The Institute of Cost Accountants of India (ICMAI)Advanced Professional Level

CMA
Final

The ultimate test on your path to becoming a qualified CMA.

800Total Marks

50%50% aggregate across all papers in the group (Group III or Group IV)

₹25,000Postal / E-learning Tuition Fee

8 papers across 2 groups (Group III: Papers 13–16; Group IV: Papers 17–20)800 (100 per paper × 8 papers)NoneOffline — centre-based

ICMAI · Issued

CMA Final

ICMAI Membership Number

ACMA

Holder

Rahul Sharma

Valid through

7 years

400

You scored

400 / 800 · PASS

Apply for ACMA membership

▸ ABOUT THIS COURSE

CMA Final

CMA (India) is a statutory professional qualification in Cost and Management Accountancy, offered by the Institute of Cost Accountants of India (ICMAI) — the only body in India authorised to grant this credential. The course is structured across three progressive levels: Foundation, Intermediate, and Final. On completing all three levels and fulfilling the practical training requirement, candidates become eligible for ICMAI membership and earn the right to use the "CMA" designation. The curriculum is aligned with international standards set by IFAC (International Federation of Accountants) and IAESB (International Accounting Education Standards Board).

Full NameThe Institute of Cost Accountants of India (ICMAI)

Formerly Known AsThe Institute of Cost & Works Accountants of India (ICWAI)

Official Websitewww.icmai.in

Legal StatusStatutory Body - established under the Cost and Works Accountants Act, 1959, enacted by the Parliament of India

Parent / Oversight BodyMinistry of Corporate Affairs, Government of India

RecognitionGovernment-recognised; sole authority in India to grant and regulate the CMA (India) qualification

HeadquartersCMA Bhawan, 3, Institutional Area, Lodhi Road, New Delhi – 110 003

Course LevelFinal — Advanced Professional Level

▸ WHO THIS IS FOR

Candidates who have cleared both groups of CMA Intermediate and are progressing to the final level of the programme
CA Final-cleared candidates exempted from Intermediate who are entering directly at the Final level
Senior working professionals in finance, cost accounting, audit, or taxation seeking the advanced CMA designation (ACMA)
CS / ACCA members who have entered CMA at the Intermediate level with exemptions and are now completing the Final papers
Anyone targeting roles in cost audit practice, CFO/VP Finance, strategic cost management, or independent practice as a Practicing CMA
Clearing Final + completing 15 months of practical training + obtaining membership grants the ACMA designation — the full CMA (India) qualification. This is the level at which the CMA career outcomes and designation become effective.

▸ ELIGIBILITY & PREREQUISITES

One of the most accessible certifications in India.

Standard

Standard Route

Passed both Group I and Group II of CMA Intermediate under Syllabus 2022

CA Final

Direct Entry (CA Final)

CA Final (ICAI) qualified candidates: fully exempted from both Foundation and Intermediate — may register directly for Final

15 months

Practical Training

15-month practical training must be registered; candidates may appear for Final exams after completing 10 months of training

None

Age Limit

No minimum age specified by ICMAI

Nationality: No explicit restriction; overseas exam centres available (Bahrain, Dubai, Muscat)

▸ PREREQUISITES

1Prior Education: CMA Intermediate cleared (both groups) — OR — CA Final qualified (direct entry)
2Practical Training: 15-month training must be registered before appearing for Final; minimum 10 months completed before exam eligibility. Training can run concurrently with Final coaching.
3Language: Not specified by ICMAI
4Coaching Enrollment: Must enroll at least 4 months before month of examination (oral coaching: 240 lecture hours minimum per group)
5Elective Paper Selection: Must choose ONE elective from Paper 20 options: (A) Strategic Performance Management and Business Valuation, (B) Risk Management in Banking and Insurance, or (C) Entrepreneurship and Startup
6Work Experience: Not required as a registration criterion — practical training fulfils the hands-on requirement

▸ EXEMPTIONS & RELATIONSHIP WITH OTHER EXAMS

The following qualifications grant exemptions from specific Final papers. Candidates must still pass all remaining papers.

CS / ICSI Passed: Paper 13 (Corporate & Economic Laws) Paper 19 (Indirect Tax Laws & Practice) Paper 20B (Risk Management in Banking & Insurance) — Exemption Fee: ₹1,000 per paper (Inland) USD 100 per paper (Overseas)
ACCA Members: Paper 14 (Strategic Financial Management) Paper 16 (Strategic Cost Management) Paper 18 (Corporate Financial Reporting) Plus: any one elective from Paper 20A / 20B / 20C — Exemption Fee: ₹25,000 lump sum (15 papers across all levels — verify at icmai.in/ClntStudents/student_UnderSyllabus2022)
CA Final (ICAI): Full Intermediate exemption — enters directly at Final. No individual paper exemptions within Final. — Exemption Fee: As per ICMAI rules
Engineering / Graduate Engineers: No Final paper exemptions

Must enroll at least 4 months before month of examination (oral coaching: 240 lecture hours minimum per group)

▸ EXAM & ASSESSMENT

Pattern, marking & retake policy.

Number of Papers

8 papers across 2 groups (Group III: Papers 13–16; Group IV: Papers 17–20)

Question Type

Mixed — Objective (MCQs) + Subjective/Descriptive questions

Marks per Paper

100 marks

Total Marks

800 (100 per paper × 8 papers)

Exam Duration

3 hours per paper (10:00 AM – 1:00 PM per official June 2026 timetable)

Negative Marking

None

Exam Mode

Offline — centre-based

Exam Language

English

Elective Paper

Paper 20: Must choose ONE — (A) Strategic Performance Management and Business Valuation, (B) Risk Management in Banking and Insurance, or (C) Entrepreneurship and Startup

Group Flexibility

Can attempt Group III only, Group IV only, or both groups in the same term

Result

Declared approximately 6–7 weeks after examination

▸ MARKING SCHEME

800

800 (100 per paper × 8 papers)

40%

40% marks in each individual paper

50%

50% aggregate across all papers in the group (Group III or Group IV)

Negative Marking: None

▸ EXAM MODE

Mode: Offline — centre-based examination

Overseas Centres: Available in Bahrain, Dubai, and Muscat

Online option: Not available — Final is offline only

▸ PASSING CRITERIA & CUT-OFFS

Minimum per individual paper: 40% marks in each individual paper
Aggregate per group: 50% aggregate across all papers in the group (Group III or Group IV)
Negative Marking: None
Group independence: A passed group is permanently cleared — need not be re-attempted
Both groups cleared: Required before applying for ACMA membership (along with practical training completion)
Elective paper: The chosen elective (20A, 20B, or 20C) counts as a regular paper; same 40% individual + 50% aggregate criteria apply
The exact split between MCQs and subjective questions per paper has not been confirmed from a publicly available official ICMAI document. Described as 'mixed objective and subjective' per the official timetable structure

▸ NUMBER OF ATTEMPTS & RETAKE POLICY

Maximum Attempts: No official cap — ICMAI does not restrict the number of attempts
Cooling Period: None — candidates may re-register for the next available term immediately
Group Flexibility: Final can be attempted one group at a time or both together; a cleared group need not be re-attempted
Registration Validity: Final registration is valid for 7 years — all attempts must be completed within this period

▸ REGISTRATION & FEES

How to register for CMA Final.

All fees subject to applicable GST. Fees NOT accepted in cash or demand draft for Postal/Oral coaching. Instalment facility: Available for Intermediate and Final (domestic students only) — payable across up to 3 terms. Oral coaching is not available for overseas/foreign students — no USD fee exists for oral mode. Postal/E-learning is the only option for foreign students. Late fee: ₹500 additional after standard deadline. Varies by coaching mode, number of attempts, and applicable exemption fees.

Registration is open throughout the year. Candidates must register well before the exam term deadline.

Visit the official admission portal: https://eicmai.in/studentportal/Home

Select CMA Final as the course.

Upload required documents — Intermediate passing certificate (both groups) or CA Final certificate (for direct entry candidates).

▸ FEE BREAKDOWN

Direct from ICMAI portal

Postal / E-learning Tuition Fee

₹25,000

USD 800

Oral Coaching Fee

₹25,000

Not available

Single Group (Group III or Group IV only)

₹1,800

USD 100

Both Groups (Group III + Group IV)

₹3,200

USD 150

Coaching Revalidation — Single Group (Final)

₹1,000

Coaching Revalidation — Both Groups (Final)

₹2,000

De-novo Registration (if registration lapses)

₹5,000

Oral to Postal / Centre Change (once only, within 30 days)

₹500

Study Materials (digital)

Free — available at icmai.in

Both Groups (Group III + Group IV) — Note

Attempt all 8 papers in one term

Qualified CS — per paper exempted (Papers 13, 19, 20B)

₹1,000

USD 100

ACCA Members — 15 papers lump sum (all levels)

₹25,000

—

Total (approximate)

~₹28,200–₹30,000

Source: Direct from ICMAI portal

▸ AT REGISTRATION

CMA Intermediate Passing Certificate (both groups)

Proof of Intermediate clearance

CA Final Certificate (for direct entry candidates only)

Direct Final entry eligibility

Practical Training Registration Proof

Confirm training is registered

Recent passport-size photographs

Profile and records

Valid government-issued photo ID

Identity verification

▸ ON EXAM DAY

Printed Admit Card

Entry to examination centre

Valid government-issued photo ID

Identity verification at centre (Aadhaar, Passport, Driving Licence, Voter ID, or PAN Card)

▸ Scholarships, Waivers & Financial Aid

1Revised Scholarship Scheme (Refund) — 2024: Physically challenged / differently abled students — all levels including Final — Fee refund

2Fee Waiver Scheme for Meritorious Students — 2024: CMA Foundation meritorious students — Tuition fee waiver (Foundation level)

3Revised Scholarship Scheme (Waiver) — 2024: Economically challenged + meritorious — Intermediate — Tuition fee waiver

4CMA National Scholarship Scheme 2024–25: Graduate and Post-Graduate rank holders — Financial assistance

5Government Scholarship Schemes: As per state/central government eligibility — Refer to official ICMAI scholarship document

6Apply / verify current schemes: https://icmai.in/ClntStudents/FinancialAidScholarship

▸ CERTIFICATION & RENEWAL

What you get & how to stay current.

▸ CERTIFICATE / CREDENTIAL AWARDED

Final Passing Certificate / Associate Membership of ICMAI (ACMA)

— issued by ICMAI

Final — Final Passing Certificate — Physical marksheet + DigiLocker (digital)
Final + Practical Training + Membership — Associate Membership of ICMAI (ACMA) — Physical membership certificate issued by ICMAI
ACMA + 5 years + other criteria — Fellow Membership of ICMAI (FCMA) — Physical fellowship certificate issued by ICMAI
Issuing Authority: The Institute of Cost Accountants of India (ICMAI)
Marksheet Format: Physical (issued by ICMAI) + Digital (available on DigiLocker)
Member Verification: Search on official portal: eicmai.in/external/Utility/GeneralSearch/Member/General_Search.aspx
Certificate Expiry: ACMA / FCMA membership does not expire — membership is perpetual subject to annual renewal
Legal Basis: Governed by the Cost Accountants Act, 1959 (as amended by Parliament)

▸ RENEWAL & RECERTIFICATION

Certificate validity: ACMA / FCMA membership does not expire — membership is perpetual subject to annual renewal

To renew before expiry, do one of the following:

Renewal Requirement: Annual membership fee must be paid to maintain active member status

Consequence of Non-Renewal: Member status lapses; professional use of ACMA/FCMA designation not permitted until reinstated

Reinstatement: Available on payment of arrears and applicable restoration fee

Members holding Certificate of Practice (CoP) — Practicing CMAs: 30 CPE hours per year — Structured + Unstructured; minimum 14 hours physical (per 2024-25 guidelines)

Non-practicing members (in industry / employment): Mandatory — refer to ICMAI CPE Guidelines 2024 Annexure A for exact hours — Online and physical modes accepted

The first year of membership is exempt from CPE compliance.

Carry Forward: Not allowed — excess CPE hours cannot be carried to the next year

Certificate of Practice (CoP) Renewal Cycle: Annual — must be renewed by 31 March each year

Certificate of Practice (CoP): 30 CPE hours must be completed before CoP renewal; consequence of non-renewal — Cannot sign cost audit reports or practice as a Cost Auditor; Governing Authority — ICMAI — Peer Review Board (PRB) oversees practicing members

The CMA qualification (ACMA/FCMA membership) does not expire. However, to remain in good standing, members must comply with annual membership renewal and CPE requirements.

CPE requirements apply to all ICMAI members under the CPE Guidelines 2024 (effective 1 April 2024, updated October 2025). The first year of membership is exempt from CPE compliance.

Marksheets available via DigiLocker — confirmed in official June 2026 timetable circular

Certificate of Practice (CoP) — Who Needs It: ACMA/FCMA members wishing to practice independently (sign cost audit reports, etc.)

▸ Designation / Title Permitted

On becoming a member of ICMAI, professionals are entitled to use the following officially recognised designations:

1Associate Member — Post-Nominal Title: ACMA — Prefix Permitted: CMA — Example Usage: CMA Ravi Sharma, ACMA

2Fellow Member — Post-Nominal Title: FCMA — Prefix Permitted: CMA — Example Usage: CMA Harshit Mishra, FCMA

3The designation 'CMA' and post-nominals 'ACMA' / 'FCMA' are legally protected under the Cost Accountants Act, 1959.

4Only members of ICMAI are authorised to use these titles in India. Unauthorised use is a punishable offence under the Act.

5The 'CMA' prefix (before name) and 'ACMA'/'FCMA' post-nominal (after name) can be used together or independently.

6Students who have passed all exams but are awaiting formal membership admission may not use these titles until membership is officially granted.

▸ Completion & Certification

Duration to Complete

ICMAI does not prescribe a fixed minimum duration. Coaching enrollment must be completed at least 4 months before the month of examination.

Registration Validity

7 years — all Final attempts must be completed within this period

Practical Training (mandatory)

15 months total; minimum 10 months completed before Final exam eligibility

▸ CAREER & MARKET DATA

Where this certification takes you.

Fresher (0–2 yrs)

₹4 – 7 LPA (Campus: ₹6 – 12 LPA in metro cities)

Indicative range · India

Cost Accountant / Junior Cost Accountant

Financial Analyst (Junior)

Management Trainee (Finance)

Mid-Level (3–7 yrs)

₹10 – 18 LPA

Indicative range · India

Senior Cost Accountant

Cost Controller

Financial Controller

Senior (7–15 yrs)

₹20 – 35 LPA

Indicative range · India

Finance Manager

Strategic Finance Head

VP Finance

Leadership (15+ yrs)

₹35 LPA+

Indicative range · India

Chief Financial Officer (CFO)

Director Finance

Group CFO

PSU Roles (All levels)

₹7 – 12 LPA

Indicative range · India

Cost Accountant

MIS Manager

Plant Finance Manager

▸ TOP RECRUITERS

Industries and organisations that recruit CMA Final qualified candidates.

Consulting / Big 4

DeloittePwCKPMGErnst & Young (EY)Accenture

Public Sector Undertakings (PSUs)

ONGCIndian OilGAILNTPCBHELSAILHALBEMLTata Power

Manufacturing & Industry

ITCVedantaL&TBoschFordHULReliance IndustriesSaint GobainBerger PaintsNestleArvind Brands

IT & Tech Services

InfosysTCSWiproTech MahindraGenpactCapgemini

Financial Services / Banking

Kotak Mahindra BankHDFC Bank (via placement drives)

Diversified / Conglomerates

Reliance JioTata ProjectsQuest GlobalVedanta Group

▸ INDIA vs. GLOBAL DEMAND

Total ICMAI Members: 100,000+ members (ICMAI Annual Report 2023–24)

Total Registered Students: 500,000+ students (ICMAI Annual Report 2023–24)

ICMAI's Global Rank: 2nd largest Cost & Management Accounting body in the world; largest in Asia (CMA Syllabus 2022 official document, ICMAI)

▸ AFFILIATED / ACCEPTING ORGANISATIONS

IGNOU (Indira Gandhi National Open University): MOU with ICMAI — students can pursue IGNOU programmes alongside CMA; credit transfer and dual benefit arrangements. Official MOU page: icmai.in/ClntAbout/MOU_IGNOU

Association of Indian Universities (AIU): CMA course recognised by AIU — confirms academic equivalence of the CMA qualification

Ministry of Corporate Affairs, Government of India: Sole body authorised under the Companies Act 2013 to conduct Cost Audit — CMA qualification is legally mandated for cost audit functions

IFAC Member Countries: Through ICMAI's IFAC membership, CMA India professionals gain recognition under the Mutual Recognition Agreement (MRA) framework in various member countries under GATS/WTO

CIMA (UK): MOU with mutual recognition arrangement — CMA India members can gain credit toward CIMA qualification and vice versa

IMA (USA): MOU — international recognition of CMA India members by the Institute of Management Accountants

IPA (Insolvency Professionals Association — ICMAI): ICMAI members recognised as eligible to become Insolvency Professionals under the Insolvency and Bankruptcy Code, 2016

▸ HOW IT STACKS UP

How it stacks up against alternatives.

A factual side-by-side against the certifications people most often compare it to.

Difficulty Level & Pass Rate

Difficulty Level

Difficult — advanced strategic and applied papers across 8 subjects including elective. Low official pass rate even with no cap on attempts. Requires deep technical and strategic knowledge.

Official Pass Rate

Final (Both Groups): June 2025 — 18.64%; Dec 2025 — 25.55%; Dec 2024 — 22.46%

Pass Rate Outlook

~18% – 26%. Pass rates are official figures reported by ICMAI and published by Careers360 citing ICMAI's result announcements. Official Pass Rates — Recent Terms (Syllabus 2022): Foundation — June 2025: Not officially published; Dec 2025: Not officially published; Dec 2024: Not officially published; Observed Range: —. Intermediate (Both Groups) — June 2025: 13.75%; Dec 2025: 22.87%; Dec 2024: 17.77%; Observed Range: ~14% – 23%. Final (Both Groups) — June 2025: 18.64%; Dec 2025: 25.55%; Dec 2024: 22.46%; Observed Range: ~18% – 26%. Pass Rate Comparison — Available Data: CMA India (ICMAI) Intermediate (Both Groups): ~14% – 23% (Syllabus 2022; Dec 2024–Dec 2025); CMA India (ICMAI) Final (Both Groups): ~18% – 26% (Syllabus 2022; Dec 2024–Dec 2025); CA (ICAI) Intermediate (May 2025): ~11–15% (ICAI officially declared result); CA (ICAI) Final (May 2025): ~8–13% (ICAI officially declared result); CS (ICSI) Executive / Professional: ~25–40% (varies by term; ICSI published results); ACCA (UK) Individual paper level: ~40–55% per paper (ACCA global pass rate data).

Mock Tests

https://icmai.in/ClntStudents/MCQBankFinal

CertificationDurationCost (India)RecognitionKey Distinction

CMA India (ICMAI)

This course

3–3.5 years (after Class 12) 2–2.5 years (after graduation)

~₹65,000–75,000 (all 3 levels)

ICMAI (Govt. of India / MCA) · India — statutory; legally mandated for cost audit; IFAC member body

Cost accounting, management accounting, strategic cost management, cost audit

CA (Chartered Accountant)

4.5–5 years (after Class 12); includes 3-year articleship

~₹50,000–1,00,000 (all 3 levels + articleship stipend)

ICAI (Govt. of India / MCA) · India + MRA-linked countries (UK, Australia, Canada, UAE, NZ); IFAC member body

Financial statement audit, taxation, corporate finance — broader scope; sole authority for statutory audit in India

CS (Company Secretary)

3–5 years (after Class 12)

~₹30,000–60,000 (all 3 levels)

ICSI (Govt. of India / MCA) · India — statutory; ICSI is an IFAC associate member; primary recognition is India-centric

Corporate law, governance, secretarial practice, SEBI/RBI/MCA compliance, board advisory

ACCA (UK)

3–4 years (13 papers + 3 years relevant experience)

~₹2,50,000–4,00,000 (registration + all exam fees, approx.)

ACCA (UK — Association of Chartered Certified Accountants) · Global — 180+ countries; IFAC member; widely accepted in UK, EU, Middle East, Asia

Broad accounting, audit, tax, financial management; strong global mobility; recognised by ICMAI for paper exemptions in CMA

Can be pursued alongside other studies or work.

Can Final be pursued while working (employed)? Yes — no official restriction. Postal coaching is fully self-paced. Oral coaching: 4 months of classes per group (240 lecture hours), manageable alongside work.

Official restriction on simultaneous other professional courses? No official restriction from ICMAI on pursuing CMA alongside CA, CS, MBA, or other courses simultaneously.

Can practical training run alongside Final exams? Yes — after completing 10 months of training, candidates are eligible to appear for Final exams. Training and Final exam attempts can overlap.

Can Final be done while pursuing CA articleship? Practically possible — CMA coaching is self-paced (postal mode). No official restriction from either ICMAI or ICAI.

Common combinations at this stage: CMA Final + CIMA (UK) credit pathway; CMA Final + IMA (USA) international recognition; CMA + MBA (Finance) for senior roles.

Exam schedule flexibility: Exams twice a year (June & December); can attempt one group at a time; no compulsory sequential sitting.

▸ UPDATES & RESOURCES