cma inter subjects

ICMAI CMA Inter Subjects & Syllabus 2023 of Group 1 & 2

The Institute of Cost Accountants of India (ICMAI) oversees and administers CMA Intermediate, the second level of the CMA programme. There are eight subjects total in the extensive CMA Inter syllabus.

There are two groups of four subjects each made up of the eight CMA Inter subjects. The official website of ICMAI or this page both contain the CMA Inter syllabus 2023 for all subjects.

The CMA Inter syllabus provides in-depth details about the themes, topics, and weights assigned to each chapter. In order to properly study for the tests, students must be aware of the CMA Intermediate 2023 curriculum and the weighting of the marks.

You can therefore discover the entire 2023 syllabus for the CMA Inter topics for both groups in this thorough post. Let’s learn all the specifics.

CMA Inter Subjects and Syllabus for the 2023 Exams

The topics covered in the CMA Intermediate course are divided into additional subtopics and are generally pertinent to cost accounting, finance, taxation, etc.

The topics covered in the CMA Intermediate curriculum give students a thorough understanding of law, direct and indirect taxes, management, and financial and cost accounting.

Here are the CMA Inter Subjects:

  • Paper – 5: Financial Accounting
  • Paper – 6: Law and Ethics
  • Paper – 7: Direct Taxation
  • Paper – 8: Cost Accounting
  • Paper – 9: Operations Management & Strategic Management
  • Paper – 10: Cost and Management Accounting and Financial Management
  • Paper – 11: Indirect Taxation
  • Paper – 12: Company Accounts & Audit

CMA Inter Group 1 Syllabus 2023

The syllabus CMA Inter Group 1 subjects from Paper 5 to Paper 8 are as follows:

Paper – 5: Financial Accounting

Topics Marks
Section – A: Accounting 25 marks
1. Fundamentals of Accounting
2. Accounting for Special Transactions
Section – B: Preparation of Financial Statements 40 marks
3. Preparation of Final Accounts of Profit Oriented organizations, Non-Profit Organizations and from Incomplete Records
4. Partnership Accounts
Section – C: Self-Balancing Ledgers, Royalties, Hire Purchase & Installment System, Branch & Departmental Accounts 20 marks
5. Self-Balancing Ledgers
6. Royalties, Hire-Purchase and Installment System
7. Branch and Departmental Accounts
Section – D: Accounting in Computerized Environment and Accounting Standards 15 marks
8. Overview of Computerized Accounting
9. Accounting Standards
Total 100 maximum marks

Paper – 6: Law and Ethics

Topics Marks
Section – A: Commercial Laws 30 marks
1. Laws of Contracts (Advanced level)
2. Laws relating to Sale of Goods (Advanced level)
3. Negotiable Instruments Act,1881 (Advanced Level)
4. Indian Partnership Act, 1932
5. Limited Liability Partnership Act, 2008
Section – B: Industrial Laws 25 marks
6. Factories Act, 1948
7. Payment of Gratuity Act, 1972
8. Employees Provident Fund and Miscellaneous Provisions Act, 1952
9. Employees State Insurance Act, 1948
10. Payment of Bonus Act, 1965
11. Minimum Wages Act, 1948
12. Payment of Wages Act, 1936
13. Pension Fund Regulatory and Development Authority Act, 2013
Section – C: Corporate Law 35 marks
14. Companies Act, 2013
Section – D: Ethics Ten marks
15. Business Ethics
Total 100 maximum marks

Paper – 7: Direct Taxation

Topics Marks
Section – A: Income Tax Act Basics Ten marks
1. Introduction to Income Tax Act, 1961
2. Income which does not form part of Total Income (Section 10, 11 to 13A)
Section – B: Heads of Income and Computation of Total Income and Tax Liability 70 marks
3. Heads of Income and Computation of Total Income under various heads
4. Clubbing Provisions, Set – off and Carry forward of Losses, Deductions
5. Assessment of Income and tax liability of different persons
Section – C: Tax Management, Administrative Procedures, and ICDS 20 marks
6. TDS, TCS and Advance Tax
7 Administrative Procedures
8. Income Computation and Disclosure Standards – (ICDS)
Total 100 maximum marks

Paper – 8: Cost Accounting 

Topics Marks
1. Introduction to Cost Accounting 40 marks
A. Cost Ascertainment – Elements of Cost
B. Cost Accounting Standards
C. Cost Book Keeping
2. Methods of Costing 30 marks
3. Cost Accounting Techniques 30 marks
Total 100 maximum marks

CMA Inter Group 2 Syllabus 2023

The CMA Inter Group 2 subjects are from Paper 9 to Paper 12 and are as follows:

Paper – 9: Operations Management & Strategic Management 

Topics Marks
Section – A: Operations Management 70 marks
1. Operations Management – Introduction 15 marks
2. Operations Planning
3. Designing of Operational Systems and Control 35 marks
4. Production Planning and Control
5. Productivity Management and quality management
6. Project Management 20 marks
7. Economics of Maintenance and spares management
Section – B: Strategic Management 30 marks
8. Strategic Management Introduction
9. Strategic Analysis and Strategic Planning
10. Formulation and Implementation of Strategy
Total 100 maximum marks

Paper – 10: Cost and Management Accounting and Financial Management 

Topics Marks
Section – A: Cost & Management Accounting and Financial Management 50 marks
1. Cost and Management Accounting – Introduction
2. Decision-Making Tools
3. Budgeting and Budgetary Control
4. Standard Costing and Variance Analysis
5. Learning Curve
Section – B: Financial Management 50 marks
6. Introduction to Financial Management
7. Tools for Financial Analysis and Planning
8. Working Capital Management
9. Cost of Capital, Capital Structure Theories, Dividend Decisions, and Leverage Analysis
10. Capital Budgeting – Investment Decisions
Total 100 maximum marks

Paper – 11: Indirect Taxation 

Topics Marks
Section – A: Cannons of Taxations – Indirect Tax GST 80 marks
Section – B: Customs Laws 20 marks
Total 100 maximum marks

Paper – 12: Company Accounts & Audit

Topics Marks
Section – A: Accounts of Joint Stock Companies 50 marks
1. Accounting of Shares and Debentures (25 marks)
2. Presentation of Financial Statements (as Per Schedule III)
3. Cash Flow Statement
4. Accounts of Banking, Electricity and Insurance Companies (25 marks)
Section – B: Auditing 50 marks
Part – A: Auditing Concepts (20 marks )
Part – B: Provision relating to Audit under the Companies Act (30 marks )
Total 100 maximum marks

CMA Intermediate Exam Pattern 2023

Students must be familiar with the exam format to achieve the highest CMA results. ICMAI’s website offers official facts about the exam’s format, number of papers, types of questions, grading system, duration, language, and other essential information. 

The table below mentions the CMA Inter exam pattern 2023:

Particulars Details
Mode of the examination Offline, Pen-Paper Based
Type of questions Objective & Subjective
Maximum marks for each subject 100
Number of CA Inter Subjects 8
Exam Duration 3 hours
Negative Marking No negative marketing

Students preparing for the 2023 exams can join the CMA Intermediate Coaching of Inspire Academy. Here, you’ll get lectures from the top faculty, mock tests and personal attention.

FAQs of CMA Inter Subjects

How many papers are in CMA Intermediate?

There are eight CMA Inter Subjects, categorized into group 1 and group 2. Also, each subject carries 100 marks, and there is no negative marking. Moreover, students need to clear all eight subjects to qualify for the CMA Final. 

Which group of CMA Inter is easy?

The overall opinion is that CMA group 2 is easier than CMA group 1. Furthermore, CMA group 2 passing rates are much greater than group 1 pass rates.

From where can I get the syllabus of the CMA Inter subjects?

You can get the CMA Intermediate syllabus from the official website of ICMAI, and you can download the CMA Inter Syllabus PDF. Also, you can find the direct links above in this post for all CMA Inter Subjects. 

cma salary in india

What is the Cost Management Accountant (CMA) Salary in India?

In recent years, CMA has gained popularity as a career choice among students in the 12th grade. The high CMA salary is the main justification. The ICMAI campus placement offers an average CMA salary in India of Rs 10 lakhs annually. A 30% increase in the packages provided to newer CMAs has also been observed this year.

The job profile, location, area of specialization, and industry in which they operate are just a few of the variables that affect a cost and management accountant’s pay. If you have further CA or CFA degrees, you might even make up to 15-20 lakhs rupees annually.

This post will inform you of the starting, average, and maximum CMA salaries in India in 2023 on an annual and monthly basis. Additionally, you can look at the career roles, top industries for CMAs to work in, and scope of each.

CMA Average Salary in India

The average CMA pay in India is Rs 10 lakhs per year (or Rs 83000 per month), with salaries ranging from Rs 3 lakhs to Rs 40 lakhs. The yearly wage is based on the 500 newly chosen CMAs who will be placed on the ICMAI campus in 2022.

In addition, the highest salary offered to a new CMA during off-campus postings is Rs. 27 lakhs annually. A CMA’s highest annual compensation can reach up to Rs 55 lakhs with experience and knowledge.

The salary for CMAs in India on an annual and monthly basis are shown in the table below for 2023: 

Particulars CMA Salary per Annum CMA Salary per Month
Starting Salary Rs. 6.5 Lacs Rs. 54,000 per month
Least Salary Rs. 2 Lacs Rs. 16,000 per month
Highest Salary of Fresher Rs. 22 Lacs Rs. 183,000 per month
CMA Average Salary in India Rs. 10 Lacs Rs. 83,000 per month
Highest CMA Salary Rs. 55 Lacs Rs. 458,000 per month

Your compensation will also be impacted by the number of times you need to take the CMA course, the time it takes, and the rank you get (if you do). So make an effort to pass the CMA Final examinations with a rank on your first try.  

How much CMA Earns Abroad?

In response to the demand on the market, countries all over the world pay accountants enormous salaries. The annual compensation for a CMA working abroad is $85,000.

Are you wondering if a CMA can make crores?

The figures then become clear. In managerial roles, an experienced CMA can earn up to $125,000.

A Certified Management Accountant typically earns more money than a standard accountant, especially in the USA. CMAs are also given more desirable salary packages than non-CMAs and have better opportunities for progression in senior financial management positions.

CMA Salary in India Based on Different Factors

Cost management accountants’ pay is based on a variety of criteria, including their position, location, industry, level of experience, and employer. You will learn about a CMA’s earnings based on many aspects in the section that follows.  

Cost Management Accountant Salaries for Different Job Profiles

The CMAs’ salaries vary depending on their job descriptions. You can see a CMA’s salary for various job descriptions in the table below. 

Job Role Average CMA Salary
Financial Analyst ₹5.45 Lacs
Senior Financial Analyst ₹7.73 Lacs
Finance manager ₹11.22 Lacs
Senior Finance manager ₹20.48 Lacs
Chief Financial Officer ₹36.33 Lacs
Accountant ₹3.08 Lacs
Cost Management Accountant ₹05 Lacs

The various career paths for cost and management accountants include:

  1. Financial Analysts: They are essential to assessing the company’s financial value and future potential as well as monitoring its financial performance. In the company, they hold both junior and senior positions.
  2. Finance Manager – The finance manager is responsible for managing all financial operations for the business. 
  3. Chief Financial Officer (CFO) – The CFO is one of the company’s key jobs. They are regarded as the CEO’s right hand. Their responsibility is to closely monitor financial reporting and projections.
  4. CMA – A CMA’s job is to perform financial services such costing, certification, and cost and tax record verification.
  5. Cost Accountants – They are responsible for analysing and documenting every profit and cost a company makes. 

CMA Salary Based on Industries

Every sector offers unique CMA packages in India and distinct career prospects. Here are the top industries in India that are paying the CMAs, even though standards have altered since the pandemic:

Industry CMA Salary
Oil & Gas ₹ 19 Lakhs
Engineering/Construction ₹ 7.8-8.5 Lakhs
Education & Training ₹ 6.3-8.1 lakhs
Clinical research ₹ 3.9 Lakhs
Analytics/KPO ₹6.6 Lakhs
FMCG companies ₹ 5.7-7.3 Lakhs
Financial Services ₹3.5 Lakhs
IT services & consulting ₹ 10.1 Lakhs

The United States is the first nation that comes to mind when we discuss other countries. As shown below, the CMA salary in the USA varies depending on the industry:

Industry CMA Salary in USD
Educational Industry $103000
Medical $94500
Retail and wholesale $106000
Finance $90000
Manufacturing $100000
Government Sector $94500
Public Accounting Sector $85500

Average Salary of CMA in Various Countries

A CMA’s workplace has a major impact on their salary. The Middle East and the USA are where CMA is most common even though over 100 nations now recognize it as a profession. The United States is the best place to work as a CMA because the average pay for employment after completing the course is very high there. 

Let’s now examine the best-paying nations for cost management accountants: 

Country CMA Average Salary
USA USD $109,119
Dubai USD $111,000
Canada USD $100,000
United Kingdom (UK) USD $69,426
European countries USD $81,403
Asian countries USD $40,354
The Middle East USD $40,722

You will earn more money working in an economically developed country with a sizable market for CMAs than you would in a developing country with little demand for CMAs.

Consider each country’s cost of living and benefits before determining where you want to live and work. Make sure to weigh all of your options because this will be your most important career decision before deciding.

Average CMA Packages in Different Cities of India

The location of the employment determines the CMA salary in India. The average salary in India is determined by several variables, including the city’s cost of living.

The following table lists the CMA salary ranges for various cities:

Indian Cities Salary Per Annum
CMA salary in Mumbai ₹2.5-14 Lacs
CMA salary in Kolkata ₹6-10 Lacs
CMA salary in Bangalore ₹6-9 Lacs
Kerala ₹6.5Lacs
Jaipur ₹3-6 Lacs
Delhi ₹6.5 Lacs

CMA Annual Package in Government Jobs

Government positions are also open to cost management accountants. The CMA pay offered by public sector entities is as follows: 

Government Companies Job Profile CMA salary
NAFED Manager of Accounts ₹6.5 Lakhs
Regional Centre for Biotech Senior Accounts Assistant ₹8.5 Lakhs
IWAI CFO ₹12 Lakhs

Average CMA salary in India in Top Private Companies

In India, the Big 4 businesses pay CMAs an annual compensation of 10.5 lakh rupees.

Private Companies Job Profile CMA salary
Hyundai Steels Senior Cost Accountant ₹8.5 Lakhs
Malabar Gold & Diamonds Costing manager ₹6 Lakhs
Kanodia Global Cost Accountant ₹7 Lakhs

CMA Internship Training Salary in India

According to ICMAI regulations, each organization must pay the following minimum CMA training stipend or salary: 

Employer Practicing CMA / CMA Firm Corporate/Organization
Year – 1 Rs. 2,000 Rs. 8,000*/Rs. 10,000**
Year – 2 Rs. 3,000 Rs. 10,000*/ Rs.12,500**
Year – 3 Rs. 4,000 Rs. 12,000*/Rs. 15,000**

*Metropolitan and ‘A’ Grade Cities

* Other Places

Working Role of a Cost Management Accountant

As a CMA, he is in charge of monitoring the business’s finances, including revenue and outgoing costs. He may work for public, private, or governmental organisations.  Strategic planning, decision-making, budgeting, keeping track of finances, and data preparation are daily responsibilities of CMA.

The different duties of a CMA include:

  1. Cost management – They are in charge of managing and controlling the budget as anticipated. They support firms with their expenses, keep them under control, and lessen the chance of going over budget.
  2. Performance management – Examining the financial industry and a company’s performance in the market and making improvements. Their responsibility is to distribute tasks in accordance with the organisational framework.
  3. Internal Control – They are in charge of assuring fiscal accountability and integrity as well as preventing fraud. The CMA’s responsibility is to oversee compliance with rules and regulations and prevent staff members from stealing or engaging in fraud.
  4. Examine Profitability – A CMA’s responsibility is to carry out assessments by choosing particular ratios. By dividing equivalent values or profits by assets, expenses, and revenues, they arrive at profitability. It is essential to understand profit margin, equity return, asset return, and capital return.
  5. Investment Decision – They are also in charge of choosing how much money to spend on various business and investment prospects. Their task is to hunt for investment proposals that will be advantageous to the business over the long run while assessing the proposal’s possible risks and level of uncertainty.

Areas for Recruitment for CMA

Worldwide and particularly in India, demand for CMAs is rising quickly. Due to their expertise in their fields, the majority of organisations want to hire them. CMAs work in a variety of disciplines and sectors. Several of the booming businesses include:

  • Finance
  • Research
  • Management
  • Accounting

Various Types of CMAs in India

Students can choose from a variety of subdisciplines to qualify as management accountants. For college students, a career as a cost management accountant is an excellent choice. The following is a list of the sub disciplines that make up a career as a cost management accountant.

  1. Financial Consultant

The responsibility for ensuring the financial feasibility of suggested investments is on the financial manager. He is also in charge of doing financial analysis and research that sheds light on a company’s profitability, stability, and liquidity as well as advising firms on the issuance of corporate bonds.

  1. Management Accountant

For a career as a CMA, the management accountant is a crucial subspecialty. Students must possess planning and strategic skills to succeed in this field. However, budgeting, planning, and strategic thinking skills will be necessary for accountants. Additionally, it will support management in deciding on long-term financial strategies for the company.

  1. Chartered Accountant

A valued profession, chartered accounting is similar to cost management accounting. It is also one of the most well-known occupations in India. The job entails drafting business tax returns, analysing financial accounts, and giving financial advice.

  1. Cost accountant

A cost accountant’s job is to keep track of and evaluate all expenditures made by a company. This enables the company to identify the areas where losses are occurring and improve its financial management.

  1. Chief Financial Officer

Everyone would aspire to have the esteemed position of chief financial officer. A successful businessperson could be regarded as the CEO’s right hand. The CFO is often in charge of all financial reporting and projections. A career in this field could lead to a high CMA Salary in India.

Top Companies offering CMA Jobs in India

All major organizations are looking for CMA specialists. Businesses employing CMA professionals frequently have superior financial planning when compared to those without.

Therefore, the top firms recruiting CMA, including the top four large firms:

  • Deloitte
  • EY India
  • PwC
  • KPMG 

Other notable businesses where CMA professionals can find employment include:

  • Amazon
  • HPE
  • Accenture
  • Larsen & Toubro
  • Wipro
  • Cyqurex

CMA Campus Placements List 2022

Take a look at the list of businesses that participated in the CMA campus placement for 2022:

  • Indian Oil Corporation
  • Tata Motors
  • Accenture
  • CEAT Ltd.
  • CAPITA India Pvt. Ltd.
  • Dupont
  • ICICI Bank
  • Tata Motors
  • GAIL Limited
  • Invenio Solutions

CA vs CMA Salary in India

Even though both the CA and CMA have accounting as their foundation, the CA focuses more on taxation, auditing, and accounting, whilst the CMA is based on management accounting. The strategic management accounting component of the CMA programme takes the stage.

The average CA salary in India is between Rs. 8 and Rs. 9 lakhs annually, and it rises with training and expertise. Contrarily, the typical remuneration offered to CMAs during college placement is Rs. 10 lakhs annually.

Frequently Asked Questions

For a CMA with 4 to 9 years of experience, the average annual salary is 21.8 lakhs.

A CMA in India needs to have the following top skills:

  • Knowledge of generally accepted accounting standards (GAAP), tax fundamentals, and accounting fundamentals
  • Understanding cost accounting theoretically and using it practically
  • Outstanding financial concepts knowledge 
  • possess expertise in areas such as core risk assessments, operational structure, and capital investment
  • Soft talents, such as writing, interpersonal skills, and communication and presentation skills

CMA can make millions of dollars. Additionally, working as a CMA in foreign nations like the USA increases your possibility of earning millions of dollars.

Even after passing the CMA course, employment is not a given. The candidate’s knowledge, skill, and exam performance will determine it entirely.

In India, a CMA may expect to make an average of $85,000 per year in the US.

We can infer that CA is superior to CMA based on potential career breadth, job demand, knowledge, and compensation.

A CMA can indeed become the CFO. He must pass all three of the CFO exam levels. The CMA applicant will also find it simpler because he is well-versed in finance.

No, a CMA is not a person who is authorized to conduct tax audits in accordance with section 288 of the IT Act of 1961.

cma foundation exam

CMA Foundation Exam: The Definitive Guide

The CMA Foundation Exam is the first step on the path to becoming a Certified Management Accountant (CMA). This exam tests your knowledge of fundamental accounting and business principles, and it is essential for anyone who wants to pursue a career in management accounting.

The CMA Foundation Exam is a challenging exam, but it is not impossible to pass. With careful preparation, you can increase your chances of success. Here are some tips to help you prepare for the CMA Foundation Exam:

  • Start early. The CMA Foundation Exam is a comprehensive exam, and it takes time to learn the material. Don’t wait until the last minute to start studying.
  • Create a study plan. Once you know when you want to take the exam, create a study plan that will help you stay on track. Your study plan should include time for lectures, readings, practice problems, and reviews.
  • Get organized. The CMA Foundation Exam covers a lot of material, so it’s important to be organized. Create a filing system for your notes and materials, and make sure you know where everything is.
  • Take practice exams. One of the best ways to prepare for the CMA Foundation Exam is to take practice exams. This will help you get familiar with the format of the exam, and it will give you a chance to practice your time management skills.
  • Join a study group. Studying with others can be a great way to stay motivated and on track. Find a group of people who are also taking the CMA Foundation Exam, and meet regularly to study together.
  • Get help from a tutor. If you’re struggling with a particular concept, don’t be afraid to get help from a tutor. A tutor can help you understand the material and develop a study plan that’s right for you.

The CMA Foundation Exam is a challenging exam, but it is possible to pass. With careful preparation, you can increase your chances of success. Follow these tips, and you’ll be well on your way to becoming a Certified Management Accountant.

Here are some additional tips that can help you prepare for the CMA Foundation Exam:

  • Use a variety of study materials. There are many different study materials available for the CMA Foundation Exam, including textbooks, online courses, and practice exams. Use a variety of materials to help you learn the material and stay engaged.
  • Find a quiet place to study. You’ll need to be able to focus when you’re studying for the CMA Foundation Exam. Find a quiet place where you won’t be interrupted.
  • Take breaks. Studying for the CMA Foundation Exam can be a lot of work. Be sure to take breaks throughout the day to avoid burnout.
  • Believe in yourself. The CMA Foundation Exam is a challenging exam, but it’s possible to pass. Believe in yourself and your ability to succeed.

I hope these tips help you prepare for the CMA Foundation Exam. Good luck!


The CMA Foundation Exam is a critical step in your journey to becoming a Certified Management Accountant. By following the tips in this blog, you can increase your chances of success on the exam and set yourself up for a successful career in management accounting.

CMA Foundation Syllabus

The CMA Foundation syllabus is available now to all CMA Foundation aspirants so that they can plan their study effectively.. Before start their study, candidates who have registered for the exam must go through the CMA Foundation Syllabus properly so that they can understand it well.. The CMA Foundation syllabus for CMA Foundation exam has been published by ICMAI and will be used starting in the June 2023 term. The CMA Foundation exam will be administered using the 2016 syllabus until December 2023. Candidates who want to switch from the old to the new syllabus must pay a conversion fee of Rs. 250. The CMA Foundation syllabus 2023 includes information about the papers covered, subjects, and subtopics covered. According to the exam schedule, the CMA Foundation exam is offered twice a year by ICMAI: once in June and once in December.

CMA Foundation Syllabus 2023

Paper 1 – Fundamentals Of Financial And Cost Accounting (FFCA)

Module no. Module Description Weight
Section A: Fundamentals of Financial Accounting 70%
1. Accounting Fundamentals 30%
2. Accounting for Special Transactions 15%
3. Preparation of Final Accounts 25%
4. Section B: Fundamentals of Cost Accounting 30%
Fundamentals of Cost Accounting 30%

SECTION A: Fundamentals Of Financial Accounting

  1. Accounting Fundamentals

1.1 Understanding of Four Frameworks of Accounting (Conceptual, Legal, Institutional and

Regulatory) and Forms of Organisation

1.2 Accounting Principles, Concepts and Conventions

1.3 Capital and Revenue Transactions – Capital and Revenue Expenditures, Capital and Revenue


1.4 Accounting Cycle – Charts of Accounts and Codification Structure, Analysis of Transaction –

Accounting Equation, Double Entry System, Books of Original Entry, Subsidiary Books and

Finalisation of Accounts

1.5 Journal (Day Books; Journal Proper – Opening, Transfer, Closing, Adjustment and Rectification

Entries), Ledger

1.6 Cash Book, Bank Book, Petty Cash Book, Bank Reconciliation Statement

1.7 Trial Balance

1.8 Adjustment Entries and Rectification of Errors

1.9 Depreciation (Straight Line and Diminishing Balance Methods only)

1.10 Accounting Treatment of Bad Debts and Provision for Doubtful Debts

  1. Accounting for Special Transactions

2.1 Consignment

2.2 Joint Venture

2.3 Bills of Exchange (excluding Accommodation Bill, Insolvency)

  1. Preparation of Final Accounts

3.1 Preparation of Financial Statements of Sole Proprietorship

3.1.1 Income Statement, Balance Sheet

3.2 Preparation of Financial Statements of a Not-for-Profit Organisation

3.2.1 Preparation of Receipts and Payments Account

3.2.2 Preparation of Income and Expenditure Account

3.2.3 Preparation of Balance Sheet

Section B: Fundamentals Of Cost Accounting

  1. Fundamentals of Cost Accounting

4.1 Meaning, Definition, Significance of Cost Accounting, its Relationship with Financial Accounting

4.2 Application of Cost Accounting for Business Decisions

4.3 Definition of Cost, Cost Centre, Cost Unit and Cost Drivers

4.4 Classification of Costs (with reference to Cost Accounting Standard 1)

4.5 Ascertainment of Cost and Preparation of Statement of Cost and Profit (Cost Sheet)

Paper 2- Fundamentals Of Business Laws And Business Communication (FBLC)

Module no. Module Description Weight
Section A: Fundamentals of Business Laws 80%
1. Introduction 10%
2. Indian Contracts Act, 1872 30%
3. Sale of Goods Act, 1930 20%
4. Negotiable Instruments Act,1881 20%
5. Section B: Business Communication 20%
Business Communication 20%

SECTION A: Fundamentals Of Business Laws

  1. Introduction

1.1 Sources of Law

1.2 Legislative Process in India

1.3 Legal Methods and Court System in India

1.4 Primary and Subordinate Legislation

  1. Indian Contracts Act, 1872

2.1 Essential Elements of a Contract, Types of Contract, Offer and Acceptance

2.2 Void and Voidable Agreements, No Consideration No Contract

2.3 Consideration, Legality of Object and Consideration

2.4 Capacity of Parties, Free Consent

2.5 Quasi and Contingent Contracts

2.6 Performance of Contracts

2.7 Meaning of Indemnity, Guarantee, Pledge, Agent

2.8 E-Contracts and E-Signature – Meanings and Requirements

2.9 Discharge of Contracts

2.10 Breach of Contract and Remedies for Breach of Contract

  1. Sale of Goods Act, 1930

3.1. Definition

3.2. Transfer of Ownership

3.3. Essential Conditions of a Contract of Sale

3.4. Conditions and Warranties

3.5. Performance of the Contract of Sale

3.6. Rights of Unpaid Seller

  1. Negotiable Instruments Act, 1881

4.1. Characteristics of Negotiable Instruments

4.2. Definitions of Promissory Note, Bill of Exchange and Cheque

4.3. Difference between Promissory Note, Bill of Exchange and Cheque

4.4. Crossing – Meaning, Definition and Types of Crossing

4.5. Dishonour of Cheques (Section 138)


  1. Business Communication

5.1 Introduction to Business Communication

5.2 Features of Effective Business Communication

5.3 Process of Communication

5.4 Types of Business Communication

5.4.1 Formal and Informal Communication

5.4.2 Verbal, Non-verbal and Written Communication

5.4.3 Vertical, Horizontal and Diagonal Communication

5.4.4 Upward and Downward Communication

5.4.5 Lateral Communication

5.5 Internet Based Business Communication

5.6 Do’s and Don’ts of Communication through Social Media

5.7 Writing and Drafting for Business Audiences

5.7.1 Letter and Memorandum

5.7.2 Report – Formal and Informal

5.7.3 Business Proposal

5.7.4 Enhancement of Writing Skills

5.8 Intercultural and International Business Communication

5.9 Barriers to Business Communication

5.10 Legal Aspects of Business Communication

5.11 Use of Graphics and References for Business Communication

Paper 3 – Fundamentals Of Business Economics And Management (FBEM)

Module no. Module Description Weight
Section A: Fundamentals of Business Economics 70%
1. Basic Concepts 15%
2. Forms of Market 20%
3. Money and Banking 20%
4. Economic and Business Environment 15%
5. Section B: Fundamentals of Management 30%
Fundamentals of Management 30%

Section A: Fundamentals Of Business Economics

  1. Basic Concepts

1.1 The Fundamentals of Economics

1.2 Utility, Wealth, Production

1.3 Theory of Demand (Meaning, Determinants of Demand, Law of Demand, Elasticity of Demand

– Price, Income and Cross Elasticity, Theory of Consumer Behaviour, Demand Forecasting) and

Supply (Meaning, Determinants, Law of Supply and Elasticity of Supply), Equilibrium

1.4 Theory of Production (Meaning, Factors, Laws of Production – Law of Variable Proportion, Laws

of Returns to Scale)

1.5 Cost of Production (Concept of Costs, Short-run and Long-run Costs, Average and Marginal Costs,

Total, Fixed and Variable Costs)

1.6 Means of Production

  1. Forms of Market

2.1 Pricing of Products and Services in Various Forms of Markets – Perfect Competition, Duopoly,

Oligopoly, Monopoly, Monopolistic Competition

2.2 Price Discrimination

  1. Money and Banking

3.1 Money – Types, Features and Functions

3.2 Banking – Definition, Functions, Utility, Principles

3.3 Commercial Banks, Central Bank

3.4 Measures of Credit Control and Money Market

  1. Economic and Business Environment

4.1 PESTEL (Political, Economic, Societal, Technological, Environmental and Legal) Analysis

4.2 Emerging Dimensions of VUCAFU (Volatility, Uncertainty, Complexity, Ambiguity, Fear of

Unknown and Unprecedented Ness)

Section B – Fundamentals Of Management

  1. Fundamentals of Management

5.1 Introduction to Management

5.2 Stewardship Theory and Agency Theory of Management

5.3 Planning, Organising, Staffing and Leading

5.4 Communication, Coordination, Collaboration, Monitoring and Control

5.5 Organisation Structure, Responsibility, Accountability and Delegation of Authority

5.6 Leadership and Motivation – Concepts and Theories

5.7 Decision-making – Types and Process

Paper 4 – Fundamentals Of Business Mathematics And Statistics (FBMS)

Module no. Module Description Weight
Section A: Fundamentals of Business Mathematics 40%
1. Arithmetic 15%
2. Algebra 20%
3. Calculus – Application in Business 5%
4. Section B: Fundamentals of Business Statistics 60%
Statistical Representation of Data 5%
5. Measures of Central Tendency and Dispersion 15%
6. Correlation and Regression 15%
7. Probability 15%
8. Index Numbers and Time Series 10%

Section A: Fundamentals Of Business Mathematics

  1. Arithmetic

1.1 Ratios, Variations and Proportions

1.2 Time Value of Money and Annuity – Simple and Compound Interest

1.3 Arithmetic Progression and Geometric Progression

1.4 Time and Distance

  1. Algebra

2.1 Set Theory, including Venn Diagram

2.2 Indices and Logarithms (Basic Concepts)

2.3 Permutation and Combinations (Basic Concepts)

2.4 Quadratic Equations (Basic Concepts)

  1. Calculus – Application in Business

3.1 Concept of Calculus and its Application in Business

3.2 Revenue and Cost Function

3.3 Optimisation Techniques (Basic Concepts)

Section B: Fundamentals Of Business Statistics

  1. Statistical Representation of Data

4.1 Diagrammatic Representation of Data

4.2 Frequency Distribution

4.3 Graphical Representation of Frequency Distribution – Histogram, Frequency Polygon Curve, Ogive, Pie-chart

  1. Measures of Central Tendency and Dispersion

5.1 Mean, Median, Mode, Mean Deviation

5.2 Range, Quartiles and Quartile Deviation

5.3 Standard Deviation

5.4 Coefficient of Variation

5.5 Karl Pearson and Bowley’s Coefficient of Skewness

  1. Correlation and Regression

6.1 Scatter Diagram

6.2 Karl Pearson’s Coefficient of Correlation

6.3 Regression Analysis

  1. Probability

7.1 Concepts and Terminologies

7.2 Primary applications of Probability Theorems

  1. Index Numbers and Time Series

8.1 Uses of Index Numbers, Methods of Construction of Index Number

8.2 Components of Time Series and Calculation of Trend by Moving Average Method


It is always crucial to understand the CMA Foundation Syllabus as that is the only way to create the best study plan as per the weightage of the subjects & the length of the syllabus of the specific topics. The CMA Foundation syllabus 2023, which will be applicable for June 2023 & November 2023 & all the exams in future till the next update in CMA Foundation Syllabus.

Understand the CMA Foundation Syllabus property & do well in the exams.

BEst of luck to all CMA Foundation aspirants!

How to Clear CMA Inter Group – 1 | CMA Exam Tips

The CMA Intermediate examination represents the second level of the three stages one needs to clear to become a Cost and Management Accountant (CMA) licensed by the Institute of Cost and Management Accountants of India (ICMAI). CMA Intermediate consists of 2 groups.
Group 1 includes Paper-5 (Financial Accounting), Paper-6 (Laws and Ethics), Paper-7 (Direct Taxation), and Paper-8 (Cost Accounting), and Group 2 includes Paper-9 (Operations Management and Strategic Management, Paper-10 (Cost & Management Accounting and Financial Management), Paper-11 (Indirect Taxation), and finally, Paper-12 (Company Accounts & Audit).Group 1 includes Paper-5 (Financial Accounting), Paper-6 (Laws and Ethics), Paper-7 (Direct Taxation), and Paper-8 (Cost Accounting), and Group 2 includes Paper-9 (Operations Management and Strategic Management, Paper-10 (Cost & Management Accounting and Financial Management), Paper-11 (Indirect Taxation), and finally, Paper-12 (Company Accounts & Audit).

CMA Inter group 1 – Financial Accounting

  1. Financial accounting is all about memorization of the journal entries. You can try to understand how those entries are written (for example Bills of Exchange or Consignment Accounting), but unless you have commerce background, you are better off writing down the journal entries for different transactions on a paper and memorizing the same.
  2. At the end of the Financial Accounting examination paper, you shall find at least 15 marks worth of questions that are short-answer/short-note based. Those questions are often based on the concepts from different chapters, so you CANNOT afford to skip any parts of the theory.
  3. Practice writing and drawing financial statements by hand. It’s tempting to simply write the journal entries and be done with the questions, but your speed shall not improve unless you completely answer the questions by hand.
  4. Do NOT skip the following chapters: Accounting Standards, Accounting for Non-Profit Organizations (NPO), Royalties, and Partnerships (if you have the time). Those topics carry huge marks and skipping them drastically reduces your chances of passing the examinations.
  5. Read aloud the theory parts of the chapters if you can learn from hearing and reciting the information; reading is often quicker than writing and hence, it will save you ample amounts of time.

CMA Inter group 1 – Laws and Ethics

  1. Laws and ethics are about memorization and application of concepts to scenario-based questions and caselets. You might need to read this subject a bit every day so that you do not forget the various laws.
  2. Stick to the ICMAI study material only (study material, RTPs, and MTPs). This goes for CMA Intermediate preparation in general, but in terms of theory subjects like Laws and Ethics, it’s even more important so you don’t get confused studying 5 different versions of the same law.
  3. Avoid rewriting large chunks of information. Laws and Ethics are completely theory-based subjects, and you will only be wasting your time. However, you can make note of the main points to remember for any law which will help you recollect the information with ease when you are revising.
  4. Instead of spending hours reading the study material and trying to understand what a law is all about, check out SuperProfs’ simplified videos on Laws and Ethics to get the idea of what each law is all about quickly.
  5. The Companies Act, 2013 is the biggest chapter in the syllabus, but if you can study it like a story instead of mugging up the concepts one after another, you are likely to retain more information in memory.
  6. Avoid writing or memorizing the years for the different laws unless you are 100% confident that you will get them correctly in the examination. We suggest that you do NOT take the risk, because ICMAI does not reward you extra marks for getting the dates or years correctly, but you will certainly lose marks if you get those wrong.

CMA Inter group 1 – Direct Taxation

  1. Do NOT memorize the Section numbers for the various acts unless you are 100% sure you will get them right in the examination. From our experience, we would advise you to not try.
  2. Make a list of all the deductions under various sections and memorize those with their given amounts. For example, Under Section 80C, one can claim a total of INR 1,50,000 as a deduction from their taxable income.
  3. For chapters like Residential Income, make sure you create tables that summarize the information (for example the bases to determine whether a person’s income should be taxed or not).
  4. Practice as many questions as you can. Questions from the direct taxation subject can be lengthy and you may need much more time to complete them.
  5. Draw the “Steps to Solve” for each kind of questions on charts and stick them up where you can see them. An example of this would be how the taxable income of an individual is computed under Income from Salaries.
  6. Do NOT skip the 5 heads including Income under the Head ‘Salaries’, ‘Capital Gains’, ‘House Property’, ‘Profits and Gains from Business and Profession’, and ‘Income from Other Sources’.

CMA Inter group 1 – Cost Accounting

  1. Cost accounting is the core competency of Cost and Management Accountants (CMAs), so Cost Accounting (Paper-8) is one of the most difficult papers, so do not underestimate it at any point.
  2. Do NOT skip Materials, Labor, and Overheads; those 3 chapters form the base/core of the whole of Cost Accounting syllabus.
  3. Construction Costing and Cost Accounting Standards (CAS) are relatively simpler chapters; therefore, ensure that you can master both as they are an easy way to score marks.
  4. Print a list of the Cost Accounting Standards (CAS) from 1-24 and stick it where you will be able to see it every day. This way, you shall not forget that information.
  5. There can be a lot of formulae in Cost Accounting, particularly in chapters like Materials, Labor, Overheads, and Standard Costing. Maintain a formula sheet with those on it and study it at least 2 times per day: once in the morning and once before you go to sleep.