CMA Final Study Material: Download Mock Test Paper & Notes

The CMA Final course has two groups: Group III (Papers 13 to 16) and Group IV (Papers 17 to 19 plus your elective). You can sit them together or one at a time; ICMAI charges the exam fee per group (₹1,800 for one group and ₹3,200 for both at inland centres, December 2026 timetable). This guide lists the study material for both groups, the other free resources ICMAI provides and how to use them.

Our suggestion: whether you take both groups together or separately, study Group III first and then move on to Group IV. Switching between all eight papers from the start makes it harder to retain what you learn.

CMA Final Group 3

ICMAI calls its books "Study Notes". The weights below are ICMAI's study weightage for each section, printed at the start of every book, and the last column is the latest date on each book's imprint page.

For the law paper, our guide to CMA Final law goes through the Paper 13 modules and its December 2026 supplement in more detail.

CMA Final Group 4

Group IV has three compulsory papers and one elective. You choose the elective (20A, 20B or 20C) when you enrol for the Final course (CMA Prospectus 2025), so you need only that one elective book. ICMAI's notification of 18 December 2024 lets Final students change their elective online for a fee of ₹1,000.

On ICMAI's Final page, the links for Papers 14, 15, 16, 18, 19 and 20A open files on Google Drive; they are ICMAI's own links. If a link above stops working, ICMAI has probably posted a newer print, so download the book from the Final study materials page instead.

Now, let's look at the rest of the CMA Final study material you will need.

CMA Final study material

For a complete and thorough preparation, use these resources:

• ICMAI's study notes for each paper, with the supplements for your exam term
• Reference books and your own notes
• Mock test papers: ICMAI's practice test papers and model question papers
• Previous year question papers with suggested answers
• A short revision course, if you need one, once the syllabus is done

ICMAI lists its books by syllabus, not by year, so a "2024" or "2026" CMA Final study material is simply the current Syllabus 2022 book. Syllabus 2022 applies from the June 2023 exam term, and Syllabus 2016 ran only until the December 2023 term (Curriculum 2022). Skip older books, including copies shared on other websites, which may be Syllabus 2016 editions.

Printed books. Every student enrolled for the Final course takes ICMAI's coaching, postal (e-learning) or oral, and the CMA Prospectus 2025 says students under either mode "will be provided study materials of the Institute". Under postal coaching the books are sent to your registered address; under oral coaching they are given out by your centre. If you pay the Final course fee in instalments, you receive the study material for both groups after the first instalment. The prospectus prices each Final study material copy at ₹700, with courier charges of ₹100 per copy.

Supplements for the December 2026 exams

Laws and rates change after the books are printed, so ICMAI posts a supplement for the papers affected. On its Supplementary page, the December 2026 supplements cover Final Papers 13, 15, 17, 18 and 19. ICMAI's clarification of 15 September 2026 confirms that, for the December 2026 term, amendments up to 31 May 2026 apply to the Companies Act (Papers 13, 17 and 18), the cost records and audit rules and cost accounting standards (Paper 17), the Finance Act (Papers 15 and 19), GST (Paper 19) and Ind AS (Paper 18). Read the supplement for each of these papers alongside the book.

Books and Notes

ICMAI's study notes cover the whole syllabus, and they should be your main book. The prospectus also advises students to "refer to other text books for a subject for in-depth study required in a professional examination", and its Annexure IV lists recommended reference books for every paper. ICMAI asks students to consult the latest edition of each book.

Notes help you understand some topics better, and they are what you will use in the last few days to revise everything quickly. It is better to make your own notes while you take a course or study a subject. Classify or categorise them as much as possible instead of putting everything in one place, and keep separate notes for separate papers.

CMA Mock Test papers

Mock test papers are an essential part of your preparation. ICMAI publishes two kinds for every Final paper, each with an answer paper:

ICMAI's June 2026 Final practice test papers and model question papers run 3 hours for 100 marks. Section A is compulsory: 15 multiple-choice questions of 2 marks each, 30 marks in all. In Section B you answer any five of seven questions of 14 marks each, 70 marks in all.

Some tips to use mock test papers effectively:

• Attempt mock test papers regularly once you have finished a paper's syllabus; in the last weeks before the exam, one a day is a good target.
• Aim to complete each paper in the exam time of 3 hours.
• Complete it in one sitting so you get into the habit.
• Mark it against ICMAI's answer paper. To pass a group you need at least 40% in each paper and 50% in aggregate across the papers of that group (CMA Prospectus 2025, standard of pass), so check both numbers.
• Figure out your strengths (topics you naturally score well in), your weaknesses (topics you need to improve) and threats (topics you still cannot score in after repeated study).
• Focus on your weaknesses and do not spend too long on your threats; they cost time that is better used elsewhere.

Our guide to CMA mock test papers explains how to sit ICMAI's papers as timed mocks.

CMA Previous Year Question Papers

Previous year papers help you understand the pattern of your exam. Analyse them to get a good idea of what the exam demands: comparing several terms' papers shows you which topics and types of question come up often. ICMAI's question papers page has the Syllabus 2022 Final papers, and its suggested answers page has its answers up to the June 2026 term. Our guide to CMA Final question papers covers where to find them and the examiners' comments for each paper.

• Before you start attempting the papers, study the course properly. Otherwise you will not be able to understand the questions or answer them correctly, and you may end up feeling demotivated. Try not to look at the solutions at the start; leave the questions you don't know.
• Observe the exam pattern. What types of questions are asked? Which topics come up more often? Compare the paper with other previous papers to see what they have in common.
• Learn how best to answer them and what information to provide, how not to overdo your answers and, most importantly, how the marks are awarded.
• Start attempting some papers and score yourself.
• Learn the questions you don't know. Don't copy them from the solutions just to feel that you have attempted the whole paper.

Crash Courses

Crash courses work best after you have studied for months and completed the full syllabus, because they are a quick way to revise. They cover the most important topics fast, which helps when your exams are close and there is no time to go through every topic again in detail with the books. Revision is essential to fix what you have learnt so you don't forget it. See our guide to CMA crash courses for when one is worth taking.