CMA Final Question Papers: ICMAI Past Papers, Answers and Paper Pattern

Where to download CMA Final question papers

On icmai.in the papers are under Students → Examination → Question Papers. Pick the exam term, choose "Syllabus 2022", and the Final papers are listed after Foundation and Intermediate, one PDF per paper. ICMAI's other Final practice material is on these pages:

ICMAI's question paper PDFs contain only the questions, so for a "question paper with answers" use the suggested answers or the model and practice test papers. ICMAI calls its suggested answers "indicative only and not exhaustive": examiners give marks for any valid approach, so use them to check your method rather than to learn answers word for word.

The same Question Papers page also lists older papers set under Syllabus 2016, 2012 and 2008. Syllabus 2022 applies from the June 2023 term, and Syllabus 2016 ran only until December 2023 (ICMAI's CMA Syllabus 2022), so the older papers cover different subjects under the same paper numbers: under Syllabus 2016, for example, Paper 17 was Corporate Financial Reporting and Paper 19 was Cost and Management Audit. Check the syllabus printed at the top of a paper before you rely on it, and use older papers only for topics that are still in your syllabus. For the same reason, skip ICMAI's Revision Test Papers: the page still shows only a June 2018 set written for Syllabus 2016.

For Intermediate papers, see our guide to the CMA Inter question paper.

CMA Final papers and their short names

The Final course has two groups of four papers. Every paper carries 100 marks, and you choose one of the three electives for Paper 20 once, when you enrol for the Final course (ICMAI's CMA Syllabus 2022). The short names are the codes printed on each question paper, such as "P-14(SFM)". The last column links straight to ICMAI's PDF of the latest paper, from the June 2026 term.

For earlier terms, pick the term on ICMAI's Question Papers page.

For the full list of all 20 CMA papers and the passing marks at each level, see our guide to the CMA exams.

CMA Final paper pattern

All ten Final papers of the June 2026 term followed the same layout:

None of the June 2026 papers mentions negative marking in its instructions; read the instructions printed on your own paper. To pass a group, ICMAI's CMA Prospectus 2025 requires at least 40% in each paper and 50% in aggregate of the group, or of both groups together if you take both at one sitting.

ICMAI's general guideline for examinations assumes about 160 minutes of writing time for a 100-mark paper, suggests about 1.5 minutes per mark, and asks you to keep the last 5 to 10 minutes for revising your answers. On the current layout, 1.5 minutes per mark comes to roughly 45 minutes for Section A and 105 minutes for Section B (our calculation).

December 2026 term. According to ICMAI's Intermediate and Final time table for December 2026 (published 13 August 2026), the Final papers are held from 10 to 17 December 2026, 10 am to 1 pm Indian time. Exam forms are accepted online only; the last date is 10 October 2026, or 11 to 17 October 2026 with a ₹500 late fee. The Final exam fee at Indian centres is ₹1,800 for one group or ₹3,200 for both, and results are due by 5 February 2027.

Section weights in each Final paper

ICMAI's CMA Syllabus 2022 splits each paper into sections and gives each a weight. Use the weights to divide your study and practice time.

To study each section, start with ICMAI's free study notes for the paper; see where to download ICMAI's CMA study material.

What ICMAI's examiners said about the June 2026 papers

ICMAI's Examiners' Comments Summary for the June 2026 Final exam (published in August 2026) gives advice for each paper. Some of the points for the most searched papers:

• Paper 13, CEL: split a 7-mark answer into three parts: the relevant provision and section, your analysis of the problem, and a conclusion.
• Paper 14, SFM: examiners found the depth of knowledge "inadequate" and say most candidates approached problems "without understanding the expectations of the questions". They recommend broad, concept-based study and a time-bound practice schedule.
• Paper 15, DIT: practise the multiple-choice questions with old question papers and mock tests, read the recent amendments, and say whether a capital gain is short-term or long-term. Answers on international taxation were weak.
• Paper 16, SCM: "consult the past questions and suggested answers of the Institute" to learn the standard of questions and how answers should be presented.
• Paper 18, CFR: study the individual Ind ASs, especially Ind AS 32, 109, 103, 110, 111, 12, 21, 115 and 116.
• Paper 19, ITLP: give Section A its due and prepare for it with tests; Question 8, based on case law, was poorly answered.
• Paper 20A, SPMBV: read the theory before attempting problems and avoid selective study; topics named include valuation using EVA, DuPont analysis, VaR, mergers and acquisitions, and valuation of shares and goodwill.

How to practise with past papers

1. Finish the paper's syllabus first. Past papers test what you know; attempted too early, they show little more than gaps.
2. Start with the latest Syllabus 2022 papers. Before writing, read the whole paper and note how the marks are split.
3. Read the instruction word. ICMAI's guidelines say questions that ask you to "describe" or "discuss" need longer answers in paragraphs. In our experience, "explain" asks for the meaning or purpose of something, while "illustrate" also needs an example.
4. Write the paper in one 3-hour sitting. Work through Section A, then pick your five Section B questions. If you cannot finish in time, try again on another day and keep at it until you can.
5. Present answers the way examiners read them. ICMAI's guidelines ask you to show workings (on the left-hand page), number your points, underline key words and, at Final level, give practical examples and applications.
6. Mark your paper and keep a record. Compare your answers with ICMAI's suggested answers or answer papers, note your score for each section and go back to the sections where you lose marks.

Repeat with the model question papers and practice test papers until you can finish each paper comfortably within 3 hours.