CMA Exam: How Many Papers, Passing Marks & Exam Terms

There are 20 papers in the CMA course under ICMAI's Syllabus 2022: 4 at Foundation, 8 at Intermediate and 8 at Final. Intermediate and Final are each split into two groups of four papers, and every paper carries 100 marks. To pass, ICMAI's regulations require at least 40% in each paper and 50% in aggregate.

Syllabus 2022 has applied from the June 2023 examination term. If you registered under the older Syllabus 2016, check with ICMAI which papers apply to you.

How many papers are there at each CMA level?

Level	Groups	Papers	Total marks
CMA Foundation	None	4	400
CMA Intermediate	Group I and Group II	8 (4 per group)	800
CMA Final	Group III and Group IV	8 (4 per group, one of them an elective)	800
Total		20	2,000

Foundation comes before Intermediate, and Intermediate before Final. ICMAI's registration rules decide who can enter at which level; see CMA registration.

CMA papers under Syllabus 2022

Foundation (4 papers)

Paper 1: Fundamentals of Business Laws and Business Communication
Paper 2: Fundamentals of Financial and Cost Accounting
Paper 3: Fundamentals of Business Mathematics and Statistics
Paper 4: Fundamentals of Business Economics and Management

Intermediate (8 papers in 2 groups)

Group I	Group II
Paper 5: Business Laws and Ethics	Paper 9: Operations Management and Strategic Management
Paper 6: Financial Accounting	Paper 10: Corporate Accounting and Auditing
Paper 7: Direct and Indirect Taxation	Paper 11: Financial Management and Business Data Analytics
Paper 8: Cost Accounting	Paper 12: Management Accounting

Final (8 papers in 2 groups)

Group III	Group IV
Paper 13: Corporate and Economic Laws	Paper 17: Cost and Management Audit
Paper 14: Strategic Financial Management	Paper 18: Corporate Financial Reporting
Paper 15: Direct Tax Laws and International Taxation	Paper 19: Indirect Tax Laws and Practice
Paper 16: Strategic Cost Management	Paper 20: one elective (below)

Paper 20 electives. You choose one when you enrol for the Final course. Since December 2024 you can change it later through ICMAI's student portal for a ₹1,000 fee (ICMAI notification, 18 December 2024):

20A: Strategic Performance Management and Business Valuation
20B: Risk Management in Banking and Insurance
20C: Entrepreneurship and Start Up

ICMAI's curriculum also sets the weight of each section within a paper. For example, in Paper 5, Corporate Laws carries 40% and Business Laws 30%. Use those weights to plan your study time.

CMA passing marks

ICMAI's regulations set these rules (the Cost and Works Accountants Regulations, 1959, as amended up to May 2012):

Level	You pass if you get, at one sitting…
Foundation	At least 40% in each paper and 50% in aggregate across all four papers
One group of Intermediate or Final	At least 40% in each paper of that group and 50% in aggregate of the group
Both groups together	At least 40% in each paper and 50% in aggregate taking both groups together

Exemptions. If you don't pass a group but score 60% or more in a paper, the regulations allow that paper to be exempted in later attempts. There is also an option to carry those marks forward when you scored at least 40% in the group's other papers. The Council can change pass marks and these rules, so confirm the current position in ICMAI's examination notice for your term.

For a level-by-level look at results, see the CMA Inter result guide and CMA results and pass percentages.

When are CMA exams held?

ICMAI runs examinations in two terms, June and December; Syllabus 2022, for instance, started with the June 2023 term. For each term ICMAI publishes an examination notice with:

the exam dates and timetable;
the exam form window and fee (an application for each examination you sit, separate from course registration);
admit card details.

Exam dates, form fees and deadlines change every term, so take them from ICMAI's notice for your term rather than from older articles.

How to prepare for the papers

Know the question style. ICMAI publishes past question papers. Our guides collect them for Foundation, Intermediate and Final.
Use the section weights. Spend time in proportion to the weights ICMAI lists for each paper.
Plan by group. Taking both groups together means one aggregate across all eight papers. Taking one group at a time spreads the load but adds exam terms. See how long the CMA course takes.

CMA Exams in India: How Many Papers, Passing Marks and Exam Terms

How many papers are there at each CMA level?