
The Institute of Cost Accountants of India (ICMAI) has released the CMA 2026 syllabus for all three levels - Foundation, Intermediate and Final, at icmai.in. ICMAI is following the CMA syllabus last prescribed in 2022. Students preparing for CMA exam 2026 must know the topics included in each paper of CMA levels to know what to study for the examinaton. Scroll down for more information on CMA syllabus for Foundation, Intermediate and Final courses.
- CMA Syllabus 2026
- CMA Foundation Paper-wise Syllabus
- CMA Intermediate Paper-wise Syllabus
- CMA Final Paper-wise Syllabus
- CMA Exam Pattern 2026
- CMA Exam Preparation Strategy
- FAQs on CMA Syllabus 2025
CMA Syllabus 2026
The official CMA syllabus PDF for Foundation, Intermediate and Final courses have been released by the Institute of Cost Accountants of India. The syllabus includes chapters and their topics for all papers of the course. There are 4 papers in CMA Foundation exam, 8 papers in CMA Intermediate exam and 8 papers in CMA Final exam. Students preparing for the upcoming session must download CMA syllabus PDF to begin their preparation.
| Download Free PDF for CMA Syllabus: |
Commonly asked questions
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.
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.
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.
CMA Foundation Paper-wise 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:
| CMA Foundation Paper | Topics |
|---|---|
| PAPER 1: Fundamentals Of Business Laws and Business Communication (FBLC) | Section A: Fundamentals of Business Laws
Section B: Business Communication
|
| PAPER 2: Fundamentals Of Financial and Cost Accounting (FFCA) | Section A: Fundamentals of Financial Accounting
Section B: Fundamentals of Cost Accounting
|
| PAPER 3: Fundamentals Of Business Mathematics and Statistics (FBMS) | Section A: Fundamentals of Business Mathematics
Section B: Fundamentals of Business Statistics
|
| PAPER 4: Fundamentals Of Business Economics and Management (FBEM) | Section A: Fundamentals of Business Economics
Section B: Fundamentals of Management
|
Commonly asked questions
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.
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)
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)
CMA Intermediate Paper-wise 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
Section B: Industrial Laws
Section C: Corporate Laws
Section D: Business Ethics
|
| PAPER 6: Financial Accounting (FA) | Section A: Accounting Fundamentals
Section B: Accounting for Special Transactions
Section C: Preparation of Financial Statements
Section D: Partnership Accounting
Section E: Lease, Branch and Departmental Accounts etc.
Section F: Accounting Standards
|
| PAPER 7: Direct and Indirect Taxation (DITX) | Section A: Direct Taxation
Section B: Indirect Taxation
|
| PAPER 8: Cost Accounting (CA) | Section A: Introduction to Cost Accounting
Section B: Methods of Costing
Section C: Cost Accounting Techniques
|
| CMA Intermediate Course Group - II | |
| PAPER 9: Operations Management and Strategic Management (OMSM) | Section A: Operations Management
Section B: Strategic Management
|
| PAPER 10: Corporate Accounting and Auditing (CAA) | Section A: Corporate Accounting
Section B: Auditing
|
| PAPER 11: Financial Management and Business Data Analytics (FMDA) | Section A: Financial Management
Section B: Business Data Analytics
|
| PAPER 12: Management Accounting (MA) |
Section A: Introduction to Management Accounting
Section B: Activity Based Costing
Section C: Decision Making Tools
Section D: Standard Costing and Variance Analysis
Section E: Forecasting, Budgeting and Budgetary Control
Section F: Divisional Performance Measurement
Section G: Responsibility Accounting
Section H: Decision Theory
|
Commonly asked questions
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.
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)
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.
CMA Final Paper-wise 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
Section B: Economic Laws and Regulations
|
| PAPER 14: Strategic Financial Management (SFM) | Section A: Investment Decisions
Section B: Security Analysis and Portfolio Management
Section C: Financial Risk Management
Section D: International Financial Management
Section E: Digital Finance
|
| PAPER 15: Direct Tax Laws and International Taxation (DIT) | Section A: Direct Tax Laws
Section B: International Taxation
|
| PAPER 16: Strategic Cost Management (SCM) | Section A: Strategic Cost Management for Decision Making
Section B: Quantitative Techniques in Decision Making
|
| Final Course Group – IV | |
| PAPER 17: Cost and Management Audit (CMAD) |
Section A: Cost Audit
Section B: Management Audit
Section C: Internal Control, Internal Audit, Operational Audit and Other Related Issues
Section D: Forensic Audit and Anti-Money Laundering
|
| PAPER 18: Corporate Financial Reporting (CFR) | Section A: Indian Accounting Standards
Section B: Valuation of Shares, Accounting and Reporting of Financial Instruments and NBFCs
Section C: Accounting for Business Combination and Restructuring (in Compliance with Ind ASs)
Section D: Consolidated Financial Statements and Separate Financial Statements (in Compliance with Ind ASs)
Section E: Recent Developments in Financial Reporting
Section F: Government Accounting in India
|
| PAPER 19: Indirect Tax Laws and Practice (ITLP) | Section A: Goods and Services Tax Act & Rules
Section B: Customs Act and 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
Section B: Business Valuation
Paper 20B: Section A: Risk Management in Banking
Section B: Risk Management in Insurance
Paper 20C: Section A: Entrepreneurial Skill Sets
Section B: The Entrepreneurial Eco-system
Section C: Idea to Action
Section D: Value Addition
Section E: Scale up
Section F: Risk Management Strategies
Section G: Leadership
Section H: Types of New Age Business
|
Commonly asked questions
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.
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.
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)
CMA Exam Pattern 2026
Check below to know CMA exam pattern 2026 for Foundation, Intermediate and Final course:
| Exam Features | CMA Exam Details |
|---|---|
| Mode of CMA exam (All three levels) | Offline Centre-Based Test |
| Type of questions | CMA Foundation Exam: Multiple Choice Questions (MCQ) CMA Inter & Final Exam: Descriptive |
| Total marks in each subject paper | 100 |
| Exam Duration | CMA Foundation: 120 minutes CMA Inter & Final: 180 minutes |
| Frequency of Exam | Twice a Year - June & December |
| Passing Marks | 40% marks in each paper 50% overall aggregate |
Commonly asked questions
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.
CMA exam is conducted at three course levels, namely Foundation, Intermediate and Final. CMA exam for all three course levels are conducted as an offline centre based exam. In the past sessions, ICMAI, the conducting body of the CMA exam, had conducted the Intermediate and Final course exams as an online centre based exam. While the CMA Foundation was conducted as a remotely proctored exam from home. However, the mismanegement in the online exams led ICMAI to shift back to the offline centre based exam.
ICMAI may change the mode of the CMA exams in the upcoming exam sessions. Stay tuned to shiksha's CMA exam pattern article for key developments in the test structure from time to time (https://www.shiksha.com/accounting-commerce/accounting/cma-exam-pattern)
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.
CMA Exam Preparation Strategy
Students planning to appear for the upcoming session of CMA exam must check out below mentioned preparation tips:
- Make sure to download the latest syllabus and pattern.
- Prepare a study plan based on the number of days left for the exam.
- Set weekly and monthly targets and analyze your performance.
- After 60% of the syllabus is covered, start practicng from previous year papers.
- Take CMA mock exams regularly after the entire syllabus is covered.
- Do not compare your preparation level with others as it will only demotivate you.
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.
Commonly asked questions
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.
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.
ICMAI conducts CMA exam twice a year in June and December term. If ICMAI decides to conduct CMA exam thrice it will be notified on the official website.
FAQs on CMA Syllabus 2025
Refer to the space below for frequently asked questions on 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.
According to official notice released by ICMAI, the CMA Foundation result for June 2026 exam will be released the latest by July 09, 2026.
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.
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.
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)
The registration fee for ICMAI CMA foundation course is INR 6,000.
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.
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.
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.
CMA Exam
Student Forum
Answered a month ago
The Institute of Chartered Accountants of India (ICAI) has announced 301 exam centres across India for the 2026 cycle. In Kerala, centres include:
Malappuram (Kottakkal)
Kozhikode
Thrissur
Ernakulam
Thiruvananthapuram
Kannur
Palakkad
Kottayam
S
Contributor-Level 10
Answered a month ago
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.
Y
Contributor-Level 6
Answered a month ago
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.
Y
Contributor-Level 6
Answered a month ago
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.
S
Contributor-Level 6
Answered a month ago
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.
N
Contributor-Level 6
Answered a month ago
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)
R
Contributor-Level 6
Answered a month ago
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.
V
Contributor-Level 6
Answered a month ago
The registration fee for ICMAI CMA foundation course is INR 6,000.
N
Contributor-Level 6
Answered a month ago
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.
N
Contributor-Level 6
Answered 2 months ago
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.
R
Contributor-Level 6
What are the exam center for CA in Malappuram, Kottakkl?