CMA Syllabus 2025: Download Latest Syllabus PDF

Q: 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)

Q: What are the test papers for CMA Intermediate course level?

CMA Intermediate course level has two different groups. Candidates can either take the test papers for both groups or a single group. The test papers included in the CMA Intermediate course level are as follows: 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)

Q: What is the syllabus for CMA Foundation exam?

CMA course is divided into three-course levels, namely Foundation, Intermediate, and Final. The CMA Foundation course has four different test papers. Candidates need to appear for all four test papers and pass the same to be marked eligible for the CMA Intermediate course. Four test papers included in the CMA Foundation course are as follows: Paper 1: Fundamentals of Business Lawns and Business Communication (FBLC) Paper 2: Fundamentals of Financial and Cost Accounting (FFCA) Paper 3: Fundamentals of Business Mathematics and Statistics (FBMS) Paper 4: Fundamentals of Business Economics and Management (FBEM)

Q: Which syllabus will be followed for the CMA Foundation 2024 June attempt?

CMA 2022 syllabus is being followed for the June 2024 exams. Old CMA students who enrolled into the course before the CMA 2022 syllabus came into existence were allowed to appear for the exam with CMA 2016 syllabus. However, now the CMA students will have to prepare for the exam using the CMA 2022 syllabus. The CMA 2016 syllabus has now been discontinued after December 2023 exam session. Candidates planning to take the CMA exam in the sessions after December 2023 have to prepare as per the CMA 2022 syllabus.

Q: Where can I find CMA syllabus?

Candidates can find the CMA syllabus on the official website. The CMA 2022 syllabus PDF and CMA 2016 syllabus PDF are available on the official student website. Candidates can download the course level-wise curriculum from the student website. Candidates need to follow the steps mentioned below to get the CMA syllabus PDF: Visit the official website and click on the student's tab Click on the 'Syllabus 2022' tab from the sidebar Click on the course level and group PDF to access the CMA syllabus Candidates can also find the CMA syllabus on the shiksha's CMA syllabus webpage (https://www.shiksha.com/accounting-commerce/accounting/cma-exam-syllabus)

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.

Q: What is the syllabus for the CMA Exam?

The CMA syllabus for all three course levels is as follows CMA Foundation Course Syllabus: Paper 1: Fundamentals of Business Laws and Business Communication (FBLC) Paper 2: Fundamentals of Financial and Cost Accounting (FFCA) Paper 3: Fundamentals of Business Mathematics and Statistics (FBMS) Paper 4: Fundamentals of Business Economics and Management (FBEM) CMA Intermediate Course Syllabus: CMA Intermediate Course Group I Paper 5: Business Laws 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 Final Course Syllabus CMA Final Course Group III Paper 13: Corporate and Economic Laws (CEL) Paper 14: Strategic Financial Management (SFM) Paper 15: Direct Tax Laws and International Taxation (DIT) Paper 16: Strategic Cost Management (SCM) CMA Final Course Group IV Paper 17: Cost and Management Audit (CMAD) Paper 18: Corporate Financial Reporting (CFR) Paper 19: Indirect Tax Laws and Practice (ITLP) 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) For more detailed information, you may visit the Shiksha CMA Exam page. (https://www.shiksha.com/accounting-commerce/accounting/cma-exam-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: 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: 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.

289 Students Q&A

Exam On - 11 Oct '25

Updated on Sep 13, 2025 23:26 IST

By Abhishek Dhawan, Assistant Manager – Editorial Content

CMA Syllabus 2025: The Institute of Cost Accountants of India (ICAI) or the erstwhile Institute of Cost and Works Accountants of India (ICWAI) conducts the CMA exam under three course-groups as per the CMA course syllabus prescribed in 2022. Candidates enrolling for the CMA 2025 exams have to prepare as per the CMA new syllabus that was released in 2022. Cost and Management Accounting courses are offered at three levels, namely Foundation, Intermediate and Final. Moving forward the CMA revised syllabus, i.e. the CMA 2022 syllabus will be used for designing the CMA question papers. The CMA syllabus for each of these three courses and its exams are separately laid by ICAI.

The CMA Foundation course syllabus deals with the basics or the fundamental concepts of accounting and management, the Intermediate and Final courses syllabus is divided into two groups and consists of topics specific to accounting, management, laws, etc. Once a candidate clears the CMA Foundation exam, s/he will then be eligible for the Intermediate and Final exams. Scroll down for more information on CMA 2022 syllabus for Foundation, Intermediate and Final courses.

Q: Where can I find CMA syllabus?

Q: How many papers are there in CMA exam?

Q: What is the syllabus for the CMA Exam?

Table of content

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

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:

PAPER 1: Fundamentals Of Business Laws and Business Communication (FBLC)
PAPER 2: Fundamentals Of Financial and Cost Accounting (FFCA)
PAPER 3: Fundamentals Of Business Mathematics and Statistics (FBMS)
PAPER 4: Fundamentals Of Business Economics and Management (FBEM)

Commonly asked questions

Q: What is the syllabus for CMA Foundation exam?

Q: Which syllabus will be followed for the CMA Foundation 2024 June attempt?

View Syllabus

CMA Intermediate Course Syllabus

The CMA Intermediate syllabus is divided into two groups, Group I and Group II. The topics are as follows:

CMA Intermediate Course Group – I

PAPER 5: Business Laws 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)

Commonly asked questions

Q: What are the test papers for CMA Intermediate course level?

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.

Final Course Group – III

PAPER 13: Corporate and Economic Laws (CEL)
PAPER 14: Strategic Financial Management (SFM)
PAPER 15: Direct Tax Laws 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 Laws and Practice (ITLP)
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)

CMA 2022 Syllabus PDF Download

Moving forward, the CMA syllabus 2016 will be scrapped.

Commonly asked questions

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

FAQs on CMA Syllabus 2025

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

Commonly asked questions

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

Q: Will the CMA syllabus change year to year?

Q: Who prescribes CMA syllabus?

CMA Exam

Student Forum

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Do B.Com (Hons) subjects prepare me for CA, CS, or CMA exams?

Answered a month ago

Absolutely! Many subjects like Financial Accounting, Corporate Law, Taxation, and Auditing directly overlap with professional courses. Students often say that their B.Com (Hons) syllabus gives them a head start in cracking CA/CS/CMA exams, saving them study time later.

Aashi Rai

Contributor-Level 7

How do I become a CMA in USA?

Answered 2 months ago

To become a CMA in the USA, you need to:

Become a member of the Institute of Management Accountants (IMA).
Meet the required education and work experience criteria.
Successfully pass both parts of the computer-based CMA exam.
Complete required continuing education units to keep your certification active

Rupali Arora

Contributor-Level 6

What is the US CMA eligibility criteria?

Answered 2 months ago

We have listed below the CMA US eligibility criteria for international students:

Register yourself with the IMA.
You must have a Bachelor's degree from an accredited college or university. If you are pursuing your graduation, you are still eligible for the US CMA. Degree verification must be done with

Abhay Arora

Contributor-Level 6

What is CMA USA salary?

Answered 2 months ago

The average CMA in USA salary is USD 126,000, but may vary on factors like experience, industry, company size, and location. The details are given below:

Mean Salary: USD 86,924 (INR 72.2 L)
Median Salary: USD 67,500 (INR 56.5 L)

Conversion Rate: 1 USD = INR 83.70

Piyush Singh

Contributor-Level 6

In how much time can applicants complete CMA in USA?

Answered 2 months ago

The CMA programme in USA, offers flexibility for aspiring management accountants to complete the course. While CMA in USA typically takes 12 to 18 months to complete both exam parts, however, dedicated students can finish in 6 to 9 months also. Candidates also have a three-year window to complete th

Jasleen Hazarika

Contributor-Level 6

Is CMA valid in the USA?

Answered 2 months ago

CMA is not just valid in USA, but also in other countries like Europe, UK, Canada, Germany, UAE and others. Thus, those who graduate with CMA from USA are eligible to work across the globe.

Jaya Taneja

Contributor-Level 6

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