Syllabus
CMA Final Syllabus: Sections and Topics Covered
ICMAI CMA Final (Syllabus 2022) 2026: Objective Components
Ten papers, and the coverage below is spread across all of them rather than describing a single sitting. ICMAI sets each paper separately, and the objective block in every one is 15 compulsory multiple-choice questions worth 30 of that paper's 100 marks. So a topic list this long is a map of ten syllabuses, not one, and the practical use of it is checking which of the ten you have left untouched rather than planning a single revision cycle.
Sections official, topics ours. The section names and counts below are from the official pattern. The topics under them are what this site's own tests cover, not a list the exam body publishes.
Corporate and Economic Laws
15 questions · 30 marks- • Agency
- • Bailment
- • Business ethics
- • Commercial law
- • Company law fundamentals
- • Compliance and ethics
- • Contract formation
- • Corporate authority
- • Corporate governance
- • Directors and governance
- • Ethics and compliance
- • Interpretation of agreements
- • Limited liability partnership
- • Negotiable instruments
- • Partnership
15 topic labels across 15 questions built here.
Strategic Financial Management
15 questions · 30 marks- • Bond valuation
- • Capital budgeting
- • Capital budgeting decisions
- • CAPM
- • Cost of capital
- • Economic value added
- • Equity valuation
- • Foreign exchange risk
- • Interest-rate risk
- • Leverage
- • Options
- • Portfolio return
- • Portfolio theory
- • Working capital management
- • Working capital policy
15 topic labels across 15 questions built here.
Direct Tax Laws and International Taxation
15 questions · 30 marks- • International taxation
- • Tax compliance
- • Tax computation mechanics
- • Accrual of income
- • Anti-avoidance
- • Income computation principles
- • Permanent establishment
- • Tax interpretation
- • Tax treaty analysis
- • Transfer pricing
- • Withholding tax
11 topic labels across 15 questions built here.
Strategic Cost Management
15 questions · 30 marks- • Activity-based costing
- • Budgetary control
- • Cost-volume-profit analysis
- • Decision making
- • Inventory control
- • Joint products
- • Learning curve
- • Limiting factor analysis
- • Process costing
- • Relevant costing
- • Responsibility accounting
- • Standard costing
- • Target costing
- • Throughput accounting
- • Transfer pricing
15 topic labels across 15 questions built here.
Cost and Management Audit
15 questions · 30 marks- • Activity-based costing
- • Analytical procedures
- • Audit assertions
- • Audit evidence
- • Audit sampling
- • Cost-volume-profit analysis
- • External confirmations
- • Internal control
- • Inventory control
- • Limiting factor analysis
- • Relevant costing
- • Standard costing
- • Subsequent events
- • Target costing
- • Transfer pricing
15 topic labels across 15 questions built here.
Corporate Financial Reporting
15 questions · 30 marks- • Accounting estimates
- • Bank reconciliation
- • Business combinations
- • Cash flow statement
- • Depreciation
- • Earnings per share
- • Financial reporting concepts
- • Foreign currency items
- • Impairment
- • Inventory measurement
- • Property, plant and equipment
- • Provisions and contingencies
- • Ratio analysis
- • Recognition principles
- • Revenue recognition
15 topic labels across 15 questions built here.
Indirect Tax Laws and Practice
15 questions · 30 marks- • Indirect tax fundamentals
- • Tax compliance
- • Indirect tax computation
- • Tax interpretation
- • Customs valuation
- • Input tax credit
6 topic labels across 15 questions built here.
Strategic Performance Management and Business Valuation
15 questions · 30 marks- • Business valuation
- • Bond valuation
- • Capital budgeting
- • CAPM
- • Cash-flow analysis
- • Control and minority interests
- • Cost of capital
- • Enterprise to equity value
- • Market multiples
- • Performance measurement
- • Portfolio theory
- • Relative valuation
- • Valuation sensitivity
- • Value-based management
14 topic labels across 15 questions built here.
Risk Management in Banking and Insurance
15 questions · 30 marks- • Asset-liability management
- • Concentration risk
- • Credit risk
- • Credit risk mitigation
- • Expected credit loss
- • Insurance principles
- • Insurance risk management
- • Interest-rate gap
- • Liquidity risk
- • Model risk
- • Operational risk
- • Portfolio risk
- • Risk governance
- • Stress testing
- • Value at Risk
15 topic labels across 15 questions built here.
Entrepreneurship and Startup
15 questions · 30 marks- • Runway and burn
- • Break-even
- • Business model iteration
- • Equity dilution
- • Growth metrics
- • Intellectual property
- • Lean startup
- • Market sizing
- • Platform strategy
- • Product-market fit
- • Startup finance
- • Startup governance
- • Unit economics
- • Venture financing
14 topic labels across 15 questions built here.
Section pattern source: the official notice, checked 9 September 2026.
Frequently asked questions
What sections does the CMA Final syllabus cover?
There are 10 sections: Corporate and Economic Laws, Strategic Financial Management, Direct Tax Laws and International Taxation, Strategic Cost Management, Cost and Management Audit, Corporate Financial Reporting, Indirect Tax Laws and Practice, Strategic Performance Management and Business Valuation, Risk Management in Banking and Insurance and Entrepreneurship and Startup. Those names, and the question counts and marks beside them, come from the official pattern, checked 9 September 2026. What sits under each of them on this page is a different thing: 135 topic labels drawn from the 150 questions built here for this exam, which is a map of what you can practise rather than a list the exam body published.
Is this the official CMA Final syllabus?
No, and the page says so rather than leaving you to work it out. The section pattern is official and linked to the notice it came from; the topics beneath it are the ones this site's own tests cover. They are useful for two things: seeing what you can practise here, and checking a syllabus you already have for gaps. For the syllabus itself, read the exam body's own document, because a topic list assembled from a question bank can be narrower than the syllabus and never wider in a way you should trust.
How many questions are there in the CMA Final paper, and how long is it?
The paper is 150 questions for 300 marks in 540 minutes. There is no negative marking. Knowing that alongside the syllabus is what turns a topic list into a plan: it tells you how many marks each section is actually worth and how many minutes you can afford per question.
How do I practise the CMA Final syllabus?
Sit a full mock before working down any topic list. A list tells you what can be asked; it does not tell you which parts are costing you marks, and that is rarely where a candidate expects. There are 10 free tests for CMA Final here, and the sectional ones let you rebuild a single section once the full paper has shown you which one needs it.