So, you want to nail the CMA Final exam in one shot, huh? Passing the CMA Final exam is possible if you do hard work, stay consistent, make a study plan, and follow subject-wise tips and preparation tips. It is advisable to prepare a timetable in that way so you can divide time according to each topic and subject. Remember, “The secret of your success is hidden in your daily schedule.”

Let's break it down by subject to clear the CMA Final exam in the first attempt.

Subject-wise preparation tips:

Paper 13: Corporate and Economic Laws

In CMA Final, Corporate laws contain 60% of marks, while economic laws and Regulations contain 40%.

It is advisable to start with the Companies Act, which includes important topics like Company Formation and Conversion, Board Meetings and Procedure, Board of directors and so on. Also, this part contains 40% of total marks.

Understand how to draft resolutions for various meetings because it is an important practical aspect of corporate law.

It is important to understand the principles behind each provision because this subject is law-based with practical application.

In Economic laws, give more focus on different acts like the Indian Contract Act, the Completion Act, the Foreign trade act, Customs Act, Arbitration Act and Conciliation Act. It is important to apply theory concepts to real world situations. Laws relating to economics, finance, and trade can be challenging, but applying practical examples can help in better understanding and retention.

Paper 14: Strategic Financial Management (SFM)

In the CMA Final, this subject is one of the scoring subjects. It is important to give more attention to topics like financial risk management and Financial Derivatives because they require higher weightage, and in exams many questions come from these topics. 

To understand the structure of the answer, candidates must practice topics like leasing decisions, evaluation of risky proposals, leasing decisions, and so on.

Make separate notes for all the formulas so that one revises during exam time.

It is advisable to prepare theory questions along with practical questions to understand the concepts deeply.

Paper 15: Direct Tax Laws and International Taxation

Direct Tax Laws contain 60% weightage of marks, while International taxation contains 40% marks.

It is advisable to write section numbers in the answer to get good marks. For that one should make a list of important section numbers, rules, and case laws of every chapter and revise them as much as possible on a daily basis.

Practical problems and case studies are an important part of both Direct Tax Laws and International taxation. Start practicing by solving this type of question to understand how provisions apply in real-world scenarios. 

The Direct tax and international taxation subject is related to amendments, so keep an eye on amendments related to tax slabs, exemptions, and new provisions which may be introduced. 

Paper 16: Strategic Cost Management

There are two sections in this subject in which strategic Cost Management for decision-making contains 60% and Quantitative Techniques in Decision Making Contain 40% of marks.

SCM subjects have both theory and practical types of questions, so it is important to practice past-year exam papers, which will help you to understand the exam format. 

Understand cost analysis techniques, strategic decision-making tools, and cost auditing processes. Regular practice, solving case studies, and revising key concepts are key to success.

Paper 17: Cost and Management Audit

In a Cost audit, one should deeply understand topics like cost audit documentation, Cost audit Program Preparation, and Filing of Cost Audit Report.

In management audit Management reporting issues, operation audit, internal control and internal audit, and so on.

Subjects like audit, student should write answers in technical language and must highlight the keywords for securing good marks in the paper.

Paper 18: Corporate Financial Reporting

Give more attention to important AS and IND AS and their differences, cash flow statements, and consolidation. 

It is advisable to use ICMAI study material for each and every topic. 

It also includes theory questions on various topics like government accounting, an overview of accounting standards, NBFC Provisioning Norms, and Accounting.

Solve mock test papers as many as possible to analyze your performance and weak areas.

Paper 19: Indirect Tax Laws and Practice

There are two sections in Indirect Tax Laws and Practice. Section A Goods and Services Tax Act and Rules contains 70% marks and Section B Customs Act and Rules contains 30% of marks.

To cover the entire syllabus, one should start preparation from the basics of GST & ITC. And then prepare important topics like place of supply, time of supply, input tax credit, return and its type, Assessment, Refund, Inspection, search and seizure. Lastly, understand the concept related to custom. 

Practice case-study related questions are important to apply GST rules in real-world scenarios.

Make notes for important points and section numbers in a concise format, which will help you to revise them during exam time.

To improve speed and accuracy, practice questions related to tax computation and stay updated with recent amendments related to tax laws. 

Paper 20: Elective Paper

At the time of enrollment for the final course, students have a choice to choose any one of the three election papers from the following subjects.

Paper 20A: Strategic Performance Management and Business Valuation

There are total numbers of two sections in this subject. Section A is Strategic Performance Management, and Section B is Business valuation. Both sections contain an equal number of marks that is 50.

Give more time to the challenging topics. For instance, business valuation techniques need more time to understand and practice, while strategic performance management concepts may be more theoretical.

Paper 20B: Risk Management in Banking and Insurance

Risk management in Banking contains 60 marks, while risk management in insurance contains 40 marks.

This subject is for those students who are interested in the banking and insurance sector.

In risk management in the banking section, there are practical questions, while in the insurance sector, there are more theoretical questions.

Paper 20C: Entrepreneurship and Startups

This subject is for those students who have an interest in leading and building a business.

This subject is all about theory. So, it is advisable to make effective notes for each topic so that you can revise it easily at the time of exams.

Key Takeaway:

A strong mindset is necessary to clear the CMA Final exam on the first attempt. Do not think about the second attempt. Just think that this is your only chance to clear the exam. With this mindset, set a goal and then achieve it. 

Hope we have served you enough! If not, and you still have questions? Then get guidance from a mentor. They will help you to clear all your doubts and make it easier to clear CMA the Final exam by providing strategies. 

Also check:

• How many attempts are allowed in CMA?
• Which is better, CS or CMA?
• Is CMA Tough?