CMA Final Subjects: Paper-wise Syllabus and Exam Pattern
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| Parameter | Details |
|---|---|
| Total Papers | 8 Papers (Group III & Group IV) |
| Exam Conducting Body | The Institute of Cost Accountants of India (ICMAI) |
| Syllabus Framework | ICMAI Syllabus 2022 |
| Passing Criteria | 40% per paper and 50% aggregate per group |
| Registration Fee | INR 25,000 (Installment option: INR 15,000 + INR 10,000) |
| Exam Duration & Marks | 3 hours per paper, 100 marks per paper |
| Mandatory Practical Training | 15 months prior to final result declaration |
| Exam Frequency | Twice a year (June and December sessions) |
Group III Subjects and Paper-wise Weightage
Group III consists of four papers: Paper 13, Paper 14, Paper 15, and Paper 16. Paper 13 covers Corporate and Economic Laws, where Section A (Corporate Laws) carries 60% weightage and Section B (Economic Laws & Regulations) carries 40%. The Companies Act 2013 alone accounts for 40% weightage within Paper 13.
Paper 14 (Strategic Financial Management) allocates 35% to Security Analysis & Portfolio Management, 25% to Investment Decisions, 20% to Financial Risk Management, 15% to International Financial Management, and 5% to Digital Finance. Paper 15 splits 60% to Direct Tax Laws and 40% to International Taxation. Paper 16 focuses 60% on Strategic Cost Management for Decision Making and 40% on Quantitative Techniques in Decision Making.
| Paper Code | Subject Name | Sections Included | Sectional Weightage |
|---|---|---|---|
| Paper 13 | Corporate and Economic Laws | Section A: Corporate Laws Section B: Economic Laws & Regulations |
60% 40% |
| Paper 14 | Strategic Financial Management | Section A: Investment Decisions Section B: Security Analysis & Portfolio Management Section C: Financial Risk Management Section D: International Financial Management Section E: Digital Finance |
25% 35% 20% 15% 5% |
| Paper 15 | Direct Tax Laws and International Taxation | Section A: Direct Tax Laws Section B: International Taxation |
60% 40% |
| Paper 16 | Strategic Cost Management | Section A: Strategic Cost Management for Decision Making Section B: Quantitative Techniques in Decision Making |
60% 40% |
Group IV Subjects and Paper-wise Weightage
Group IV comprises Paper 17, Paper 18, Paper 19, and Paper 20. Paper 17 (Cost and Management Audit) distributes weightage across Cost Audit (50%), Management Audit (25%), Internal Control, Audit & Operational Audit (15%), and Forensic Audit & Anti-Money Laundering (10%).
Paper 18 (Corporate Financial Reporting) covers Indian Accounting Standards (25%), Business Combinations & Restructuring (20%), Consolidated & Separate Financial Statements (20%), Valuation of Shares & Financial Instruments (15%), Recent Developments in Financial Reporting (10%), and Government Accounting in India (10%). Paper 19 (Indirect Tax Laws and Practice) allocates 70% to Goods and Services Tax Act & Rules and 30% to Customs Act & Rules.
| Paper Code | Subject Name | Sections Included | Sectional Weightage |
|---|---|---|---|
| Paper 17 | Cost and Management Audit | Section A: Cost Audit Section B: Management Audit Section C: Internal Control, Audit & Operational Audit Section D: Forensic Audit & Anti-Money Laundering |
50% 25% 15% 10% |
| Paper 18 | Corporate Financial Reporting | Section A: Indian Accounting Standards (Ind AS) Section B: Valuation of Shares & Financial Instruments Section C: Business Combinations & Restructuring Section D: Consolidated & Separate Financial Statements Section E: Recent Developments in Financial Reporting Section F: Government Accounting in India |
25% 15% 20% 20% 10% 10% |
| Paper 19 | Indirect Tax Laws and Practice | Section A: Goods and Services Tax (GST) Act & Rules Section B: Customs Act & Rules |
70% 30% |
| Paper 20 | Elective Paper (Choose One) | 20A: Strategic Performance Management & Business Valuation 20B: Risk Management in Banking & Insurance 20C: Entrepreneurship & Startup |
100% (Elective Choice) |
CMA Final Exam Pattern and Passing Criteria
The ICMAI CMA Final examination is conducted offline in center-based mode. To pass a group, a candidate must obtain at least 40% marks in each individual paper and achieve a minimum aggregate total of 50% across all papers in that group.
There is no negative marking for incorrect answers. Candidates who qualify the CMA Intermediate exam in the June term session are eligible to appear for the Final examination in subsequent terms, but they cannot sit for the December term session of the same calendar year.
Career Scope and Salary Progression After Passing CMA Final
Clearing the CMA Final examination opens up diverse career roles across financial management, auditing, taxation, and strategic leadership. Prominent designations include Cost Auditor, Financial Controller, Internal Auditor, Tax Consultant, Business Valuation Expert, and Chief Financial Officer (CFO).
Fresh CMA qualifiers typically secure starting salaries ranging from INR 5 LPA to INR 8 LPA. Professionals with 3 to 5 years of experience earn between INR 8 LPA and INR 15 LPA, while senior professionals draw INR 15 LPA to INR 30 LPA. Experienced CFOs can earn INR 40 LPA or more.
How to Apply for CMA Admission in 2026: Step by Step
- Check Eligibility: Ensure you have cleared both groups of the CMA Intermediate examination.
- Register Online: Log on to icmai.in portal, select CMA Final registration, upload required documents (inter marksheets, ID proof, photo), and choose your Paper 20 elective option (20A, 20B, or 20C).
- Pay Registration Fee: Pay the course registration fee of INR 25,000 (or INR 15,000 as the 1st installment).
- Complete Practical Training: Undergo mandatory 15 months of practical training out of the total 3-year requirement prior to final result declaration.
- Submit Exam Application Form: Fill the exam form for the June or December term session on icmai.in.
- Appear & Qualify Exams: Score at least 40% in each paper and 50% in aggregate per group to pass the CMA Final examination and claim ICMAI membership.
| What to do | Where | Link |
|---|---|---|
| Compare colleges, fees and cutoffs | CMA colleges in India | findmycollege.com |
FAQs
How many subjects are in the CMA final?
There are 8 subjects in the CMA Final under Syllabus 2022, split into Group III (Papers 13–16) and Group IV (Papers 17–20).
What are the CMA Final Group 3 subjects?
Group III subjects are Paper 13 (Corporate & Economic Laws), Paper 14 (Strategic Financial Management), Paper 15 (Direct Tax Laws & International Taxation), and Paper 16 (Strategic Cost Management).
What are the CMA Final Group 4 subjects?
Group IV subjects are Paper 17 (Cost & Management Audit), Paper 18 (Corporate Financial Reporting), Paper 19 (Indirect Tax Laws & Practice), and Paper 20 (Elective: 20A, 20B, or 20C).
What is the passing criteria for the CMA Final exam?
A candidate must score a minimum of 40% marks in each individual paper and achieve an overall aggregate of 50% marks in each group.
What is the registration fee for the CMA Final course?
The registration fee for the CMA Final course is INR 25,000, which can be paid in full or in two installments (INR 15,000 and INR 10,000).
Can I select my Paper 20 elective at the exam center?
No, candidates must select their Paper 20 elective choice (20A, 20B, or 20C) during Final Course registration on the ICMAI portal.
