CMA Syllabus: Every Paper, Level by Level
Twenty papers in three stages: 4 in Foundation, 8 in Intermediate, 8 in Final. Here is each one, group by group.
The CMA syllabus, under ICMAI's Syllabus 2022, spans 20 papers: 4 in Foundation, 8 in Intermediate across Groups I and II, and 8 in Final across Groups III and IV, where the twentieth paper is an elective. Every paper carries 100 marks.
The arc of the syllabus is deliberate. Foundation lays fundamentals in law, accounting, mathematics and economics. Intermediate builds the working toolkit: taxation, cost accounting, corporate accounts, financial management. Final turns strategic: strategic cost management, international taxation, corporate financial reporting, and an elective that lets you angle the qualification toward valuation, banking and insurance risk, or entrepreneurship.
Foundation: 4 Papers
Objective, MCQ-based papers covering the fundamentals:
- check_circleFundamentals of Business Laws & Business Communication
- check_circleFundamentals of Financial & Cost Accounting
- check_circleFundamentals of Business Mathematics & Statistics
- check_circleFundamentals of Business Economics & Management
Intermediate Group I: 4 Papers
- check_circleBusiness Laws & Ethics
- check_circleFinancial Accounting
- check_circleDirect & Indirect Taxation
- check_circleCost Accounting
Intermediate Group II: 4 Papers
- check_circleOperations Management & Strategic Management
- check_circleCorporate Accounting & Auditing
- check_circleFinancial Management & Business Data Analytics
- check_circleManagement Accounting
Real questions from the subjects on this page.
Final Group III: 4 Papers
- check_circleCorporate & Economic Laws
- check_circleStrategic Financial Management
- check_circleDirect Tax Laws & International Taxation
- check_circleStrategic Cost Management
Final Group IV: 4 Papers
The fourth paper here is the course's one elective:
- check_circleCost & Management Audit
- check_circleCorporate Financial Reporting
- check_circleIndirect Tax Laws & Practice
- check_circleElective: Strategic Performance Management & Valuation, or Risk Management in Banking & Insurance, or Entrepreneurship
Which Syllabus Applies to You
These papers are the Syllabus 2022 structure, the one recorded in our data source. ICMAI revises its syllabus periodically and publishes transition rules for enrolled students, so confirm at icmai.in which syllabus your term is examined under.
How the Groups Shape Your Study Order
Groups can be cleared independently, and that freedom is strategic. A candidate can sit one group per term, spreading eight Intermediate papers over two terms, or attempt both groups together. The syllabus rewards noticing overlaps: Cost Accounting in Group I feeds Management Accounting in Group II, and both feed Strategic Cost Management in the Final.
Syllabus FAQs
How many papers are there in the CMA course?expand_more
Twenty under Syllabus 2022: 4 Foundation papers, 8 Intermediate papers in Groups I and II, and 8 Final papers in Groups III and IV, each of 100 marks.
Does the CMA Final have optional subjects?expand_more
One. The last Group IV paper is an elective with three options: Strategic Performance Management & Valuation, Risk Management in Banking & Insurance, or Entrepreneurship.
Do I have to clear both groups of a level together?expand_more
No. Groups can be cleared independently, so you can attempt one group per term or both together, whichever suits your preparation.
Next steps
- Exam Patternarrow_forward
- Preparationarrow_forward
- Course Detailsarrow_forward
- CMA (ICMAI) Guidearrow_forward
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