Certified Management Accountant (CMA) – New Syllabus

  • Exam|CMA|
  • 5 Min Read
  • By Taxmann
  • |
  • Last Updated on 26 December, 2023

CMA Syllabus

The Institute of Cost Accountants of India (ICMAI) is a statutory professional body established by a special act of Parliament – the Cost and Works Accountants Act, 1959, with the objects of promoting, regulating and developing the profession of Cost and Management Accountancy.

Cost Accountancy is one of the much in-demand professional qualifications in the country. A Cost Accountant is a person who offers to perform or performs services involving the costing or pricing of goods and services or the preparation, verification or certification of cost accounting and related statements, among other things.

In order to complete the Cost and Management Accountancy (CMA) Course, candidates are required to clear the CMA examinations conducted by the Institute of Cost Accountants of India (ICMAI) in three stages – Foundation, Intermediate and Final besides successfully completing the necessary trainings.

ICMAI introduced the New Syllabus 2022 for Foundation, Intermediate and Final Course, which shall be effective from June 2023 term of examinations and onwards. It must be noted that the Syllabus 2016 shall be continued till December 2023 Exam term.

Old students seeking conversion into New Syllabus 2022 shall be given a one-time option to be exercised at least 6 months prior to examination for necessary verification and approval.

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Some of the major changes in the CMA New Syllabus 2022 include changes in the subjects of the Papers; where some papers have been merged and some removed with majority being change in only the sequence of Papers. However, the ultimate number of Papers at different levels of CMA course as presented remain the same.

CMA New Syllabus

Following are the changes in Papers at different levels as introduced by the New Syllabus 2022:

CMA Level  Changes in Papers
  • The sequence of papers has been revised i.e. Paper 1 of Foundation Old Syllabus is Paper 4 in Foundation New Syllabus and Paper 3 of Foundation Old Syllabus is Paper 1 in Foundation New Syllabus.
  • Further, Ethics from Paper 3 (Old Syllabus) has been removed and Business Communication has been added in Paper 1 (New Syllabus).
  • The sequence of papers has been revised i.e. Paper 5 and Paper 6 of Intermediate Old Syllabus are Paper 6 and Paper 5 in Intermediate New Syllabus.
  • Paper 7 (Direct Taxation) and Paper 11 (Indirect Taxation) have been merged into one paper i.e. Paper 7 (Direct and Indirect Taxation).
  • Paper 10 of Intermediate Old Syllabus has been split into two Papers of Intermediate New Syllabus i.e. Paper 12 (Management Accounting) and Paper 11 (Financial Management and Business Data Analytics) with new subject of Business Data Analytics been included in Paper 11 of  Intermediate New Syllabus.
  • Paper 12 of Intermediate Old Syllabus is Paper 10 in Intermediate New Syllabus.


  • The sequence of papers has been revised i.e. Paper 15 and Paper 16 of Final Old Syllabus are Paper 16 and Paper 15 in Final New Syllabus.
  • Further, Paper 17, Paper 18 and Paper 19 of Final Old Syllabus are Paper 18, Paper 19 and Paper 17 in Final New Syllabus.
  • Paper 20 of Final Old Syllabus has been replaced as an Elective Paper where students can select any one subject out of three subjects at the time of enrollment i.e. such students taking enrollments in the Final Course have to give one time option about choice of “Elective Paper”.

Below are the complete details of the Papers covered at different levels:

Sr. No. CMA Course Level Papers Marks Per Paper
1. Foundation (4 Papers) Paper 1: Fundamentals of Business Laws and Business Communication

Paper 2: Fundamentals of Financial and Cost Accounting

Paper 3: Fundamentals of Business Mathematics and Statistics

Paper 4: Fundamentals of Business Economics and Management

100 Marks


100 Marks



100 Marks



100 Marks


Total: 400 marks

2. Intermediate

(2 Groups of 4 Papers each)

Group 1

Paper 5: Business Laws and Ethics

Paper 6:  Financial Accounting

Paper 7: Direct and Indirect Taxation

Paper 8: Cost Accounting


Group II:

Paper 9: Operations Management & Strategic Management

Paper 10: Corporate Accounting and Auditing

Paper 11: Financial Management and Business Data Analytics

Paper 12: Management Accounting


100 Marks

100 Marks


100 Marks

100 Marks

Total: 400 marks


100 Marks


100 Marks


100 Marks


100 Marks

Total: 400 Marks

3. Final (2 Groups of 4 Papers each) Group III:

Paper 13: Corporate and Economic Laws

Paper 14: Strategic Financial Management

Paper 15: Direct Tax Laws and International Taxation

Paper 16: Strategic Cost Management


Group IV:

Paper 17: Cost and Management Audit

Paper 18: Corporate Financial Reporting

Paper 19: Indirect Tax Laws and Practice

Paper 20: Elective (Any one)

20A: Strategic Performance Management and Business Valuation

20B: Risk Management in Banking and Insurance

20C: Entrepreneurship and Start Up



100 Marks


100 Marks


100 Marks


100 Marks

Total: 400 Marks
100 Marks


100 Marks


100 Marks


100 Marks


Total: 400 Marks

The students are required to complete their Skills Training, Practical Training and Industry Oriented Training Program (IOTP) as usual. The details on each of the trainings are as follows:

Skills Training ‘Skills Training’ is designed to provide students with the targeted training they need to gain the knowledge and abilities necessary to fulfil the specific requirements of their job positions.

‘Skills Training’ comprises of following modules which are designed to be accessed and completed via online mode as and when conducted by ICMAI in different batches round the year:

  • SAP Finance Power User Training
  • Microsoft Training
  • Cambridge University Press Soft Skill Training
  • E-filing Training

In all, it is a 140-hours training which is required to be completed along with the assessment test in order to be eligible to appear for Intermediate examination.

Practical Training An important feature of the CMA curriculum is the compulsory practical training of minimum 15 months out of a total training period of 3 years, which helps the students to appreciate the underlying practical applications of the theoretical education scheme.

This practical training is helpful in developing and nourishing a pool of future-ready professionals to ensure that students have an opportunity to acquire on-the-job work experience of a professional nature.

IOTP Industry Oriented Training Program (IOTP) is a 7-days training program which a candidate is required to compulsorily complete after registering for CMA Final course and before filling up the form for Final Examination.

It will cover training on compliance requirements and their preparation under various statutes.

For more information about CMA New Syllabus, click on https://icmai.in/studentswebsite/News_Updates.php.

Thus, the new syllabus introduced by ICMAI emphasized mainly on building global ready CMAs. It is robust, industry relevant and aligned with global trends.

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