Exam Pattern, Papers & Groups

CMA Final Revised Syllabus 2022 has 8 papers in 2 groups:

Group III (4 papers):
Paper 13: Corporate Laws and Compliance
Paper 14: Strategic Financial Management
Paper 15: Direct Tax Laws and International Taxation
Paper 16: Strategic Cost Management

Group IV (4 papers):
Paper 17: Cost and Management Audit
Paper 18: Corporate Financial Reporting
Paper 19: Indirect Tax Laws and Practice
Paper 20: Management Accounting — Strategic Decision Making (Case Study)

All papers: 100 marks each. Total: 800 marks.

CMA Final Course has papers in two groups plus an elective under Syllabus 2022:

Group III:
- Paper 13: Corporate and Economic Laws (CEL)
- Paper 14: Strategic Financial Management (SFM)
- Paper 15: Direct Tax Laws and International Taxation (DIT)
- Paper 16: Strategic Cost Management (SCM)

Group IV:
- Paper 17: Cost and Management Audit (CMAD)
- Paper 18: Corporate Financial Reporting (CFR)
- Paper 19: Indirect Tax Laws and Practice (ITLP)

Electives (choose any ONE):
- Paper 20A: Strategic Performance Management and Business Valuation (SPMBV)
- Paper 20B: Risk Management in Banking and Insurance (RMBI)
- Paper 20C: Entrepreneurship and Start up (ENTS)

Students must select their elective paper at the time of enrollment for Final Course.

Paper 20 — Management Accounting: Strategic Decision Making is a case-based paper. It tests the ability to apply management accounting and strategy concepts to real-life business scenarios. It requires integrated thinking across multiple CMA Final subjects.

Yes. Subject exemptions are available for CMA Final students under Syllabus 2022:

Reciprocal Exemptions for Company Secretary (ICSI) students:
- Paper 13: Corporate and Economic Laws
- Paper 19: Indirect Tax Laws and Practice
- Paper 20B: Risk Management in Banking and Insurance (elective)
Prescribed fee: Rs. 1,000 per subject. Apply online at least 60 days before examination.

Corresponding Exemptions (Syllabus 2016 to 2022): Various papers have corresponding exemptions as per ICMAI clarification circular.

CMA Final papers are primarily descriptive (written answers). Some papers may have a mix of objective and descriptive sections. Check the current ICMAI exam scheme notification for the exact format of each paper.