CMA exam has three course levels, including Foundation, Intermediate, and Final. Each subject paper has 100 marks. The scoring criteria in CMA exam varies across course levels. Check details on ICMAI CMA scoring criteria below.
How is CMA Score Determined?
CMA Score Determination Process: The Institute of Cost Accountants of India (ICMAI) conducts CMA exam at three course levels. CMA scoring criteria varies across all three course levels considering a different exam pattern. The determination of a candidate's score and passing status in the CMA exam is administered by rules set by ICMAI. CMA exam scoring process involves a combination of marking schemes, aggregate requirements, and a detailed exemption policy that dictates how scores are carried forward in subsequent attempts. Scroll down to know how CMA exam score is determined, including the marking scheme, exemption rules, and CMA passing criteria.
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- Course-wise CMA Marking Scheme
- ICMAI CMA Passing Criteria
- ICMAI CMA Exemption Rule
- CMA Score Calculation: Subject Weightage
Course-wise CMA Marking Scheme
The CMA course is divided into three levels: Foundation, Intermediate, and Final. Each level has a specific number of subjects, and the marking scheme differs slightly between the levels.
CMA Foundation: The course level has four subjects with 100 marks each. Each of these four subject papers have 50 MCQ type questions awarding 2 marks.
| Component | Details |
|---|---|
| Total Subjects | 4 |
| Marks per Subject | 100 |
| Question Type | MCQs |
| No. of Questions | 50 |
| Marks per Question | 2 |
| Total MCQ Marks | 100 |
CMA Intermediate and Final: These course levels are divided into two groups each, with four subjects per group. Each paper is has 100 marks and is split into two sections.
| Section | Question Type | No. of Questions | Marks Allocation |
|---|---|---|---|
| Section A | MCQs | 15 | 2 marks each (30 marks total) |
| Section B | Descriptive | 7 (5 compulsory) | 14 marks each (70 marks total) |
| Total | - | - | 100 marks |
ICMAI CMA Passing Criteria
To qualify in the CMA exam, a candidate must satisfy two criteria simultaneously:
- CMA Passing Marks in Individual Subject: A candidate must obtain at least 40 marks in every individual subject paper.
- CMA Aggregate Passing Marks: A candidate must achieve a total of 50% in aggregate for the group or level they are appearing for. For a single group of 400 total marks, a candidate needs an aggregate of at least 200 marks.
CMA Passing Criteria in Different Conditions
- Failing the Individual Criteria: If a candidate scores 38, 60, 60, and 60 (Total: 218), they fail because one subject is below 40.
- Failing the Aggregate Criteria: If a candidate scores 42, 45, 46, and 52 (Total: 185), they fail because the total is below the 200-mark aggregate requirement, even though all individual papers are above 40.
- Giving Both Groups Together: If a student appears for both groups of a level simultaneously, the individual 40-mark rule applies to all eight subjects, and the 50% aggregate is calculated on the combined total of both groups.
CMA results are declared for all the CMA students who appear for the exam as per the stipulated dates. The results for all three levels of CMA exam are issued online on the official exam website. Candidates need to provide login credentials, including their registration number to check the CMA results for Foundation, Intermediate or Final course level. ICMAI releases the CMA results separately for Foundation course. While the results for both Intermediate and Final exams are released on the same day.
ICMAI does not entertain any requests for offline showcase of the CMA results. Therefore, candidates can check the results from the official website only.
Candidates need to visit the ICMAI website to check CMA results. Students need to provide the identification number to access the CMA result login.
ICMAI CMA Exemption Rule
If a candidate fails the group but secures 60 marks or above in a specific subject, he/she can claim exemption in that particular subject.
An exemption occurs when a candidate fails a group but scores 60 marks or more in a specific subject. This status allows the candidate to avoid retaking that specific paper for the next three subsequent (consecutive) attempts.
Calculating Aggregate Marks in Subsequent Attempts: Candidates always worry about how CMA score is determined in terms of exemptions, and how CMA score is for exempted subject is treated in the next attempt. There are two rules based on the candidate's performance in the failed attempt:
- Rule A (The 50-Mark Rule): If a candidate fails the group and had scored less than 40 marks in any of the remaining subjects, the exempted paper's marks are reckoned as exactly 50 marks for the purpose of calculating the aggregate in the next attempt.
- Rule B (The Actual Marks Rule): If a candidate fails the group but had secured at least 40 marks in every other paper of that group, the actual marks (e.g., 67 or 70) are carried forward for the aggregate calculation in subsequent attempts.
Claiming and Withdrawing Exemptions: No formal application is required to claim an exemption; it is automatically recorded. To claim it, the student remains absent from the exempted paper during the next examination. However, if a student decides to appear for the exempted paper again, the exemption is permanently withdrawn, and the new score is used.
CMA Score Calculation: Subject Weightage
The subjects and their internal weights influence the final score determined for each paper.
CMA Foundation Subject Wise Weightage
| Subject name |
Topic from the subject |
Weightage |
|---|---|---|
| FUNDAMENTALS OF BUSINESS LAWS AND BUSINESS COMMUNICATION (FBLC) |
Introduction |
10% |
| Indian Contracts Act, 1872 |
30% |
|
| Sale of Goods Act, 1930 |
20% |
|
| Negotiable Instruments Act, 1881 |
20% |
|
| Business Communication |
20% |
|
| FUNDAMENTALS OF FINANCIAL AND COST ACCOUNTING (FFCA) |
Accounting Fundamentals |
30% |
| Accounting for Special Transactions |
15% |
|
| Preparation of Final Accounts |
25% |
|
| Fundamentals of Cost Accounting |
30% |
|
| FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS (FBMS) |
Arithmetic |
15% |
| Algebra |
20% |
|
| Calculus - Application in Business |
5% |
|
| Statistical Representation of Data |
5% |
|
| Measures of Central Tendency and Dispersion |
15% |
|
| Correlation and Regression |
15% |
|
| Probability |
15% |
|
| Index Numbers and Time Series |
10% |
|
| FUNDAMENTALS OF BUSINESS ECONOMICS AND MANAGEMENT (FBEM) |
Basic Concepts |
15% |
| Forms of Market |
20% |
|
| Money and Banking |
20% |
|
| Economic and Business Environment |
15% |
|
| Fundamentals of Management |
30% |
CMA Intermediate Subject Wise Weightage
| Subject name |
Topic from the subject |
Weightage |
|---|---|---|
| Business Laws and Ethics (BLE) |
Commercial Laws |
30% |
| Industrial Laws |
15% |
|
| Corporate Laws |
40% |
|
| Business Ethics |
15% |
|
| Financial Accounting (FA) |
Accounting Fundamentals |
15% |
| Accounting for Special Transactions |
10% |
|
| Preparation of Financial Statements |
20% |
|
| Partnership Accounts |
20% |
|
| Lease, Branch and Departmental Accounts etc. |
15% |
|
| Accounting Standards |
20% |
|
| Direct and Indirect Taxation (DITX) |
Direct Taxation |
50% |
| Indirect Taxation |
50% |
|
| Cost Accounting (CA) |
Introduction to Cost Accounting |
40% |
| Methods of Costing |
30% |
|
| Cost Accounting Techniques |
30% |
|
| Operations Management and Strategic Management (OMSM) |
Operations Management |
60% |
| Strategic Management |
40% |
|
| Corporate Accounting and Auditing (CAA)
|
Corporate Accounting |
50% |
| Auditing |
50% |
|
| Financial Management and Business Data Analytics (FMDA) |
Financial Management |
80% |
| Business Data Analytics |
20% |
|
| Management Accounting (MA) |
Introduction to Management Accounting |
5% |
| Activity Based Costing |
10% |
|
| Decision Making Tools |
30% |
|
| Standard Costing and Variance Analysis |
15% |
|
| Forecasting, Budgeting and Budgetary Control |
15% |
|
| Divisional Performance Measurement |
10% |
|
| Responsibility Accounting |
5% |
|
| Decision Theory |
10% |
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CMA Final Subject Wise Weightage
The Final level includes advanced modules and elective choices that determine the final group scores.
| Subject name |
Topic from the subject |
Weightage |
|---|---|---|
| Corporate and Economic Laws |
Companies Act |
40% |
| SEBI |
10% |
|
| Other economic regulations |
|
|
| Strategic Financial Management |
Investment Decisions |
25% |
| Security Analysis |
35% |
|
| Derivatives |
20% |
|
| Direct Tax and International Taxation |
Direct Tax |
60% |
| International Taxation |
40% |
|
| Strategic Cost Management |
SCM for decision making |
60% |
| Quantitative Techniques |
40% |
|
| Cost and Management Audit |
Cost Audit |
50% |
| Management Audit |
25% |
|
| Corporate Financial Reporting |
Ind AS |
25% |
| Business Combinations |
20% |
|
| Consolidations |
20% |
|
| Indirect Tax Laws and Practice |
GST |
70% |
| Customs |
30% |
NOTE: Paper 20 (Electives): Candidates choose one from Strategic Performance Management (20A), Risk Management in Banking and Insurance (20B), or Entrepreneurship and Startup (20C).
ICMAI determines the CMA score based on the marking scheme, individual subject requirements, exemptions, and rules related to aggregate score.
A Candidate can apply for verification of answer papers to the Director of Examination, ICMAI, within 30 days from the date of release of the CMA results. To apply for the facility, candidates need to pay INR 250 for each subject paper. During the verification of answer papers, ICMAI will only evaluate the exam papers for any totalling error, or any omission occured while examining any answers.
Candidates need to enter the term name, current registration number, roll number, full name, course name, and the subject for which they wish to apply for verification of answer sheets.
CMA verification results are available on the official student website. Candidates need to check the CMA verification results using the login dashboard on the website.
CMA Foundation results release within a month of the exam date. Candidates can check the CMA Foundation results on the official student website of ICMAI. The prediction of release of CMA Foundation results within month has been based on the previous year trends.
However, in some of the past session, CMA Foundation exam was conducted as an online proctored test where the results were out within 15 days of the exam date. In the current session, the CMA Foundation exam is being conducted as an OMR based offline test. Therefore, evaluating the CMA Foundation answer sheets may become a bit tough. For the latest updates on CMA Foundation dates, refer to shiksha's CMA dates article (https://www.shiksha.com/accounting-commerce/accounting/cma-exam-dates)
Abhishek is a content writer and editor with 7+ years of experience in education journalism. He completed his graduation from University of Delhi with a BA Degree. At Shiksha.com, he handles content for MBA, BBA, an
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Student Forum
Anything you would want to ask experts?Answered a month ago
ICMAI conducts CMA exam in June and December. Candidates can apply for ICMAI CMA based on the cutoff date for each exam term.
R
Contributor-Level 6
Answered a month ago
With the release of the CMA June 2025 results, 5,491 candidates completed Intermediate Course of the Institute. Such candidates were marked eligible for the practical training.
R
Contributor-Level 6
No. CMA results are released within 3 months of the exam date. as per the CMA test structure, the CMA Foundation exam is held as an OMR based test. Therefore, candidates are evaluated only after they have submitted their OMR based answer sheets. On the contrary, CMA exams for Intermediate and Final courses have subjective questions. Therefore, evaluating the performance of each candidate can be done via a subject matter expert.
Therefore, candidates cannot check the CMA results immediately after the submitting their answer sheets.