CMA Intermediate
The CMA Intermediate Course by ICMAI is a crucial step for students aspiring to become professional Cost and Management Accountants in India. Designed by the Institute of Cost Accountants of India (ICMAI), this program builds on the foundation level and prepares candidates with advanced knowledge in financial accounting, taxation, cost management, and corporate laws. The updated CMA Intermediate syllabus 2025 ensures that learners gain practical insights into modern business practices, compliance requirements, and strategic decision-making.
Divided into two groups, the course covers subjects such as Financial Accounting, Laws & Ethics, Direct and Indirect Taxation, Cost Accounting, Operations Management, and Strategic Management. By mastering these areas, students develop the skills to analyze financial data, optimize costs, and contribute to organizational growth.
CMA Intermediate Latest Syllabus & Subjects
CMA Intermediate Group 1 Syllabus and Structure (New Syllabus)
- Paper 1: Financial Accounting
- Paper 2: Law and Ethics
- Paper 3: Direct Taxation
- Paper 4: Cost Accounting
CMA Intermediate Group 2 Syllabus and Structure (New Syllabus)
- Paper 5: Operations Management & Strategic Management
- Paper 6: Cost and Management Accounting and Financial Management
- Paper 7: Indirect Taxation
- Paper 8: Company Accounts & Audit
CMA Intermediate Syllabus
CMA Intermediate Group 1 :
Paper-1: Financial Accounting (FAC)
Section – A: Accounting :
- Fundamentals of Accounting
- Accounting for Special Transactions
Section – B: Preparation of Financial Statements :
- Preparation of Final Accounts of Profit Oriented organizations, Non-Profit Organizations and from Incomplete Records.
- Partnership Accounts
Section – C: Self-Balancing Ledgers, Royalties, Hire Purchase & Installment System, Branch & Departmental Accounts :
- Self-Balancing Ledgers.
- Royalties, Hire-Purchase and Installment System.
- Branch and Departmental Accounts
Section – D: Accounting in Computerized Environment and Accounting Standards :
- Overview of Computerized Accounting
- Accounting Standards
Paper-2 : Laws and Ethics
Section A- Commercial Laws
- Laws of Contracts (Advanced level)
- Laws relating to Sale of Goods (Advanced level)
- Negotiable Instruments Act,1881 (Advanced Level)
- Indian Partnership Act, 1932
Section B- Industrial Laws
- Factories Act, 1948
- Payment of Gratuity Act, 1972
- Employees Provident Fund and Miscellaneous Provisions Act, 1952
- Employees State Insurance Act, 1948
- Payment of Bonus Act, 1965
- Minimum Wages Act, 1948
- Payment of Wages Act, 1936
- Pension Fund Regulatory and Development Authority Act, 2013
Section C- Corporate Law
- Companies Act, 2013
Section D- Ethics
- Business Ethics.
Paper-3 :Direct Taxation (DTX)
Section A- Income Tax Act Basics 10%
- Introduction to Income Tax Act, 1961
- Income is not part of Total Income
Section B- Head of Income, Computation of Total Income and Tax
- Heads of Income and Computation of Total Income
- Clubbing Provisions and the Set-off and Carry forward of Losses
- Assessment of Income and tax liability of different people
Section C- Tax Management, Administrative Procedures and ICDS
- TDS, TCS and Advance Tax
- Administrative Procedures
- Income Computation and Disclosure Standards – (ICDS)
Paper-4 :Cost Accounting (CA)
Section A- Introduction to Cost Accounting
- Cost Ascertainment – Elements of Cost
- Cost Accounting Standards
- Cost Bookkeeping
Section B: Methods of Costing
- Methods of Costing
Section C: Cost Accounting Techniques
- Cost Accounting Techniques
CMA Intermediate Group 2 :
Paper-5 : Operation Management & Strategic management (OMSM)
Section A- Operations Management
- Operations Management – Introduction
- Operations Planning
- Designing of Operational Systems and Control
- Production Planning and Control
- Productivity Management and quality management
- Project Management
- Economics of Maintenance and spares management
Section B- Strategic Management
- Strategic Management Introduction
- Strategic Analysis and Strategic Planning
- Formulation and Implementation of Strategy
Paper-6 : Cost and Management Accounting, Financial Management
Section A- Cost, Management Accounting and Financial Management
- Cost and Management Accounting – Introduction
- Decision Making Tools
- Budgeting and Budgetary Control
- Standard Costing and Variance Analysis
- Learning Curve
Section B- Financial Management
- Introduction to Financial Management
- Tools for Financial Analysis and Planning
- Working Capital Management
- Cost of Capital, Capital Structure Theories, Dividend Decisions
- Capital Budgeting – Investment Decisions
Paper-7 : Indirect Taxation (ITX)
Section A- Canons of Taxations
- Indirect Tax GST
Section B - Customs Laws
- Basic Concepts.
- Types of Duties.
- Valuation under Customs.
- Import and Export Procedure.
- Customs Rules, 2017.
Paper-8 : Operations Management & Strategic Management
Section A- Accounts of Joint Stock Companies (50%)
- Accounting of Shares and Debentures
- Presentation of Financial Statements
- Cash Flow Statement
Section B- Auditing (50%)
- Accounts of Banking, Electricity and Insurance Companies.
- Accounting Standards.
CMA Intermediate Course Eligibility :
- Cleared the 10+2 exams.
- Cleared the CMA Foundation exams.
- Foundation or entry level of Common Admission Test (CAT) by Institute of Cost Accountants of India (ICAI)
- A student should have a Bachelor’s degree except in fine arts.
- Cleared CA Foundation , Cleared CS Foundation or the Intermediate level of CA.
Frequently Asked Questions
What is the Duration of the CMA Intermediate Course?
The total duration of the CMA Intermediate Course is three years.
Is there any Articleship in the CMA Course?
Yes, students have to do 15 months of Articleship in the CMA Course. It can be done before Appearing in the CMA Final Exam.