CMA India (Cost and Management Accountant)
ICMAI
Complete guide to passing the CMA India (Cost and Management Accountant) exam on your first attempt.
₹25,000-₹45,000 total
~15-20%
Lifetime
India
ICMAI
₹5-12 LPA
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Complete Overview
The CMA India qualification is the cost and management accountancy credential awarded by the Institute of Cost Accountants of India (ICMAI), a statutory body under the Cost and Works Accountants Act, 1959. It is taken by students who enter the Foundation Course after Class 10 or Class 12, and by candidates who get direct admission to the Intermediate Course. Annexure VIII of the prospectus opens that door to a degree of any recognised university, a master's degree, engineering students who have completed the third year or sixth semester and qualified engineers, ICAI Intermediate passes, and the final examination passes of ICAI, ICSI, ACCA, CIMA and the chartered bodies of England and Wales, Scotland and Ireland. Under the ICMAI fee schedule published with the Syllabus 2022 prospectus, tuition costs Rs 6,000 for Foundation, Rs 23,100 for Intermediate and Rs 25,000 for Final, with the prospectus at Rs 250 and practical training registration at Rs 2,500.
Syllabus 2022 runs across three levels and twenty papers. Foundation has four papers of 100 marks each. Intermediate has eight papers in two groups: Business Laws and Ethics, Financial Accounting, Direct and Indirect Taxation, Cost Accounting, Operations Management and Strategic Management, Corporate Accounting and Auditing, Financial Management and Business Data Analytics, and Management Accounting. Final has eight papers across Group III and Group IV, with Paper 20 offered as one of three electives chosen at enrolment: Strategic Performance Management and Business Valuation, Risk Management in Banking and Insurance, or Entrepreneurship and Startup.
Examinations run twice a year, in June and December terms. The December 2026 Final papers run 10:00 AM to 1:00 PM IST and Intermediate papers run 2:00 PM to 5:00 PM IST, on alternate dates for each group, offline and centre based. Foundation is different: ICMAI conducts it as an offline OMR multiple choice examination on a single day, with Papers 1 and 2 from 10:00 AM to 12:00 noon and Papers 3 and 4 from 2:00 PM to 4:00 PM. Each Foundation paper carries 50 questions of 2 marks each, and there is no negative marking.
Examination fees for Indian centres are Rs 1,500 for Foundation, Rs 1,500 for a single Intermediate group and Rs 2,800 for both, and Rs 1,800 for a single Final group and Rs 3,200 for both. Overseas candidates sit at Bahrain, Dubai or Muscat and pay US$100 for a single group and US$150 for both. A late fee of Rs 500 applies for a week after the normal deadline. Every application, domestic and overseas alike, is filed and paid for online; the December 2026 timetables state that no offline form and no demand draft will be accepted.
Pass rates sit well above the CA equivalents. In the June 2026 session ICMAI reported 23.93 percent clearing Intermediate Group I and 30.64 percent Group II, and 30.22 percent clearing Final Group III against 44.21 percent for Group IV, with 7,885 candidates completing the Intermediate course and 4,220 qualifying the Final. Passing needs 40 percent in each paper and 50 percent in the aggregate of the non-exempted papers of that group. Registration is valid seven years from the date of registration, after which a de novo registration costing Rs 5,000 is needed. Alongside the examinations, students must complete a 15 month practical training, a compulsory Industry Oriented Training Programme before the Final examination form is filed, and tutorial workshops. Candidates of Intermediate and Final examinations may answer in Hindi, but mixing English and Hindi in one script makes it liable for cancellation.
Why Get CMA India (Cost and Management Accountant) Certified?
Section 148 of the Companies Act, 2013 provides for cost records and cost audit, and a cost audit can be conducted only by a cost accountant. That reserves a body of statutory work for ICMAI members.
The catalogue salary band for qualified cost and management accountants in India is Rs 5 to 12 lakh per annum, and ICMAI membership carries no expiry or requalification examination.
Direct admission to the Intermediate Course is open on a degree of any recognised university, on a master's degree, to engineering students who have completed the third year or sixth semester, to qualified engineers, and to ICAI Intermediate passes, which removes the Foundation stage entirely.
Twenty papers give unusually broad statutory coverage for a single qualification: company law, direct and indirect tax, Ind AS reporting, cost audit, management audit and forensic audit all appear as examined sections.
Final Paper 20 gives a genuine specialisation slot with three options, and Paper 20C Entrepreneurship and Startup is examined across eight sections weighted from 10 to 15 percent each.
Working candidates can apply for exemption from the 15 month practical training on the basis of relevant experience by filing Form T-3 with a fee of Rs 4,500, subject to ICMAI cut-off dates of 31 May for a June examination and 30 November for a December examination.
Intermediate and Final fees can be paid in two instalments: Rs 12,000 then Rs 11,100 for Intermediate, and Rs 15,000 then Rs 10,000 for Final.
Training is structured rather than left to an employer. On top of the 15 months of practical training, the syllabus mandates 120 hours of Skills Training at Intermediate level, 80 hours at Final level, and 44 hours of tutorial workshops.
Exam Format & Structure
Duration
Final papers run 10:00 AM to 1:00 PM IST and Intermediate papers run 2:00 PM to 5:00 PM IST, three hours each. Foundation runs in two sessions on one day: Papers 1 and 2 from 10:00 AM to 12:00 noon and Papers 3 and 4 from 2:00 PM to 4:00 PM, two hours per session.
Questions
ICMAI publishes an exact count for Foundation only: each Foundation paper has 50 multiple choice questions worth 2 marks each for 100 marks, and each two-hour session carries 100 questions across two papers for 200 marks. For Intermediate and Final, ICMAI publishes marks and section weights rather than a question count; each of those papers carries 100 marks.
Passing Score
40 percent in each paper of the group and 50 percent in the aggregate of the total marks of the non-exempted papers of that group. A candidate appearing for both groups of Intermediate or Final at once qualifies by scoring at least 40 percent in each paper appeared and at least 50 percent in aggregate across both groups taken together. Foundation requires 40 percent in each paper and 50 percent of total marks in aggregate.
Question Types
- Multiple choice questions on OMR sheets for all four Foundation papers, with no negative marking
- Written answers across all eight Intermediate papers
- Written answers across all eight Final papers including the chosen elective
- Numerical and problem-based questions in Cost Accounting, Management Accounting, Financial Management and Strategic Cost Management
- Law and compliance questions in Business Laws and Ethics and in Corporate and Economic Laws
- Data analytics content inside Intermediate Paper 11, which allocates 20 percent of the paper to Business Data Analytics
Delivery Method
Offline and centre based for all three levels. The December 2026 timetable lists 140 Indian examination cities plus overseas centres at Bahrain, Dubai and Muscat. Every examination application, domestic and overseas, must be filed and paid online through icmai.in; the timetable states that no offline form and no demand draft payment will be accepted.
Exam Domains & Topics
Four papers of 100 marks each, examined as offline OMR multiple choice on a single day in two sessions. 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, and Paper 4 Fundamentals of Business Economics and Management. There is no negative marking and no exemption or carry forward at this level.
Key Topics to Master:
- Indian Contract Act, 1872 and Sale of Goods Act, 1930 fundamentals
- Negotiable Instruments Act, 1881 basics and business correspondence
- Accounting fundamentals through to final accounts of a sole trader
- Cost accounting fundamentals: elements of cost and cost sheets
- Business mathematics, weighted at 40 percent of Paper 3
- Statistics: measures of central tendency, dispersion, correlation and index numbers
- Micro and macro economics concepts
- Management functions, organisation structure and business ethics
Four papers of 100 marks each. Paper 5 Business Laws and Ethics is weighted 30 percent commercial laws, 15 percent industrial laws, 40 percent corporate laws and 15 percent business ethics. Paper 6 Financial Accounting spreads across six sections. Paper 7 Direct and Indirect Taxation is a straight 50-50 split. Paper 8 Cost Accounting is weighted 40 percent introduction, 30 percent methods of costing and 30 percent costing techniques.
Key Topics to Master:
- Contract, sale of goods, negotiable instruments and partnership law
- Industrial and labour legislation
- Companies Act, 2013 provisions weighted at 40 percent of Paper 5
- Accounting standards, weighted at 20 percent of Paper 6
- Partnership accounting and preparation of financial statements, 20 percent each of Paper 6
- Income-tax computation and assessment procedure
- Goods and Services Tax including supply, input tax credit and returns
- Job, batch, contract and process costing, plus marginal and standard costing
Four papers of 100 marks each. Paper 9 Operations Management and Strategic Management splits 60-40. Paper 10 Corporate Accounting and Auditing splits 50-50. Paper 11 Financial Management and Business Data Analytics allocates 80 percent to financial management and 20 percent to data analytics. Paper 12 Management Accounting is divided across sections including 5 percent introduction, 10 percent activity based costing and 30 percent decision making tools.
Key Topics to Master:
- Operations planning, capacity, maintenance and productivity
- Strategy formulation and implementation, 40 percent of Paper 9
- Company accounts, amalgamation and internal reconstruction
- Auditing standards, audit procedures and company audit, 50 percent of Paper 10
- Capital budgeting, cost of capital and working capital management
- Business data analytics tools including big data concepts
- Activity based costing and decision making tools
- Budgeting, budgetary control and performance measurement
Four papers of 100 marks each. Paper 13 Corporate and Economic Laws splits 60 percent corporate laws and 40 percent economic laws and regulations. Paper 14 Strategic Financial Management is weighted 25, 35, 20, 15 and 5 percent across investment decisions, security analysis and portfolio management, financial risk management, international financial management and digital finance. Paper 15 splits 60-40 between direct tax laws and international taxation. Paper 16 splits 60-40 between strategic cost management and quantitative techniques.
Key Topics to Master:
- Companies Act, 2013 in depth, including compromises and arrangements
- SEBI, FEMA, competition and other economic regulation
- Investment decisions and capital budgeting under risk
- Security analysis, portfolio management and derivatives
- Financial risk management and international financial management
- Digital finance, weighted at 5 percent of Paper 14
- Assessment of companies, transfer pricing and double taxation relief
- Strategic cost management for decision making and quantitative techniques
Four papers of 100 marks each. Paper 17 Cost and Management Audit is weighted 50 percent cost audit, 25 percent management audit, 15 percent internal and operational audit and 10 percent forensic audit and anti-money laundering. Paper 18 Corporate Financial Reporting runs across six sections led by Ind AS at 25 percent. Paper 19 Indirect Tax Laws and Practice splits 70 percent GST and 30 percent customs. Paper 20 is the chosen elective.
Key Topics to Master:
- Cost audit under the Companies Act, 2013 and cost audit report rules
- Management audit, internal control and operational audit
- Forensic audit and anti-money laundering, 10 percent of Paper 17
- Indian Accounting Standards, 25 percent of Paper 18
- Business combinations and consolidated financial statements, 20 percent each
- Government accounting in India, 10 percent of Paper 18
- GST Act and Rules, 70 percent of Paper 19
- Customs Act and Rules, 30 percent of Paper 19
Paper 20 is selected at enrolment for the Final Course from three options: Strategic Performance Management and Business Valuation, Risk Management in Banking and Insurance, or Entrepreneurship and Startup. All three are examined on the same day, 17 December in the December 2026 term. Around the examinations sit non-examined requirements: 15 months of practical training, a compulsory Industry Oriented Training Programme for Final students, tutorial workshops, and skills training. Practical training must be registered with ICMAI within 30 days of joining, using Form T-1 or Form T-4 with a Rs 2,500 registration fee.
Key Topics to Master:
- Paper 20A Strategic Performance Management and Business Valuation, split 50-50
- Paper 20B Risk Management in Banking and Insurance, split 60 percent banking and 40 percent insurance
- Paper 20C Entrepreneurship and Startup, across eight sections of 10 to 15 percent each
- 15 month practical training in recognised organisations and recognised areas
- Form T-5 certification, with cut-offs of 31 August for December and 28 or 29 February for June
- Industry Oriented Training Programme, mandatory before filing the Final examination form
- Practical training exemption via Form T-3 with a Rs 4,500 fee
- Change of employer during training, notified within 30 days with a Rs 1,000 fee
Recommended Study Plan
- 1Check that your registration is inside its seven year validity and that coaching revalidation is not due
- 2Confirm the enrolment cut-off: registration must be completed at least four months before the examination, and the examination form closes 10 April for June and 10 October for December
- 3Download the ICMAI Syllabus 2022 study material for every paper of your group from icmai.in
- 4Copy the published section weights for each of your papers into a study tracker so hours follow marks
- 5For Final candidates, confirm your Paper 20 elective choice and check the Industry Oriented Training Programme is booked
- 1Start with the heaviest section of your heaviest paper, for example the 70 percent GST section of Final Paper 19
- 2Work through the ICMAI study module lesson by lesson and solve every illustration
- 3Attempt the ICMAI Work Book questions for the chapters covered
- 4Build one-page summaries keyed to the section names ICMAI uses, so revision maps onto the weights
- 1Finish the remaining sections of the first paper, including the low-weight ones
- 2Attempt the ICMAI Model Question Paper for that paper under a three hour clock
- 3Use the ICMAI MCQ Bank for rapid recall checks on definitions and provisions
- 4Start an error log recording the section each mistake came from
- 1Move to the second paper and follow the same weight-first order
- 2For numerical papers, hand-write full solutions with working notes rather than reading worked answers
- 3Attempt ICMAI Practice Test Papers for the chapters already covered
- 4Rework the week 2 and week 3 error log entries
- 1Start the taxation or law paper of your group and read the bare provisions alongside the ICMAI module
- 2Track the amendments applicable to your term, since direct and indirect tax questions follow the finance act position for that term
- 3Complete at least half of the paper by the end of the week
- 4Attempt the ICMAI Model Question Paper for the second paper
- 1Complete the remaining paper of the group and any sections still open on the tracker
- 2Read the relevant articles in The Management Accountant journal for regulatory updates
- 3Attempt a full past examination paper for each of the first two papers
- 4Confirm every section on the tracker is marked complete before revision starts
- 1Revise papers one and two from summaries and reattempt their Work Book questions cold
- 2Rewrite four long answers in full, citing sections in law and tax answers
- 3Attempt the ICMAI Postal Test Papers you were issued with your coaching
- 4Score each attempt against both bars: 40 percent per paper and 50 percent group aggregate
- 1Revise the remaining papers of the group from summaries
- 2Drill costing and management accounting numericals until a full question takes under 15 minutes
- 3Attempt full past papers for the two papers not yet mocked
- 4Rank all four papers by mock score and reserve week 9 for the two lowest
- 1Rebuild weak sections from the ICMAI module rather than from summaries
- 2Target any paper where you are near 60 percent, since 60 or more earns an exemption if the group is not cleared
- 3Make sure no paper is left below 40 percent capability, because one sub-40 paper sinks the whole group
- 4Clear at least half the error log
- 1Sit each paper of your group on separate days, starting at 10:00 AM if you are a Final candidate and 2:00 PM if you are Intermediate
- 2Write on loose sheets in the same handwriting speed you will need for a three hour paper
- 3For Foundation candidates, run OMR practice at 100 questions in two hours across two papers
- 4Have one written script reviewed section by section against the ICMAI Model Question Paper solutions
- 1Redo the tax and law updates applicable to your term one final time
- 2Revise every section summary in two full passes, in descending order of published weight
- 3Practise presenting cost sheets, reconciliation statements and Ind AS workings in exam format
- 4Reduce the error log to zero unresolved entries
- 1Download the admit card from the ICMAI examination portal and confirm your centre city from the published list
- 2Read the detailed instructions issued with the admit card, especially for Foundation OMR handling
- 3Confirm your Hindi or English medium decision, since ICMAI treats a mixed-language script as liable for cancellation
- 4Do a final pass of section summaries, one paper per day, in the order the papers fall in the timetable
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Best Study Resources
CMA Prospectus and Syllabus 2022
Official prospectus and syllabusThe single most useful document for a CMA candidate. It contains the full Syllabus 2022 for all twenty papers with published section weights, the fee table, eligibility rules, the standard of pass, and the practical training scheme.
Rs 250 for the printed prospectus; the PDF is free
ICMAI Study Materials for Syllabus 2022
Official study materialLevel-wise study modules issued to every registered student. Postal students receive them at their registered address and oral students through their centre. The module structure mirrors the section weights in the syllabus.
Included in the postal or oral coaching tuition fee
ICMAI MCQ Bank
Practice questionsLevel-wise multiple choice question banks maintained by the Directorate of Studies. For Foundation candidates this is the closest match to the actual OMR paper, which is 50 questions of 2 marks per paper.
Free for registered students
ICMAI Model Question Papers and Work Books
Practice materialPaper-wise model questions with solutions plus subject work books. They are the best available calibration for how ICMAI phrases a three hour written paper across the published sections.
Free for registered students
ICMAI student portal (eicmai.in)
Registration portalHandles admission, registration, enrolment, instalment payments, coaching revalidation, de novo registration and exemption applications. Registration and enrolment must be completed at least four months before the examination.
Free to use; fees paid through it
ICMAI examination portal (examicmai.in)
Exam servicesThe online examination application, admit card, result, verification of marks and photocopy of answer script service. Intermediate and Final applications and payment must be made online only.
Free to use; examination fees paid through it
ICMAI practical training portal
Training portalWhere Forms T-1, T-3, T-4 and T-5 are filed for the 15 month practical training. The entire process is online, and ICMAI does not accept hard copies for training.
Rs 2,500 training registration fee; Rs 4,500 for a training exemption
The Management Accountant journal
Monthly journalThe ICMAI journal, which also carries examination programme announcements. Its technical articles on cost audit, GST and Ind AS track the same regulatory changes the examinations follow.
Free online archive on icmai.in
ICMAI examination centre city list
Reference documentThe current list of examination cities, useful before you pick a centre on the examination form. It also names the three overseas centres at Bahrain, Dubai and Muscat.
Free download
Common Mistakes to Avoid
Preparing for the Foundation exam as if it were a written paper. ICMAI conducts Foundation as an offline OMR multiple choice examination, 50 questions of 2 marks per paper, two papers per two-hour session.
Drill the ICMAI MCQ Bank against a clock at 100 questions in 120 minutes. There is no negative marking at Foundation, so leaving an answer blank is a pure loss.
Missing the four month registration rule. ICMAI requires admission, registration or enrolment to be completed at least four months before the examination, with cut-offs of 31 January for the June term and 31 July for the December term.
Register a full term ahead rather than in the same term you plan to sit. The examination form deadline of 10 April or 10 October is a separate, later gate and clearing one does not cover the other.
Sitting for Final in the term immediately after passing Intermediate. ICMAI requires the Intermediate pass to have come in the penultimate term, so a December Intermediate pass cannot sit the next June Final.
Plan the gap term deliberately. Use it to complete the Industry Oriented Training Programme and to bank practical training months towards the Form T-5 cut-off.
Reappearing in a paper where an exemption is already held. ICMAI states that the benefit of exemption or carry forward is automatically cancelled if the candidate appears in that subject again.
Check your exemption record before ticking papers on the examination form. Also note the benefit runs only for the immediately successive three terms from the term in which it was earned.
Confusing exemption with carry forward. Scoring 60 percent or more in a paper gives an exemption, but the exempted paper is then reckoned as 50 marks when computing the group aggregate. Carry forward of the actual marks requires 60 percent or more in that paper plus at least 40 percent in every remaining paper of the group at the same sitting.
If you are near 60 percent in one paper, protect at least 40 percent in the others at the same sitting. That is the difference between carrying your real score forward and having it recorded as 50.
Starting the 15 month practical training too late. A student needs the training completed before the declaration of the Final result for both or the remaining group, and Form T-5 must certify at least 10 months of training by 31 August for a December examination or by 28 or 29 February for a June examination.
Register training on the ICMAI portal within 30 days of joining, using Form T-1 for a practising cost accountant or Form T-4 for a company, with the Rs 2,500 registration fee. Working candidates should file Form T-3 for exemption by 31 May or 30 November.
Assuming CA or CS articleship counts towards CMA training. ICMAI states that CA or CS articleship will not be set off for CMA practical training.
Training in a CA or CS firm counts only if the firm has a separate management consultancy division and you work exclusively in it, or you are an employee of the firm, and the firm meets the published turnover threshold of Rs 25 lakh under the new scheme.
Answering in a mix of English and Hindi. ICMAI allows Intermediate and Final candidates to answer in Hindi, but states that scripts mixing the two languages are liable for cancellation.
Pick one language and stay in it for the entire script, including headings and workings. Technical terms in the other language inside an otherwise consistent script are a risk not worth taking.
Studying every section of a paper at equal depth. ICMAI publishes a percentage weight against each section, and those weights are far from even. Final Paper 19 gives 70 percent to GST and 30 percent to customs, and Paper 14 gives only 5 percent to digital finance.
Build the study tracker from the published weights in the Syllabus 2022 summary tables, and allocate hours in proportion rather than by chapter count.
Exam Day Tips
- 1
Check which session you are in. Final papers run 10:00 AM to 1:00 PM IST and Intermediate papers run 2:00 PM to 5:00 PM IST, so a Final and an Intermediate candidate at the same centre report at different times.
- 2
Foundation is one day and two sessions: Papers 1 and 2 from 10:00 AM to 12:00 noon, then Papers 3 and 4 from 2:00 PM to 4:00 PM. Plan food and travel for a full day rather than one exam slot.
- 3
Foundation is OMR based. Bring what the admit card instructions specify for marking the sheet, and fill every bubble, because ICMAI confirms there is no negative marking at that level.
- 4
Intermediate and Final groups are examined on alternate dates in the December 2026 term, so a candidate sitting both groups has papers on consecutive days rather than a block per group.
- 5
Confirm the exact centre city from the list printed on the timetable itself. The December 2026 Intermediate and Final list carries 140 Indian cities plus Bahrain, Dubai and Muscat, and several entries have been renamed across recent terms, Ahmednagar to Ahilyanagar and Port Blair to Sri Vijaya Puram among them.
- 6
Overseas candidates apply online like everyone else. The December 2026 timetables are explicit that no offline form and no demand draft payment will be accepted for any level, at domestic or overseas centres.
- 7
Show working notes on numerical answers in cost accounting, management accounting and financial reporting. Marks in these papers attach to the method as well as the figure.
- 8
Decide your language before the exam and keep the whole script in it, since a script mixing English and Hindi is liable for cancellation.
- 9
If illness or a comparable circumstance stops you attending, ICMAI can adjust the fee towards the next examination only, and the application with documentary evidence must reach the Institute within 15 days of the last date of the examination.
Career Paths & Salary Ranges
Cost accountant in practice
Cost audit, cost records certification and management consultancy under the Cost and Works Accountants Act, 1959. Cost audit under Section 148 of the Companies Act, 2013 can be conducted only by a cost accountant.
Rs 5-12 LPA
Cost and management accountant in manufacturing
Product costing, variance analysis, inventory valuation and cost control inside manufacturing and process industries. Intermediate Paper 8 and Final Paper 16 supply the technical base.
Rs 5-12 LPA
Management accountant and business analyst
Budgeting, performance measurement and decision support. Intermediate Paper 12 devotes 30 percent to decision making tools and 10 percent to activity based costing, and Paper 11 adds 20 percent of business data analytics.
Rs 5-12 LPA
Indirect tax and GST specialist
GST compliance, classification, input tax credit and customs work. Final Paper 19 allocates 70 percent to the GST Act and Rules and 30 percent to the Customs Act and Rules.
Rs 5-12 LPA
Financial reporting professional
Ind AS reporting, consolidation and financial instrument accounting. Final Paper 18 splits across Ind AS at 25 percent, business combinations at 20 percent and consolidated statements at 20 percent.
Rs 5-12 LPA
Internal audit and forensic specialist
Internal control review, operational audit and forensic work. Final Paper 17 allocates 25 percent to management audit, 15 percent to internal control and operational audit and 10 percent to forensic audit and anti-money laundering.
Rs 5-12 LPA
Prerequisites & Requirements
- Foundation Course: a pass in Class 10 or equivalent from a recognised board, or a pass in the 10+2 Senior Secondary examination, or a National Diploma in Commerce from AICTE or a State Board of Technical Education, or the Diploma in Rural Service examination of the National Council of Rural Higher Education.
- Foundation admission must be completed at least four months before the examination, with cut-offs of 31 January for the June term and 31 July for the December term.
- Intermediate Course: a 10+2 pass plus the ICMAI Foundation Course, or the CAT Foundation Entry Level Part I of ICMAI, or a degree of a recognised university in any subject other than music, dancing, photography, painting and sculpture, or a qualified engineer.
- Direct admission to Intermediate is also open to engineering students who have completed the third year or sixth semester, and to candidates who have passed the Intermediate examination of the Institute of Chartered Accountants of India.
- Provisional Intermediate registration is available to candidates awaiting degree results, who then have 18 months to convert to regular status; failure to submit the pass result cancels the registration and forfeits the fee paid.
- Final Course: a pass in the Intermediate examination in the penultimate term, so a December Intermediate pass cannot appear in the immediately following June Final examination.
- Final examination entry also requires completion of the Industry Oriented Training Programme and 15 months of practical training before appearing in both or the remaining group.
- Registration is valid for seven years from the date of registration; after that a de novo registration costing Rs 5,000 is needed, and it is normally granted once only.
Frequently Asked Questions
How much does the CMA India course cost?
About Rs 54,100 in ICMAI tuition and registration fees for a student starting at Foundation, before examination fees. Tuition is Rs 6,000 for Foundation, Rs 23,100 for Intermediate and Rs 25,000 for Final, plus the Rs 250 prospectus. Practical training registration adds Rs 2,500. Examination fees are charged per attempt at Rs 1,500 for Foundation, Rs 1,500 or Rs 2,800 for one or both Intermediate groups, and Rs 1,800 or Rs 3,200 for one or both Final groups at Indian centres.
Can I pay CMA fees in instalments?
Yes for Intermediate and Final, and not for foreign students. The Intermediate option is Rs 12,000 at registration and Rs 11,100 later; the Final option is Rs 15,000 at enrolment and Rs 10,000 later. The second instalment is payable on or before 31 January for a June term or 31 July for a December term, and no student may appear in the examination without paying it. If you miss the date the instalment facility remains open for the next three consecutive terms.
What happens if I fail a CMA exam?
You re-enrol for the next June or December term. If you failed a group but scored 60 percent or more in any paper, you are exempted from that paper in later attempts, and for aggregate purposes the exempted paper is reckoned as 50 marks. If you also secured at least 40 percent in each of the remaining papers of the group at that sitting, you instead get carry forward of your actual marks in the high-scoring paper. Either benefit lasts for the immediately successive three terms and is cancelled automatically if you sit the exempted paper again.
What is the CMA passing score?
40 percent in each paper of the group and 50 percent of the total marks of the non-exempted papers of that group. If you appear in both groups of Intermediate or Final together, with or without exemptions, you qualify by getting at least 40 percent in each paper you appeared in and at least 50 percent in aggregate across both groups taken together. Foundation uses 40 percent per paper and 50 percent aggregate, and no exemption or carry forward is available at Foundation.
Is the CMA Foundation exam objective or descriptive?
Objective. ICMAI conducts the Foundation examination in multiple choice mode through offline OMR at a centre. Each paper carries 100 marks as 50 questions of 2 marks, and each of the two sessions covers two papers, so 100 questions worth 200 marks per session. There is no negative marking.
When are CMA exams held?
Twice a year, in June and December terms. For the December 2026 term, Intermediate and Final run from Thursday 10 December to Thursday 17 December 2026 on alternate dates for each group, and the Foundation examination falls on Sunday 13 December 2026. Final papers are timed 10:00 AM to 1:00 PM IST and Intermediate papers 2:00 PM to 5:00 PM IST. Application closes 10 October 2026 for Intermediate and Final and 14 October for Foundation, with a Rs 500 late fee window of about a week after each.
How long do CMA results take?
About seven weeks. ICMAI prints the deadline on the timetable itself: for the December 2026 term, the Intermediate and Final result is due no later than 5 February 2027 and the Foundation result no later than 7 January 2027. In the previous cycle the June 2026 Intermediate and Final results landed in early August 2026. Foundation marksheets are download-only with no hard copy sent, while Intermediate and Final marksheets go out to each candidate.
Can I answer CMA papers in Hindi?
Yes, at Intermediate and Final. ICMAI allows candidates of those two examinations to exercise the option of answering in Hindi. It also warns that an answer script written by mixing English and Hindi is liable for cancellation, so the whole script must stay in one language.
Where can I sit the CMA exam outside India?
At Bahrain, Dubai or Muscat. Overseas fees are US$100 for Foundation, US$100 for a single Intermediate or Final group and US$150 for both groups. Overseas candidates apply through the same online route as domestic candidates: the December 2026 timetables state that application forms for both domestic and overseas centres must be filled up and paid for online only, and that no offline form or demand draft payment will be accepted.
How long is CMA practical training and can it be waived?
Fifteen months under the CMA New Practical Training Scheme 2020, applying to every student registered for the Intermediate Course on or after 11 February 2020. It can start as soon as you register at Intermediate level. A student already working in a recognised organisation and a recognised area can claim exemption by filing Form T-3 online with a fee of Rs 4,500, and applications found eligible by 31 May qualify for the June examination and by 30 November for the December examination.
What counts as a recognised area for CMA practical training?
ICMAI lists management accounting, cost accounting, financial accounting, financial management, auditing, regulatory compliances, direct taxation, indirect taxation, corporate and industrial laws, systems analysis and information technology including ERP, project management, banking operations, insurance, insolvency, valuation, financial services, and teaching in finance, accounts, costing, taxation and management. Management consultancy services and specified engineering services also qualify.
What happens if my CMA registration expires?
You apply for de novo registration. Registration is valid seven years from the date of registration, after which it is cancelled. De novo registration costs Rs 5,000 and is normally granted only once. A second de novo may be granted if the student has passed at least one group or earned exemption in at least two subjects.
Is there recertification or continuing education after qualifying?
There is no requalifying examination. Associate members use the letters ACMA and fellow members use FCMA, and membership continues subject to the annual membership fee set by ICMAI. The Institute runs continuing professional development programmes through its regional councils and chapters, with requirements set by the Council rather than through an examination.
How does CMA India compare with CA India?
CMA India is awarded by ICMAI under the Cost and Works Accountants Act, 1959 and centres on cost accounting, cost audit, management accounting and strategic cost management. CA India is awarded by ICAI under the Chartered Accountants Act, 1949 and centres on financial reporting, statutory audit and taxation. The bodies recognise each other at entry: an ICAI Intermediate pass gets direct admission to the CMA Intermediate Course, and a CMA Final pass is one of the qualifications for the CA Direct Entry Route into the ICAI Intermediate Course.
Do CS qualified candidates get CMA paper exemptions?
Yes, on a reciprocal basis. A qualified Company Secretary can claim exemption in Intermediate Paper 7 Direct and Indirect Taxation and Intermediate Paper 10 Corporate Accounting and Auditing, and at Final level in Paper 13 Corporate and Economic Laws, Paper 19 Indirect Tax Laws and Practice and Paper 20B Risk Management in Banking and Insurance. The fee is Rs 1,000 per subject and the application must be made online at least 60 days before the examination starts.
Are there exemptions for engineers or LLB holders?
Yes. A qualified LLB can claim exemption in Intermediate Paper 5 Business Laws and Ethics, and a qualified engineer can claim exemption in Intermediate Paper 9 Operations Management and Strategic Management. The qualification-based exemption fee for engineering graduates or students and for LLB holders is Rs 3,000 per subject, against Rs 1,000 per subject for qualified Company Secretaries.
Can I get my CMA answer script rechecked?
ICMAI offers verification of marks and a photocopy of the answer script rather than full re-evaluation, both applied for through the examination portal at examicmai.in after the result is declared. A duplicate marksheet for an examination held within the last five years costs Rs 100.
What is the Industry Oriented Training Programme?
A compulsory programme for students enrolled in the Final Course under Syllabus 2022. It must be completed before filling up the examination application form for both groups or the remaining group. Oral students take it through their Regional Council, Chapter or CMA Support Centre; postal students contact their nearest Regional Council or Chapter to arrange it.
What are the CMA India pass rates?
Higher than the CA equivalents, and the Final is easier than the Intermediate on these numbers. In the June 2026 session, 6,813 of 28,471 candidates cleared Intermediate Group I (23.93 percent) and 5,358 of 17,488 cleared Group II (30.64 percent); of the 10,897 who sat both groups together, 2,144 cleared both (19.68 percent). At Final, 3,165 of 10,474 cleared Group III (30.22 percent) and 2,384 of 5,393 cleared Group IV (44.21 percent); of the 4,337 who sat both, 1,430 cleared both (32.97 percent). ICMAI reported 7,885 candidates completing the Intermediate course and 4,220 qualifying the Final in that session.
What training does ICMAI require besides the 15 months of practical training?
Skills Training and tutorial workshops, both mandatory. A student takes 120 hours of Skills Training at Intermediate level and 80 hours at Final level, alongside 44 hours of tutorial workshops. Final students additionally complete the Industry Oriented Training Programme, which the prospectus describes in one place as seven days and in the training-scheme summary as ten days, before the examination application form for both groups or the remaining group can be filed.
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