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 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 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)

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.

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 )

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)

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.

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.

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.

CMA Syllabus 2025: Download Latest Syllabus PDF

278 Students Q&A

Updated on Jan 28, 2026 23:40 IST

By Abhishek Dhawan, Assistant Manager – Editorial Content

CMA Syllabus 2026: The Institute of Cost Accountants of India (ICMAI), previously known as the Institute of Cost and Works Accountants of India (ICWAI), 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. 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.

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