMPTION SCHEME under Syllabus 2012 between the Institute of Cost Accountants of India and the Institute of Company Secretaries of India

Exemption to ICSI passed candidates from papers of the Institute of Cost Accountants of India	Exemption to the Institute of Cost Accountants of India passed candidates from papers of ICSI
Foundation course Full exemption	Foundation Program-Full exemption
Intermediate course	Executive Programme
Group 1, Paper 7 : Direct Taxation	Module 1, Paper 2: Cost and Management Accounting
Group 1, Paper 8: Cost Accounting and Financial Management	Module 1, Paper 4: Tax Laws and Practice
Group 2, Paper 12: Company Accounts and Audit	Module 2, Paper 5 : Company Accounts and Auditing Practices
Final Course	Professional Programme
Group 3 Paper 13: Corporate Laws & Compliance	Module 1, Paper 1: Advanced Company Law & Practice
Group 3 Paper 14:Advanced Financial Management	Module 2, Paper 5 : Financial, Treasury and Forex Management
Group 3, Paper 16: Tax Management and Practice	Module 3, Paper 7 : Advanced Tax Laws and Practice

Further, the subject exemption fee for each paper is fixed at Rs.1,000/- (Rupees One Thousand only ).

ICSI- qualification based exemption granted and availed under Syllabus 2008 now opts to pursue the Course under Syllabus 2012

Any student pursuing the course of the Institute, to whom, subject exemption under Syllabus 2008 was granted on the basis of ICSI-Qualification, now desires to opt for pursuing the course under Syllabus 2012, shall be guided by the following procedure:

 

ICSI- Qualification based exemption granted under Syllabus 2008	ICSI- Qualification based exemption to be granted under Syllabus 2012	Special Note
INTERMEDIATE COURSE
Paper 5 – Financial Accounting of Group I	NO CORRESPONDING EXEMPTION AGAINST THIS PAPER	Student Shall Have to appear in “Paper 5 - Financial Accounting”
Paper 7 – Applied Direct Taxation of Group I	Paper 7 – Direct Taxation of Group I
	Paper 8 – Cost Accounting & Financial Management under Group I
	Paper 12 – Company Accounts and Audit of Group II	This is an additional benefits offered to a student as per ICMAI-ICSI MoU - Reciprocal Exemption Scheme. However, the exemption is not granted suo-moto and hence, the student shall have to make an application to the Directorate of Studies, Headquarters, CMA Bhawan, 12, Sudder Street, alongwith the prescribed fee of Rs.1,000/- (Rupees One Thousand only), per subject drawn in favour of the Institute of Cost Accountants of India, payable at Kolkata. Upon receipt of the same, Directorate of Studies, would issue a revised letter granting exemption from appearing in the subjects as per MoU for this Intermediate Course.

Note:
Qualification-based exemption shall remain valid as was/is offered for that respective Syllabus only.

Example: If a student to whom exemption in some specified papers under Syllabus 2008 were granted on the basis of ICSI-qualification, then such exemption shall remain valid and can only be availed under Syllabus 2008 .

So, if these students until June 2015, being the last term of Examination, under “Syllabus 2008”, fails to qualify the respective course (say Intermediate or Final), then the benefit / exemption so granted, will not be offered further on the same subjects. However, the benefit would be offered only as per subjects in “Syllabus 2012”. Students are to follow the procedure prescribed/ to be prescribed by the Directorate of Studies, from time to time.

ICSI- Qualification based exemption granted under Syllabus 2008	ICSI- Qualification based exemption to be granted under Syllabus 2012	Special Note
FINAL COURSE
Paper 12 – Financial Management & International Finance of Group III	Paper 14 – Advanced Financial Management of Group III
Paper 14 – Indirect and Direct Tax Management of Group III	Paper 16 – Tax Management & Practice of Group III
	Paper 13 – Corporate Laws & Compliance of Group III	This is the additional benefit offered to the student as per ICMAI-ICSI MoU - Reciprocal Exemption Scheme. However, the exemption is not granted suo-moto and hence, the student shall have to make an application to the Directorate of Studies, Headquarters, CMA Bhawan, 12, Sudder Street, alongwith the prescribed fee of Rs.1,000/- (Rupees One Thousand only),[for this subject] drawn in favour of the Institute of Cost Accountants of India, payable at Kolkata. Upon receipt of the same, Directorate of Studies, would issue a revised letter granting exemption from appearing in the subjects as per MoU for this Final Course.

 

• 2. For Engineering Graduates having completed 2nd year/IV Semester/equivalent or Graduate Engineers (qualified Engineering Final Examination)

Exempted from CMA Foundation Course

Exemption from appearing in the following two papers at the Intermediate Course under Syllabus 2012:

Paper 6 - - Laws, Ethics & Governance ( LEG)

Paper 9 - Operations Management & Information System (OMIS)

 

• 3. ACCA- UK qualified students are eligible to exemption in following papers under syllabus 2012.

Foundation- Complete exemption.

Intermediate :

Paper 5- Financial Accounting

Paper 6 - Laws, Ethics & Governance

Paper 8-Cost Accounting and Financial Management

Paper 10- Cost and Management Accountancy

Paper 12- Company Accounts and Audit

Final :

Paper 14- Advanced Financial Management

Paper 15- Business Strategy and Strategic Cost Management

Paper 17- Strategic Performance Management

Paper 18- Corporate Financial Reporting

Paper 20- Financial Analysis and Business Valuation

Further, the subject exemption fee for each paper is fixed at Rs.1,000/- (Rupees One Thousand only )

For details visit For details visit http://www.icmai.in/upload/Institute/MOU/ACCA-CMA-Mapping-Revised.pdf