CMA Final Syllabus & Exam Pattern 2025: ICMAI Guide

By IIC Lakshya

01 Oct 2025

CMA INDIA

CMA Final Syllabus & Exam Pattern 2025: ICMAI Guide

If you are a CMA aspirant who is preparing for the CMA Final exam, you must learn all about the CMA Final syllabus, subjects covered, and exam patterns. With this detailed information, students can effectively plan their study schedules, timetable, and practice mock question papers. Follow the guidelines offered in the CMA final syllabus 2025 on their official website, thus effectively planning to crack the exam.

CMA Final Syllabus 2025

According to the Institute of Cost Accountants of India (ICMAI), below is a detailed breakdown of the CMA Final subjects. The guidelines effectively inform about all 4 papers in each group along explaining the elective papers. Additionally, students can also learn about the various topics covered in these papers. With the increasing CMA demand in India, students should prepare effectively to meet the job market demand.

Group III

Here are the CMA Final subjects, a part of the syllabus that CMA students must develop a deeper understanding of. These papers need all your focus and dedication because you must crack them successfully. Let us get deeper into the papers and their topics.

Paper 13 - The Field of Corporate and Economic Laws (CEL)

In this paper, students learn about legal issues that are connected with corporate governance, economic laws, and contract laws. Additionally, major topics that are covered in this paper are as follows:

Securities regulations
Competition law
Company law
Economic legislation

Paper 14 - Strategic Financial Management (SFM)

For students who are targeting Finance and Accounting Careers after graduation, the CMA certification is of the essence. The paper will educate students about risk management, capital structure, and financial decision-making related to capital budgeting. Furthermore, the following topics will be covered in this paper:

Cash flow analysis
Working capital management
Capital expenditure

Paper 15 - Direct Tax Laws and International Taxation (DIT)

Students will learn about the impact of direct tax law and its application in India. Furthermore, CMA students will learn about double tax treaties. With these papers knowledge, you can develop insights from CMA internship period. Students also need to focus on the following topics in this paper:

Income tax
Transfer pricing
Tax planning

Paper 16 - Strategic Financial Management (SFM)

The paper highlights the significance of cost management, performance evaluation, and budgeting. It will educate students to become skilled professionals in business finance management. Below are some of the topics covered in this paper:

Expense control
Pricing strategies
Strategic planning

Group IV

This is the second group, which is based on subjects like cost and management, auditing, financial reporting, indirect tax laws, and others. The subject-wise division in each paper reflects the way a CMA student can develop skills that will help them in bagging some of the best Finance jobs in the world. There is also an elective paper in this group, which you need to choose from three available papers.

Paper 17 - Cost and Management Audit

Students learn about the fundamentals of audit in this paper. Additionally, the paper explores audit principles, internal control systems, and techniques. Below are the topics that are discussed in this paper.

Audit planning
Risk assessment
Audit reporting

Paper 18 - Corporate Financial Reporting (CFR)

The paper offers an in-depth introduction to financial reporting standards, consolidation issues, and accounting policies. A CMA professional working in the finance industry, this paper will contribute to various career options in Finance. Below are some of the topics that students will study in this paper.

Financial statement analysis
Ethics in accounting
Consolidation accounts

Paper 19 - Indirect Tax Laws and Practice (ITLP)

Students learn about the indirect taxes, which include customs, service tax, and GST, in this paper. Other topics that the students will address in this paper are as follows:

Tax compliance
Tax appeals
Tax assessments

CMA Final - Elective Papers

There are three specialized papers in the section where candidates will just have to choose any one. You can refer to the official ICMAI website to learn more about the detailed CMA final study material of these elective papers.

Paper 20 A - Strategic Performance Management and Business Valuation (SPMRV)

The paper integrates performance measurement, business valuation, and balanced scorecards for students pursuing the CMA final year. Below are the topics covered in this paper, which educate students:

Performance assessment
Strategic control
Management by values

Paper 20B - Risk Management in Banking and Insurance (RMBI)

The paper explores the risk management practices for businesses, which will help CMA professionals in both the insurance and banking sectors. The following topics will teach students about the factors they need to consider when offering professional services.

Credit risk
Regulatory compliance
Market risk

Paper 20C - Entrepreneurship and Start-Up (ENTS)

The ENTS paper discusses various entrepreneurial ideas like startups, new ventures, and innovations. CMA aspirants can learn about the role of Commerce in entrepreneurship in this paper. Furthermore, follow these topics mentioned below to learn more about this paper.

Funding sources
Business models
Growth strategies

CMA Final Exam Pattern

CMA students should be prepared for the CMA final exams by effectively following the subjects discussed above. Furthermore, the CMA Final syllabus covers a wide range of topics, bringing immense knowledge and skills for CMA professionals. You will learn about total marks, CMA passing score, and exam duration here. Below is a tabular form of the CMA Final exam pattern:

Features	Details
Exam Mode	Offline (pen and paper)
Types of Questions	Descriptive (no MCQs)
Marks per Paper	100
Passing Marks	40% per paper and 50% aggregate per group
Exam Duration	3 hours per paper
Frequency of Exams	Twice a year, in June and December
Medium of Exam	Only English

Ready to Qualify the Final Step of CMA?

Are you ready to qualify for the CMA final exam? In this paper, we have shared with you the CMA final syllabus and the exam patterns. With the understanding of the detailed evaluation of various subjects like strategic financial management, economic laws, corporate laws, corporate financial reporting, and others, students can effectively crack the CMA Finals.

Frequently Asked Questions (FAQs)

How many groups are there in the CMA Final syllabus?

The CMA Final syllabus is primarily divided into two groups. Group 3, which is also called Final Group I, and Group 4, which is also known as Final Group II. In each group, students will have 4 papers, so in total, there are 8 papers in the CMA Finals.

Is it mandatory to clear both groups in the CMA Final exam?

It is mandatory to clear both groups in the CMA Final exam; however, you can appear in them separately if you feel too much pressure to clear them at the same time. A lot of working professionals do it separately to balance work and studies effectively.

Is there any exemption in the CMA Final papers?

When a student fails the group of CMA finals but scores 60% or more in any paper, that paper is exempted from the next attempt that the student makes.

Can I write the CMA Final exams without completing the practical training?

A student must complete the mandatory 15-month practical training according to ICAI guidelines. Without it, they are not eligible for the CMA Final exams.

What is the validity of the CMA Final course registration?

The validity of the CMA Final course registration is for 7 years from the exact date of registration. You must complete your exams within this period.