CMA Study Material 2023 ICMAI

CMA Study Material 2023
Written by kisalay

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 FormCMA (Cost Management Accounting)
Levels3 (Foundation, Intermediate, Final)
Duration6 months to 4 years
Basic EligibilityBasic qualification of 10+2 (Varies as per level)
Number of PapersLevel 1: Paper 1 – 4
Level 2: Paper 5 – 12
Level 3: Paper 13- 20
Career ProfilesFinancial Analyst, Corporate Controller, Chief Financial Officer (CFO), etc.
Average SalaryINR 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 WindowDatesDeadline of Registration
January/February 2023January 1, 2023, to February 28, 2023January 31, 2023
May/June 2023May 1, 2023 to June 30, 2023To be announced
September/October 2023September 1, 2023 to October 31, 2023To be announced
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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.

CMA Study Material 2023

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:

PapersCMA Study Material 2023 Foundation Weightage 
1Fundamentals of Economics & ManagementEconomics – 50% Management – 50%
2Fundamentals of AccountingFinancial Account – 80% Cost and Management Accounting – 20%
3Fundamentals of Laws and EthicsCommercial Laws – 70% Ethics – 30%
4Fundamentals of Business Mathematics & StatisticsBusiness 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:

PapersCMA Inter Level Syllabus
5Financial Accounting
6Laws, Ethics and Governance
7Direct Taxation
8Cost accounting and financial management
9Operation Management Information System
10Cost and Management Accounting
11Indirect Taxation
12Company Accounts & Audit
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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- 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
Commercial Laws (30%)
Industrial Laws (25%)
Corporate Law (35%)
Ethics (10%)
Paper 7: Direct TaxationIncome 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 TaxationCanons 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:

PapersList of CMA Final level PapersWeightage 
13Corporate Laws and ComplianceCompanies Act (60%) Other Corporate Laws (25%) Corporate Governance (15%)
14Strategic Financial ManagementInvestment Decisions (25%) Financial Markets and Institutions (20%) Security Analysis and Portfolio Management (25%) Financial Risk Management (30%)
15Strategic Cost Management- Decision MakingCost Management (20%) Strategic Cost Management Tools and Techniques (30%) Strategic Cost Management –Application of Statistical Techniques in Business Decisions (30%)
16Direct Tax Laws and International TaxationAdvance Direct Tax Laws (50%) International Taxation (30%) Case Study Analysis (20%)
17Corporate Financial ReportingGAAP and Accounting Standards (20%) Accounting of Business Combinations & Restructuring (20%) Consolidated Financial Statements (20%) Developments in Financial Reporting (25%) Government Accounting in India (15%)
18Cost and Management AuditAdvanced Indirect Tax and Practice (80%) Tax Practice and Procedures (20%)
19Strategic Performance ManagementCost Audit (35%) Management Audit (15%) Internal Audit, Operational Audit and other related issues (25%) Case Study on Performance Analysis (25%)
20Strategic Performance Management & Business Valuation. Strategic Performance Management (50%) Business Valuation (50%)

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