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CMA Exam 2023: The Institute of Cost Accountants of India (ICAI), formerly known as the Institute of Cost and Works Accountants, administers this examination. This exam is conducted twice, in June and December. The ICAI Foundation, Intermediate, and Final courses accept registrations all year long. Candidates have to send in their applications before the deadline to get registered for a particular session.
The foundation, intermediate, and final admission fees are INR 6,000, INR 23,100, and INR 25,000, respectively. After the deadline, applicants will be considered ineligible for the institution’s accountancy tests in June 2023 and will only be taken into consideration for the succeeding exam term. The June 2023 CMA exam dates haven’t yet been made public.
| Exam Name | Certified Management Accountant (CMA) |
| Conducting board | Institute of Cost Accountants of India (ICAI) |
| Parts of Exam | CMA-ICMA-II |
| Duration of Exam | 4 hours per exam |
| Official website | https://icmai.in/ |
Table of Contents
CMA June 2023 Latest Updates
The ICAI has notified candidates that they have two more sessions to appear for tests using the CMA 2016 syllabus. From the June 2024 session, the new curriculum, or CMA 2022 syllabus, will be mandatory.
| CMA June 2023 Latest Updates | Dates |
| Intermediate and Final Exam Application Deadline | May 1st 2023 |
| CMA Foundation Exam Application Deadline | May 2nd 2023 |
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CMA June 2023 Exam Dates
Students who choose to take the June term exam must apply by January 31st of that year. However, this year the deadlines were extended, and we have given a tentative schedule for the examination:
| CMA June 2023 Exam Events | Important Dates |
| Last date of CMA Application (Intermediate/Final exam) | May 1st 2023 |
| Last date of CMA Application (Foundation exam) | May 2nd 2023 |
| Release of CMA Foundation Admit card | June 2023 (Tentative) |
| Release of CMA Intermediate Admit card | June 2023 (Tentative) |
| Release of CMA Final Admit card | June 2023 (Tentative) |
| CMA Foundation exam dates | July 2nd 2023 |
| CMA Intermediate exam dates | July 1st to 8th 2023 |
| CMA Final exam dates | July 1st to 8th 2023 |
| CMA Foundation Result | July 31st 2023 |
| CMA Intermediate Result | September 12th 2023 |
| CMA Final Result | September 12th 2023 |
CMA June 2023 Exam Pattern
The exam is conducted for three courses separately and all courses have different patterns. Candidates can go through the CMA exam pattern of the following courses:
- CMA Foundation
- CMA Intermediate and Final
Foundation Course
The CMA Foundation exam is an objective type examination. The question paper contains Multiple Choice questions(MCQs). The table below shows the exam pattern for the foundation course:
| Exam Features | Exam Details |
| Mode of exam | Remote proctored exam from home |
| Type of questions | Multiple Choice Questions (MCQs) |
| Total Marks in each paper | 100 |
| Duration of exam | 2 hours |
| Number of Papers | 4 |
Intermediate and Final Course
The table below shows the CMA 2023 exam pattern for the Intermediate and final courses:
| Exam Features | Exam Details |
| Mode of exam | Offline |
| Type of questions | Descriptive |
| Total marks in each paper | 100 |
| Duration of exam | 3 hours |
CMA June 2023 Syllabus PDF
After the exam pattern, we will now explain the syllabus of the CMA exam according to the different courses. Each exam has about four papers in the syllabus:
Foundation Course
There are four papers in the CMA foundation course, which are as follows:
- Paper 1: Fundamentals of Business Laws and Business Communication(FBLC)
- Paper 2: Fundamentals of Financial and Cost Accounting (FFCA)
- Paper 3: Fundamentals of Business Mathematics and Statistics(FBMS)
- Paper 4: Fundamentals of Business Economics and Management(FBEM)
Intermediate Course
The CMA exam for the Intermediate course is divided into two groups. Candidates can apply for both groups or give one group at a time. Below we have mentioned the papers for both groups.
| Group I | Group II |
| Paper 5: Business Laws and Ethics (BLE) | Paper 9: Operations Management and Strategic Management (OMSM) |
| Paper 6: Financial Accounting (FA) | Paper 10: Corporate Accounting and Auditing (CAA) |
| Paper 7: Direct and Indirect Taxation (DITX) | Paper 11: Financial Management and Business Data Analytics (FMDA) |
| Paper 8: Cost Accounting (CA) | Paper 12: Management Accounting (MA) |
Final Course
The CMA final exam also has two groups Group III and Group IV. Students can apply for both groups or give one group at a time. Below we have mentioned the syllabus for CMA Final groups.
| Group III | Group IV |
| Paper 13: Corporate and Economic Laws (CEL) | Paper 17: Cost and Management Audit (CMAD) |
| Paper 14: Strategic Financial Management (SFM) | Paper 18: Corporate Financial Reporting (CFR) |
| Paper 15: Direct Tax Laws and International Taxation (DIT) | Paper 19: Indirect Tax Laws and Practice (ITLP) |
| Paper 16: Strategic Cost Management (SCM) | Paper 20:Strategic Performance Management and Business Valuation (SPMBV) |
Intermediate and Final Course Syllabus
Candidates may check and download the Intermediate and Final Course syllabus mentioned below.
CMA Exam Eligibility Criteria
The students who want to pursue the courses offered by CMA need to check the eligibility criteria before applying for the exam. The eligibility criteria are as follows:
| CMA Courses 2023 | Eligibility Criteria |
| Foundation course | Applicant should have passed class 10 or equivalent from a recognized board or Institution. Students passing 12 or equivalent from a recognized institution can also apply for the exam. |
| Intermediate course | Candidates should have passed 12 or equivalent and also the Foundation course of CMA OR Applicants holding a graduation degree in any discipline other than performing arts. OR Aspirants who have qualified ICSI Foundation Examination/ qualified CAT CMA/Inter CA examination. |
| Final course | Aspirants who have qualified for the CMA Intermediate exam. |
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CMA Exam 2023 Application Process
The CMA application process is similar for all the exams. Students can apply for the CMA exam by following the steps mentioned below:
- Visit the ICMAI official website.
- Now click on the tab named ‘Admissions’ on the main window, and a page will open.
- Click on the course and fill in all the required information.
- Pay the application fee and apply.
We have mentioned the application fee for all the CMA courses. Students can refer to the table below:
| CMA Exam | Application Fee |
| Foundation course | INR 1,200 |
| Intermediate course (Group I or II) | INR 1,200 |
| Intermediate course (Combination groups) | INR 2,400 |
| Final course (Group I or II) | INR 1,400 |
| Final course (Combination groups) | INR 2,800 |
CMA Exam 2023 Admit Card
The ICAI releases the CMA admit card for June 2023 term separately for all the courses. Candidates who submitted the duly filled application form can download the admit card from the Institute of Cost Accountants of India’s official website. The steps to download the CMA exams is the same for the foundation, intermediate and final course. We have mentioned below the steps to download the CMA admit card:
- Visit the official website of ICMAI and click on the tab named ‘Students’ and then click on the ‘Examination’ tab.
- Now click on the admit card link and select the exam.
- After this select ‘Student’ and click on the ‘Print Admit Card
- Students can keep a hard copy of the admit card.
How to Prepare for CMA June Exam
Candidates can prepare for the CMA exam if they follow the right strategy and technique. The study material or books a candidate chooses are an important part of their study plan. In this part, we will talk about the best books and preparation tips to crack the CMA exams.
Best Preparation Books
Preparing the right study material is very much important in the CMA exam. Let us look at some of the best-recommended books for the exam:
CMA Foundation Exam
These books help you prepare well for your CMA Foundation exam. There are four papers in the Foundation exam.
| Paper | Book Name |
| Paper 1: Fundamentals of Economics and Management | Fundamentals of Business Economics Modern Economics Fundamentals of Business organisation Modern Economic Theory |
| Paper 2: Fundamentals of Accounting | Accountancy Dhaval An Introduction to Accountancy Financial Accounting Basics of Cost Accounting |
| Paper 3: Fundamentals of Laws and Ethics | Commercial & Industrial Law Mercantile Law including Industrial LawBusiness Law Fundamentals of Laws & Ethics(Business ethics) |
| Paper 4: Fundamentals of Business Mathematics and Statistics | Basics Mathematics & Statistics Statistical method Basic statistics Business Mathematics & Statistics |
CMA Intermediate Exam
The intermediate exam has two groups and we have tabulated all the recommended books for Group I and Group II.
Group I
| Paper | Book Name |
| Paper 5: Business Laws and Ethics (BLE) | Commercial & Industrial Law Mercantile Law including Industrial Law Business Law Business Ethics |
| Paper 6: Financial Accounting (FA) | Modern AccountancyAdvance AccountancyFinancial AccountingFundamentals of Financial Accounting |
| Paper 7: Direct and Indirect Taxation (DITX) | Student Guide to Income Tax Direct Tax Laws Income Tax Acts & Rules Conceptual Clarity on Income Tax |
| Paper 8: Cost Accounting (CA) | Cost Accounting- A Managerial Emphasis Principles & practice of Cost Accounting A textbook of Cost Accountancy Cost Accounting (Volumes I, II & III) |
Group II
| Paper | Book Name |
| Paper 9: Operations Management and Strategic Management | Production & Operations Management Operations Management and Control Strategic Management Modern Production/Operations Management |
| Paper 10:Cost & Management Accounting and Financial Management | Principles and Practice of Cost Accounting Management Accounting Cost Accounting Cost Accounting- Theory and Practices |
| Paper 11: Indirect Taxation | GST- How to meet your obligations GST Manual GST-Ready reckoned Customs-Law Practice & Procedures |
| Paper 12: Company Accounts and Audit | Corporate Accounting Central Advanced Accounting (Vol. I & II) Students Guide to Accounting Standards Students Guide to Auditing Standards |
CMA Final Exam
In the CMA final exam also the candidate has two groups to clear. We have mentioned the recommended books for Group III and Group IV.
Group III
| Paper | Book Name |
| Paper 13: Corporate and Economic Laws(CEL) | Company Laws & PracticeCompany LawCorporate Governance & ControlMercantile Laws |
| Paper 14: Strategic Financial Management (SFM) | Modern Corporate FinanceInternational FinanceFinancial Management: Theory & PracticeFinancial Policy & Manageria; Accounting |
| Paper 15: Direct Tax Laws and International Taxation(DIT) | Direct Taxes: Law & PracticeSystematic Approach to Income Tax and Central Sales TaxIncome Tax Act-1961Corporate Tax Planning |
| Paper 16: Strategic Cost Management(SCM) | Costs & Management AccountingManagement and Cost AccountingAdvanced Management AccountingManagement Accounting |
Group IV
| Paper | Book Name |
| Paper 17: Cost and Management Audit(CMAD) | Cost Audit and Management Audit Guidance Notes to Cost Audit The Management Audit Efficiency Auditing |
| Paper 18: Corporate Financial Reporting(CFR) | Indian Accounting Standards(Ind AS)Applied Financial Accounting and ReportingManual of Accounting Standards First Lessons in Financial Reporting |
| Paper 19: Indirect Tax Laws and Practice(ITLP) | Customs-Law Manual GST- Ready Reckoner GST Audit & Annual Return GST Refund |
| Paper 20:Strategic Performance Management and Business Valuation(SPMBV) | Business Valuation Corporate Finance: A Valuation Approach Damodaran on Valuation Fundamentals of Investment valuation and Management |
Preparation Tips
Candidates can prepare for the CMA exam if they plan accordingly and study with the right technique. Here are some tips to make the CMA study a lot easier:
- Make a study plan and make sure you give a decent amount of time to each subject.
- Find out your weakness by practising mock tests and previous year’s papers.
- Evaluate your results at the end of every week.
- Stay away from social media when you are studying for your CMA exam.
- Practise meditation and yoga to release all the stress.
CMA Exam 2023 Result
Every year in June and December CMA exam is conducted by ICAI. Candidates will get an identification number which can be used to check the CMA result. The Institue of Cost Accountants of India releases the CMA result only in online mode.
How to Check Your CMA Result?
Candidates can follow the steps mentioned below to check their CMA result:
- Visit the official website of the Institute of Cost Accountants of India(ICAI).
- Click on the examination tab and then click on ‘Result’.
- The result page will be displayed, click on the exam for which you appeared.
- Now enter the registration number and then click on ‘View Result’.
- Your result will be displayed on the screen.
CMA Exam Pass Percentage
Aspirants must know the pass percentage of the previous CMA exams so that they can aim for the percentage and study accordingly. The CMA exam pass percentage for the previous exam is mentioned in the table below:
| Exam | Pass percentage(%) |
| Foundation exam | 75.88 |
| Intermediate exam group I | 40.76 |
| Intermediate exam group II | 65.24 |
| Intermediate exam (Passed in both groups) | 51.63 |
| Intermediate exam (Passed in either of the groups) | 13.82 |
| Final exam Group I | 34.02 |
| Final exam Group II | 57.13 |
| Final exam (Passed in both groups) | 38.45 |
| Final exam (Passed in either of the groups) | 31.90 |
FAQs
Candidates can prepare for the foundation exam by making a study plan and choosing the right study material. Study thoroughly and see where they make mistakes and plan the strategy accordingly.
CMA exams are connected two times a year. The first term is generally conducted in June and the second term takes place in December.
No, Candidates must clear the foundation exam to be able to give the intermediate exam.
This leads to the end of this blog, where we talked about the foundation, intermediate and Final stages of the CMA exam 2023. Students can learn about the eligibility criteria, pattern and syllabus of the exam. After reading this blog students will be able to prepare for the exam.
For more such updates stay tuned to our Indian exams page. And don’t forget to follow us on Instagram, Facebook, Twitter, and Linkedin.
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