CMA Syllabus Revamped; New Curriculum Effective From Dec 2023

ICAI has revised the CMA course curriculum. The new CMA foundation, intermediate and final syllabus will be in effect from December 2023 term exams.

The Institute of Cost Accountants of India (ICAI) has introduced the revised syllabus for the CMA course. CMA syllabus 2022 is redefined for the courses commencing from December 2023. Old students can request conversion into the CMA syllabus 2022 via a one-time option to be exercised 6 months before the examination. However, students enrolled and appearing for the CMA exams can opt for the CMA 2016 syllabus until December 2023 term exams. As per the revised syllabus, the CMA final course will now have three elective subjects. Candidates can choose an elective paper while enrolment. The structure of the course remains the same with four papers in the Foundation course, and eight papers each in the Intermediate and Final courses.

CMA Syllabus 2022: Key Features

With the introduction of the new CMA syllabus, ICAI has introduced some contemporary topics including:

• Data Analytics
• Entrepreneurship & Start-up
• Business Communication
• Risk Management in Banking & Insurance
• Six Sigma
• Lean Accounting
• Forensic Audit
• ESG (Environmental, Social and Governance)
• Information Systems Security Audit
• Digital Strategy
• Decision Theory
• Cyber Security & Data Privacy Laws
• Quantitative Techniques in Decision Making
• Anti-money Laundering Laws
• International Financial Management
• Financial Derivatives
• Equity & Bond Valuation
• Financial Modelling
• Leadership
• Business Forecasting Models
• Emotional Intelligence

With the introduction of these topics, the new curriculum has introduced tutorial workshops on these topics.

CMA Foundation Syllabus 2022

Four subjects included in the CMA foundation exam are as follows:

1. PAPER 1: Fundamentals Of Business Laws and Business Communication (FBLC)
2. PAPER 2: Fundamentals Of Financial and Cost Accounting (FFCA)
3. PAPER 3: Fundamentals Of Business Mathematics and Statistics (FBMS)
4. PAPER 4: Fundamentals Of Business Economics and Management (FBEM)

CMA Intermediate Syllabus 2022

The intermediate course has two groups having four subjects each. Subjects as per new CMA syllabus are as follows:

CMA Intermediate Group I Syllabus

1. PAPER 5: Business Laws and Ethics (BLE)
2. PAPER 6: Financial Accounting (FA)
3. PAPER 7: Direct and Indirect Taxation (DITX)
4. PAPER 8: Cost Accounting (CA)

CMA Intermediate Group II Syllabus

1. PAPER 9: Operations Management and Strategic Management (OMSM) 
2. PAPER 10: Corporate Accounting and Auditing (CAA)
3. PAPER 11: Financial Management and Business Data Analytics (FMDA) 
4. PAPER 12: Management Accounting (MA)

CMA Final Syllabus 2022

Identical to CMA intermediate course, CMA final course also comprises two groups with four papers each. However, the second group of the CMA Final course have three papers as common for all students, while the fourth paper is an elective subject with three subject options. Subjects as per the CMA final syllabus 2022 are mentioned below:

CMA Final Group III Syllabus 2022

1. PAPER 13: Corporate and Economic Laws (CEL) 
2. PAPER 14: Strategic Financial Management (SFM)
3. PAPER 15: Direct Tax Laws and International Taxation (DIT) 
4. PAPER 16: Strategic Cost Management (SCM)

CMA Final Group IV Syllabus 2022

1. PAPER 17: Cost and Management Audit (CMAD) 
2. PAPER 18: Corporate Financial Reporting (CFR) 
3. PAPER 19: Indirect Tax Laws and Practice (ITLP)
4. PAPER 20: One of the following subjects
1. PAPER 20A: Strategic Performance Management and Business Valuation (SPMBV)
2. PAPER 20B: Risk Management in Banking and Insurance (RMBI) 
3. PAPER 20C: Entrepreneurship and Start Up (ENTS)

Each subject paper will have 200 marks. Candidates passing one course shall be promoted to the subsequent course.

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