Every year, thousands of students ask two questions about the CMA course: which syllabus applies to my exam, and is the course worth it? Here is the short answer for 2027. The December 2026 exams run on Syllabus 2022. ICMAI is preparing a new Syllabus 2026, and reports point to June 2027 for its first exams. However, ICMAI has not yet notified the applicability date, so plan on Syllabus 2022 and watch the official website for the notification.
This guide, updated on 26 October 2026, covers the CMA India syllabus and all 20 papers level by level (Foundation, Intermediate and Final), the exam pattern, the exam calendar, ICMAI fees, salary and career scope. If you are still choosing between CA and CMA, jump to the comparison table.
Quick answer: CMA India is the Cost and Management Accountancy qualification from the Institute of Cost Accountants of India (ICMAI). It has 3 levels and 20 papers: Foundation (4 papers), Intermediate (8 papers in 2 groups) and Final (8 papers in 2 groups, including 1 elective). The active syllabus is Syllabus 2022. The course takes 3 to 3.5 years, and fresher salaries typically range from Rs. 6 to 10 LPA in industry and Rs. 9 to 14 LPA in PSUs.
Which CMA Syllabus Applies in 2027?
This is the question behind most CMA syllabus searches, so here is the term-by-term picture.
| Exam Term | Syllabus | Status |
|---|---|---|
| December 2026 | Syllabus 2022 | Confirmed |
| June 2027 | Syllabus 2022, with the new Syllabus 2026 expected to begin | Expected, not yet notified |
| December 2027 | Both syllabi expected to run side by side | Expected |
| June 2028 | New Syllabus 2026 only | Expected |
The expected dates follow the pattern of the last change, from Syllabus 2016 to Syllabus 2022. ICMAI has formally started the transition by inviting authors and reviewers for the new study material. Always confirm the applicable syllabus for your exam term on icmai.in before you start a new subject.
What the new syllabus is expected to bring. ICMAI has not published the final structure, so treat these points as expectations, not facts:
- Digital cost accounting and data analytics. ERP-based cost systems and decision dashboards are likely to carry more weight.
- ESG and sustainability reporting. This reflects the SEBI BRSR disclosure requirements for listed companies.
- Stronger financial reporting and strategy. Reports mention IFRS-aligned reporting, strategic financial management and specialised audits.
- Fewer overlapping subjects. Some experts expect fewer papers at Intermediate and Final.
Should you wait for the new syllabus? No. Starting late costs you a full year, and you can prepare for Syllabus 2022 right now. If you start Foundation today, you will most likely clear Foundation and Intermediate under Syllabus 2022 and write Final under the new one. Lakshya plans its batches around this transition, so students do not lose ground when ICMAI notifies the change. For the latest paper lists, see our CMA Syllabus 2026 page.
Watch: CMA Course Structure Explained by CA V. Murali Sir on our channel @lakshyaEdu.
CMA Foundation Syllabus 2027 (Syllabus 2022)
CMA Foundation is the entry level. You can register after Class 10, and you can write the exam after Class 12.
| Paper | Subject | Marks |
|---|---|---|
| Paper 1 | Fundamentals of Business Laws and Business Communication | 100 |
| Paper 2 | Fundamentals of Financial and Cost Accounting | 100 |
| Paper 3 | Fundamentals of Business Mathematics and Statistics | 100 |
| Paper 4 | Fundamentals of Business Economics and Management | 100 |
All four papers are objective (MCQ) with no negative marking. You need 40% in each paper and 50% in aggregate (200 out of 400). The December 2026 Foundation exam is on 13 December, and the next attempt is in June 2027.
To prepare well, read our CMA Foundation classes page and avoid the 10 common CMA Foundation mistakes.
CMA Intermediate Syllabus 2027 (Syllabus 2022)
CMA Intermediate has 8 papers in 2 groups. Graduates in any discipline except fine arts can register directly, without Foundation.
| Group | Paper | Subject |
|---|---|---|
| Group 1 | Paper 5 | Business Laws and Ethics |
| Group 1 | Paper 6 | Financial Accounting |
| Group 1 | Paper 7 | Direct and Indirect Taxation |
| Group 1 | Paper 8 | Cost Accounting |
| Group 2 | Paper 9 | Operations Management and Strategic Management |
| Group 2 | Paper 10 | Corporate Accounting and Auditing |
| Group 2 | Paper 11 | Financial Management and Business Data Analytics |
| Group 2 | Paper 12 | Management Accounting |
The pattern is 70% descriptive and 30% MCQ, with 40% needed in each paper and 50% in each group aggregate. The Intermediate syllabus overlaps with CA Inter by about 30 to 35%, especially in accounting, taxation and cost, so many Lakshya students pursue both together.
See the CMA Inter classes page for batch details, and read our CMA Intermediate revision strategy to plan three revisions before the exam.
CMA Final Syllabus 2027 (Syllabus 2022)
CMA Final has 8 papers (Papers 13 to 20) in 2 groups, each of 100 marks. The CMA Final subjects are:
| Group | Paper | Subject |
|---|---|---|
| Group 3 | Paper 13 | Corporate and Economic Laws (CEL) |
| Group 3 | Paper 14 | Strategic Financial Management (SFM) |
| Group 3 | Paper 15 | Direct Tax Laws and International Taxation (DIT) |
| Group 3 | Paper 16 | Strategic Cost Management (SCM) |
| Group 4 | Paper 17 | Cost and Management Audit (CMAD) |
| Group 4 | Paper 18 | Corporate Financial Reporting (CFR) |
| Group 4 | Paper 19 | Indirect Tax Laws and Practice (ITLP) |
| Group 4 | Paper 20 (elective) | 20A Strategic Performance Management and Business Valuation, 20B Risk Management in Banking and Insurance, or 20C Entrepreneurship and Start-up |
You choose the Paper 20 elective when you register for Final. The pattern is 70% descriptive and 30% MCQ. Syllabus 2022 already covers BRSR and ESG disclosures in Corporate Financial Reporting, and digital cost analytics in Strategic Cost Management. Explore our CMA Final classes for structured Final preparation with grand tests.
CMA Exam Pattern, Passing Marks and Exam Calendar
| Level | Papers | Marks per Paper | Pattern | Passing Rule |
|---|---|---|---|---|
| Foundation | 4 | 100 | MCQ | 40% per paper, 50% aggregate |
| Intermediate | 8 (2 groups) | 100 | 70% descriptive, 30% MCQ | 40% per paper, 50% per group |
| Final | 8 (2 groups) | 100 | 70% descriptive, 30% MCQ | 40% per paper, 50% per group |
There is no negative marking on MCQs under Syllabus 2022. ICMAI holds exams twice a year, in June and December.
| Exam Term | Key Dates |
|---|---|
| December 2026 | Foundation on 13 December. Intermediate and Final from 10 to 17 December. Application windows have closed. |
| June 2027 | Registration is expected around early February and exam forms around early April, based on the June 2026 cycle. Confirm the dates on icmai.in. |
The December 2026 forms closed in October, so if you are starting now, your realistic target is June 2027 or December 2027. You can verify the December schedule in this Careers360 report on the December 2026 exam dates.
Planning for June 2027? Our CMA Inter and Final batches are built around the exam calendar and the syllabus transition. Explore CMA Inter classes or book a free counselling call to pick your attempt.
How to Become a CMA: Step by Step
Practical Training of 15 months is shorter than CA articleship (24 months). You can do it with a practising CMA, in a company’s cost or finance department, or in a PSU. It can overlap with the last months of Final preparation.
CMA India Course Duration and Fees
| Stage | Typical Preparation Time |
|---|---|
| Foundation | 4 to 6 months |
| Intermediate | 10 to 12 months (both groups) |
| Practical Training | 15 months |
| Final | 6 to 8 months |
The realistic timeline is 3 to 3.5 years from Class 12 to qualified CMA. A student who finishes Class 12 in March 2027 can be a qualified CMA by mid-2030.
| ICMAI Fee | Foundation | Intermediate | Final |
|---|---|---|---|
| Registration | Rs. 6,000 | Rs. 23,100 (payable in two instalments) | Rs. 25,000 |
| Exam fee, one group | Rs. 1,500 | Rs. 1,500 | Rs. 1,800 |
| Exam fee, both groups | Not applicable | Rs. 2,800 | Rs. 3,200 |
The ICMAI fees across all three levels come to roughly Rs. 61,600, before GST, training programmes and any re-attempts. ICMAI can revise fees, so check the latest notification before you pay. Coaching in Hyderabad typically costs Rs. 35,000 to Rs. 1,00,000 per level, depending on the institute and format.
CMA Study Material 2027: Where to Start
A good plan combines three sources:
- Official ICMAI study material. Download it from icmai.in after you register, and always use the version for your syllabus.
- Practice papers. ICMAI publishes model question papers and revision test papers. Solve them under timed conditions.
- Structured classes and notes. Faculty-led classes, weekly tests and doubt-clearing help you finish the syllabus on time. See our CMA courses.
If the syllabus changes before your exam, use only material that names the applicable syllabus on its cover.
CMA Salary in India (2027 Snapshot)
| Stage | Typical Package |
|---|---|
| Fresh CMA in industry or MNC | Rs. 6 to 10 LPA |
| Fresh CMA in PSU (BEL, BHEL, BPCL, NTPC) | Rs. 9 to 14 LPA |
| 3 to 5 years of experience | Rs. 12 to 18 LPA |
| 8 to 10 years (Manager or Senior Manager) | Rs. 20 to 35 LPA |
| Senior leadership or practising CMA | Rs. 40 LPA to Rs. 1 crore or more |
CMA fresher salaries are often 20 to 30% below CA fresher salaries at the Big 4, but the gap narrows by year five, especially in PSUs and manufacturing. CMAs work at PSUs (BHEL, BEL, BPCL, IOCL, ONGC, NTPC, GAIL, SAIL), manufacturers (Tata Group, Reliance, ITC, HUL, Asian Paints), Big 4 cost-audit practices and global capability centres.
CMA vs CA: Which Is Right for You?
| Parameter | CA | CMA India |
|---|---|---|
| Awarding body | ICAI | ICMAI |
| Practical training | 24 months articleship | 15 months |
| Course duration | 3.5 to 4 years | 3 to 3.5 years |
| Fresher salary (industry, Big 4) | Rs. 9 to 14 LPA | Rs. 6 to 10 LPA |
| Fresher salary (PSU) | Rs. 9 to 14 LPA | Rs. 9 to 14 LPA |
| Best for | Audit, taxation, advisory | Cost, manufacturing, PSU, strategy |
Many students pursue both. CA Inter and CMA Inter share about 30 to 35% of the syllabus, so the dual qualification adds a strong credential for senior finance roles at little extra time. Read our CA New Scheme 2026 guide for the CA side, or explore the US CMA course if you want a global credential.
Why Hyderabad Is a Strong CMA Hiring Market
- Manufacturing and pharma. Telangana and Andhra Pradesh host pharma, automotive and engineering companies that hire cost professionals.
- PSU offices. BHEL, BPCL, ONGC, NTPC, IOCL, BEL and GAIL have a presence in the city.
- Big 4 and GCCs. Cost audit, FP&A and management accounting teams hire CMAs alongside CAs.
Frequently Asked Questions
Is the CMA syllabus changing in 2027?
ICMAI is developing a new Syllabus 2026, and reports expect first exams from June 2027. ICMAI has not yet notified the applicability date, so check icmai.in before you register.
Which CMA syllabus applies to June 2027?
Syllabus 2022 remains active. The new syllabus may start from June 2027, and ICMAI is likely to run both for a transition period.
How many papers are there in CMA?
There are 20 papers: 4 in Foundation, 8 in Intermediate and 8 in Final.
What are the CMA Final subjects?
Group 3 has Papers 13 to 16 (CEL, SFM, DIT and SCM). Group 4 has Papers 17 to 20 (CMAD, CFR, ITLP and one elective).
What are the CMA Intermediate subjects?
Group 1 covers Papers 5 to 8 and Group 2 covers Papers 9 to 12, as listed in the table above.
Is there negative marking in CMA exams?
No, not on the MCQ portions under Syllabus 2022.
What is the eligibility for CMA Foundation?
Class 10 pass to register, and Class 12 pass to write the exam.
Can I do CMA and CA together?
Yes. The Inter syllabi overlap by about 30 to 35%, which is why many students at Lakshya take both routes.
How long is the CMA India course?
About 3 to 3.5 years from Class 12, including 15 months of Practical Training.
Do PSUs hire CMAs?
Yes. BHEL, BPCL, BEL, NTPC, ONGC, IOCL, GAIL and SAIL, among others, recruit CMAs through GATE or direct interviews.
Ready to Start Your CMA Journey?
Visit us: VRR Landmark, Axis Bank Lane, SR Nagar, Hyderabad 500038. Call: 888-666-4724 / 888-666-4725.