CMA Foundation Study Material: ICMAI PDFs, Books and Practice Papers
ICMAI (the Institute of Cost Accountants of India) publishes the official CMA Foundation study material free on its website: one PDF of study notes for each of the four Syllabus 2022 papers, on its Foundation study materials page. The files posted there now are the July 2024 revised edition, reprinted in January 2026. Students admitted to the Foundation course also receive the printed books through ICMAI's postal or oral coaching (CMA Prospectus 2025).
Key points
- ICMAI also posts free model question papers, practice test papers, an MCQ bank and postal test papers for each Foundation paper.
- Its June 2026 model and practice papers are 1-hour, 100-mark papers of multiple-choice questions worth 2 marks each.
- Books written for Syllabus 2016 are out of date: Syllabus 2022 has applied since the June 2023 exam term.
Download ICMAI's CMA Foundation study material
ICMAI calls these books "Study Notes", so they are also what most people mean by CMA Foundation notes in PDF. Each book covers one paper of 100 marks, and the four together cover the 400-mark Foundation syllabus.
| Paper | ICMAI study notes |
|---|---|
| Paper 1: Fundamentals of Business Laws and Business Communication (FBLC) | Paper 1 PDF |
| Paper 2: Fundamentals of Financial and Cost Accounting (FFCA) | Paper 2 PDF |
| Paper 3: Fundamentals of Business Mathematics and Statistics (FBMS) | Paper 3 PDF |
| Paper 4: Fundamentals of Business Economics and Management (FBEM) | Paper 4 PDF |
The imprint page of each book reads: first edition August 2022, revised edition July 2024, reprint January 2026, price ₹400. If a link above stops working, ICMAI has probably posted a newer reprint; open the Foundation study materials page for the current files.
Use only the Syllabus 2022 books. Syllabus 2022 has applied from the June 2023 exam term, and ICMAI ran the older Syllabus 2016 only until the December 2023 term (Curriculum 2022). Copies shared on other websites may be old editions or Syllabus 2016 books, so compare their imprint page with the edition ICMAI currently posts.
What each Foundation paper covers
Each study notes book is split into modules that follow the syllabus. The percentages are ICMAI's study weightage, printed at the start of each book; section weights match ICMAI's Curriculum 2022.
| Paper | Sections | Modules (weight) |
|---|---|---|
| Paper 1: FBLC | A: Fundamentals of Business Laws (80%); B: Business Communication (20%) | Introduction (10%); Indian Contract Act, 1872 (30%); Sale of Goods Act, 1930 (20%); Negotiable Instruments Act, 1881 (20%); Business Communication (20%) |
| Paper 2: FFCA | A: Fundamentals of Financial Accounting (70%); B: Fundamentals of Cost Accounting (30%) | Accounting Fundamentals (30%); Accounting for Special Transactions (15%); Preparation of Final Accounts (25%); Fundamentals of Cost Accounting (30%) |
| Paper 3: FBMS | A: Fundamentals of Business Mathematics (40%); B: Fundamentals of Business Statistics (60%) | Arithmetic (15%); Algebra (20%); Calculus – Application in Business (5%); Statistical Representation of Data (5%); Measures of Central Tendency and Dispersion (15%); Correlation and Regression (15%); Probability (15%); Index Numbers and Time Series (10%) |
| Paper 4: FBEM | A: Fundamentals of Business Economics (70%); B: Fundamentals of Management (30%) | Basic Concepts (15%); Forms of Market (20%); Money and Banking (20%); Economic and Business Environment (15%); Fundamentals of Management (30%) |
The weights help you split your time. In Paper 3, for example, statistics carries 60% of the paper and mathematics 40%.
Printed books for registered students
Every student admitted to the Foundation course has to take ICMAI's coaching, either postal (e-learning) or oral, and the CMA Prospectus 2025 says students under either mode "will be provided study materials of the Institute":
- Postal coaching: the books are sent to your registered address. You can follow the parcel with ICMAI's Study Materials E-Tracking service.
- Oral coaching: the books are given out by the centre you joined: a Regional Council, Chapter, recognised oral coaching centre or accredited institution.
The prospectus lists the price of each Foundation study material copy as ₹400, with courier charges of ₹100 per copy. What the Foundation course fee itself covers is explained in our guide to CMA course fees.
Free practice material from ICMAI
ICMAI also posts practice material for each Foundation paper, free to download:
| Resource | What you get | ICMAI page |
|---|---|---|
| Model Question Papers (MQP) | Model papers issued term by term, from December 2023 to June 2026; the June 2026 set comes with answer papers | Model question papers |
| Practice Test Papers | A question paper and an answer paper for each Foundation paper (June 2026 term) | Practice test papers |
| MCQ Bank | A bank of multiple-choice questions for each paper | MCQ bank |
| Postal Test Papers | A test paper for each paper | Postal test papers |
ICMAI's June 2026 model and practice test papers for all four Foundation papers use the same format: 1 hour, 100 marks, all questions compulsory, each a multiple-choice question worth 2 marks. Check ICMAI's examination notice for your own term before relying on this.
Previous year question papers
ICMAI posts the question papers of each examination term on its question papers page; the latest Foundation set is from the June 2026 term. Attempt them only after you have studied the modules, otherwise you will learn little from your score. Our CMA Foundation question paper guide covers past papers and the exam pattern in more detail.
Reference books recommended by ICMAI
ICMAI does not treat its own books as the only reading. The CMA Prospectus 2025 says students "should refer to other text books for a subject for in-depth study", and its Annexure IV lists recommended books, advising students to consult the latest edition of each. Some titles from the Foundation list:
| Paper | Examples from ICMAI's list (author, publisher) |
|---|---|
| Paper 1 | Commercial & Industrial Law (Sen & Mitra, World Press); Business Communication (Asha Kaul, Prentice Hall of India) |
| Paper 2 | Financial Accounting (Dr. P. C. Tulsian, S Chand); Financial Accounting I (M. Hanif & A. Mukherjee, McGraw Hill Education) |
| Paper 3 | Business Mathematics and Statistics (N. G. Das & J. K. Das, McGraw Hill Education); Basic Mathematics & Statistics (B. M. Agarwal, Sultan Chand) |
| Paper 4 | Modern Economic Theory (K.K. Dewett, S. Chand & Co.); Principles and Practice of Management (L.M. Prasad, Sultan Chand) |
Start with ICMAI's study notes, which follow the syllabus module by module, and turn to a reference book for topics where you need a fuller explanation or more practice.
How to use the study material
- Read one module of the study notes at a time and make short notes of your own: definitions, formulas and section numbers you will want to revise.
- After each module, answer the related questions in ICMAI's MCQ bank and mark the topics you got wrong.
- When you finish a paper, take its practice test paper and model question paper in one sitting, within the time printed on the paper, and check your answers against ICMAI's answer paper.
- Keep a record of your scores and go back to the modules where you lose marks, then move on to past question papers.
- Prepare all four papers. To pass Foundation you need at least 40% in each paper and 50% in aggregate in one sitting (Regulation 20C of ICMAI's regulations), so one weak paper can fail you even when your total is good.
After Foundation, see CMA Inter study material for the next level, or CMA study material for Foundation, Inter and Final for an overview of all three levels.
Frequently Asked Questions
Is CMA Foundation study material published by ICAI or ICMAI?
By ICMAI, the Institute of Cost Accountants of India, which runs the CMA course. ICAI is the Institute of Chartered Accountants of India; its study material is for the CA course.
Sources
- ICMAI: Study Materials, Syllabus 2022, Foundation icmai.in
- ICMAI: Foundation Paper 1 Study Notes, Syllabus 2022 (Revised Edition July 2024, Reprint January 2026) dwpivt501gtb6.cloudfront.net
- ICMAI: Foundation Paper 2 Study Notes, Syllabus 2022 (Revised Edition July 2024, Reprint January 2026) dwpivt501gtb6.cloudfront.net
- ICMAI: Foundation Paper 3 Study Notes, Syllabus 2022 (Revised Edition July 2024, Reprint January 2026) dwpivt501gtb6.cloudfront.net
- ICMAI: Foundation Paper 4 Study Notes, Syllabus 2022 (Revised Edition July 2024, Reprint January 2026) dwpivt501gtb6.cloudfront.net
- ICMAI: CMA Prospectus 2025 (coaching scheme, study material, Annexure IV recommended books) dwpivt501gtb6.cloudfront.net
- ICMAI: CMA Syllabus 2022, Course Structure (Curriculum 2022, archived copy of icmai.in PDF) web.archive.org
- ICMAI: Model Question Papers, Syllabus 2022 icmai.in
- ICMAI: Practice Test Papers, Syllabus 2022, Foundation icmai.in
- ICMAI: MCQ Bank, Syllabus 2022, Foundation icmai.in
- ICMAI: Postal Test Papers, Syllabus 2022, Foundation icmai.in
- ICMAI: Examination Question Papers icmai.in
- ICMAI: The Cost and Works Accountants Regulations, 1959, as amended up to 25 May 2012 (archived copy of icmai.in PDF) web.archive.org
- ICAI: FAQs on the New Scheme of Education and Training (CA course) resource.cdn.icai.org
