CMA Final Syllabus 2026 (New & Old) - Subject Wise Syllabus, Important Topics, Weightage

CMA Final 2026 Syllabus - Subject-Wise Important Topics

The candidates appearing for CMA Final exam should refer to its syllabus to score good marks. The CMA Final syllabus 2026 consists of eight papers and is further divided into different sections and sub-topics and carry different weightage. Candidates can check the detailed syllabus below.

CMA Final New Syllabus (2022)

CMA Final Syllabus: Papers and Topics

Now, that the overview of the syllabus of CMA Final has been laid out, let's look at the individual papers and the topics contained therein.

Paper 13 - Corporate and Economic Laws (CEL)

Section A: Corporate laws

1. The Companies Act, 2013

1.1 Company Formation and Conversion

1.1.1 Incorporation of Private Companies, Public Companies, Company Limited

by guarantee and Unlimited Companies and their conversions/ reconversion/re-registration

1.1.2 Formation of Not-for-Profit making Companies

1.1.3 Procedure relating to Foreign Companies Carrying on Business in India

1.1.4 Conversion of LLPs into Private Limited Companies and vice versa

1.2 Investment and Loans

1.2.1 Procedure for Inter-Corporate Loans, Investments, giving off Guarantee and Security

1.2.2 Acceptance of Deposits, Renewal, Repayment, Default and Remedies

1.2.3 Public Deposits and Debt Instruments

1.3 Dividends

1.3.1 Profits and Ascertainment of Divisible Profits

1.3.2 Declaration and Payment of Dividend

1.3.3 Unpaid and Unclaimed dividend – Treatment and Transfer to Investor Education and Protection Fund

1.4 Accounts and Audit

1.4.1 Maintenance of Books of Accounts, Safe Preservation of Records and Accounting Policies

1.4.2 Statutory Auditor, Special Auditor and Cost Auditor – Appointment, Resignation, Removal, Qualification, Disqualification, Rights, Duties and Liabilities

1.4.3 Companies Auditor Report Order (CARO) Rules

1.5 Board of Directors and Key Managerial Personnel

1.5.1 Directors and Key Managerial Personnel - Appointment, Reappointment, Resignation, Removal

1.5.2 Payment of Remuneration to Directors and Key Managerial Personnel and Disclosure

1.5.3 Powers of Board of Directors and Restrictions on the Powers of Directors

1.5.4 Obtaining DIN

1.5.5 Compensation for Loss of Office

1.5.6 Waiver of Recovery of Compensation

1.5.7 Making loans to Directors, Disclosure of interest of a Director, Holding of Office or Place of Profit by a Director/relative

1.6 Board Meetings and Procedures

1.6.1 Board Meetings, Minutes and Registers

1.6.2 Corporate Governance and Audit Committee

1.6.3 Duties and Liabilities of Directors

1.6.4 Powers related to Political Contributions

1.7 Inspection, Inquiry and Investigation

1.8 Compromises, Arrangements and Amalgamations

1.9 Prevention of Oppression and Mismanagement

1.9.1 Majority Rule but Minority Protection

1.9.2 Prevention of Oppression and Mismanagement

2. Insolvency and Bankruptcy Code, 2016

2.1 Definitions

2.2 Corporate Insolvency Resolution Process

2.3 Liquidation of a Corporate Person

2.4 Personal Insolvency

3. Corporate Governance, Social Responsibility and Sustainability

3.1 Corporate Governance Concepts and Issues

3.2 Corporate Governance Practices/Codes in India

3.3 Corporate Governance in Family Business

3.4 Corporate Social Responsibility – Nature of Activities, Evaluation of CSR Projects

3.5 Sustainability Management

Section B: Economic laws and regulations

4. SEBI Laws and Regulations

4.1 Raising finance from capital markets –IPO

4.2 Insider Trading

4.3 Takeover Code

5. The Competition Act, 2002

5.1 Competition – Meaning, Objectives, Extent and Applicability

5.1.1 Anti-Competitive Agreement

5.1.2 Abuse of Dominant Position

5.1.3 Combinations and its Regulations

5.2 Competition Commission of India.

6. Foreign Exchange Management Act, 1999

6.1 Salient Features of Foreign Exchange Management Act (FEMA)

6.2 Foreign Direct Investment in India (FDI) – Master Directions on FDI

6.3 External Commercial Borrowings, Trade Credit and Structured Obligations – Master

Directions.

6.4 Liberalized Remittance Scheme (LRS) – Master Directions

7. Laws and Regulations related to Banking Sector

7.1 The Banking Regulation Act, 1949

7.2 Role of Reserve Bank of India

7.3 The Securitization and Reconstruction of Financial Assets and Enforcement of Security

Interest Act, 2002

8. Laws and Regulations related to Insurance Sector

8.1 The Insurance Act, 1938

8.2 The Insurance Regulatory and Development Authority Act, 1999

9. Specific Legal Provisions related to MSME Sector

9.1 Definition of MSME

9.2 Rights available to MSME, Measures for promotion of MSME under MSMED Act,

2006

10. Laws and Regulations related to Cyber Security and Data Privacy

10.1 Information Technology Act, 2000 and Rules framed there under, Sensitive Personal

Data rules

10.2 Basic Principles of Data Privacy, Data Privacy and Business Intelligence

10.3 Cyber Crime / Cyber Frauds – Meaning, Remedies and Penalties

11. Laws and Regulations related to Anti-Money Laundering

11.1 The Prevention of Money Laundering Act, 2002

11.2 The Prevention of Money Laundering (Maintenance of Records) Rules, 2005

Paper - 14 - Strategic financial management (SFM)

Section A: Investment decisions

1. Investment Decisions, Project Planning and Control

1.1 Measuring Cash Flows, Discounted Cash Flow Technique for Project Evaluation

1.2 NPV and IRR - Conflict and Resolution, The Modified Internal Rate of Return (MIRR),

Comparing Projects with Unequal Lives, The Concept of Abandonment Value, Modified

Accelerated Cost Recovery System (MACRS)

1.3 Inflation Adjusted Cash Flow Forecasting in Capital Budgeting

1.4 Capital Rationing for Divisible and Non – divisible Projects (with Application of Integer

Programming)

1.5 Social Cost Benefit Analysis

2. Evaluation of Risky Proposals for Investment Decisions

2.1 Risk Analysis in Capital Budgeting - Certainty Equivalent Approach, Risk Adjusted

Discount Rate, Expected NPV, Standard Deviation of NPV and Use of Normal Distribution,

Decision Tree Analysis, Options in Capital Budgeting

2.2 Sensitivity Analysis

2.3 Scenario Analysis

2.4 Monte Carlo Simulation

3. Leasing Decisions

3.1 Lease Financing – Evaluation of Lease vs. Buy Options

3.2 Break-Even Lease Rental Determination and Implicit Rate

3.3 Cross Border Leasing, Sale and Lease Back

4. Securitization

4.1 Definition and Concept and Benefits of Securitization

4.2 Participants in Securitization

4.3 Mechanism and Problems of Securitization

4.4 Securitization Instruments

Section B: Security analysis & portfolio management

5. Introduction

5.1 Fundamental Analysis

5.2 Technical Analysis

6. Equity and Bond Valuation and Evaluation of Performance

6.1 Equity Valuation - Discounted Cash Flow Based Valuation, Relative Valuation using

Multiples and Weights

6.2 Bond Valuation - Prices & Yields

7. Mutual Funds

7.1 Meaning, Advantages and Disadvantages, Structure and Types

7.2 Regulations

7.3 Computation of NAV

7.4 Evaluation of Performance and Movements in Security Values and NAVs of Mutual Funds

for Investment Decisions: Perspective of AUM Managers and Individual Investors

7.5 ETF, REIT, InvIT

8. Portfolio Theory and Practice

8.1 Portfolio Return and Risk, Systematic and Unsystematic Risk, Diversification strategies

(Naïve vs the Markowitz Model)

8.2 Optimal Portfolio, Efficient Frontier, Capital Market Line

8.3 Principles of Asset Allocation, Active and Passive Asset Allocation

9. Asset Pricing Theories

9.1 Single Factor and Multifactor Asset Pricing Theories: CAPM and APT

9.2 Concepts and Applications (including Levered Beta and Unlevered Beta)

10. Portfolio Performance Evaluation and Portfolio Revision

10.1 Conventional Performance Evaluation

10.2 Market Timing and Style Analysis

11. Efficient Market Hypothesis

11.1 Definition

11.2 Forms of Market Efficiency

11.3 Implications

Section C: Financial risk management

12. Risks in Financial Market

13. Financial Derivatives – Instruments for Risk Management

13.1 Introduction to Financial Derivatives

13.2 Forward and Futures – Meaning and Difference, Pricing, Stock Futures, Index based

Futures, Hedging through Futures

13.3 Options

13.3.1 Meaning, Features and Types of Options, Option vs. Forward and Futures,

Profitability of Option, Profit Profile of Buyer and Seller, Value of Option, Determination of Option Premium

13.3.2 Option Strategies

13.3.3 Put-Call Parity Relationship, Valuation of Options using Binomial Tree Approach and Black-Scholes Model, The Greeks

13.4 Swaps

13.4.1 Meaning, Features, Types, Benefits of Swaps

13.4.2 Interest Rate Swaps, Credit Default Swaps

13.5 Interest Rate Derivatives – Forward Rate Agreement, Interest Rate Futures and Options, Caps, Floors and Collars

Section D: International financial management

14. The International Financial Environment

14.1 International Financial Institutions and Markets

14.2 Sources of Foreign Currency

15. Foreign Exchange Market

15.1 Introduction – Structure of Foreign Exchange Market

15.2 Foreign Exchange Rate – Meaning, Determinants, Equilibrium Exchange Rate, Exchange Rate Quotations – Meaning, Direct vs. Indirect Quote, American vs. European Quote, Bid-Ask Rate and Spread, Cross Rates

15.3 Segments of Foreign Exchange Market – Spot Market (including two and three-point

Arbitrage), Forward Market

15.4 Foreign Currency Derivatives

15.4.1 Currency Forwards

15.4.2 Currency Futures

15.4.3 Currency Options

15.4.4 Currency Swaps

15.5 Parity Relationships

16. Foreign Exchange Risk Management

16.1 Transaction Exposure

16.2 Translation Exposure

16.3 Operating Exposure

Section E: Digital finance

17. Digital Finance

17.1 Meaning, Traditional Finance vs. Digital Finance

17.2 Digital Finance Ecosystem –

17.2.1 Digital Infrastructure

17.2.2 Digital Money – Cards, Central Bank Digital Currency

17.2.3 Digital Assets – Non-Fungible Tokens, Private Cryptocurrency, Stablecoins

17.2.4 Digital Financial Services – Wallets, UPI, Neo-Banks, FinTech

17.3 Regulation and Governance in a Digital Finance Environment

Paper 15 - Direct tax laws and international taxation (DIT)

Section A: Direct tax laws

1. Assessment of Income and Computation of Tax Liability of Various Entities

1.1 Individual including Non-resident

1.2 Company

1.3 Trust

1.4 Mutual Association

2. Tax Management, Return and Assessment Procedure

2.1 Return of Income

2.2 Assessment Procedure including Dispute Resolution Process

2.3 Interest and Fees

2.4 Survey, Search and Seizure

2.5 Collection, Recovery and Refund of Tax

3. Grievance Redressal

3.1 Appeal

3.2 Rectification

3.3 Revision

3.4 Settlement Commission

3.5 Advance Ruling

4. Penalties and Prosecutions

5. Business Restructuring

5.1 Amalgamation

5.2 Demerger

5.3 Slump Sale

5.4 Conversion of Sole Proprietary Business to Company

5.5 Conversion of Firm into Company

5.6 Conversion of Private Limited Company/Unlisted Public Company into LLP

6. Different Aspects of Tax Planning

7. CBDT and Other Authorities

8. E-commerce Transaction and Liability in Special Cases

9. Income Computation and Disclosure Standards (ICDS)

10. Black Money Act,2015

10.1 Introduction to Black Money Act

10.2 Highlights of Black Money Act

11. Case Study

Section B: International taxation

12. Double Taxation and Avoidance Agreements (DTAA) [Sec.90. 90A and 91]

12.1 Types of DTAA

12.2 Models of DTAAs (OECD and UN)

12.3 Interlink of DTAAs with Section 90 of Income Tax Act, 1961

12.4 Overview of Articles in DTAAs

13. Transfer Pricing

13.1 Transfer Pricing including Specified Domestic Transactions

13.2 Determination of Arm’s Length Price

13.3 Advance Pricing Agreement- Concept and Application

13.4 Safe Harbour Rules, Thin Capitalisation and Secondary Adjustment

14. GAAR

Paper 16 - Strategic cost management (SCM)

Section A: Strategic cost management – Tools and techniques

1. Introduction to Strategic Cost Management

1.1 Concepts of Strategic Cost Management in Different Stages of Value Chain

1.2 Cost Control and Cost Reduction – Contemporary Techniques

1.3 Value Chain Analysis and Value Engineering - Business Process Re-engineering

1.4 Supply Chain Management

2. Quality Cost Management

2.1 Managing Quality in Competitive Environment

2.2 Cost of Quality

2.3 Total Quality Management

2.4 Lean Accounting

2.5 Six Sigma

3. Decision Making Techniques (Case Study-based Approach)

3.1 Decisions involving Alternative Choices

3.2 Pricing Decisions and Strategies

3.3 Transfer Pricing

3.4 Relevant Cost Analysis

3.5 Target Costing

3.6 Product Life Cycle Costing

3.7 Asset Life Cycle Costing

3.8 Decision Making using Probability

4. Activity Based Management and Just in Time (JIT)

4.1 Activity Based Cost Management - Concept, Purpose, Benefits, Stages, Relevance

in Decision-making and its Application in Budgeting, Responsibility Accounting,

Traditional vs. ABC System – Comparative Analysis

4.2 JIT – Introduction, Benefits, Use of JIT in measuring the Performance

4.3 Throughput Accounting

4.4 Back flush Accounting

4.5 Benchmarking

5. Evaluating Performance

5.1 Variance Analyses

5.1.1 Investigation of Variances

5.1.2 Planning and Operating Variances

5.1.3 Controllable and Non-controllable Variances

5.1.4 Relevant Cost Approach to Variance Analysis

5.1.5 Variance Analysis under Marginal Costing and Absorption Costing

5.1.6 Activity Ratios

5.1.7 Application of Budgetary Control and Standard Costing in Profit Planning

5.1.8 Standard Costing Vs Budgetary Control

5.1.9 Reconciliation of Actual Profit with Standard Profit and /or Budgeted Profit

5.2 Uniform Costing and Inter-firm comparison

Section B: Quantitative techniques in decision making

6. Linear Programming

7. Transportation

8. Assignment

9. Game Theory

10. Simulation

11. Network analysis – PERT, CPM

12. Learning Curve

13. Business Application of Maxima and Minima

14. Business Forecasting Models – Time Series and Regression Analysis

15. Introduction to Tools for Data Analytics

Paper 17 - Cost and Management Accounting

Section A: Cost audit

1. Basics of Cost Audit

1.1 Nature and Scope of Cost Audit

1.2 Genesis of Cost Audit

1.3 Objectives of Cost Audit

1.4 Utility and Advantage of Cost Audit

1.5 Cost Accounting Standards

2. Companies (Cost Records and Audit) Rules, 2014 (as amended)

3. Cost Auditor

3.1 Definition

3.2 Cost Auditor’s Eligibility, Qualifications, Disqualifications, Appointment,

Resignation, Rotation, Remuneration, Removal, Rights and Duties, Liabilities

3.3 Professional Ethics

3.4 Duties of a Cost Auditor to Report Fraud – Section 143 of the Companies Act 2013

3.5 Punishment for Fraud (Section 447 of the Companies Act, 2013)

3.6 Punishment for False Statement (Section 448 of the Companies Act, 2013)

4. Overview of Cost Accounting Standards and GACAP

4.1 Cost Accounting Standards

4.2 Guidance Notes on Cost Accounting Standards

4.3 Generally Accepted Cost Accounting Principles (GACAP)

5. Cost Auditing and Assurance Standards

5.1 Cost Auditing Standards - Overview

6. Cost Audit Programme

6.1 Introduction

6.2 Factors in Planning Cost Audit Assignment

6.3 Cost Audit Programme

7. Cost Audit Documentation, Audit Process and Execution

7.1 Cost Audit Documentation

7.2 Audit Process

7.3 Practical Steps of Audit Process

8. Preparation and Filing of Cost Audit Report

8.1 Introduction

8.2 Critical Elements of Cost Audit Report and Related Evidences (Physical and Digital)

8.3 Qualified Audit Report

8.4 Adverse Audit Report

8.5 Filing of Cost Audit Report to MCA in XBRL Format (as per TAXONOMY)

9. Basics of Management Audit

9.1 Definition

9.2 Nature and Scope

9.3 Need for Management Audit and Reporting

9.4 Audit of Management Process and Functions

9.5 Establishing reliability of information

9.6 Role of CMAs in Management Audit

10. Management Reporting Issues and Analysis

10.1 Introduction

10.2 Performance Analysis

10.3 Capacity Utilisation Analysis

10.4 Productivity and Efficiency Analysis

10.5 Utilities and Energy Efficiency Analysis

10.6 Key Costs and Contribution Analysis

10.7 Profitability Analysis

10.8 Working Capital and Liquidity Management Analysis

10.9 Manpower Analysis

10.10 Other Areas Suggested to be covered in the Report on Performance Analysis

10.11 Management Accounting Tools

11. Management Audit in Different Functions

11.1 Corporate Objectives and Culture

11.2 Corporate Services Audit

11.3 Corporate Development Audit

11.4 Evaluation of Personnel Development

11.5 Consumer Services Audit

11.6 Audit of Environmental Pollution Control

11.7 Audit of Energy and Utilities - Generation and Consumption

11.8 Productivity Audit/ Efficiency Audit

11.9 Propriety Audit

11.10 Corporate Social Responsibility (CSR) Audit

11.11 Social Cost – Benefit Analysis Audit

12. Evaluation of Corporate Image

12.1 Introduction

12.2 Audit Checks of Different Managerial Functions

12.3 Audit Checks of Various Corporate Divisions/Departments

12.4 ESG Audit

13. Information Systems Security Audit

13.1 Overview

13.2 Compliance and Security Framework

13.3 Cyber Security and Cyber Forensics

13.4 IT Audit in Banking Sector

Section C: Internal control, internal audit, operational audit and other related issues

14. Internal Control and Internal Audit

14.1 Internal Control-Concept

14.1.1 Objectives of Internal Control

14.1.2 Scope of Internal Control

14.1.3 Structure of Internal Control

14.1.4 Limitations of Internal Control

14.1.5 Evaluation of Internal Control

14.2 Internal Control and the Auditor

14.3 Internal Auditing – Evolution of the Profession

15. Operational Audit and Internal Audit under Companies Act, 2013

15.1 Introduction

15.2 Preparation for an Audit

15.3 Audit Engagement Letter

15.4 Role of CMAs in Internal Audit, Operational Audit and Managers

15.5 Internal Audit under Companies Act, 2013

15.6 Internal Audit and Companies (Auditor’s Report) Order

15.7 Internal Audit in Companies under manufacturing sector

16. Audit of Different Service Organisations

16.1 Audit of Hospitals

16.2 Audit of Hotels

16.3 Audit of Educational Institutions

16.4 Audit of Co-operative Societies

16.5 Audit of Self-Help Groups

16.6 Audit of Non-Government Organisations (NGOs)

16.7 Audit of Local Bodies

16.8 Audit of Government Expenditure

16.9 Propriety Audit in the context of Government Audit

16.10 Audit of Commercial Accounts

Section D: Forensic audit and anti-money laundering

17. Forensic Audit

17.1 Introduction to Forensic Audit

17.2 Fraud Risk Management

17.3 Financial Forensics and Forensic Audit Techniques

17.4 Ethical Considerations and Code of Conduct in Forensic Audit

17.5 Professional Opportunities

18. Anti-Money Laundering

18.1 International Standards on Combating Money Laundering and the Financing of

Terrorism & Proliferation

18.2 Guidance for a Risk-Based Approach for the Accounting Profession

Paper - 18 - Corporate Financial Reporting (CFR)

Section A: Indian accounting standards

1. Specific Accounting Standards

1.1 Accounting Policies, Changes in Accounting Estimates and Errors (Ind AS 8)

1.2 Income Taxes (Ind AS 12)

1.3 Property, Plant and Equipment (Ind AS 16)

1.4 Leases (Ind AS 116)

1.5 The Effects of Changes in Foreign Exchange Rates (Ind AS 21)

1.6 Borrowing Costs (Ind AS 23)

1.7 Impairment of Assets (Ind AS 36)

1.8 Intangible Assets (Ind AS 38)

1.9 Share based Payment (Ind AS 102)

1.10 Operating Segments (Ind AS 108)

1.11 Fair Value Measurement (Ind AS 113)

1.12 Revenue from Contracts with Customers (Ind AS 115)

Section B: Valuation of shares, accounting and reporting of financial instruments and NBFCs

2. Valuation of Shares (including Determination of Goodwill, Post-valuation of Tangible and Intangible Assets)

3. Accounting of Financial Instruments

4. NBFCs – Provisioning Norms, Accounting and Reporting

Section C: Accounting for business combination & restructuring (in compliance with IND AS)

5. Accounting for Business Combination and Restructuring

5.1 Introduction

5.2 Accounting for Business Combination (Basic Level) with Simple Examples

5.3 Absorptions, Amalgamations, External Reconstruction

5.4 Detailed Discussion on Business Combination

5.5 A Business Combination Achieved in Stages

5.6 Reverse Acquisition

5.7 Purchase of Shares from/Sale to Non-controlling Interest not Resulting in Loss of Control of

the Acquirer

5.8 Sale of Holding Resulting in Loss of Control of the Acquirer over the Acquiree

5.9 Business Combination under Common Control (Appendix C of Ind AS 103)

5.10 Disclosures

5.11 Difference between Ind AS 103 and AS 14.

5.12 Internal Reconstruction (Capital Reduction)

Section D: Consolidated financial statements and separate financial statements (in compliance with IND AS)

6. Consolidated Financial Statements and Separate Financial Statements

6.1 Introduction to Consolidation

6.2 Concept of Significant Influence, Joint Control and Control as per Ind AS

6.3 Consolidation Procedure for Investment in Associates, Joint Ventures and Subsidiaries

6.4 Measurement of Fair Value of Net Assets, Non-controlling Interest, Goodwill/ Gain on

Bargain Purchase, Consolidated Other Equity (including Measurement of Investments

under Equity Method)

6.5 Accounting and Reporting in Consolidated Financial Statements and in Separate Financial

Statements at Acquisition Date - Introductory Examples.

6.6 Consolidated Financial Statements and Separate Financial Statements at Subsequent

Reporting Date - Introductory Examples.

6.7 Consolidated and Separate Financial Statements of Group Entities - Advanced Level

Discussion and Examples (including Inter-company Investments, Chain Holding, Crossholding and Other Relevant Matters)

6.8 Accounting and Reporting of Joint Operation.

6.9 Disclosures

Section E: Recent development in financial reporting

7. Recent Developments in Financial Reporting

7.1 4P Bottom Line Reporting

7.2 Sustainability Reporting and Global Reporting Initiative

7.3 Business Responsibility and Sustainability Report

7.4 Integrated Reporting

7.5 Corporate Social Responsibility Reporting in India

7.6 Environmental, Social and Governance (ESG)

7.7 Human Resource Reporting

7.8 Value Added Statement

7.9 Economic Value Added and Market Value Added

7.10 Reporting through XBRL (eXtensible Business Reporting Language)

7.11 Quarterly Earnings Call Management

Section F: Government Accounting In India

8. Government Accounting in India

8.1 General Principles and Comparison with Commercial Accounting

8.2 Role of Comptroller and Auditor General of India

8.3 Role of Public Accounts Committee, Review of Accounts

8.4 Government Accounting Standards Issued by Government Accounting Standards Advisory Board (GASAB)

8.5 Government Accounting and Reporting

Paper 19 - Indirect Tax Laws And Practice (ITLP)

Section A: Goods and service tax act & rules

1. Supply under GST - A Refresh

1.1 Introduction

1.2 Case Studies and Illustrations on Supply - Taxable, Non-taxable, Exempted,

Deemed Supplies, Reverse Charge

1.3 Notifications on Exempted Supplies

1.4 Important Circulars covering Clarifications on Supply

1.5 Analysis of Key Advance Rulings

2. Time of Supply (Advanced)

2.1 Introduction

2.2 Domestic Transactions including Reverse Charge

2.3 International Transactions including Reverse Charge

2.4 Case Studies / Analysis of Advance Rulings

3. Place of Supply

3.1 Supplies in Territorial Waters

3.2 Detailed discussion on Place of Supply Provisions

3.3 Place of Supply- OIDAR Services

3.4 Case Studies and Illustrations on Place of Supply

4. Valuation (Advanced)

4.1 Introduction

4.2 Related Party Transactions

4.3 Distinct Person Transactions

4.4 Specific Valuation Rules

4.5 Case Studies and Illustrations on Valuation

4.6 Key Advance Rulings

5. Input Tax Credit (Advanced)

5.1 Introduction

5.2 Specific Provisions on Input Tax Credit

5.3 Case Studies and Illustrations on Input Tax Credit including Job Work, Input Service

Distributor

6. Zero Rated Supplies and Deemed Exports

7. TDS & TCS under GST

8. E-way Bill

9. GST Refunds - Inverted Duty Structure and Zero Rated Supplies

10. GST Returns

10.1 Introduction

10.2 Specific Provisions - Monthly Returns, Matching, Reversal and Reclaim of Input Tax Credit

10.3 Annual Return, Final Return

10.4 Penal Provisions for Return Filing

11. Accounts and Records

12. GST Annual Return and GST Audit Return

12.1 Key Points for GST Annual Return and GST Audit12.2 Approach for GST Audit- Audit Plan, Checklists, Methodology, Management Representations, Reconciliations

12.3 Case Studies and Illustrations

13. Transition to GST (Transitional Provisions)

14. Dispute Resolution Mechanism under GST

14.1 Demands

14.2 Assessment and Appeals

14.3 Advance Ruling

14.4 Offences and Penalties

15. Inspection, Search, Seizure, Arrest and Prosecution

16. Anti-profiteering

16.1 Provisions

16.2 Key Rulings

17. Walkthrough of GSTN Portal

Section B: Customs act and rules

18. Valuation and Related Party Transactions

18.1 Valuation of Imported and Exported Goods

19. Customs Procedures - Baggage & Courier / Post

19.1 Provision regarding Baggage

20. Manufacture in Bond

21. Duty Drawback

22. Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017

23. Remission of Duties

24. Refund

25. Trade Facilitation Measures

26. Export Promotion Schemes under Foreign Trade Policy

26.1 Merchandise Exports from India Scheme (MEIS)

26.2 Service Exports from India Scheme (SEIS)

26.3 Advance Authorization Scheme

26.4 Duty Free Import Authorization (DFIA) Scheme

26.5 Export Promotion Capital Goods Scheme (EPCG)

26.6 New Scheme: RODTEP

26.7 EOU, EHTP, STP & BTP Schemes

26.8 Deemed Exports

27. Special Economic Zone Scheme (with Amended SEZ Rules)

Paper 20A - Strategic Performance Management And Business Valuation (SPMBV)

Section A: Strategic Performance Management

1. Introduction to Performance Management

1.1 Performance, Productivity and Efficiency

1.2 Financial Performance Analysis

1.3 Procurement to Pay and Vendor Relationship Management

1.4 Supply Chain Management (SCM)

1.5 Reverse Mapping of Business Strategies from Market Place using Data Analytics

1.6 Order to Cash and Customer Relationship Management (CRM)

1.7 Customer Profitability Analysis

1.8 Improvement of Corporate Credit Rating Score

2. Performance Measurement, Evaluation and Improvement Tools

2.1 Balanced Score Card

2.2 Du-Pont Analysis and RONA Model

2.3 Bench marking & Bench Trending

2.4 Six Sigma and Lean Management

2.5 Statistical Quality Control (SQC)

2.6 Plan-Do-Check-Action (PDCA)

2.7 Management Information System in a Digital Environment

2.8 Total Productive Maintenance

2.9 Total Quality Management

2.10 Data Envelopment Analysis

3. Economic Efficiency of the Firm – Performance Analysis

3.1 Economic Performance Indicator

3.2 Profit Optimization under different Market Structure

3.3 Market Factors affecting Pricing Decisions

4. Enterprise Risk Management

4.1 Risk Management

4.1.1 Introduction and Objectives

4.1.2 COSO Framework

4.1.3 Pooling

4.1.4 Diversification

4.1.5 Total Loss Distribution

4.1.6 Ruin Probability

4.1.7 Risk Analysis

4.1.8 Risk Mapping

4.1.9 Risk Indicators

4.1.10 COBIT

4.2 Corporate Risk Management

4.2.1 Transformation of Enterprise Risk Management to Risk-enabled Performance

Management

4.2.2 Risk Retention or Reduction

4.2.3 Value at Risk (VaR)

4.2.4 Introduction to Capital Adequacy Norms in Banking Industry

4.3 Corporate Failure

4.3.1 Corporate Distress Analysis

4.3.2 Corporate Distress Prediction Models - Altman’s Z Score, Beinish M, NCAER Models

Section B: Business Valuation

5. Fundamentals of Business Valuation

5.1 Purpose of Business Valuation

5.2 Valuation Premise

5.3 Valuation Approaches

5.4 Fundamentals of Valuation – Risk and Return

5.5 Financial Statement Analysis

5.6 Market Value and Enterprise Value

6. Laws and Compliance in Business Valuation

6.1 Salient features of the Insolvency and Bankruptcy Code, 2016

6.2 The Companies Act, 2013: Section 192(2), 230(1), (2), (3), 231, 232, 247, 281(1)

6.3 Salient features of the Companies (Registered Valuers and Valuation) Rules, 2017

6.4 Salient Features of the SARFAESI Act, 2002 on Valuation

6.5 Valuation Standards (IVSC)

7. Business Valuation Methods and Approaches

7.1 Discounted Cash Flow Analysis (DCF), Comparable Transactions Method, Comparable

Market Multiples Method, Market Valuation, Economic Value Added Approach, Free Cash

Flow to Equity, Dividend Discount Model, Net Asset Valuation, Relative Valuation

7.2 Earnings Multiples

7.3 Book Value Multiples

7.4 Revenue and Sector Specific Multiples

8. Valuation of Assets and Liabilities

8.1 Valuation of Plant & Machinery

8.2 Valuation of Inventory

8.3 Valuation of Investments – Shares and Bonds/Debentures

8.4 Valuation of Intangibles – Copy Rights, Goodwill, Brand

8.5 Valuation of Human Resources

8.6 Valuation of Real Estate

8.7 Value Added, Economic Value Added, Market Value Added

8.8 Valuation of Liabilities

9. Valuation in Mergers and Acquisitions

9.1 Acquisition Pricing

9.1.1 Analysing Premium offered to Target Stockholders

9.1.2 Analysing Value of the Target to the Acquirer

9.1.3 Earnings Multiples

9.1.4 Discounted Abnormal Earnings or Cash Flows

9.1.5 Acquisitions by Private Equity and Venture Capitalists

9.2 Acquisition Outcome

9.2.1 Other Potential Acquires

9.2.2 Target Management Entrenchment

9.2.3 Anti-trust and Security Issues

9.2.4 Post Transactions Value incorporating Effect of Intended Synergies

9.2.5 Exit Synergies

9.2.6 Tax Implications

9.3 Financial Modelling

Paper 20B - Risk Management In Banking And Insurance (RMBI)

Section A: Risk Management In Banking

1. Introduction to Risk Management

1.1 Concept of Risk

1.2 Risk vs. Uncertainty

1.3 Types of Risk

1.4 Risk Management – Concept and Approaches

1.5 Risk Management Strategies

2. Interest Rate Risk and Market Risk

2.1 Interest Rate Risk Management

2.1.1 Concept

2.1.2 Source

2.1.3 Term Structure of Interest Rates and Yield Curve

2.1.4 Interest Rate Risk and Credit Risk

2.1.5 Measuring Interest Rate Risk

2.1.6 Interest Rate Risk Measurement and Basel Norms

2.1.7 Managing Interest Rate Risk

2.2 Market Risk Management

2.2.1 Market Risk and its Types

2.2.2 Calculating Market Risk Exposures

2.2.3 Market Risk and Basel Norms, Value-at-Risk (VaR)

2.2.4 Sources of Foreign Exchange Risk Exposure

2.2.5 Foreign Asset and Liability Positions

2.2.6 Interaction of Interest Rate

2.2.7 Inflation and Exchange Rates

2.2.8 Hedging Market Risk

2.2.9 Dynamic Hedging Strategies

3. Credit Risk and Liquidity Risk

3.1 Credit Risk Management

3.1.1 Credit Risk Exposures, Types

3.1.2 Credit Risk Measurement Models – Merton’s Model

3.1.3 Credit Risk Measurement and Basel Norms

3.1.4 Managing Credit Risk

3.2 Management of Non-Performing Assets (NPAs)

3.2.1 Definition, Concept and Categorisation of NPAs

3.2.2 Choices available to Banks for Management of NPAs

3.2.3 Trading of NPAs

3.2.4 Status of NPAs in Banks in India

3.3 Liquidity Risk Management

3.3.1 Liability-side and Asset-side Liquidity Risk

3.3.2 Types of Liquidity Risk Events

3.3.3 Liquidity Risk vs. Credit Risk

3.3.4 Liquidity Risk in Insurance Services

3.3.5 Measuring Liquidity Risk

3.3.6 Managing Liquidity Risk

3.3.7 Asset Liability Management – Concept

3.3.8 Role of ALM in managing Interest Rate Risk and Liquidity Risk

3.3.9 RBI Guidelines

4. Sovereign Risk and Insolvency Risk

4.1 Sovereign Risk Events

4.2 Debt Repudiation versus Debt Rescheduling

4.3 Evaluation of Sovereign Risk

4.4 Mechanisms for dealing with Sovereign Risk Exposures

4.5 Insolvency Risk Analysis through Capital Adequacy Ratios

5. Operational Risk and Off-Balance Sheet Risk

5.1 Operational Risk – Identification and Assessment, Basel Norms

5.2 Monitoring and Mitigating Operational Risk

5.3 Off-Balance Sheet Risk Exposures

5.4 Loan Commitments

5.5 Commercial Letters of Credit, Letters of Undertaking and Bank Guarantee

5.6 Derivatives

5.7 Deposit Insurance

5.8 Nature of Off-Balance Sheet Risks

Section B: Risk Management In Insurance

6. Introduction to Insurance Business

6.1 Definition, Concept and Features of Insurance

6.2 Principles of Insurance

6.3 Role of Insurance towards Economic Growth

6.4 Difference between Insurance Companies and other Financial Institutions

6.5 Insurance Regulatory and Development Authority (IRDA) – Objectives, Statutory Powers and Functions of IRDA

7. Insurance Intermediaries, General Insurance, Health Insurance and Life Insurance

7.1 Insurance Intermediaries

7.1.1 Insurance Agents

7.1.2 Surveyors and Loss Assessors

7.1.3 Insurance Brokers

7.1.4 Third Party Administrators (TPAs)

7.1.5 Bancassurance

7.1.6 Other Channels

7.2 General Insurance

7.2.1 Principles

7.2.2 General Insurance Products

7.2.3 Tariff Advisory Committee (TAC)

7.2.4 General Insurance Council

7.2.5 De-tariffing in General Insurance

7.2.6 IRDA’s Exposure/Prudential Norms

7.2.7 Solvency Margins of Non-life Insurers

7.3 Concept and Types of Health Insurance Policies

7.4 Structure and Type of Re-insurance

7.5 Life Insurance

7.5.1 Principles and Characteristics

7.5.2 Types of Life Insurance Products

7.5.3 Solvency Margins of Life Insurers

7.5.4 Various players in Life Insurance Business

7.5.5 LIC of India

7.5.6 Post Office Life Insurance

7.5.7 Other Players

8. Managing Risk in Insurance Business

8.1 Concept of Risk in Insurance Business

8.2 Factors affecting Risk Profile of Insurers

8.3 Kinds of Risks in Insurance – Portfolio Risk, Solvency Risk, Marketing Risk,

Market Risk, Operational Risk and Other Risks

8.4 Risk-based Capital, Types of Risk-based Capital – Current Risks, Special Risks,

Non-technical Risks

8.5 Risk Management Process in Insurance

8.5.1 Risk Identification

8.5.2 Risk Assessment

8.5.3 Risk Treatment

8.5.4 Risk Reduction

8.5.5 Risk Review and Monitoring

8.6 Role of an Actuary in Insurance Business

Paper 20C - Entrepreneurship And Startup (Ents)

Section A: Entrepreneurial Skill Sets

1. Entrepreneurial Skill Sets

1.1 Building the Entrepreneurial Quotient

1.2 Entrepreneurial Psychology, Driving Forces and Characteristics

1.3 Entrepreneurial Discipline with Practice, Patience and Perseverance (3Ps)

1.4 Identifying and Meeting the Gaps in Resources at Optimised Cost

1.5 Capital Structuring, Resource Mobilization and Management

1.6 New Age Marketing and After Sales Services

1.7 Using IT and 8 Deep Technologies

1.8 Strategies for Disruption

1.9 Legal and Regulatory Compliance

Section B: The Entrepreneurial Ecosystem

2. The Entrepreneurial Ecosystem

2.1 Macroeconomic Environment and Emerging Dimensions of Business Ecosystems

2.2 Formation and Incorporation of a Legal Entity

2.3 Legal and Intellectual Property Rights

2.4 Procurement to Pay

2.5 Order to Cash

2.6 Transaction to Reporting

2.7 Working Capital Management

2.8 Market Dynamics

2.9 Government Policies, Subsidies, Incentives, Tax Laws

2.10 Trends in Entrepreneurship

Section C: Idea To Action

3. Idea to Action

3.1 Monetizing Ideas

3.2 Bootstrapping

3.3 Preparation of Project Report

3.4 Funding Options for Start-up, including Crowd Funding

3.5 Using Data Analytics to Advantage

3.6 Building a Sustainable Revenue Model and Periodical Business Plan

3.7 Launching Sustainable Impact Initiatives

3.8 From Start up to MNC

Section D: Value Addition

4. Value Addition

4.1 Process of Innovation

4.2 Design Thinking

4.3 Lean Start-Up & Customer Validation

4.4 Generating Market Traction

4.5 Positioning and Packaging

4.6 Start-up Models

Section E: Scale Up

5. Scalability, Scaling up and Stabilisation of Sustainable Business

5.1 Business Scalability –Validation and Roadmap

5.2 Preparation of Pitching Document and giving Elevator Pitches

5.3 Funding Strategies and Funding Series including crowd funding

5.4 Start-up Valuation – Pre-money, Milestone and Investors’ Exit Point

5.5 Scaling up and Stabilisation of Business

5.6 Sustainability Management

5.7 Exit Strategies of Fund Houses

5.8 Gathering Critical Mass through Mergers & Acquisitions

5.9 Negotiations at each Milestone

Section F: Risk Management Strategies

6. Risk Management Strategies

6.1 Predicting, Calculating and Mitigating Enterprise Risks

6.2 Application of COSO Framework for Risk-Enabled Performance Management

6.3 Predicting, Calculating and Overcoming Financial Risks

6.4 Project Monitoring and Controlling

6.5 Increasing Coping Mechanisms and Risk Mitigation

6.6 Establishing Internal Checks and Balances as a Process

6.7 Transformation from Risk Managing to Risks Enabled Organisation

6.8 Start-up Audit

6.9 Bouncing Back from Failures

Section G: Leadership

7. Leadership

7.1 Leading Mission Driven Ventures and Organisations

7.2 Business Ethics and Best Practices

7.3 Forecasting and Planning - Building Capabilities to see Deeper, Wider and Faster

7.4 Developing Mission, Vision and Goals

7.5 Learning smart ways to create Competitive Advantage

7.6 Learn to deal with Ups and Downs and Lead Organisational Change

7.7 Building a Motivated Team

7.8 Designing Strategies to suit the Business Needs and Ecosystem

Section H: Types Of New Age Business

8. Types of New Age Business

8.1 FinTech, EdTech, HealthCare, AgriTech, Defence, IT, Space, Robotics, Digital

Transformation & VBA etc.

8.2 Agropreneurship

8.3 Women Entrepreneurship

8.4 Family Run Business

8.5 MSME

8.6 Generation Transfer Transaction

8.7 Social Entrepreneurship

8.8 Emerging Markets

CMA Final Old Syllabus - 2016

The last exam based on CMA Final 2016 syllabus was held in December 2023. The syllabus has been discontinued since. Given below is the syllabus for candidate's reference.

How to Download CMA Final 2026 Syllabus

Candidates can follow the below-mentioned steps to download CMA Final syllabus 2026.

Step 1- Visit the official website icmai.in

Step 2- Go to “Students” section and click on “Admission” tab

Step 3- Click on “Syllabus 2022" content present on the left side of the page

Step 4- Scroll down to check CMA Final 2025 syllabus and download as pdf

CMA Final Exam Pattern 2026

ICMAI issues the CMA Final 2026 exam pattern along with the ICMAI new syllabus on the official admission portal. The candidates should refer to the exam pattern of CMA Final 2025 as it will provide them a good insight on the mode of examination, types of questions, marking schemes and other relevant information.

CMA Final 2026 Exam Pattern

Also check - CMA Final Registration 2026

CMA Final 2026 Study Material

The Institute of Cost and Management Accountants of India issues the study material for CMA Final 2026. CMA Final study material includes mock test papers, previous year question papers and recommended books. The study material of CMA Final exam 2025 covers the entire new syllabus of CMA Final. Hence, candidates should refer to the CMA Final 2026 study material during their preparation for the exam.