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The CMA Course is divided into three levels i.e. CMA Foundation, CMA Intermediate and Final. The new CMA syllabus for the foundation includes many concepts related to finance and Management. Whereas the syllabus for Intermediate and Final is divided into two groups, which include advanced level topics related to cost, accounting, finance, law and etc. Before moving forward let’s have a look at the overview of the CMA Course. CMA Course – An Overview Course Highlights Course NameCMA IndiaRegulating BodyThe Institute of Cost Accountants of IndiaCourse duration3 YearsFeesINR 100KAcademics20 Papers and 3 LevelsRecognizationIndia Also Check: CMA Salary In India CMA Syllabus 2022 Download the CMA Course syllabus for 2022 of all three levels: CMA Foundation Syllabus The CMA foundation is the first stage of the CA Course. The CMA Foundation Syllabus includes 4 Subjects namely, Accounts, Maths, eco and Stats. Let’s have look at the CMA Foundation Syllabus in detail: PAPER 1: Fundamentals of Business Law and Business Communication (FBLC) PAPER 2: Fundamentals of Financial and Cost Accounting (FFCA) PAPER 3: Fundamentals of Business Mathematics and Statistics (FBMS) PAPER 4: Fundamentals of Business Economics and Management (FBEM) Paper 1: Fundamentals of Business Law and Business Communication Check the table below to know about the marking scheme for Paper 1 of the CMA Syllabus. Module No.Module DescriptionWeightSection A:Fundamentals of Business Laws80%1.Introduction10%2.Indian Contracts Act, 187230%3.Sale of Goods Act, 193020%4.Negotiable Instruments Act,188120%Section B:Business Communication20%5.Business Communication20% Paper 2: Fundamentals of Financial and Cost Accounting Check the table below to know the Marking Scheme of Paper 2 of the CMA Course Syllabus. Module No.Module DescriptionWeightSection A:Fundamentals of Financial Accounting70%1.Accounting Fundamentals30%2.Accounting for Special Transactions15%3.Preparation of Final Accounts25%Section B:Fundamentals of Cost Accounting30%4.Fundamentals of Cost Accounting30% Paper 3: Fundamentals of Business Mathematics and Statistics Check the Table below to know the marking scheme and Syllabus of Paper 3 of the CMA Syllabus. Module No.Module DescriptionWeightSection A:Fundamentals of Business Mathematics40% Arithmetic15% Algebra20% Calculus – Application in Business5%Section B:Fundamentals of Business Statistics60% Statistical Representation of Data5% Measures of Central Tendency and Dispersion15% Correlation and Regression15% Probability15% Index Numbers and Time Series10% Paper 4: Fundamentals of Business Economics and Management Check the table below to know the marking scheme and syllabus of Paper 4 of the CMA Syllabus. Module No.Module DescriptionWeightSection A:Fundamentals of Business Economics70%1.Basic Concepts15%2.Forms of Market20%3.Money and Banking20%4.Economic and Business Environment15%Section B:Fundamentals of Management30%5.Fundamentals of Management30% CMA Intermediate Syllabus The CMA Intermediate is the Second Stage of the CMA Course. The CMA Intermediate Syllabus is divided into Four groups and Each group contains 4 Papers. Group 1: Paper 5: Business Law and Ethics Paper 6: Financial Accounting Paper 7: Direct and Indirect Taxation Paper 8: Cost Accounting Group 2: Paper 9: Operations Management and Strategic Management Paper 10: Corporate Accounting and Auditing Paper 11: Financial Management and Business Data Analytics Paper 12: Management Accounting Paper 5: Business Law and Ethics Check the Table below to know the marking scheme and weightage for the Business Law and Ethics. Module No.Module DescriptionWeightSection A:Commercial Laws30%1Introduction to Law and Legal System in India5%2Indian Contracts Act, 187210%3Sale of Goods Act, 19305%4Negotiable Instruments Act, 18815%5Indian Partnership Act, 19325%6Limited Liability Partnership Act, 2008 Section B:Industrial Laws15%7Factories Act, 1948 8Payment of Gratuity Act, 1972 9Employees Provident Fund and Miscellaneous Provisions Act, 1952 10Employees State Insurance Act, 1948 11The Code on Wages, 2019 Section C:Corporate Laws 12Companies Act, 2013 Section D:Business Ethics15%13Business Ethics and Emotional Intelligence Paper 6: Financial Accounting Module No.Module DescriptionWeightSection A:Accounting Fundamentals15%1Accounting Fundamentals15%Section B:Accounting for Special Transactions10%2Bills of Exchange, Consignment, Joint Venture10%Section C:Preparation of Financial Statements20%3Preparation of Final Accounts of Commercial Organisations,Not-for-Profit Organisations and from Incomplete Records20%Section D:Partnership Accounting20%4Partnership Accounting20%Section E:Lease, Branch and Departmental Accounts etc15%5Lease Accounting15%6Branch (including Foreign Branch) and DepartmentalAccounts 7Insurance Claim for Loss of Stock and Loss of Profit 8Hire Purchase and Installment Sale Transactions Section F:Accounting Standards20%9Accounting Standards20% Paper 7: Direct and Indirect Taxation Module No.Module DescriptionWeightSection A:Direct Taxation50%1.Basics of Income Tax Act10%2.Heads of Income25%3.Total Income and Tax Liability of Individuals & HUF15%Section B:Indirect Taxation50%4.Concept of Indirect Taxes5%5.Goods and Services Tax (GST) Laws35%6.Customs Act & Rules10% Paper 8: Cost Accounting Module No.Module DescriptionWeightSection A:Introduction to Cost Accounting40% Introduction to Cost Accounting5% Cost Ascertainment – Elements of Cost15% Cost Accounting Standards (CAS 1 to CAS 24)10% Cost Book Keeping10%Section B:Methods of Costing30% Methods of Costing30%Section C:Cost Accounting Techniques30% Cost Accounting Techniques30% Paper 9: Operation Management and Strategic Management Module No.Module DescriptionWeightSection A:Operations Management60% Introduction5% Operations Planning5% Designing of Operational Systems and Control5% Application of Operation Research – Production Planning and Control20% Productivity Management and Quality Management5% Project Management, Monitoring and Control15% Economics of Maintenance and Spares Management5%Section B:Strategic Management40% Introduction10% Strategic Analysis and Strategic Planning10% Formulation and Implementation of Strategy10% Digital Strategy10% Paper 10: Corporate Accounting and Auditing Module No.Module DescriptionWeight Section A: Corporate Accounting50%1.Accounting for Shares and Debentures10%2.Preparation of the Statement of Profit and Loss and Balance Sheet (As Per Schedule III of Companies Act, 2013)10%3.Cash Flow Statement10%4.Accounts of Banking, Electricity and Insurance Companies10%5.Accounting Standards10% Section B: Auditing50%6.Basic Concepts of Auditing10%7.Provisions Relating to Audit under Companies Act, 201330%8.Auditing of Different Types of Undertakings10% Paper 11: Financial Management and Business Data Analytics Module NoModule DescriptionWeight Section A: Financial Management80%1.Fundamentals of Financial Management5%2.Institutions and Instruments in Financial Markets10%3.Tools for Financial Analyses15%4.Sources of Finance and Cost of Capital10%5.Capital Budgeting15%6.Working Capital Management15%7.Financing Decisions of a Firm10% Section B: Business Data Analytics20%8.Introduction to Data Science for Business Decision-making5%9.Data Processing, Organisation, Cleaning and Validation5%10.Data Presentation: Visualisation and Graphical Presentation5%11.Data Analysis and Modelling5% Paper 12: Management Accounting Module No.Module DescriptionWeight1.Section A: Introduction to Management Accounting5%2.Section B: Activity-Based Costing10% Section C: Decision-Making Tools30%3.Marginal Costing 4.Applications of Marginal Costing in Short-Term DecisionMaking 5.Transfer Pricing 6.Section D: Standard Costing and Variance Analysis15%7.Section E: Forecasting, Budgeting and Budgetary Control15%8.Section F: Divisional Performance Measurement10%9.Section G: Responsibility Accounting5%10.Section H: Decision Theory10% CMA Final Syllabus The CMA Final is the Last Stage of the CMA Course. The CMA Intermediate Syllabus is divided into Four groups and Each group contains 4 Papers. Group 3: Paper 13: Corporate and Economics Law Paper 14: Strategic Financial Management Paper 15: Direct Tax Laws and International Taxation Paper 16: Strategic Cost Management Group 4: Paper 17: Cost and Management Audit Paper 18: Corporate Financial Reporting Paper 19: Indirect Tax Law and Practice Paper 20A: Strategic Performance Management and Business Valuation Paper 20B: Risk Management in Banking and Insurance Paper 20C: Entrepreneurship and Startup Paper 13: Corporate and Economics Law Module NoModule DescriptionWeight Section A: Corporate Laws60%1.The Companies Act, 201340%2.Insolvency and Bankruptcy Code, 201610%3.Corporate Governance and Social Responsibility andSustainability10% Section B: Economic Laws and Regulations40%4.SEBI Regulations10%5.The Competition Act, 20025%6.Foreign Exchange Management Act, 19995%7.Laws and Regulations related to Banking Sector5%8.Laws and Regulations related to Insurance Sector5%9.Specific Legal Provisions related to MSME Sector5%10.Laws and Regulations related to Cyber Security and DataPrivacy5%11.Laws and Regulations related to Anti-MoneyLaundering5% Paper 14: Strategic Financial Management Module No.Module DescriptionWeight Section A: Investment Decisions25%1.Investment Decisions, Project Planning and Control10%2.Evaluation of Risky Proposal for Investment Decisions10%3.Leasing Decisions5%4.Securitization Section B: Security Analysis and Portfolio Management35%6.Introduction 7.Equity and Bond Valuation and Evaluation ofPerformance 8.Mutual Funds 9.Portfolio Theory and Practice 10.Asset Pricing Theories 11.Portfolio Performance Evaluation and PortfolioRevision 12.Efficient Market Hypothesis Section C: Financial Risk Management20%13.Risks in Financial Market 14.Financial Derivatives – Instruments for RiskManagement Section D: International Financial Management15%15.The International Financial Environment 16.Foreign Exchange Market 17.Foreign Exchange Risk Management Section E: Digital Finance5%18.Section E: Digital Finance Paper 15: Direct Tax Law and International Taxation Module NoModule DescriptionWeight Section A: Direct Tax Laws 1.Assessment of Income and Computation of Tax Liability ofVarious Entities 2.Tax Management, Return and Assessment Procedure 3.Grievance Redressal 4.Penalties and Prosecutions 5.Business Restructuring 6.Different Aspects of Tax Planning 7.CBDT and Other Authorities 8.E-commerce Transaction and Liability in Special Cases 9.Income Computation and Disclosure Standards (ICDS) 10.Black Money Act, 2015 11.Case Study Section B: International Taxation40%12.Double Taxation and Avoidance Agreements (DTAA) 13.Transfer Pricing 14.GAAR Paper 16: Strategic Cost Management Module No.Module DescriptionWeight Section A: Strategic Cost Management for Decision Making60%1.Introduction to Strategic Cost Management5%2.Quality Cost Management5%3.Decision-Making Techniques25%4.Activity Based Management and Just in Time (JIT)10%5.Evaluating Performance15% Section B: Quantitative Techniques in Decision Making40%6.Linear Programming 7.Transportation 8.Assignment 9.Game Theory 10.Simulation 11.Network analysis – PERT, CPM 12.Learning Curve 13.Business Application of Maxima and Minima 14.Business Forecasting Models –Time Series and Regression Analysis 15.Introduction to Tools for Data Analytics Paper 17: Cost and Management Audit Module. No.Module DescriptionWeight Section A: Cost Audit50% Basics of Cost Audit5% Companies (Cost Records and Audit) Rules, 2014 (as amended)10% Cost Auditor10% Overview of Cost Accounting Standards and GACAP10% Cost Auditing and Assurance Standards Cost Audit Programme5% Cost Audit Documentation, Audit Process and Execution5% Preparation and Filing of Cost Audit Report5% Section B: Management Audit25% Basics of Management Audit5% Management Reporting Issues and Analysis5% Management Audit in Different Functions5% Evaluation of Corporate Image5% Information Systems Security Audit5% Section C: Internal Control, Internal Audit, Operational Audit and Other Related Issues15% Internal Control and Internal Audit5% Operational Audit and Internal Audit under Companies Act,20135% Audit of Different Service Organisations5% Section D: Forensic Audit and Anti-Money Laundering10% Forensic Audit5% Anti-Money Laundering5% Paper 18: Corporate Financial Reporting Module No.Module DescriptionWeight1.Section A: Indian Accounting Standards25% Section B: Valuation of Shares, Accounting and Reporting of Financial Instruments and NBFCs15%2.Valuation of Shares (Including Determination of Goodwill, PostValuation of Tangible and Intangible Assets) 3.Accounting of Financial Instruments 4.NBFCs – Provisioning Norms, Accounting and Reporting 5.Section C: Accounting for Business Combination and Restructuring (in Compliance with Ind ASs)20%6.Section D: Consolidated Financial Statements and Separate Financial Statements (in Compliance with Ind ASs)20%7.Section E: Recent Developments in Financial Reporting10%8.Section F: Government Accounting in India10% Paper 19: Indirect Tax Law and Practice Module. No.Module DescriptionWeightSection A: Goods and Services Tax Act & Rules 70%1Supply under GST – A Refresh 2Time of Supply (Advanced) 3Place of Supply 4Valuation (Advanced) 5Input Tax Credit (Advanced) 6Zero Rated Supplies and Deemed Exports 7TDS & TCS under GST 8E-way Bill 9GST Refunds- Inverted Duty Structure and Zero-rated Supplies 10GST Returns 11Accounts and Records 12GST Annual Return and GST Audit Return 13Transition to GST (Transitional Provisions) 14Dispute Resolution Mechanism under GST 15Inspection, Search, Seizure, Arrest and Prosecution 16Anti-profiteering 17Walkthrough of GSTN Portal Section B: Customs Act and Rules 30%18Valuation and Related Party Transactions 19Customs Procedures – Baggage & Courier / Post 20Manufacture in Bond 21Duty Drawback 22Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 23Remission of Duties 24Refund 25Trade Facilitation Measures 26Export Promotion Schemes under Foreign Trade Policy 27Special Economic Zone Scheme (With Amended SEZ Rules) Hence, this is the entire syllabus of the CMA Course. The students to note that paper 20 is the elective paper which has 3 options. The students need to select any one of them. Frequently Asked Questions Q1. What is the duration of the CMA Course? Ans: The duration of the CMA Course in India is 3 years and in the US it is of 1 Year. Q2. Is CMA Difficult? Ans: The CMA Course is considered to be one of the professional courses in accounting and the passing percentage of the course is 45% of appearing students. Hence, the exam is not that difficult to pass. Q3. How many Levels are there in CMA Exam? Ans: There are 3 Levels in CMA Exams, the CMA Foundation, CMA Intermediate, and CMA Final. Q4. What is the Salary of CMA? Ans: The average salary of a CMA in India is 5-6 Lakhs and it increases as per your skill and Knowledge.

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