The Institute of Management Accountants (IMA), which offers certifications in financial accounting and strategic management, offers the Certified Management Accounting (CMA) course, a worldwide recognized certificate. The CMA course is structured in a thorough manner, focusing on many facets of management accounting and corporate finance. Taking a CMA certification course is a step in the right path if you want to develop a career in management accounting. Here is a thorough blog that will lead you through the essential components of the CMA Study Material 2023 and its structure so you can ace this exam.
Major Highlights CMA Study Material 2023
| Full Form | CMA (Cost Management Accounting) |
| Levels | 3 (Foundation, Intermediate, Final) |
| Duration | 6 months to 4 years |
| Basic Eligibility | Basic qualification of 10+2 (Varies as per level) |
| Number of Papers | Level 1: Paper 1 – 4 Level 2: Paper 5 – 12 Level 3: Paper 13- 20 |
| Career Profiles | Financial Analyst, Corporate Controller, Chief Financial Officer (CFO), etc. |
| Average Salary | INR 10-50 Lakh |
Important Dates for CMA 2023
Prior to comprehending the CMA Study Material 2023 and its components, it is crucial to be aware of the most recent exam notifications. At least 4 months prior to the exam date, the registration deadlines fall. The crucial dates for the CMA course exam are shown below:
| Testing Window | Dates | Deadline of Registration |
| January/February 2023 | January 1, 2023, to February 28, 2023 | January 31, 2023 |
| May/June 2023 | May 1, 2023 to June 30, 2023 | To be announced |
| September/October 2023 | September 1, 2023 to October 31, 2023 | To be announced |
The structure CMA Study Material 2023
The CMA Study Material 2023 for Foundation course covers the fundamentals of accounting and management, while the syllabus for the Intermediate and Final courses is separated into two sections and covers topics unique to accounting, management, laws, etc. A candidate will be qualified to take the Intermediate and Final tests after passing the CMA Foundation exam. For additional details on the Foundation, Intermediate, and Final course syllabus for CMA 2023, scroll down.
The CMA Study Material 2023 has three levels which comprises Foundation, Intermediate, and Final. After passing each level’s exam, candidates are awarded the certification. The CMA Study Material 2023 for Foundation level, Inter level, and Final level are further described in the paragraphs that follow:
Foundation Level CMA Study Material 2023 and its Weightage
The CMA Study Material 2023 for the foundation level consists of four papers. Take a look at the following table, which details a list of CMA Foundation-level papers at the first level of the CMA syllabus:
A percentage is also listed for the weight that each subject has in the new CMA syllabus (Foundation level). A comprehensive split of this level is provided below:
| Papers | CMA Study Material 2023 Foundation | Weightage |
| 1 | Fundamentals of Economics & Management | Economics – 50% Management – 50% |
| 2 | Fundamentals of Accounting | Financial Account – 80% Cost and Management Accounting – 20% |
| 3 | Fundamentals of Laws and Ethics | Commercial Laws – 70% Ethics – 30% |
| 4 | Fundamentals of Business Mathematics & Statistics | Business Mathematics – 40% Business Statistics – 60% |
CMA Study Material 2023 for Foundation level in Details
- Fundamental of Economics – Basic Concepts of Economics, Forms of Markets, National Income, Money and Banking.
- Fundamental of Management – Evolution of Management Thoughts, Management Process, Group Dynamics and Organizational Conflicts, and Decision-making.
- Fundamentals of Financial Accounting – Accounting Process, Banking Reconciliation Statement, Accounting for Depreciation, Preparation of Final Accounts, and Accounting for special transactions.
- Fundamental of Cost and Management Accounting – Fundamentals of Cost Accounting and Fundamental of Management Accounting.
- Fundamentals of Commercial Law – Fundamentals of Commercial and Industrial Law and Fundamentals of Ethics.
- Fundamental of Ethics – Business Ethics and Policies
- Fundamental of Business Mathematics – (Ratios and Proportions, Simple and Compound Interest and Progression mean), Algebra (Set Theory, Variation, Indices, Logarithms, Permutation and Combinations, Quadratic Equations and Determinants and Matrices), and Calculus(Constant and variables, Functions, Limit & Continuity, Differentiability & Differentiation, Partial Differentiation, Definite and Indefinite Integrals)
- Fundamental of Statistics – Statistical Representation of Data, Measures of Central Tendency and Dispersion, Correlation and Regression, Index Number, Time and Series Analysis, Probability and Theoretical Distributions.
Inter-Level CMA Study Material 2023
The CMA Inter level consists of 8 papers (Group 1 and Group 2). Check out the table below for the list of CMA Inter level papers:
| Papers | CMA Inter Level Syllabus |
| 5 | Financial Accounting |
| 6 | Laws, Ethics and Governance |
| 7 | Direct Taxation |
| 8 | Cost accounting and financial management |
| 9 | Operation Management Information System |
| 10 | Cost and Management Accounting |
| 11 | Indirect Taxation |
| 12 | Company Accounts & Audit |
Weighted average CMA Study Material 2023 Inter-Level
The weighting of the two groups and their potential units for the CMA syllabus at the intermediate level are shown in the table below.
CMA Intermediate Group 1
| Paper 5: Financial Accounting | Accounting- Basics (25%) Preparation of Financial Statements (40%) Self-Balancing Ledgers, Royalties, Hire Purchase & Installment System, Branch & Departmental Accounts (20%) Accounting in Computerized Environment and Accounting Standards (15%) |
| Paper 6: Laws, Ethics and Governance | Commercial Laws (30%) Industrial Laws (25%) Corporate Law (35%) Ethics (10%) |
| Paper 7: Direct Taxation | Income Tax Act Basis (10%) Heads of Income and Computation of Total Income and Tax Liability (70%) Tax management, administrative procedures and ICDS (20%) |
| Paper 8: Cost Accounting | Introduction of Cost Accounting (40%) Methods of Costing (30%) Cost Accounting Techniques (30%) |
CMA Intermediate Level 2
| Paper 9: Operations and Strategic Management | Operations Management (70%) Strategic Management (30%) |
| Paper 10: Cost and Management Accounting and Financial Management | Cost & Management Accounting and Financial Management (50%) Financial Management (50%) |
| Paper 11: Indirect Taxation | Canons of Taxations – Indirect Tax GST (80%) Customs law (20%) |
| Paper 12: Company Accounts and Audits | Accounts of Joint Stock Companies (50%) Auditing (50%) |
Final Level CMA Study Material 2023
To become a Certified Management Accountant, students must pass the CMA Final level test after passing the CMA Intermediate level exam. The CMA Final level (Groups 3 and 4) consists of 8 papers. A list of these units and their required CMA Study Material 2023 (Final level), as provided by ICMAI, is provided below in tabular form:
| Papers | List of CMA Final level Papers | Weightage |
| 13 | Corporate Laws and Compliance | Companies Act (60%) Other Corporate Laws (25%) Corporate Governance (15%) |
| 14 | Strategic Financial Management | Investment Decisions (25%) Financial Markets and Institutions (20%) Security Analysis and Portfolio Management (25%) Financial Risk Management (30%) |
| 15 | Strategic Cost Management- Decision Making | Cost Management (20%) Strategic Cost Management Tools and Techniques (30%) Strategic Cost Management –Application of Statistical Techniques in Business Decisions (30%) |
| 16 | Direct Tax Laws and International Taxation | Advance Direct Tax Laws (50%) International Taxation (30%) Case Study Analysis (20%) |
| 17 | Corporate Financial Reporting | GAAP and Accounting Standards (20%) Accounting of Business Combinations & Restructuring (20%) Consolidated Financial Statements (20%) Developments in Financial Reporting (25%) Government Accounting in India (15%) |
| 18 | Cost and Management Audit | Advanced Indirect Tax and Practice (80%) Tax Practice and Procedures (20%) |
| 19 | Strategic Performance Management | Cost Audit (35%) Management Audit (15%) Internal Audit, Operational Audit and other related issues (25%) Case Study on Performance Analysis (25%) |
| 20 | Strategic Performance Management & Business Valuation | . Strategic Performance Management (50%) Business Valuation (50%) |
