How CMA Exam Score is Determined? Marking Scheme, Passing Criteria, Exemption Rule
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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
- About CMA Exam
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 |
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.
CMA foundation course has four papers. All four papers of CMA Foundation exam will have 50 multiple choice questions of two marks each.
CMA Intermediate course have two groups with four papers each. Each paper of CMA Intermediate has eight questions. Out of these questions, the first question is compulsory, while candidates have to attempt any five questions from the remaining seven questions. While some papers have five questions, first question is compulsory, and out of remaining four questions, three are mandatory.
Similarly, CMA Final course have different question numbers in different test papers.
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)
No. There is no negative marking in the CMA exam, irrespective of the three course levels. Candidates can answer all questions without worrying about deduction of the marks. All questions in the CMA Foundation exam will fetch two marks each. While the questions in the CMA Intermediate and CMA Final course levels have different marks range. The maximum marks ranges from six marks to 15 marks per question. Candidates will not face any deduction of the marks, if the recorded answer is incorrect or the question is unattempted.
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.
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.
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.
Yes. ICMAI releases the CMA model question papers for all subjects under Foundation, Intermediate and Final courses. Along with the questions, ICMAI releases the answers to all these question papers. Candidates can access the ICMAI CMA MQPs for better preparation of the relevant course. ICMAI releases the CMA MQP separately for both exam sessions, including June and December.
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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% |
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.
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About CMA Exam
CMA exam is an examination conducted by the Institute of Cost Accountants of India to become a certified CMA. There are three levels or courses in CMA - Foundation, Intermediate and Final. Candidates have to appear for and pass all three courses to complete the CMA course. To appear for the exam, interested students have to register and enroll for the exam and take the exam on specified date and time.
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Student Forum
Anything you would want to ask experts?Answered 2 months 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 2 months 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 2 months 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 2 months 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 2 months 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 2 months 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 2 months ago
The registration fee for ICMAI CMA foundation course is INR 6,000.
N
Contributor-Level 6
Nupur Jain started with a passion for educational content writing, which soon grew into a meaningful journey of helping students through reliable guidance. A commerce graduate from Delhi University, she has spent ov
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