ICMAI CMA New Syllabus Underway, CCM Harshad Deshpande Confirms

Current Syllabus

Upcoming Syllabus

Core Conceptual Content & Shifts

2022 Structure (8 Papers)

2026/2027 Consolidated Draft (6 Papers)

Paper 13: Corporate & Economic Laws

Removed from Main Papers / Shifted to Self-Paced

Basic business laws are compressed. Only core Corporate Governance and Insolvency (IBC) are retained for case-study testing.

Paper 14: Strategic Financial Management

Advanced Financial Management and Valuation

Combines advanced investment decisions, portfolio management, and absorbs Business Valuation from old Paper 20A

Paper 15: Direct Tax Laws and International Taxation

Direct Tax Laws and International Taxation

Retained with an enhanced focus on corporate tax optimization, DTAA, and BEPS anti-evasion frameworks

Paper 16: Strategic Cost Management

Paper 3: Strategic Cost Management & Performance Evaluation

Shifts away from mechanical formula drills toward advanced cost analytics, value chain engineering, and data tools

Paper 17: Cost & Management Audit

Paper 4: Corporate Financial Reporting & Cost Audit

Merges statutory Cost Auditing standards with financial reporting rules to remove compliance evaluation overlap

Paper 18: Corporate Financial Reporting

See Paper 4 Above

Focused strictly on high-level Ind AS application

Paper 19: Indirect Tax Laws and Practice

Paper 5: Advanced Indirect Tax Laws and Customs

Upgraded with complete emphasis on GST litigation, dispute resolution, input tax optimization and Foreign Trade policy

Paper No.

Paper Name

Section

Weight

1.

Fundamentals of Business

Laws and Business

Communication

Section A: Fundamentals of Business

Laws

80%

Section B: Business Communication

20%

2.

Fundamentals of Financial

and Cost Accounting

Section A: Fundamentals of Financial

Accounting

70%

Section B: Fundamentals of Cost

Accounting

30%

3.

Fundamentals of Business

Mathematics and Statistics

Section A: Fundamentals of Business

Mathematics

40%

Section B: Fundamentals of Business

Statistics

60%

4.

Fundamentals of Business

Economics and Management

Section A: Fundamentals of Business

Economics

70%

Section B: Fundamentals of Management

30%

CMA Inter Group 1 Subjects

Paper – 5: Business Law and Ethics (BLE)

Paper – 6: Financial Accounting (FA)

Paper – 7: Direct and Indirect Taxation (DITX)

Paper – 8: Cost Accounting (CA)

CMA Inter Group 2 Subjects

Paper – 9: Operations Management & Strategic Management (OMSM)

Paper – 10: Corporate Accounting and Auditing (CAA)

Paper – 11: Financial Management and Business Data Analytics (FMDA)

Paper – 12: Management Accounting (MA)

Paper No.

Paper Name

Section

Weight

13.

Corporate and

Economic Laws

Section A: Corporate Laws

60%

Section B: Economic Laws and Regulations

40%

14.

Strategic Financial

Management

Section A: Investment Decisions

25%

Section B: Security Analysis and Portfolio

Management

35%

Section C: Financial Risk Management

20%

Section D: International Financial Management

15%

Section E: Digital Finance

5%

15.

Direct Tax Laws

and International

Taxation

Section A: Direct Tax Laws

60%

Section B: International Taxation

40%

16.

Strategic Cost

Management

Section A: Strategic Cost Management for

Decision Making

60%

Section B: Quantitative Techniques in Decision

Making

40%

17.

Cost and

Management Audit

Section A: Cost Audit

50%

Section B: Management Audit

25%

Section C: Internal Control, Internal Audit,

Operational Audit and Other Related Issues

15%

Section D: Forensic Audit and Anti-Money

Laundering

10%

18.

Corporate Financial

Reporting

Section A: Indian Accounting Standards

25%

Section B: Valuation of Shares, Accounting and

Reporting of Financial Instruments and NBFCs

15%

Section C: Accounting for Business Combinations

and Restructuring (in Compliance with Ind AS)

20%

Section D: Consolidated Financial Statements and

Separate Financial Statements (in Compliance with Ind AS)

20%

Section E: Recent Developments in Financial

Reporting

10%

Section F: Government Accounting in India

10%

19.

Indirect Tax Laws

and Practice

Section A: Goods and Services Tax Act and Rules

70%

Section B: Customs Act and Rules

30%

20A

Strategic

Performance

Management and

Business Valuation

Section A: Strategic Performance Management

50%

Section B: Business Valuation

50%

20B

Risk Management

in Banking and

Insurance

Section A: Risk Management in Banking

60%

Section B: Risk Management in Insurance

40%

20C

Entrepreneurship

and Startup

Section A: Entrepreneurial Skill Sets

15%

Section B: The Entrepreneurial Eco-system

15%

Section C: Idea to Action

15%

Section D: Value Addition

15%

Section E: Scale up

10%

Section F: Risk Management Strategies

10%

Section G: Leadership

10%

Section H: Types of New Age Business

10%