CMA Final Course

The Certified Management Accountant (CMA) Final course is the highest level of the CMA qualification. It is intended to give finance professionals advanced knowledge and skills in financial decision-making and strategic management. Three thorough modules make up this demanding program: Corporate Financial Reporting (CFR), Strategic Business Analysis (SBA), and Strategic Cost Management (SCM). Candidates study advanced cost management strategies in the SCM module, which also focuses on improving organizational value and resource allocation. SBA prioritizes business process analysis, performance management, and strategic planning to guarantee that applicants are capable of making well-informed strategic choices. International financial reporting standards and ethical issues are just two of the complex financial reporting topics covered in the CFR module. A candidate's ability to lead organizations through strategic challenges and guarantee financial integrity at the highest level of management is demonstrated by their successful completion of the CMA Final course.

CMA Final Syllabus

Syllabus: Intermediate Course







Note: Students will be required to select any one of three Elective Papers (20A/20B/20C) at the time of enrolment for the Final Course



Section A: Corporate Laws

  • Chapter 1: The Companies Act, 2013
  • Chapter 2: Insolvency and Bankruptcy Code, 2016
  • Chapter 3: Corporate Governance and Social Responsibility and Sustainability

Section B: Economic Laws and Regulations

  • Chapter 4: SEBI Regulations
  • Chapter 5: The Competition Act, 2002
  • Chapter 6: Foreign Exchange Management Act, 1999
  • Chapter 7: Laws and Regulations related to Banking Sector
  • Chapter 8: Laws and Regulations related to Insurance Sector
  • Chapter 9: Specific Legal Provisions related to MSME Sector
  • Chapter 10: Laws and Regulations related to Cyber Security and Data Privacy
  • Chapter 11: Laws and Regulations related to Anti-Money Laundering


Section A: Investment Decisions

  • Chapter 1: Investment Decisions, Project Planning and Control
  • Chapter 2: Evaluation of Risky Proposal for Investment Decisions
  • Chapter 3: Leasing Decisions
  • Chapter 4: Securitization

Section B: Security Analysis and Portfolio Management

  • Chapter 5: Introduction
  • Chapter 6: Equity and Bond Valuation and Evaluation of Performance
  • Chapter 7: Mutual Funds
  • Chapter 8: Portfolio Theory and Practice
  • Chapter 9: Asset Pricing Theories
  • Chapter 10: Portfolio Performance Evaluation and Portfolio Revision
  • Chapter 11: Efficient Market Hypothesis

Section C: Financial Risk Management

  • Chapter 12: Risks in Financial Market
  • Chapter 13: Financial Derivatives - Instruments for Risk Management

Section D: International Financial Management

  • Chapter 14: The International Financial Environment
  • Chapter 15: Foreign Exchange Market
  • Chapter 16: Foreign Exchange Risk Management

Section E: Digital Finance

  • Chapter 17: Digital Finance


Section A: Direct Tax Laws

  • Chapter 1: Assessment of Income and Computation of Tax Liability of Various Entities
  • Chapter 2: Tax Management, Return and Assessment Procedure
  • Chapter 3: Grievance Redressal
  • Chapter 4: Penalties and Prosecutions
  • Chapter 5: Business Restructuring
  • Chapter 6: Different Aspects of Tax Planning
  • Chapter 7: CBDT and Other Authorities
  • Chapter 8: E-commerce Transaction and Liability in Special Cases
  • Chapter 9: Income Computation and Disclosure Standards (ICDS)
  • Chapter 10: Black Money Act, 2015
  • Chapter 11: Case Study

Section B: International Taxation

  • Chapter 12: Double Taxation and Avoidance Agreements (DTAA) [Sec.90. 90A and 91]
  • Chapter 13: Transfer Pricing
  • Chapter 14: GAAR


Section A: Strategic Cost Management for Decision Making

  • Chapter 1: Introduction to Strategic Cost Management
  • Chapter 2: Quality Cost Management
  • Chapter 3: Decision Making Techniques
  • Chapter 4: Activity Based Management and Just in Time (JIT)
  • Chapter 5: Evaluating Performance

Section B: Quantitative Techniques in Decision Making

  • Chapter 6: Linear Programming
  • Chapter 7: Transportation
  • Chapter 8: Assignment
  • Chapter 9: Game Theory
  • Chapter 10: Simulation
  • Chapter 11: Network analysis – PERT, CPM
  • Chapter 12: Learning Curve
  • Chapter 13: Business Application of Maxima and Minima
  • Chapter 14: Business Forecasting Models – Time Series and Regression Analysis
  • Chapter 15: Introduction to Tools for Data Analytics



Section A: Cost Audit

  • Chapter 1: Basics of Cost Audit
  • Chapter 2: Companies (Cost Records and Audit) Rules, 2014 (as amended)
  • Chapter 3: Cost Auditor
  • Chapter 4: Overview of Cost Accounting Standards and GACAP
  • Chapter 5: Cost Auditing and Assurance Standards
  • Chapter 6: Cost Audit Programme
  • Chapter 7: Cost Audit Documentation, Audit Process and Execution
  • Chapter 8: Preparation and Filing of Cost Audit Report

Section B: Management Audit

  • Chapter 9: Basics of Management Audit
  • Chapter 10: Management Reporting Issues and Analysis
  • Chapter 11: Management Audit in Different Functions
  • Chapter 12: Evaluation of Corporate Image
  • Chapter 13: Information Systems Security Audit

Section C: Internal Control, Internal Audit, Operational Audit and Other Related Issues

  • Chapter 14: Internal Control and Internal Audit
  • Chapter 15: Operational Audit and Internal Audit under Companies Act, 2013
  • Chapter 16: Audit of Different Service Organisations

Section D: Forensic Audit and Anti-Money Laundering

  • Chapter 17: Forensic Audit
  • Chapter 18: Anti-Money Laundering


Section A: Indian Accounting Standards

  • Chapter 1: Specific Accounting Standards

Section B: Valuation of Shares, Accounting and Reporting of Financial Instruments and NBFCs

  • Chapter 2: Valuation of Shares (Including Determination of Goodwill, Post Valuation of Tangible and Intangible Assets)
  • Chapter 3: Accounting of Financial Instruments
  • Chapter 4: NBFCs – Provisioning Norms, Accounting and Reporting

Section C: Accounting for Business Combination and Restructuring (in Compliance with Ind ASs)

  • Chapter 5: Accounting for Business Combinations and Restructuring

Section D: Consolidated Financial Statements and Separate Financial Statements (in Compliance with Ind ASs)

  • Chapter 6: Consolidated Financial Statements and Separate Financial Statements

Section E: Recent Developments in Financial Reporting

  • Chapter 7: Recent Developments in Financial Reporting

Section F: Government Accounting in India

  • Chapter 8: Government Accounting in India


Section A: Goods and Services Tax Act & Rules

  • Chapter 1: Supply under GST - A Refresh
  • Chapter 2: Time of Supply (Advanced)
  • Chapter 3: Place of Supply
  • Chapter 4: Valuation (Advanced)
  • Chapter 5: Input Tax Credit (Advanced)
  • Chapter 6: Zero Rated Supplies and Deemed Exports
  • Chapter 7: TDS & TCS under GST
  • Chapter 8: E-way Bill
  • Chapter 9: GST Refunds- Inverted Duty Structure and Zero-rated Supplies
  • Chapter 10: GST Returns
  • Chapter 11: Accounts and Records
  • Chapter 12: GST Annual Return and GST Audit Return
  • Chapter 13: Transition to GST (Transitional Provisions)
  • Chapter 14: Dispute Resolution Mechanism under GST
  • Chapter 15: Inspection, Search, Seizure, Arrest and Prosecution
  • Chapter 16: Anti-profiteering
  • Chapter 17: Walkthrough of GSTN Portal

Section B: Customs Act and Rules

  • Chapter 18: Valuation and Related Party Transactions
  • Chapter 19: Customs Procedures - Baggage & Courier / Post
  • Chapter 20: Manufacture in Bond
  • Chapter 21: Duty Drawback
  • Chapter 22: Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017
  • Chapter 23: Remission of Duties
  • Chapter 24: Refund
  • Chapter 25: Trade Facilitation Measures
  • Chapter 26: Export Promotion Schemes under Foreign Trade Policy
  • Chapter 27: Special Economic Zone Scheme (With Amended SEZ Rules)



Section A: Strategic Performance Management

  • Chapter 1: Introduction to Performance Management
  • Chapter 2: Performance Measurement, Evaluation and Improvement Tools
  • Chapter 3: Economic Efficiency of the Firm – Performance Analysis
  • Chapter 4: Enterprise Risk Management

Section B: Business Valuation

  • Chapter 5: Fundamentals of Business Valuation
  • Chapter 6: Laws and Compliance in Business Valuation
  • Chapter 7: Business Valuation Methods and Approaches
  • Chapter 8: Valuation of Assets and Liabilities
  • Chapter 9: Valuation in Mergers and Acquisitions


Section A: Risk Management in Banking

  • Chapter 1: Introduction to Risk Management
  • Chapter 2: Interest Rate Risk and Market Risk
  • Chapter 3: Credit Risk and Liquidity Risk
  • Chapter 4: Sovereign Risk and Insolvency Risk
  • Chapter 5: Operational Risk and Off-Balance Sheet Risk

Section B: Risk Management in Insurance

  • Chapter 6: Introduction to Insurance Business
  • Chapter 7: Insurance Intermediaries, General Insurance, Health Insurance and Life Insurance
  • Chapter 8: Managing Risk in Insurance Business


Section A: Entrepreneurial Skill Sets

  • Chapter 1: Entrepreneurial Skill Sets

Section B: The Entrepreneurial Eco-system

  • Chapter 2: The Entrepreneurial Eco-system

Section C: Idea to Action

  • Chapter 3: Idea to Action

Section D: Value Addition

  • Chapter 4: Value Addition

Section E: Scale up

  • Chapter 5: Scalability, Scaling up and Stabilisation of Sustainable Business

Section F: Risk Management Strategies

  • Chapter 6: Risk Management Strategies

Section G: Leadership

  • Chapter 7: Leadership

Section H: Types of New Age Business

  • Chapter 8: Types of New Age Business

CMA Final Exam Pattern:



Mode of exam

Offline centre-based exam

Conducting body

Institute of Cost Management Accountant of India (ICMAI)

Type of questions

Both objective and descriptive

Exam duration

3 hours

Total marks

100 marks

Number of questions

120 in each paper

Marking scheme

No negative marking

No. of groups

Two - Group III and Group IV

Frequency of exam

Twice in a year

CMA Final Registration Process:

The CMA Final registration process, CMA Final application form, step-by-step instructions for filling out the form, and form fee are provided here:

  • Meet Eligibility Requirements

Make sure you fulfil the IMA's eligibility requirements, which include fulfilling certain educational requirements and having relevant professional experience. The specific requirements can be found on the IMA website, as the eligibility criteria may differ.

  • IMA Membership:

Become a member of the Institute of Management Accountants (IMA). IMA membership is a prerequisite for CMA candidates. Applying for membership is possible via the IMA website.

  • Access the IMA Website:

Enter your member login information to access the IMA website. You will need to register if you are not already a member.

  • Navigate to CMA Section:

Go to the CMA section of the IMA website after logging in.

  • Select Exam Parts and Testing Window:

Choose the CMA Final exam part(s) you want to register for and select the testing window during which you plan to take the exam.

  • Provide Personal Information:

Please provide your contact details, educational background, and work history. As this information will be used for exam registration and verification, please ensure accuracy.

  • Submit Documentation (if required):

During the application process, upload any required files, including transcripts and evidence of professional experience. There may be differences in the documentation needs.

  • Review and Confirm:

Check the details provided and verify the information you registered for the exam.

  • Pay Exam Fees:

Online payment of the exam fees is required. Exam costs can change depending on IMA membership status, early registration, and location, among other things.

  • Receive Confirmation:

You ought to receive a confirmation email with your registration details and instructions on what to do next after your registration and payment have been completed successfully.

Important Notes:

  • Keep yourself updated about any modifications or adjustments to the registration procedure by frequently visiting the official IMA website.
  • Make sure you've prepared and submitted all required paperwork as part of the application procedure.
  • Keep in mind that there are registration deadlines and that there are annual testing windows.

Always visit the website or get in touch with the Institute of Management Accountants (IMA) for the most up-to-date and precise information. This information is meant to serve as a general reference only and is subject to change.

CMA Final Study Material

The following are some typical CMA Final study guides:

Official CMA Learning System:

  • IMA's CMA Learning System:

An official learning program created especially for CMA exam preparation is offered by the IMA. It consists of case studies, practice questions, online resources, and textbooks. The contents of the materials correspond with the requirements of the CMA exam.

Additional Study Resources:

  • Third-Party Review Courses:

Many candidates choose to enrol in educational providers' third-party review courses. Practice tests, video lectures, and additional materials to reinforce important concepts may be included in these courses.

  • Textbooks:

Apart from the official CMA materials, candidates frequently consult textbooks that address pertinent subjects in financial management, management accounting, and other areas examined in the CMA exam.

  • Online Forums and Communities:

Taking part in discussion groups and forums online can be beneficial. Candidates frequently exchange study strategies, links, and knowledge. Peer support can be accessed through websites such as the community forum of the IMA and other platforms.

  • Practice Exams:

It is essential to take practice exams in order to become comfortable with the format of the exam and evaluate your comprehension of the content. Practice exams are available for many study materials, including official sources and courses offered by outside parties.

  • Flashcards:

Flashcards are helpful for quickly reviewing important ideas and equations. Frequently, candidates make their own or use readily available online pre-made flashcard sets.

  • Mobile Apps:

Using mobile apps for study while on the go is convenient for certain candidates. These applications might have interactive elements like flashcards and quizzes.

  • CMA Review Courses:

CMA review courses are available through a number of academic institutions and online resources. These programs are made to help candidates prepare well by providing a thorough coverage of the exam content.

Tips for Using Study Materials:

  • Create a Study Plan:

Create a well-organized study schedule that covers every subject covered in the test and allots enough time for review.

  • Active Learning:

Take part in discussions, work on case studies, and solve practice questions to engage in active learning.

  • Consistent Review:

Review previously covered material on a regular basis to improve your comprehension and memory.

  • Simulate Exam Conditions:

To become comfortable with the time constraints and structure of the CMA Final exam, practice under exam conditions.

  • Stay Updated:

Make sure your study plan is updated with any changes or updates to the CMA exam content specifications.

For the most recent information on study materials and resources, always visit the IMA website. You should also think about asking people who have completed the CMA certification successfully for tips on efficient study techniques.

CMA Final mock test series

Candidates can evaluate their preparedness, pinpoint areas for development, and get a feel for the format of the exam with the help of mock tests. Remember that mock test series availability and details are subject to change, so it's important to confirm the most recent details from reliable sources. The general procedures to locate the CMA Final mock test series are as follows:

  • Official CMA Learning System:

Practice questions and mock exams are included in the official study materials offered by the Institute of Management Accountants (IMA). The CMA exam content specifications are in line with the IMA's CMA Learning System.

  • Third-Party Review Courses:

Mock test series are part of the CMA review courses that are offered by numerous online and educational providers. A thorough series of practice exams may be offered by these courses, enabling you to replicate the real exam environment.

  • Online Platforms and Forums:

Investigate online communities and forums for CMA exam preparation. Candidates occasionally share their own practice questions or mock exams. You can look for these kinds of resources on websites like the IMA community forum or other professional networking sites.

  • Educational Websites:

Free or paid mock test series are available on certain educational websites and platforms that focus on CMA exam preparation. These may be taken separately or as a component of a longer review program.

  • Review Course Providers:

Look into companies that offer review courses with a focus on CMA exam preparation. These companies frequently create their mock exams to closely resemble the structure and level of difficulty of the real CMA Final exam.

  • Mobile Apps:

Look into educational apps that provide mock exams and practice questions for the CMA exam. Certain apps offer a practical method for studying while on the go.

Tips for Using Mock Test Series:

  • Simulate Exam Conditions:

Take timed practice exams to get a feel for the exam atmosphere. This enhances one's capacity for time management.

  • Review Incorrect Answers:

Examine your wrong answers carefully after finishing a mock test. Recognize the ideas and subjects related to the questions you answered wrong.

  • Track Progress:

Use practice exams to monitor your development over time. Determine your strong and weak points to concentrate your study efforts efficiently.

  • Variety of Questions:

To make sure you are ready for the various formats used in the CMA Final exam, look for practice exams that include a range of question types.

Make sure the mock test series you use is up to date with the CMA exam content specifications and comes from reliable sources. Examine feedback and endorsements to determine how well the practice exams aid candidates in getting ready for the CMA Final Exam.

CMA Final Exam Result

The Institute of Management Accountants (IMA) normally releases the Certified Management Accountant (CMA) Final exam results a few weeks following the end of each testing window. It is imperative to acknowledge that particular protocols and schedules may differ, and you ought to consistently consult the latest details furnished by the IMA or the pertinent certifying body. An outline of the CMA Final result procedure is provided below:

CMA Final Result Process:

  • Notification:

When the exam results are available, candidates typically receive an email notification from the IMA. It is recommended that candidates check the email connected to their IMA account.

  • Online Access:

By signing in to their IMA account on the official IMA website, candidates can view their exam results online.

  • Score Reports:

A thorough analysis of the candidate's performance in each exam section can be found in the online score report. There are essay questions as well as multiple-choice (MCQ) questions.

  • Pass/Fail Status:

The score report shows which sections of the CMA Final exam the candidate passed or failed.

  • Scaled Scores:

Scaled scores, or adjusted scores that take the questions' degree of difficulty into account, are included in the score report.

  • Exam Performance Feedback:

Candidates might also receive feedback on how they performed in particular content areas in addition to their pass/fail status. Those who intend to retake the exam may find this feedback to be helpful.

Important Points:

  • Confidentiality: Exam results are kept private, and the IMA doesn't give outside parties access to specific details about individual test results.
  • Retake Options: Candidates can choose to retake any section of the exam during a later testing window if they fail it.
  • Appeals: The IMA offers a structured procedure for contesting test results. A candidate may use the IMA's specified appeal procedure if they think there was a scoring error.
  • Certification Issuance: The IMA awards the CMA certificate to candidates who pass both sections of the CMA Final exam and fulfil all other certification requirements.

For the most recent information on exam results and associated procedures, it is imperative that you frequently check the official IMA website or get in touch with the organization directly. Regarding the CMA Final results, the IMA offers the most accurate and up-to-date information. However, exam procedures and policies are subject to change.

CMA Final Exam Tips

Careful planning and efficient study techniques are necessary when preparing for the CMA (Certified Management Accountant) Final exam. The following advice will help you do well on the CMA Final exam:

  • Understand the Exam Structure:

Learn the layout of the test, including how many sections there are, what kinds of questions are asked (essays and multiple-choice), and how much time is allotted for each section. You can better manage your time during the exam if you have this understanding.

  • Create a Study Plan:

Create a thorough study schedule that addresses every subject covered in the test. Divide up your study sessions into small chunks and allow enough time for practice and review.

  • Focus on Weak Areas:

Determine your areas of weakness and give them priority in your study schedule. Give difficult subjects more time to cover in order to make sure you have a thorough understanding of the subject.

  • Use Official Study Materials:

Make use of the official Institute of Management Accountants (IMA) CMA study materials. These study aids are especially made to correspond with the exam's subject matter and offer a strong basis for your readiness.

  • Practice with Past Papers:

To become familiar with the format and time constraints of the exam, work on previous exam papers and practice questions. This will assist you in evaluating your preparedness and pinpointing areas that require more work.

  • Simulate Exam Conditions:

Test yourself in exam situations. To gain an understanding of the speed at which you must respond to questions on the real exam, time yourself while taking practice exams.

  • Join Study Groups:

To discuss ideas, exchange study techniques, and gain knowledge from others, think about participating in study groups or online discussion boards. Participating in group discussions can help you strengthen your understanding and gain new perspectives.

  • Understand the Conceptual Basis:

Recognize the conceptual underpinnings of formulae rather than merely memorizing them. This will assist you in applying your knowledge to various exam scenarios.

  • Review IMA's Content Specification Outlines:

Content specification outlines, which specify the subjects covered in each exam section, are provided by the IMA. Make sure you are studying all the required material by using these outlines as a guide.

  • Take Breaks:

Include pauses in your study regimen to prevent burnout. Frequent, brief breaks can support attention and focus maintenance.

  • Stay Healthy:

Eat healthily, exercise frequently, and get adequate sleep. Maintaining a healthy lifestyle helps with focus and memory retention.

  • Use Mnemonics and Memory Aids:

To help you remember difficult concepts or lists during the exam, come up with mnemonics or memory aids for them.

  • Stay Positive and Confident:

Remain optimistic and have faith in your capacity for success. Exam performance can be significantly impacted by confidence.

Remember to frequently check the official IMA website to stay informed about any changes to the content or format of the CMA exam. In addition, think about consulting experts who have successfully finished the CMA certification process if you have any particular worries or inquiries.