The Certified Management Accountant (CMA) designation is the most prestigious globalization certification. It would prepare an accountant to specialize in strategic management and financial decision-making roles. Applicants enrolling for the CMA 2024 exams have to prepare as per the CMA new syllabus that was released on June 9, 2022. The subjects of the CMA syllabus will give detailed knowledge about the financial and non-financial areas of business management.
The entire CMA new syllabus is divided into three parts: foundation, intermediate, and final level. They target different aspects of management accounting. The topics covered are very vast and important for the current business environment. The CMA 2024 syllabus will be used for designing the CMA question papers. Once a candidate clears the CMA Foundation exam, s/he will then be eligible for the Intermediate and Final exams. Here is the detailed syllabus for CMA foundation, intermediate, and final level examinations.
Foundation level exam builds a strong foundation, equipping CMA students with the essential knowledge required to progress to the intermediate and final stages. Four papers are there in the CMA Foundation level examination. The ICWAI or Institute of Cost Accountants of India (ICAI) states the following topics under the CMA Foundation exam:
| Paper No | Paper Name | Section | Weightage |
| 1 | Fundamentals of Business Law & Business Communication | Section A: Fundamentals of Business Law | 80% |
| Section B: Business Communication | 20% | ||
| 2 | Fundamentals of Financial & Cost Accounting | Section A: Fundamentals of Financial Accounting | 70% |
| Section B: Fundamentals of Cost Accounting | 30% | ||
| 3 | Fundamentals of Business Mathematics & Statistics | Section A: Fundamentals of Business Mathematics | 40% |
| Section B: Fundamentals of Business Statistics | 60% | ||
| 4 | Fundamentals of Business Economics & Management | Section A: Fundamentals of Business Economics | 70% |
| Section B: Fundamentals of Business Management | 30% |
The CMA Intermediate Course syllabus bridges foundational knowledge and advanced concepts, focusing on financial accounting, cost management, and taxation. The intermediate CMA exam syllabus is divided into Group I and Group II. Here look at the topics mentioned in the table below.
Four papers are conducted under the CMA Intermediate syllabus Group I. These subjects help students with essential knowledge and skills for analyzing and managing financial and legal aspects. Let’s take a look at that.
| Paper No | Paper Name | Section | Weightage |
| 5 | Business Law & Ethics | Section A: Business Laws | 30% |
| Section B: Industrial Laws | 15% | ||
| Section C: Corporate Laws | 40% | ||
| Section D: Business Ethics | 15% | ||
| 6 | Financial Accounting | Section A: Accounting Fundamentals | 15% |
| Section B: Accounting for Special Transactions | 10% | ||
| Section C: Preparations of Financial Statements | 20% | ||
| Section D: Partnership Accounting | 20% | ||
| Section E: Lease, Branch, Departmental Accounts, etc. | 15% | ||
| Section F: Accounting Standards | 20% | ||
| 7 | Direct & Indirect Taxation | Section A: Direct Taxation | 50% |
| Section B: Indirect Taxation | 50% | ||
| 8 | Cost Accounting | Section A: Introduction to Cost Accounting | 40% |
| Section B: Methods of Costing | 30% | ||
| Section C: Cost Accounting Techniques | 30% |
CMA Intermediate Course Group II builds analytical skills. It allows students to handle complex financial scenarios and prepare for the CMA Final level effectively. Group II has four examinations mentioned in the table below.
| Paper No | Paper Name | Section | Weightage |
| 9 | Operations Management & Strategic Management | Section A: Operations Management | 60% |
| Section B: Strategic Management | 40% | ||
| 10 | Corporate Accounting & Auditing | Section A: Corporate Accounting | 50% |
| Section B: Auditing | 50% | ||
| 11 | Financial Management & Business Data Analytics | Section A: Financial Management | 80% |
| Section B: Business Data Analytics | 20% | ||
| 12 | Management Accounting | Section A: Introduction to Management Accounting | 5% |
| Section B: Activity Based Costing | 10% | ||
| Section C: Decision Making Tools | 30% | ||
| Section D: Standard Costing & Variance Analysis | 15% | ||
| Section E: Forecasting, Budgeting & Budgetary Controls | 15% | ||
| Section F: Divisional Performance Measurement | 10% | ||
| Section G: Responsibility Accounitng | 5% | ||
| Section H: Decision Theory | 10% |
The CMA Final Course syllabus is divided into Group III and Group IV at an advanced level. At this stage, students are equipped with specialized expertise, critical decision-making skills, and a strategic outlook. Thus, preparing them for leadership roles in their chosen fields. Here are the topics that fall under this exam:
Group III of the CMA Final Course syllabus emphasizes advanced financial and cost management concepts. These topics are made to build strategic decision-making skills, allowing students to handle complex financial scenarios and contribute to organizational growth. Check out the syllabus for CMA Final Course Group III.
| Paper No | Paper Name | Section | Weightage |
| 13 | Corporate & Economic Laws | Section A: Corporate Laws | 60% |
| Section B: Economic Laws & Regulations | 40% | ||
| 14 | Strategic Financial Management | Section A: Investment Decision | 25% |
| Section B: Security Analysis & Portfolio Management | 35% | ||
| Section C: Financial Risk Management | 20% | ||
| Section D: International Financial Management | 15% | ||
| Section E: Digital Finance | 5% | ||
| 15 | Direct Tax Laws & International Taxation | Section A: Direct Tax Laws | 60% |
| Section B: International Taxation | 40% | ||
| 16 | Strategic Cost Management | Section A: Strategic Cost Management for Decision Making | 60% |
| Section B: Quantitative Technique in Decision Making | 40% |
Group IV of the CMA Final Course focuses on advanced concepts critical for professional excellence. The syllabus for the CMA Final Course has 4 papers. Here is the table that explains the four exams of the CMA Final Course.
| CMA Papers | Syllabus |
| 17 | Cost and Management Audit |
| 18 | Corporate Financial Accounting |
| 19 | Indirect Tax Laws and Practice |
| 20 | 20 A: Strategic Performance Management and Business Valuation |
| 20 B: Risk Management in Banking and Insurance | |
| 20 C: Entrepreneurship and Startup |
Part A of the CMA syllabus focuses on financial reporting, planning, performance management, and application of analytics in making business decisions. This will be a very essential segment of the course for candidates to understand what aspects of finance drive the decisions of businesses.
Part 2 of the CMA syllabus contains topics on financial management, strategy, decision analysis, and risk management. The information in this section helps to prepare candidates on how to make strategic financial decisions within a business set-up.
The CMA syllabus is not only designed to test one’s knowledge of the theory. But the same can also build practical skills and competencies that will be of much help in the practice of management accounting. Some of the key competencies acquired include:
The depth and breadth of the CMA syllabus make it a very resourceful package for professionals to practice the complex demands of management accounting courses. The topics it covers range from financial planning to performance management and strategy in financial management, which makes sure that candidates develop relevant skills to excel in their careers. Whether you’re just initiating your career or looking for senior-level positions, the CMA certification will lead you through a pathway to fulfilling your professional goals.
The CMA syllabus is divided into two parts, one is, Financial Planning, Performance, and Analytics and part 2 is Strategic Financial Management.
No, the CMA syllabus does not change yearly. It was last changed in 2022 by ICMAI.
Yes, CMA is a difficult exam that tests your academic knowledge. The average passing rate for both subjects is 45%, which is less than half of the people taking this exam.
According to many students, CA is more tough than CMA because there are various students who pass the CMA exam with better marks as compared to CA.
Candidates can download question papers of CMA syllabus from official website of The Institute of Cost Accountants of India.
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