A Cost and Management Accountant (CMA) specializes in managing and controlling the costs of production and operations within a company. They analyze cost structures, prepare budgets, and provide financial insights to support decision-making. CMAs also allocate costs, assess profitability, and ensure compliance with financial regulations. To become a CMA, one must pass exams and complete training through the Institute of Cost Accountants of India (ICMAI). They play a vital role in improving efficiency, profitability, and financial strategy in businesses.