- The CMA course in India is conducted by the Institute of Cost Accountants of India (ICMAI), formerly ICWAI, and follows the Syllabus 2022 with 20 papers across Foundation, Intermediate and Final
- Official course fees are Rs 6,000 for Foundation, Rs 23,100 for Intermediate and Rs 25,000 for Final, exclusive of GST
- Graduates in any discipline except fine arts can enter directly at the Intermediate level.
What Is the CMA Course?
CMA, the Cost and Management Accountant qualification, is awarded by the Institute of Cost Accountants of India (ICMAI), formerly ICWAI. It trains students in cost control, budgeting, taxation and management accounting across three stages, Foundation, Intermediate and Final, preparing them for finance and costing roles in Indian and multinational firms.
If you want to build a career in management accounting, the Cost and Management Accountant (CMA) course is a strong option. It is awarded by the Institute of Cost Accountants of India (ICMAI), which was formerly known as the Institute of Cost and Works Accountants of India (ICWAI). ICWAI and ICMAI refer to the same body, so the terms ICWAI and CMA are often used interchangeably.
The CMA course is divided into three progressive stages, each acting as a stepping stone toward becoming a qualified Cost and Management Accountant:
- CMA Foundation
- CMA Intermediate
- CMA Final
What Are the CMA Course Subjects in 2026?
Under the ICMAI Syllabus 2022, the CMA course has 20 papers. The Foundation level has 4 papers, the Intermediate level has 8 papers split into two groups, and the Final level has 8 papers including one elective. Subjects span accounting, law, taxation, cost and management audit, and strategic financial management.
In total, the CMA course under the Syllabus 2022 has 20 papers distributed across the three levels. The structure was revised from the older 2016 syllabus, so the paper names and groupings below reflect the current curriculum published by ICMAI.
CMA Foundation (Syllabus 2022)
- Paper 1: Fundamentals of Business Laws and Business Communication
- Paper 2: Fundamentals of Financial and Cost Accounting
- Paper 3: Fundamentals of Business Mathematics and Statistics
- Paper 4: Fundamentals of Business Economics and Management
CMA Intermediate (Syllabus 2022)
- Paper 5: Business Laws and Ethics
- Paper 6: Financial Accounting
- Paper 7: Direct and Indirect Taxation
- Paper 8: Cost Accounting
- Paper 9: Operations Management and Strategic Management
- Paper 10: Corporate Accounting and Auditing
- Paper 11: Financial Management and Business Data Analytics
- Paper 12: Management Accounting
CMA Final (Syllabus 2022)
- Paper 13: Corporate and Economic Laws
- Paper 14: Strategic Financial Management
- Paper 15: Direct Tax Laws and International Taxation
- Paper 16: Strategic Cost Management
- Paper 17: Cost and Management Audit
- Paper 18: Corporate Financial Reporting
- Paper 19: Indirect Tax Laws and Practice
- Paper 20: One elective - Strategic Performance Management and Business Valuation (20A), Risk Management in Banking and Insurance (20B), or Entrepreneurship and Startup (20C)
What Is the CMA Course Eligibility?
For CMA Foundation, a candidate must have passed Class 10 and the Senior Secondary (10+2) examination from a recognised board. For CMA Intermediate, students need either a pass in CMA Foundation or a bachelor's degree in any discipline except fine arts, allowing graduates direct entry without the Foundation stage.
Eligibility for CMA Foundation
- Passed Class 10 from a recognised board of education.
- Passed the Senior Secondary Examination (10+2) from a recognised board, or an examination recognised by the Central Government as equivalent.
- A candidate may register provisionally while pursuing 10+2 and becomes eligible to appear only after passing 10+2.
Eligibility for CMA Intermediate
- Passed CMA Foundation of the Institute of Cost Accountants of India, along with 10+2.
- Holds a bachelor's degree in any discipline other than fine arts, which gives graduates direct entry.
- Passed the Foundation (Entry Level) Part I examination of CAT of the Institute, or the ICSI Foundation or ICAI Intermediate, along with 10+2.
What Are the CMA Course Fees in 2026?
As per the ICMAI revised fee structure, the CMA course fees are Rs 6,000 for Foundation, Rs 23,100 for Intermediate and Rs 25,000 for Final, exclusive of GST. The Intermediate fee can be paid in two instalments of Rs 12,000 and Rs 11,100, while Foundation is a single payment.
| CMA Level 2026 | Course Fee (INR) |
|---|---|
| CMA Foundation | Rs 6,000 |
| CMA Intermediate | Rs 23,100 |
| CMA Final | Rs 25,000 |
These are the ICMAI course/tuition fees and are exclusive of GST and the separate examination fees, which are about Rs 2,800 for Intermediate and Rs 3,200 for Final, covering both groups. The registration fees are neither refundable nor transferable, so candidates should register and pay on time to remain eligible for their chosen examination term.
How Do You Register for the CMA Course?
Registration for the CMA course is done online through the ICMAI student admission portal at icmai.in, in either online or postal mode. Admission stays open year-round, but to appear in a given term candidates must register about four months before the exam, with 31 July the cut-off for the December session.
The institute keeps registration open throughout the year, but each examination term has a cut-off. To appear in a particular term, candidates must complete registration roughly four months in advance, the cut-off being 31 January for the June term and 31 July for the December term. A student pursuing 10+2 or graduation can register provisionally and convert to regular status once the qualifying result is declared.
How to Write an SOP for MBARead →What Is the Scope and Salary After CMA?
CMAs work across private firms, listed companies, multinationals, banks, public-sector undertakings and academia in roles such as cost accountant, financial analyst, finance manager and CFO. According to ICMAI placement data, fresher CMAs in India typically earn around Rs 4 to 12 lakh per annum, with average campus packages near Rs 13 lakh.
CMAs have a wide range of industries and sectors to choose from after completing the course. They find employment in private firms, small-scale companies, large publicly listed companies, multinational corporations, public-sector undertakings, banks and academia.
- Cost Accountant
- Budget Analyst
- Financial Analyst
- Internal Auditor
- Finance Manager
- Vice President of Finance
- Chief Financial Officer (CFO)
- Chief Executive Officer (CEO)
Thousands of students enrol for the CMA course every year. According to ICMAI placement data, fresher CMAs in India typically earn around Rs 4 to 12 lakh per annum, while the average campus placement package is close to Rs 13 lakh and senior CMAs can earn well above Rs 20 lakh with experience.