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.

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)

How to clear CMA exam in one attempt?

To clear CMA Foundation, Inter or Final exam in first attempt, candidates must strengthen their basics, cover syllabus, practice as much as possible, stay away from distraction, attempt full-length mock tests, use smart revision techniques and evaluate their progess weekly or monthly.

Is the syllabus for BCom (Hons) and CMA identical?

CMA syllabus is far more in-depth when it is compared to BCom or MCom. Similarity in the syllabus of B.Com Honours and CMA depends on the major chosen by the candidate in the graduate degree course. CMA does not deal with selective/non-core subjects, including Economics, Marketing, Capital Markets, Statistics, etc. In contrast, CMA course has major accounting subjects, such as Financial Management, Taxation, Law among others. BCom syllabus can only be compared with the CMA Intermediate or CMA Foundation syllabus. On comparing CMA Final syllabus with any other Commerce course, the CMA syllabus is far more thorough. Candidates choosing a major subject in BCom carefully can help them prepare for a CMA course.

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 is the ideal study time to pass CMA exam?

Students must give at least 8-10 hours daily for each group of CMA exam for about 3 months to prepare well of the exam.

Has ICMAI released CMA June 2026 exam dates?

Yes, ICMAI has released exam dates for CMA June exam 2026. The CMA June 2026 Inter and Final exams will be conducted between June 11 and June 18, 2026. CMA June 2026 Foundation exam will be held on June 14.

Can I take CMA exam two times in a year?

CMA exam is conducted twice a year - June and December. The Institute of Cost Accountants of India allows candidates to appear for the exam twice in a year, provided they fill and submit the exam form before last date for both sessions.

Is it easy to crack CMA exam?

CMA exam is usually considered difficult to crack in one attempt. However, if a candidate is diligent with his/her preparation and practices mock exams, past papers and sample papers thoroughly before exam, their chances of passing the exam increases.

What is the syllabus for CMA Foundation exam?

CMA Foundation exam has four subject papers, namely Business Economics and Management (FBEM) Business Lawns and Business Communication (FBLC) Business Mathematics and Statistics (FBMS) Financial and Cost Accounting (FFCA)

Where can I find CMA syllabus?

Candidates can find the CMA syllabus on the official website. Candidates can also find the CMA syllabus on the shiksha's CMA syllabus webpage ( https://www.shiksha.com/accounting-commerce/accounting/cma-exam-syllabus )

Is CMA more difficult than CA?

CA is usually considered tougher than CMA if we consider the volume of syllabus and study. Also, the pass rate for CA exam is lower than that for CMA exam.

CMA Syllabus 2026: Download Latest Syllabus PDF

CMA June 2026 Inter & Final Exam

11 Jun '26 - 18 Jun '26

Updated on Apr 28, 2026 12:19 IST

By Nupur Jain, Senior Executive - Editorial

Overview

CMA Syllabus 2026: The Institute of Cost Accountants of India (ICMAI) conducts the CMA exam under three course-groups as per the CMA course syllabus. ICMAI is following the CMA syllabus last prescribed in 2022. Cost and Management Accounting courses are offered at three levels, namely Foundation, Intermediate and Final. The CMA syllabus for each of these three courses and its exams are separately laid by ICAI.

Scroll down for more information on CMA 2022 syllabus for Foundation, Intermediate and Final courses.

Table of contents

CMA Syllabus 2026
CMA Foundation Course Syllabus
CMA Intermediate Course Syllabus
CMA Final Course Syllabus
FAQs on CMA Syllabus 2025

CMA Syllabus 2026

The Institute of Cost Accountants of India (ICMAI) is transitioning to the CMA Syllabus 2026. ICMAI has invited professionals to author and review the new study material. The updated syllabus will have AI and data analytics. Study materials are expected within the year, and exams under the new syllabus will likely begin in June 2027. The transition should be completed by June 2028 when the 2022 syllabus is phased out.

Read Complete Story Here: ICMAI Announces Transition to CMA Syllabus 2026, Invites Authors and Reviewers

CMA June 2026 Practice Test Paper

ICMAI has released practice tests for each paper of CMA Foundation, Intermediate and Final exam for June 2026 session. To download and practice papers for better preparation, candidates can follow steps below:

Visit official CMA website and look for CMA syllabus portal, or directly open icmai.in
Scroll Down and navigate 'Practice Test Paper for June 2026 Term of Examination'.
Click on the desired course level - Foundation, Intermediate or Final.
Select the paper and download test paper.
Take the practice test paper in exam-like environment and analyze the same.

CMA Foundation Course Syllabus

The CMA Foundation course syllabus is broadly divided into four fundamental courses. The topics under the CMA Foundation exam syllabus stated by ICWAI or ICAI are as follows:

Foundation Course:

CMA Foundation Paper	Topics
PAPER 1: Fundamentals Of Business Laws and Business Communication (FBLC)	Section A: Fundamentals of Business Laws Introduction Indian Contracts Act, 1872 Sale of Goods Act, 1930 Negotiable Instruments Act,1881 Section B: Business Communication Business Communication
PAPER 2: Fundamentals Of Financial and Cost Accounting (FFCA)	Section A: Fundamentals of Financial Accounting Accounting Fundamentals Accounting for Special Transactions Preparation of Final Accounts Section B: Fundamentals of Cost Accounting Fundamentals of Cost Accounting
PAPER 3: Fundamentals Of Business Mathematics and Statistics (FBMS)	Section A: Fundamentals of Business Mathematics Arithmetic Algebra Calculus - Application in Business Section B: Fundamentals of Business Statistics Statistical Representation of Data Measures of Central Tendency and Dispersion Correlation and Regression Probability Index Numbers and Time Series
PAPER 4: Fundamentals Of Business Economics and Management (FBEM)	Section A: Fundamentals of Business Economics Basic Concepts Forms of Market Money and Banking Economic and Business Environment Section B: Fundamentals of Management Fundamentals of Management

Download Detailed Syllabus Here: CMA Foundation Syllabus PDF

CMA Intermediate Course Syllabus

CMA Intermediate course has two groups. Check group wise CMA Intermediate syllabus below:

CMA Intermediate Paper	Topics
CMA Intermediate Course Group - I
PAPER 5: Business Laws and Ethics (BLE)	Section A: Commercial Laws Introduction to Law and Legal System in India Indian Contracts Act, 1872 Sale of Goods Act, 1930 Negotiable Instruments Act, 1881 Indian Partnership Act, 1932 Limited Liability Partnership Act, 2008 Section B: Industrial Laws Factories Act, 1948 Payment of Gratuity Act, 1972 Employees Provident Fund and Miscellaneous Provisions Act, 1952 Employees State Insurance Act, 1948 The Code on Wages, 2019 Section C: Corporate Laws Companies Act, 2013 Section D: Business Ethics Business Ethics and Emotional Intelligence
PAPER 6: Financial Accounting (FA)	Section A: Accounting Fundamentals Accounting Fundamentals Section B: Accounting for Special Transactions Bills of Exchange, Consignment, Joint Venture Section C: Preparation of Financial Statements Preparation of Final Accounts of Commercial Organisations, Not-for-Profit Organisations and from Incomplete Records Section D: Partnership Accounting Partnership Accounting Section E: Lease, Branch and Departmental Accounts etc. Lease Accounting Branch (including Foreign Branch) and Departmental Accounts Insurance Claim for Loss of Stock and Loss of Profit Hire Purchase and Installment Sale Transactions Section F: Accounting Standards Accounting Standards
PAPER 7: Direct and Indirect Taxation (DITX)	Section A: Direct Taxation Basics of Income Tax Act Heads of Income Total Income and Tax Liability of Individuals & HUF Section B: Indirect Taxation Concept of Indirect Taxes Goods and Services Tax (GST) Laws Customs Act & Rules
PAPER 8: Cost Accounting (CA)	Section A: Introduction to Cost Accounting Introduction to Cost Accounting Cost Ascertainment – Elements of Cost Cost Accounting Standards (CAS 1 to CAS 24) Cost Book Keeping Section B: Methods of Costing Methods of Costing Section C: Cost Accounting Techniques Cost Accounting Techniques
CMA Intermediate Course Group - II
PAPER 9: Operations Management and Strategic Management (OMSM)	Section A: Operations Management Introduction Operations Planning Designing of Operational Systems and Control Application of Operation Research - Production Planning and Control Productivity Management and Quality Management Project Management, Monitoring and Control Economics of Maintenance and Spares Management Section B: Strategic Management Introduction Strategic Analysis and Strategic Planning Formulation and Implementation of Strategy Digital Strategy
PAPER 10: Corporate Accounting and Auditing (CAA)	Section A: Corporate Accounting Accounting for Shares and Debentures Preparation of the Statement of Profit and Loss and Balance Sheet (As Per Schedule III of Companies Act, 2013) Cash Flow Statement Accounts of Banking, Electricity and Insurance Companies Accounting Standards Section B: Auditing Basic Concepts of Auditing Provisions Relating to Audit under Companies Act, 2013 Auditing of Different Types of Undertakings
PAPER 11: Financial Management and Business Data Analytics (FMDA)	Section A: Financial Management Fundamentals of Financial Management Institutions and Instruments in Financial Markets Tools for Financial Analyses Sources of Finance and Cost of Capital Capital Budgeting Working Capital Management Financing Decisions of a Firm Section B: Business Data Analytics Introduction to Data Science for Business Decision-making Data Processing, Organisation, Cleaning and Validation Data Presentation: Visualisation and Graphical Presentation Data Analysis and Modelling
PAPER 12: Management Accounting (MA)	Section A: Introduction to Management Accounting Introduction to Management Accounting Section B: Activity Based Costing Activity Based Costing Section C: Decision Making Tools Marginal Costing Applications of Marginal Costing in Short Term Decision Making Transfer Pricing Section D: Standard Costing and Variance Analysis Standard Costing and Variance Analysis Section E: Forecasting, Budgeting and Budgetary Control Forecasting, Budgeting and Budgetary Control Section F: Divisional Performance Measurement Divisional Performance Measurement Section G: Responsibility Accounting Responsibility Accounting Section H: Decision Theory Decision Theory

Download Detailed Syllabus Here: CMA Intermediate Syllabus PDF

CMA Final Course Syllabus

The CMA syllabus for the Final course exam is divided into Group III and Group IV. The topics are of advanced level. Take a look at the topics below.

CMA Final Paper	Topics
Final Course Group – III
PAPER 13: Corporate and Economic Laws (CEL)	Section A: Corporate Laws The Companies Act, 2013 Insolvency and Bankruptcy Code, 2016 Corporate Governance and Social Responsibility and Sustainability Section B: Economic Laws and Regulations SEBI Regulations The Competition Act, 2002 Foreign Exchange Management Act, 1999 Laws and Regulations related to Banking Sector Laws and Regulations related to Insurance Sector Specific Legal Provisions related to MSME Sector Laws and Regulations related to Cyber Security and Data Privacy Laws and Regulations related to Anti-Money Laundering
PAPER 14: Strategic Financial Management (SFM)	Section A: Investment Decisions Investment Decisions, Project Planning and Control Evaluation of Risky Proposal for Investment Decisions Leasing Decisions Securitization Section B: Security Analysis and Portfolio Management Introduction Equity and Bond Valuation and Evaluation of Performance Mutual Funds Portfolio Theory and Practice Asset Pricing Theories Portfolio Performance Evaluation and Portfolio Revision Efficient Market Hypothesis Section C: Financial Risk Management Risks in Financial Market Financial Derivatives - Instruments for Risk Management Section D: International Financial Management The International Financial Environment Foreign Exchange Market Foreign Exchange Risk Management Section E: Digital Finance Digital Finance
PAPER 15: Direct Tax Laws and International Taxation (DIT)	Section A: Direct Tax Laws Assessment of Income and Computation of Tax Liability of Various Entities Tax Management, Return and Assessment Procedure Grievance Redressal Penalties and Prosecutions Business Restructuring Different Aspects of Tax Planning CBDT and Other Authorities E-commerce Transaction and Liability in Special Cases Income Computation and Disclosure Standards (ICDS) Black Money Act, 2015 Case Study Section B: International Taxation Double Taxation and Avoidance Agreements (DTAA) [Sec.90. 90A and 91] Transfer Pricing GAAR
PAPER 16: Strategic Cost Management (SCM)	Section A: Strategic Cost Management for Decision Making Introduction to Strategic Cost Management Quality Cost Management Decision Making Techniques Activity Based Management and Just in Time (JIT) Evaluating Performance Section B: Quantitative Techniques in Decision Making Linear Programming Transportation Assignement Game Theory Simulation Network analysis – PERT, CPM Learning Curve Business Application of Maxima and Minima Business Forecasting Models – Time Series and Regression Analysis Introduction to Tools for Data Analytics
Final Course Group – IV
PAPER 17: Cost and Management Audit (CMAD)	Section A: Cost Audit Basics of Cost Audit Companies (Cost Records and Audit) Rules, 2014 (as amended) Cost Auditor Overview of Cost Accounting Standards and GACAP Cost Auditing and Assurance Standards Cost Audit Programme Cost Audit Documentation, Audit Process and Execution Preparation and Filing of Cost Audit Report Section B: Management Audit Basics of Management Audit Management Reporting Issues and Analysis Management Audit in Different Functions Evaluation of Corporate Image Information Systems Security Audit Section C: Internal Control, Internal Audit, Operational Audit and Other Related Issues Internal Control and Internal Audit Operational Audit and Internal Audit under Companies Act, 2013 Audit of Different Service Organisations Section D: Forensic Audit and Anti-Money Laundering Forensic Audit Anti-Money Laundering
PAPER 18: Corporate Financial Reporting (CFR)	Section A: Indian Accounting Standards Specific Accounting Standards Section B: Valuation of Shares, Accounting and Reporting of Financial Instruments and NBFCs Valuation of Shares (Including Determination of Goodwill, Post - Valuation of Tangible and Intangible Assets) Accounting of Financial Instruments NBFCs – Provisioning Norms, Accounting and Reporting Section C: Accounting for Business Combination and Restructuring (in Compliance with Ind ASs) Accounting for Business Combinations and Restructuring Section D: Consolidated Financial Statements and Separate Financial Statements (in Compliance with Ind ASs) Consolidated Financial Statements and Separate Financial Statements Section E: Recent Developments in Financial Reporting Recent Developments in Financial Reporting Section F: Government Accounting in India Government Accounting in India
PAPER 19: Indirect Tax Laws and Practice (ITLP)	Section A: Goods and Services Tax Act & Rules Supply under GST - A Refresh Time of Supply (Advanced) Place of Supply Valuation (Advanced) Input Tax Credit (Advanced) Zero Rated Supplies and Deemed Exports TDS & TCS under GST E-way Bill GST Refunds- Inverted Duty Structure and Zero-rated Supplies GST Returns Accounts and Records GST Annual Return and GST Audit Return Transition to GST (Transitional Provisions) Dispute Resolution Mechanism under GST Inspection, Search, Seizure, Arrest and Prosecution Anti-profiteering Walkthrough of GSTN Portal Section B: Customs Act and Rules Valuation and Related Party Transactions Customs Procedures - Baggage & Courier / Post Manufacture in Bond Duty Drawback Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 Remission of Duties Refund Trade Facilitation Measures Export Promotion Schemes under Foreign Trade Policy Special Economic Zone Scheme (With Amended SEZ Rules)
PAPER 20: One of the following subjects PAPER 20A: Strategic Performance Management and Business Valuation (SPMBV) PAPER 20B: Risk Management in Banking and Insurance (RMBI) PAPER 20C: Entrepreneurship and Start Up (ENTS)	Paper 20A: Section A: Strategic Performance Management Introduction to Performance Management Performance Measurement, Evaluation and Improvement Tools Economic Efficiency of the Firm – Performance Analysis Enterprise Risk Management Section B: Business Valuation Fundamentals of Business Valuation Laws and Compliance in Business Valuation Business Valuation Methods and Approaches Valuation of Assets and Liabilities Valuation in Mergers and Acquisitions Paper 20B: Section A: Risk Management in Banking Introduction to Risk Management Interest Rate Risk and Market Risk Credit Risk and Liquidity Risk Sovereign Risk and Insolvency Risk Operational Risk and Off-Balance Sheet Risk Section B: Risk Management in Insurance Introduction to Insurance Business Insurance Intermediaries, General Insurance, Health Insurance and Life Insurance Managing Risk in Insurance Business Paper 20C: Section A: Entrepreneurial Skill Sets Entrepreneurial Skill Sets Section B: The Entrepreneurial Eco-system The Entrepreneurial Eco-system Section C: Idea to Action Idea to Action Section D: Value Addition Value Addition Section E: Scale up Scalability, Scaling up and Stabilisation of Sustainable Business Section F: Risk Management Strategies Risk Management Strategies Section G: Leadership Leadership Section H: Types of New Age Business Types of New Age Business

Download Detailed Syllabus Here: CMA Final Syllabus PDF

FAQs on CMA Syllabus 2025

Refer to the space below for frequently asked questions on CMA syllabus:

Q: Which is tougher to study; CMA or CA?

The difficulty level cannot be measured as it is very subjective. Though the course content of CMA is huge, CA has a very different and difficult question pattern. CMA modules more or less guide you properly as to what kind of questions are asked in the exams but the same is not true when it comes to CA. So, if your criteria of judging difficulty is whether you will be able to pass the exam or not, I guess you got your answer, which is it is really uncertain. Whose scope is better? Well, CAs undoubtedly have a huge market opened for them, the same is not true for a CMA. But again, if you are interested in the course structure of CMA more than that of CA, it is advisable to take up the former.

Q: Who prescribes CMA syllabus?

The Institute of Cost Accountants of India, the agency that conducts and regulates CMA courses in the country, prescribes the CMA syllabus for all three levels, namely Foundation, Intermediate and Final. The institute, comnmonly known as ICMAI is the sole authority in India for deciding the CMA syllabus, pedagogy, exam, eligibility, fees and CMA certification. When candidates complete the Foundation, Intermediate and Final courses, then the ICMAI offers CMA certification. Only ICMAI certification is considered valid CMA certification in India for practice.

Q: Will the CMA syllabus change year to year?

No, CMA syllabus does not change every year. CMA syllabus was changed in 2016 after 2012. The Institute of Cost Accountants, also known as ICMAI, has recently changed the CMA syllabus in 2022. CMA syllabus goes through a change after every four to five years to move forward with the market trends. For example, GST was not included in the CMA syllabus 2012; however, it is included under inderect taxation of CMA 2022 syllabus.

CMA students need to prepare using the new CMA syllabus prescribed by the ICMAI.

Q: What is registration fee for CMA Final course?

Candidates have to pay INR 25,000 as CMA Final course registration fee. ICMAI allows candidates to pay this amount in two installments as follows:

1st Installement: INR 15,000 (at the time of registration)
2nd Installment: INR 10,000 (before January 31 and July 31 for June and December term exams)

Q: What is registration fee for CMA Intermediate course?

The CMA Intermediate course registration fee is INR 23,100. Candidates can pay this amoung in two installments - INR 12,000 at the time of registration, and INR 11,100 before January 31 and July 31 for June and December term exams.

Q: What is registration fee for CMA Foundation course?

The registration fee for ICMAI CMA foundation course is INR 6,000.

Q: When will ICMAI CMA admit card be released for June session?

CMA June admit card will be releases around 10 days before the exam dates. ICAMI does not release the schedule for download of admit card. Therefore, candidates can stay tuned to Shiksha's CMA admit card page to get all updates.

Q: What is the release date for CMA Intermediate June 2026 result?

Release date for CMA Inter result for June 2026 exam is August 05, 2026. Candidates who will appear for CMA Inter exam between June 11 and June 18, will be able to check their scores.

Q: Has ICMAI announced release date for CMA Final June 2026 exam?

Yes, ICMAI has announced release date for CMA Final exam to be conducted between June 11 and June 18 on its official website. As per the notice, the result will be announced the latest by August 05, 2026.

Q: What is the release date for CMA Foundation June 2026 result?

According to official notice released by ICMAI, the CMA Foundation result for June 2026 exam will be released the latest by July 09, 2026.