CMA Intermediate Question Paper with Answers PDF: Previous Year Papers

CMA Inter Previous Year Question Paper With Answer PDF

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

ICMAI's question paper PDFs contain only the questions. For a "question paper with answers", use the suggested answers, or the model question papers and practice test papers, which have answer papers. ICMAI calls its suggested answers "indicative only and not exhaustive": examiners award 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 papers set under Syllabus 2016 and earlier syllabuses. Syllabus 2022 applies from the June 2023 term, and Syllabus 2016 ran only until the December 2023 term (ICMAI's CMA Syllabus 2022). The older Intermediate papers cover different subjects under the same paper numbers. Under Syllabus 2016, for example, Paper 5 was Financial Accounting, Paper 7 was Direct Taxation, Paper 10 was Cost & Management Accounting and Financial Management, Paper 11 was Indirect Taxation and Paper 12 was Company Accounts and Audit. Check the syllabus printed at the top of a paper, and use older papers only for topics that are still in your syllabus.

CMA Inter Question Paper

The Intermediate course has two groups of four papers, and every paper carries 100 marks (ICMAI's CMA Syllabus 2022). The short names are the codes printed on each question paper, such as "P-9(OMSM)". 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 Foundation and Final papers, see our guides to the CMA Foundation question papers and the CMA Final question papers.

Exam Pattern

All eight Intermediate papers of the June 2026 term followed the same layout:

The instructions printed on the June 2026 Intermediate papers do not mention negative marking; read the instructions on your own paper. To pass a group, ICMAI's CMA Prospectus 2025 requires at least 40% in each paper of the group and 50% in aggregate of the group's papers. A score of 60% or more in a paper of a group you did not pass can exempt you from that paper in later attempts; our guide to the CMA Inter result explains the passing and exemption rules.

December 2026 term. According to ICMAI's Intermediate and Final time table for December 2026 (published 13 August 2026), the Intermediate papers are held from 10 to 17 December 2026, 2 pm to 5 pm Indian time, with Group I and Group II papers on alternate days: Paper 5 on 10 December, Paper 9 on 11 December, Paper 6 on 12 December, Paper 10 on 13 December, Paper 7 on 14 December, Paper 11 on 15 December, Paper 8 on 16 December and Paper 12 on 17 December. 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 Intermediate exam fee at Indian centres is ₹1,500 for one group or ₹2,800 for both, and results are due by 5 February 2027.

CMA Inter Question Paper Marking Scheme

Every Intermediate paper carries 100 marks. ICMAI's CMA Syllabus 2022 splits each paper into sections and gives each section a weight, which shows how the marks are likely to be spread across the syllabus. Use the weights to divide your study and practice time. Weights published for the old Syllabus 2016 papers no longer apply.

CMA Inter Group 1 Question Paper (Marking Scheme)

Paper 5: Business Laws and Ethics (BLE)

• Business Laws: 30%
• Industrial Laws: 15%
• Corporate Laws: 40%
• Business Ethics: 15%

Paper 6: Financial Accounting (FA)

• Accounting Fundamentals: 15%
• Accounting for Special Transactions: 10%
• Preparation of Financial Statements: 20%
• Partnership Accounts: 20%
• Lease, Branch and Departmental Accounts etc.: 15%
• Accounting Standards: 20%

Paper 7: Direct and Indirect Taxation (DITX)

• Direct Taxation: 50%
• Indirect Taxation: 50%

Paper 8: Cost Accounting (CA)

• Introduction to Cost Accounting: 40%
• Methods of Costing: 30%
• Cost Accounting Techniques: 30%

CMA Inter Group 2 Question Paper (Marking Scheme)

Paper 9: Operations Management and Strategic Management (OMSM)

• Operations Management: 60%
• Strategic Management: 40%

Paper 10: Corporate Accounting and Auditing (CAA)

• Corporate Accounting: 50%
• Auditing: 50%

Paper 11: Financial Management and Business Data Analytics (FMDA)

• Financial Management: 80%
• Business Data Analytics: 20%

Paper 12: Management Accounting (MA)

• Introduction to Management Accounting: 5%
• Activity Based Costing: 10%
• Decision Making Tools: 30%
• Standard Costing and Variance Analysis: 15%
• Forecasting, Budgeting and Budgetary Control: 15%
• Divisional Performance Measurement: 10%
• Responsibility Accounting: 5%
• Decision Theory: 10%

Importance Of CMA Intermediate Question Papers With Answers PDF

Why Use Previous Year Question Papers?

Solving past papers with answers is one of the most direct ways to prepare, because it shows you how ICMAI actually sets and marks the exam:

1. Familiarity with the exam pattern: you see the 30-mark MCQ section and the choice of five questions out of seven before exam day.
2. Time management: writing full papers in 3 hours teaches you how long each section takes.
3. Finding weak areas: marking your answers shows which sections of the syllabus cost you marks.
4. Confidence: questions in a familiar format are less stressful on the day.

ICMAI's examiners make the same point. In their comments on the June 2026 Intermediate exam, they advise students to use the Institute's study material together with past question papers (Paper 11), to practise past exam questions "under timed and examination style conditions" (Paper 12), to sit mock tests within the time limit and evaluate their own performance (Paper 8), and to work with the model question papers (Paper 6).

Where to Find CMA Intermediate Question Papers with Answers PDF?

All of it is free on the website of the Institute of Cost Accountants of India (ICMAI), icmai.in: the past papers, suggested answers, model question papers and practice test papers listed in the table above. Our guide to CMA mock and practice test papers explains how to sit ICMAI's model and practice papers as timed mock tests.

What ICMAI's examiners said about the June 2026 papers

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

• Paper 5, BLE: a general answer is not enough; write point-wise answers with the specific provisions of the relevant Act, and keep up with the latest changes.
• Paper 6, FA: many students lacked subject knowledge, which showed in questions on Accounting Standards and theory. Solve the problems in each chapter of ICMAI's study notes and practise with the model question papers.
• Paper 7, DITX: practise more illustrations and exercises, drawing on the past ten years' exam questions and the exercises at the end of each chapter of the study material, and improve the presentation of answers.
• Paper 8, CA: do not neglect the theory part, read the instructions of practical questions carefully, start each question on a fresh page and write the correct question number on top.
• Paper 9, OMSM: practise numerical problems and present solutions step by step; use business examples in theory answers.
• Paper 10, CAA: write theory answers point-wise with reference to the relevant section of the Act, and answer only what is asked: in Question 2(a), many students wrote all the journal entries when only the forfeiture and reissue entries were asked for.
• Paper 11, FMDA: study the whole subject rather than chosen topics, and practise practical problems.
• Paper 12, MA: show as many steps as possible and practise past exam questions under timed conditions.

Tips For Using CMA Intermediate Question Papers For Preparation

1. Finish the paper's syllabus first. Past papers test what you know; attempted too early, they mainly show gaps.
2. Start with the latest Syllabus 2022 papers. Work back from June 2026 to December 2023, then move on to the model and practice test papers.
3. Set a timer. Write each paper in one 3-hour sitting. ICMAI's general guideline for examinations assumes about 160 minutes of writing time for a 100-mark paper and suggests about 1.5 minutes per mark. On the current layout, that comes to roughly 45 minutes for Section A and 105 minutes for Section B (our calculation).
4. Present answers the way examiners read them. ICMAI's guidelines ask you to keep the left-hand page for workings, assumptions and notes in numerical questions, to number your points, to underline key words, and to answer "describe" and "discuss" questions in paragraphs with headings.
5. 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.
6. Check for changes. For Papers 5, 6 and 7, laws, tax rules and standards may have changed since a paper was set. Read ICMAI's Supplementary for the December 2026 term before you rely on an older answer.
7. Revise regularly. Repeat papers for the sections where you scored poorly until you can finish each paper comfortably within 3 hours.

Frequently Asked Questions

How Many Previous Year Question Papers Should I Solve For CMA Intermediate Preparation?

ICMAI has Syllabus 2022 Intermediate papers for six terms, December 2023 to June 2026, so you can solve six past papers for each subject, plus ICMAI's model question papers (two sets for most recent terms, and a December 2026 model paper for Paper 12 so far) and one practice test paper. In our experience, it is worth solving all of them for the papers you find hardest.

Are The Previous Year Question Papers Enough For CMA Intermediate Preparation?

No. ICMAI's examiners repeatedly advise students to study the whole syllabus from the Institute's study material and to practise past papers alongside it, rather than studying only selected questions.

Can I Get CMA Intermediate Question Papers With Answers PDF For Free?

Yes. ICMAI's question papers, model question papers and practice test papers are free to download from icmai.in. Its suggested answers are also free, but you need your ICMAI registration number to log in.

What Is The Difference Between A Model Question Paper And A Previous Year Question Paper?

A previous year question paper is the paper ICMAI actually set in an exam term. A model question paper is a sample paper ICMAI publishes for practice, with an answer paper; it follows the same pattern but was not set in an exam.