CMA

CMA Syllabus for Foundation, Intermediate and Final

CMA Syllabus

The CMA Course is divided into three levels i.e. CMA FoundationCMA 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 India
Regulating BodyThe Institute of Cost Accountants of India
Course duration3 Years
FeesINR 100K
Academics20 Papers and 3 Levels
RecognizationIndia

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 DescriptionWeight
Section 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 DescriptionWeight
Section 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 DescriptionWeight
Section 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 DescriptionWeight
Section 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 DescriptionWeight
Section 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 DescriptionWeight
Section 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 Records
20%
Section D:Partnership Accounting20%
4Partnership Accounting20%
Section E:Lease, Branch and Departmental Accounts etc15%
5Lease Accounting15%
6Branch (including Foreign Branch) and Departmental
Accounts
 
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 DescriptionWeight
Section 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 DescriptionWeight
Section 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 DescriptionWeight
Section 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 DescriptionWeight
1.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 Decision
Making
 
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 and
Sustainability
10%
 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 Data
Privacy
5%
11.Laws and Regulations related to Anti-Money
Laundering
5%

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 of
Performance
 
8.Mutual Funds 
9.Portfolio Theory and Practice 
10.Asset Pricing Theories 
11.Portfolio Performance Evaluation and Portfolio
Revision
 
12.Efficient Market Hypothesis 
 Section C: Financial Risk Management20%
13.Risks in Financial Market 
14.Financial Derivatives – Instruments for Risk
Management
 
 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 of
Various 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) [Sec.90. 90A and 91] 
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,
2013
5%
 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 DescriptionWeight
1.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 DescriptionWeight
Section 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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