CMA Syllabus 2026: Download Latest Syllabus PDF

Certified Management Accountant 2026 ( CMA )

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CMA Dec 2026: Last Date to Enroll in the Course

31 Jul '26

Nupur Jain
Updated on Jun 3, 2026 13:04 IST

By Nupur Jain, Senior Executive - Editorial

Overview

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.

Table of contents
  • 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
View More
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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:

CMA Foundation Syllabus PDF

CMA Intermediate Syllabus PDF

CMA Final Syllabus PDF

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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

  • 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
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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

  • 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
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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

  • 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
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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

 

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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.
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FAQs on CMA Syllabus 2025

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

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

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:   Who prescribes CMA syllabus?
A: 

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

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

Q:   What is registration fee for CMA Intermediate course?
A: 

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

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?
A: 

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 Foundation course?
A: 

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

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

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?
A: 

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.

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