Overview
The CMA (Cost and Management Accountancy) course is run by the Institute of Cost Accountants of India (ICMAI). It trains students in cost accounting, management accounting, finance, taxation, audit and business law, and leads to membership of the Institute as a Cost and Management Accountant.
The course has three levels, Foundation, Intermediate and Final, and is currently taught under Syllabus 2022. Examinations for all three levels are held twice a year, in a June term and a December term, on dates set by the ICMAI Council.
Who can apply
Foundation: you can join after passing Class 10 or an equivalent examination from a recognised board. Candidates who have passed Class 12 can also join.
Intermediate: open to graduates in most disciplines, qualified engineers, and students who have passed Class 12 together with the CMA Foundation. Those who have cleared the ICAI Intermediate, or another qualification on ICMAI's list for direct entry, can skip Foundation.
Final: only students who have passed both groups of the CMA Intermediate examination can enrol.
Students waiting for a result can take provisional admission: provisional Foundation students have 36 months, and provisional Intermediate students 18 months, to submit their pass result and become regular students.
Levels or stages
Foundation
Four papers, each worth 100 marks: business laws and communication, financial and cost accounting, business mathematics and statistics, and business economics and management. There are no groups at this level. The Identification Number issued on admission is valid for 3 years.
Intermediate
Eight papers split into two groups of four. Group I covers business laws and ethics, financial accounting, direct and indirect taxation, and cost accounting. Group II covers operations and strategic management, corporate accounting and auditing, financial management with business data analytics, and management accounting. You must finish 120 hours of skills training before sitting the Intermediate exam, and you can start practical training from this level.
Final
Eight papers in two groups. Group III covers corporate and economic laws, strategic financial management, direct tax and international taxation, and strategic cost management. Group IV covers cost and management audit, corporate financial reporting, indirect tax, and one elective chosen at enrolment from performance management and business valuation, risk management in banking and insurance, or entrepreneurship and startups. You must complete 80 hours of skills training and the Industry Oriented Training Programme before filling in the Final exam form, and 15 months of practical training before you appear in both groups or your remaining group of the Final.
An Intermediate registration stays valid for 7 years. If you do not finish the Intermediate and Final within that time, the registration is cancelled and you must apply for a fresh (de novo) registration.
Exam pattern
| Level | Papers | Groups | Marks per paper |
|---|---|---|---|
| Foundation | 4 | None | 100 |
| Intermediate | 8 | Group I and Group II, 4 papers each | 100 |
| Final | 8 (including 1 elective) | Group III (4 papers) and Group IV (3 papers plus elective) | 100 |
You can take one group or both groups in the same term at Intermediate and Final. Intermediate and Final candidates may choose to write their answers in Hindi, but an answer script that mixes Hindi and English can be cancelled.
Passing criteria and results
Foundation: at least 40% in every paper and 50% in aggregate.
Intermediate and Final, per group: at least 40% in every paper of the group and 50% aggregate across that group's non-exempted papers. You clear the level once you pass all its groups.
Both groups at once: if you sit both groups together, you qualify with at least 40% in each paper and 50% aggregate across both groups combined.
Paper exemption: if you fail a group but score 60% or more in a paper, you do not have to resit that paper. It counts as 50 marks when your aggregate is worked out later, unless you also scored at least 40% in every other paper of that group in the same attempt, in which case your actual marks carry forward. Exemptions and carry-forward do not apply at Foundation.
Foundation mark sheets are downloaded from the ICMAI website; Intermediate and Final mark sheets are sent to candidates.
Important dates
These deadlines are the standing dates in the CMA Prospectus 2025:
| Step | June term | December term |
|---|---|---|
| Last date to join Foundation, register for Intermediate or enrol in Final | 31 January of the same year | 31 July of the same year |
| Last date for the online exam application (no late fee) | 10 April of the same year | 10 October of the same year |
Check the examination notification for each term on icmai.in for exact exam dates.
Fees
Fees below are from the CMA Prospectus 2025, for students in India:
| Item | Foundation | Intermediate | Final |
|---|---|---|---|
| Tuition fee (postal or oral coaching) | INR 6,000 | INR 23,100 (includes INR 500 registration) | INR 25,000 |
| Exam fee, one group | INR 1,500 | INR 1,500 | INR 1,800 |
| Exam fee, both groups | Not applicable | INR 2,800 | INR 3,200 |
There is also a one-time INR 2,500 practical training registration fee at Intermediate. Intermediate and Final students in India can pay tuition fees in instalments. Tuition fees are not refunded once admission is complete.
How to apply
Choose your entry point: Foundation, or direct Intermediate if you are a graduate or hold another qualifying credential.
Apply online through the ICMAI student portal or at a Regional Council, Chapter or accredited institution, with proof of your qualification and age.
Choose postal (e-learning) or oral coaching; coaching is compulsory.
Finish the required training for your level, then submit the online examination form and pay the fee before the deadline.
Preparation tips
Use the study weightage shown against each section of the syllabus to decide how much time each topic needs.
Practise with ICMAI's own model question papers, MCQ bank and practice test papers, published on its student pages.
Plan your skills training, practical training and industry training early, because you cannot sit the exam until they are complete.
FAQs
Can a graduate skip the CMA Foundation?
Yes. Graduates in most disciplines can register directly for the Intermediate course. Engineers and those who have passed the ICAI Intermediate also get direct entry.
How long is a CMA Intermediate registration valid?
7 years from the date of registration. If you have not completed the Intermediate and Final by then, you must apply for de novo registration, which costs INR 5,000 according to the 2025 prospectus.
What score do I need to pass a CMA group?
At least 40% in every paper of the group and 50% in aggregate across the group. At Foundation, the same 40% per paper and 50% aggregate applies to the whole exam.
Is practical training compulsory?
Yes. You must finish 15 months of practical training before you can sit the remaining groups of the Final exam. It can be started from the Intermediate level.
How often are CMA exams held?
Twice a year, in the June and December terms, for all three levels.