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ICMAI Syllabus 2023 - Download PDF for Foundation, Intermediate & Final Courses!
Last Updated on Nov 04, 2024
Download ICMAI Exam 2024 complete information as PDFIMPORTANT LINKS
The Institute of Cost Accountants of India (ICAI) conducts the Cost and Management Accountancy (CMA) exam in two sessions - June and December. ICAI was set up to promote and regulate the cost and management accountancy profession in India. It offers courses at different levels such as under CMA Foundation course, CMA Intermediate course, and CMA Final course. Candidates can find the dates and all important notifications about the ICMAI Exam on the official website.
- The Institute of Cost Accountants of India (ICMAI) has issued the syllabus for the CMA exams. The candidates preparing for the exams must refer to the latest syllabus issued by the institute.
- The ICMAI course is conducted at various levels. Out of this, the Foundation course is the first level examination. There are a total of four papers as per the prescribed syllabus of CMA foundation 2023, Fundamentals of Economics and Management, Fundamentals of Accounting, Fundamentals of Commercial Laws and Ethics, and Fundamentals of Business Mathematics and Statistics.
- Candidates should make use of the syllabus and the exam pattern to completely understand the weightage and the questions that can be expected. With this, the preparation can be done easier.
Read the complete article for detailed information on ICMAI Exam Syllabus 2023.
ICMAI Syllabus 2023
Before attempting the exam, the candidates must have full knowledge of the syllabus to do well and score above the cut-off marks. The syllabus is described below for your reference:
ICMAI Foundation Syllabus
The foundation course has a total of four major papers in it. The syllabus for the same is listed in the below table. Candidates can follow the link provided to view the syllabus for each paper.
| Sr. No. | Paper | Syllabus Link |
| 1 | Fundamentals of Business Law and Business Communication | |
| 2 | Fundamentals of Financial and Cost Accounting | |
| 3 | Fundamentals of Business Mathematics and Statistics | |
| 4 | Fundamentals of Business Economics and Management |
CMA ICMAI Inter Syllabus
The Intermediate Course syllabus is divided into two groups with four papers each. The candidates have to make sure which all papers carry the maximum weightage and prepare accordingly. This will make the candidates score more in the most important and difficult areas. The syllabus for the Intermediate Course is as follows.
ICMAI Syllabus Intermediate Group 1
The first group has a total of four papers. Business Laws and Ethics, Financial Accounting, Direct and Indirect Taxation, and Cost Accounting. The candidates can follow the syllabus link provided to view the detailed syllabus for each course.
| Sr. No. | Paper | Syllabus Link |
| 1 | Business Laws and Ethics | |
| 2 | Financial Accounting | |
| 3 | Direct and Indirect Taxation | |
| 4 | Cost Accounting |
ICMAI Syllabus Intermediate Group 2
The second group also has a total of four papers. Operations Management and Strategic Management, Corporate Accounting and Auditing, Financial Management and Business Data Analytics, and Management Accounting. The candidates can follow the syllabus link provided to view the detailed syllabus.
| Sr. No. | Paper | Syllabus Link |
| 1 | Operations Management and Strategic Management | |
| 2 | Corporate Accounting and Auditing | |
| 3 | Financial Management and Business Data Analytics | |
| 4 | Management Accounting |
CMA ICMAI Final Syllabus
The final course syllabus is divided into Group 1, Group 2, and Electives. The candidates have an opportunity to select any of the papers from the elective group to study and write for the exam. The syllabus for all these groups is provided below.
ICMAI Syllabus Final Course Group 3
The first group of the final course contains four papers. They are Corporate and Economic Laws, Strategic Financial Management, Direct Tax Laws and International Taxation, and Strategic Cost Management. The table below provides the syllabus links for all the papers.
| Sr. No. | Paper | Syllabus Link |
| 1 | Corporate and Economic Laws | |
| 2 | Strategic Financial Management | |
| 3 | Direct Tax Laws and International Taxation | |
| 4 | Strategic Cost Management |
ICMAI Syllabus Final Course Group 4
The second group of the final course contains three papers. They are Cost and Management Audit, Corporate Financial Reporting, and Indirect Tax Laws and Practice. The syllabus link to each paper can be found in the table below.
| Sr. No. | Paper | Syllabus Link |
| 1 | Cost and Management Audit | |
| 2 | Corporate Financial Reporting | |
| 3 | Indirect Tax Laws and Practice |
ICMAI Final Course Electives Syllabus
There are three elective courses provided for the Final Course. They are Strategic Performance Management and Business Valuation, Risk Management in Banking and Insurance, and Entrepreneurship and Startup. The candidates have to select any one of the papers among the three electives provided. They will have to study and clear the examination of just one paper from this group.
| Sr. No. | Paper | Syllabus Link |
| 1 | Strategic Performance Management and Business Valuation | |
| 2 | Risk Management in Banking and Insurance | |
| 3 | Entrepreneurship and Startup |
ICMAI Exam Pattern 2023
The exam pattern is an important factor while preparing for an examination. Candidates need to follow the exam pattern of the course to know all the details about the question paper. This will provide them with an idea of what the question paper will look like. The exam pattern for the ICMAI courses is as follows.
CMA ICMAI Foundation Exam Pattern 2023
The exam pattern of the foundation course is as follows. Candidates can study the exam pattern in a detailed manner from the Testbook App. The main particulars of the examination is provided in the table below.
| Specification | Details |
| Examination conducting body | The Institute of Cost Management Accountant of India |
| Examination mode | Online, Home-based test |
| Medium of Exam | English |
| Type of questions | Multiple-choice questions |
| Total marks for each paper | 100 |
| Exam duration for each paper | 3 hours |
| Marking scheme | Negative Marking Scheme is not present in this examination |
| Total number of papers | 4 |
CMA Intermediate And Final Exam Pattern 2023
The exam pattern for both the Intermediate and Final Exam Pattern will be released on the official website with the syllabus. The exam pattern for both the curses is the same. The pointers for the exam pattern will provide the candidates with a proper idea of the question paper.
| Specification | Details |
| Examination conducting body | The Institute of Cost Management Accountant of India |
| Examination mode | Online, Centre-based test |
| Medium of Exam | English |
| Type of questions | Multiple-choice type and descriptive |
| Total marks | 100 |
| Exam duration | 3 hours |
| Marking scheme | Negative Marking Scheme is not present in this examination |
| Total number of papers | 8 |
CMA Section Wise Marks Weightage
The marks weightage for each section of the CMA Exams is provided below. The candidates can follow this marks weightage to know which topics are important in each paper and prepare accordingly for the exam.
Interested candidates can check the ICMAI CMA Answer Key here
CMA Foundation Course Section Wise Marks Weightage
The section-wise marks weightage for the four papers of the Foundation Course is provided in the table below.
| Paper | Sections | Marks |
| Fundamentals of Business Law and Business Communication | Fundamentals of Business Law | 80 |
| Business Communication | 20 | |
| Total | 100 | |
| Fundamentals of Financial and Cost Accounting | Fundamentals of Financial Accounting | 70 |
| Fundamentals of Cost Accounting | 30 | |
| Total | 100 | |
| Fundamentals of Business Mathematics and Statistics | Fundamentals of Business Mathematics | 40 |
| Fundamentals of Business Statistics | 60 | |
| Total | 100 | |
| Fundamentals of Business Economics and Management | Fundamentals of Business Economics | 70 |
| Fundamentals of Business Management | 30 | |
| Total | 100 |
CMA Intermediate Course Section Wise Marks Weightage
The section-wise marks weightage for all the papers of the Intermediate Course is provided below.
Intermediate Group 1
The marks distribution of each section of the papers from group 1 of the intermediate course is provided below in the table.
| Paper | Sections | Marks |
| Business Laws and Ethics | Commercial Laws | 30 |
| Industrial Laws | 15 | |
| Corporate Laws | 40 | |
| Business Ethics | 15 | |
| Total | 100 | |
| Financial Accounting | Accounting Fundamentals | 15 |
| Accounting for Special Transactions | 10 | |
| Preparation of Financial Statements | 20 | |
| Partnership Accounts | 20 | |
| Lease, Branch and Departmental Accounts etc. | 15 | |
| Accounting Standards | 20 | |
| Total | 100 | |
| Direct and Indirect Taxation | Direct Taxation | 50 |
| Indirect Taxation | 50 | |
| Total | 100 | |
| Cost Accounting | Introduction to Cost Accounting | 40 |
| Methods of Costing | 30 | |
| Cost Accounting techniques | 30 | |
| Total | 100 |
Intermediate Group 2
The marks distribution of each section of the papers from group 2 of the intermediate course is provided below in the table.
| Paper | Sections | Marks |
| Operations Management and Strategic Management | Operations Management | 60 |
| Strategic Management | 40 | |
| Total | 100 | |
| Corporate Accounting and Auditing | Corporate Accounting | 50 |
| Auditing | 50 | |
| Total | 100 | |
| Financial Management and Business Data Analytics | Financial Management | 80 |
| Business Data Analytics | 20 | |
| Total | 100 | |
| Management Accounting | Introduction to Management Accounting | 5 |
| Activity Based Costing | 10 | |
| Decision Making Tools | 30 | |
| Standard Costing and Variance Analysis | 15 | |
| Forecasting, Budgeting and Budgetary Control | 15 | |
| Divisional Performance Measurement | 10 | |
| Responsibility Accounting | 5 | |
| Decision Theory | 10 | |
| Total | 100 |
CMA Final Course Section Wise Marks Weightage
The section-wise marks weightage for all the papers of the Final Course is provided below.
Final Group 3
The marks distribution of each section of the papers from group 3 of the final course is provided below in the table.
| Paper | Sections | Marks |
| Corporate and Economic Laws | Corporate Laws | 60 |
| Economic Laws and Regulations | 40 | |
| Total | 100 | |
| Strategic Financial Management | Investment Decisions | 25 |
| Security Analysis and Portfolio Management | 35 | |
| Financial Risk Management | 20 | |
| International Financial Management | 15 | |
| Digital Finance | 5 | |
| Total | 100 | |
| Direct Tax Laws and International Taxation | Direct Tax Laws | 60 |
| International Taxation | 40 | |
| Total | 100 | |
| Strategic Cost Management | Strategic Cost Management for Decision Making | 60 |
| Quantitative Techniques in Decision Making | 40 | |
| Total | 100 |
Final Group 4
The marks distribution of each section of the papers from group 4 of the final course is provided below in the table.
| Paper | Sections | Marks |
| Cost and Management Audit | Cost Audit | 50 |
| Management Audit | 25 | |
| Internal Control, Internal Audit, Operational Audit and Other Related Issues | 15 | |
| Forensic Audit and Anti-Money Laundering | 10 | |
| Total | 100 | |
| Corporate Financial Reporting | Indian Accounting Standards | 25 |
| The Valuation of Shares, Accounting and Reporting of Financial Instruments and NBFCs | 15 | |
| Accounting for Business Combination and Restructuring (in Compliance with Ind ASs) | 20 | |
| Consolidated Financial Statements and Separate Financial Statements (in Compliance with Ind ASs) | 20 | |
| Recent Developments in Financial Reporting | 10 | |
| Government Accounting in India | 10 | |
| Total | 100 | |
| Indirect Tax Laws and Practice | Goods and Services Tax Act & Rules | 70 |
| Customs Act and Rules | 30 | |
| Total | 100 |
Final Electives
The marks distribution of each section of the papers from the electives section of the final course is provided below in the table.
| Paper | Sections | Marks |
| Strategic Performance Management and Business Valuation | Strategic Performance Management | 50 |
| Business Valuation | 50 | |
| Total | 100 | |
| Risk Management in Banking and Insurance | Risk Management in Banking | 60 |
| Risk Management in Insurance | 40 | |
| Total | 100 | |
| Entrepreneurship and Startup | Entrepreneurial Skill Sets | 15 |
| The Entrepreneurial Eco-system | 15 | |
| Idea to Action | 15 | |
| Value Addition | 15 | |
| Scale Up | 10 | |
| Risk Management Strategies | 10 | |
| Leadership | 10 | |
| Types of New Age Business | 10 | |
| Total | 100 |
Check the latest ICMAI Exam Dates here
ICMAI 2023 Preparation Strategy
The syllabus for the exams is very vast as well as deep. The candidates need to have a very systematic preparation strategy to study for the exam right. Some of the tips to prepare for the exam are given below.
- The best way the candidates can properly prepare for the exam is through a preparation course. This will provide them with the right amount of knowledge in between the right amount of time.
- Understand the topics that are very important for the exam from the syllabus and the exam pattern provided. Concentrate more on the tougher and more important topics.
- Make a study table which is reasonable and does not add up more stress to your routine. This will help prepare for the exam in a very systematic way.
- Ensure that the space you study is quiet and helps you concentrate on the topics more.
- Follow the old-school technique of writing the answers or topics in points and studying. This will help the topic remain longer in your mind. These notes will also become handy in the time of revisions.
ICMAI Preparation Books
The candidates need to make sure that they select quality study materials for their preparations. With good books and materials, the preparation will be strong. Some of the Best ICMAI Preparation Books that can be used by the candidates are as follows. Candidates can also refer to the official study material issued by ICMAI on their official website. It is available in PDF format ICMAI and can be downloaded without any additional fee. Candidates who have registered through postal means will have it dispatched to their contact address. The expected books are as follows:
ICMAI Foundation Course Books
| Sr. No. | Paper | Name of the Book | Author/ Publisher |
| 1 | Fundamentals of Business Law and Business Communication | Fundamentals of Business Communication | Mukesh Chaturvedi |
| 2 | Fundamentals of Financial and Cost Accounting | Fundamentals of Accounting | N S Zad |
| 3 | Fundamentals of Business Mathematics and Statistics | Business Mathematics and Statistics | R.S. Bhardwaj |
| 4 | Fundamentals of Business Economics and Management | Basics of Economics and Management | Anil Dhawan, Karan Raj |
ICMAI Intermediate Course Books
The books for each of the papers from the intermediate course are provided below. Candidates can use the same for their preparations.
Intermediate Group 1
The books for the Group 1 papers are as follows.
| Sr. No. | Paper | Name of the Book | Author/ Publisher |
| 1 | Business Laws and Ethics | Business Law and Ethics: Concepts, Methodologies, Tools, and Applications | Information Resources Management Association |
| 2 | Financial Accounting | Financial Accounting: A Managerial Perspective | R Narayanaswamy |
| 3 | Direct and Indirect Taxation | Practical Approach to Direct & Indirect Taxes | Dr Girish Ahuja, Dr Ravi Gupta |
| 4 | Cost Accounting | Cost Accounting | Sahitya Bhawan Publications |
Intermediate Group 2
The books for the Group 2 papers are as follows.
| Sr. No. | Paper | Name of the Book | Author/ Publisher |
| 1 | Operations Management and Strategic Management | Operations Management | Pearson |
| 2 | Corporate Accounting and Auditing | Corporate Accounting | M Hanif, A Mukherjee |
| 3 | Financial Management and Business Data Analytics | Business Analytics | Wiley |
| 4 | Management Accounting | Management Accounting | S Chand |
ICMAI Final Course Books
The books for each of the papers from the final course are provided below. Candidates can use the same to make their preparations easy.
Final Group 3
The books for the Group 3 papers are as follows.
| Sr. No. | Paper | Name of the Book | Author/ Publisher |
| 1 | Corporate and Economic Laws | Taxmann's Corporate & Economic Laws | C A Pankaj Garg |
| 2 | Strategic Financial Management | Strategic Financial Management | Girish P Jakhotiya |
| 3 | Direct Tax Laws and International Taxation | Taxmann's Direct Tax Laws & International Taxation | CA Ravi Chhawchharia |
| 4 | Strategic Cost Management | Strategic Cost Management | Ravi M Kishore |
Final Group 4
The books for the Group 4 papers are as follows.
| Sr. No. | Paper | Name of the Book | Author/ Publisher |
| 1 | Cost and Management Audit | Cost & Management Audit Paper | Nikkhil Gupta |
| 2 | Corporate Financial Reporting | Taxmann’s Corporate Financial Reporting | Prof Jawahar Lal |
| 3 | Indirect Tax Laws and Practice | Indirect Tax Laws | Mahesh Gour, K M Bansal, V S Datey |
Final Electives
The books for the Elective papers are as follows.
| Sr. No. | Paper | Name of the Book | Author/ Publisher |
| 1 | Strategic Performance Management and Business Valuation | Strategic Performance Management and Business Valuation | Nkkhil Gupta |
| 2 | Risk Management in Banking and Insurance | Principles of Risk Management and Insurance | Pearson |
| 3 | Entrepreneurship and Startup | Entrepreneurship Development | New Age International Publications |
All the details regarding the ICMAI Syllabus can be availed through the Testbook App. Candidates can find details like the syllabus, exam pattern, preparation strategy, learning materials, and related information in the app. Download the Testbook app now.
Last updated on Jun 11, 2025
ICMAI Syllabus 2023 FAQs
How frequently does ICMAI 2023 take place?
The ICMAI 2023 takes place twice a year.
What are the courses for ICMAI admission?
There are 3 levels for ICMAI 2023- foundation course, intermediate course and final course.
What type of questions will be present in the foundation exam?
The exam will contain MCQs.
Which are the best books for ICMAI Basics of Economics and Management?
The best book for the basics of Economics and Management is Basics of Economics and Management by Anil Dhawan and Karan Raj.
How many electives can I choose from the given papers?
Candidates can select any one of the electives from the papers given.