What are the test papers included in CMA Final course level?

CMA Final exam has two-course groups. Candidates can either appear for a single course group or both course groups in one session. The space below mention the test papers for both the course groups of the CMA Final exam: Final Course Group - III PAPER 13: Corporate and Economic Lawns (CEL) PAPER 14: Strategic Financial Management (SFM) PAPER 15: Direct Tax Lawns and International Taxation (DIT) PAPER 16: Strategic Cost Management (SCM) Final Course Group - IV PAPER 17: Cost and Management Audit (CMAD) PAPER 18: Corporate Financial Reporting (CFR) PAPER 19: Indirect Tax Lawns and Practice (ITLP) PAPER 20: One of the following subjects PAPER 20A: Strategic Performance Management and Business Evaluation (SPMBV) PAPER 20B: Risk Management in Banking and Insurance (RMBI) PAPER 20C: Entrepreneurship and Start Up (ENTS)

What are the test papers for CMA Intermediate course level?

CMA Intermediate Course Group - I PAPER 5: Business Lawns and Ethics (BLE) PAPER 6: Financial Accounting (FA) PAPER 7: Direct and Indirect Taxation (DITX) PAPER 8: Cost Accounting (CA) CMA Intermediate Course Group - II PAPER 9: Operations Management and Strategic Management (OMSM) PAPER 10: Corporate Accounting and Auditing (CAA) PAPER 11: Financial Management and Business Data Analytics (FMDA) PAPER 12: Management Accounting (MA)

What are the test papers for CMA Intermediate course level?

CMA Intermediate Course Group - I PAPER 5: Business Lawns and Ethics (BLE) PAPER 6: Financial Accounting (FA) PAPER 7: Direct and Indirect Taxation (DITX) PAPER 8: Cost Accounting (CA) CMA Intermediate Course Group - II PAPER 9: Operations Management and Strategic Management (OMSM) PAPER 10: Corporate Accounting and Auditing (CAA) PAPER 11: Financial Management and Business Data Analytics (FMDA) PAPER 12: Management Accounting (MA)

What are the test papers included in CMA Final course level?

CMA Final exam has two-course groups. Candidates can either appear for a single course group or both course groups in one session. The space below mention the test papers for both the course groups of the CMA Final exam: Final Course Group - III PAPER 13: Corporate and Economic Lawns (CEL) PAPER 14: Strategic Financial Management (SFM) PAPER 15: Direct Tax Lawns and International Taxation (DIT) PAPER 16: Strategic Cost Management (SCM) Final Course Group - IV PAPER 17: Cost and Management Audit (CMAD) PAPER 18: Corporate Financial Reporting (CFR) PAPER 19: Indirect Tax Lawns and Practice (ITLP) PAPER 20: One of the following subjects PAPER 20A: Strategic Performance Management and Business Evaluation (SPMBV) PAPER 20B: Risk Management in Banking and Insurance (RMBI) PAPER 20C: Entrepreneurship and Start Up (ENTS)

What are the types of questions in the CMA exam?

The type of questions in the CMA exam varies based on the course level. The space below mentions the course-wise type of questions in the CMA exam based on the course levels: CMA Foundation course exams have multiple choice questions. Candidates have to answer as many as 50 MCQs with four answer options. Out of the four options only one is correct. CMA Intermediate course exam has both objective types questions and descriptive type questions. Similar to the Intermediate level exam, questions in CMA Final course exams are both objective and discriptive.

How many questions are there in the CMA exam?

CMA foundation course has four papers. All four papers of CMA Foundation exam will have 50 multiple choice questions of two marks each. CMA Intermediate course have two groups with four papers each. Each paper of CMA Intermediate has eight questions. Out of these questions, the first question is compulsory, while candidates have to attempt any five questions from the remaining seven questions. While some papers have five questions, first question is compulsory, and out of remaining four questions, three are mandatory. Similarly, CMA Final course have different question numbers in different test papers.

How many times is CMA exam conducted in one year?

The Institute of Cost Accountants of India, also known as ICMAI, conducts the CMA exam twice in one year. The two terms of the CMA exam are conducted in December and June sessions. CMA students need to fill the exam form until a specified date to participate in the examination process under a particular exam session. Candidates who need a new admission in CMA course must fill the regisatration form to enrol themselves to the course. Candidates must enrol themselves until January 31 to appear for CMA exam in June session. On the contrary, to appear for CMA December term exams, candidates need to complete the admission process until July 31. The registration deadlines for the CMA enrolment may or may not extend in a particular exam session.

CMA Pattern 2025: Know Marking Scheme & Exam Duration

Result - 8 Jan '26

Updated on Oct 30, 2025 16:17 IST

By Abhishek Dhawan, Assistant Manager – Editorial Content

CMA 2025 Exam Pattern: The Institute of Cost Accountants of India (ICAI) has released the CMA exam pattern for Foundation, Intermediate and Final course. The Institute of Cost Accountants of India (ICMAI) releases the exam pattern of CMA 2025 for December and June sessions on the official website, icmai.in. ICMAI will be conducting the exam as offline centre-based test for all three courses. Last year, CMA exam for Foundation course was conducted as remote proctored exam, while exam for the Intermediate and Final courses was conducted as online test from centre. Each exam paper has a total of 100 questions to be answered within 120 minutes for the Foundation course and within 180 minutes for Intermediate and Final courses.

Scroll down for complete information on CMA 2025 exam pattern for Foundation, Intermediate and Final courses.

Q: What are the maximum marks in CMA exam?

Maximum marks in the CMA exam is similar irrespective of the course level. Papers under all three course levels have a maximum of 100 marks. Candidates answering all the questions correctly will get 100 marks. In the CMA Foundation eaxam, each exam paper has 50 multiple choice questions. Each question fetches two marks. Whereas, the CMA Intermediate and CMA Final have different marking scheme with descriptive and objective type questions. Marks for each question of Intermediate or Final exam paper ranges from seven marks to 15 marks.

Q: What is the passing score for the CMA exam?

The passing score for all three levels of the CMA course levels is the same. Candidates securing a minimum of 40 per cent in all test papers and 50 per cent aggregate score pass the CMA exam. Candidates securing less marks even in one of the subjects will fail the entire group or course level for ICMAI CMA.

Q: How many papers are there in CMA exam?

CMA exam has three course levels, namely CMA Foundation, CMA Intermediate and CMA Final. CMA Foundation course has four test papers. Candidates need to appear for all four test papers. The Intermediate course of CMA exam have two groups. Candidates appearing for CMA Intermediate exam will have option to appear for both the groups in one exam session. Candidates planning to attempt both groups of CMA Intermediate course have to appear for eight test papers. Passing test papers in both the groups of Intermediate course is mandatory. Candidates can appear for one group in one session or both the groups in one session.

Identical to CMA Intermediate, CMA Final course also has two groups with four test papers each. Candidates can choose to appear for the test papers under both the course groups in one session. Passing all the test papers will be mandatory to get the CMA destination.

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