CMA Foundation June 2023 – Everything you want to Know: Dates, Registration, Eligibility, Syllabus, Exam Pattern, and Study Pattern

Cost and Management Accountancy Course offered by the Institute of Cost Accountants of India

Students are more inclined in understanding the concepts of costing and management accounting and applying them in the practical work of field, they usually opt for this course instead of Company Secretary or Chartered Accountancy Course. 

The different stages of examination includes the following-

• Foundation Programme
• CMA Intermediate Programme
• CMA Final Programme

Eligibility Criteria (excluding exemptions)

Eligibility for Admission:
(a)	A candidate should have passed Class 10 or equivalent from a recognized Board or Institution.
(b)	Passed Senior Secondary Examination under 10+2 scheme of a recognized Board or an Examination recognized by the Central Government as equivalent thereto or has passed National Diploma in Commerce Examination held by the All India Council for Technical Education or any State Board of Technical Education under the authority of the said All India Council, or the Diploma in Rural Service Examination conducted by the National Council of Higher Education. Incumbents waiting for the result can apply for provisional admission
Fee:
Cost of Prospectus – Rs. 250/- Click here For complete fee details
Documents to be enclosed with application form:
Students desirous to apply for Registration ONLINE can Click here for details
1.	Attested Copy of Matriculation Certificate
2.	Attested copy of 10+2 Certificate or Marks Statement
3.	3(Three) Passport size photographs – (One pasted on application form, one pasted on identity card and one to be attached with application)
(Attestation should be by any member of The Institute of Cost Accountants of India /The Institute of Chartered Accountants of India/ The Institute of Company Secretaries of India/Parliament/State Legislative Assembly or a Gazetted Officer or a Principal of a college)

When to apply:

Admission to foundation course for the ICAI course is open throughout the year However, Students desirous to appear for June Term Examination should apply before 31st January of that year and for December Term Examination should apply before 31st July of that year.

CMA Foundation Important dates

CMA Registration 2023	Dates for July session	Dates for December session
Last date for registration to Foundation course	July 2023	August 2023
Last date for Registration to Intermediate course	To be Announced	July 2023
Last date for Enrollment to Intermediate course	To be Announced	July 2023
Last date of Revalidation for Inter/Final Course	To be Announced	September 2023
Last Date of Application for Paper-wise Exemptions, Submitting Training Completion Certificates and De-Novo Registration	Before filling an application form	Before filling an application form
Last date for Submission of Exam Form	To be Announced	October 2023
Last Date for Submitting Online T-4 Form	To be Announced	November 2023
Exam date	September 2023	December 2023

Examination Fees

• Inland Candidate Rs. 1200/-
• Overseas Candidate US $ 60

Documents required 

Along with the documents, candidates must also be ready with the following details:

• Contact details including a permanent address, a working mobile number and a valid email ID
• Scanned copy of passport size coloured photograph (JPG OR JPEG format) (Dimension 3.5cm X 4.5 cm). Size of the same should not exceed 200kb
• Certificate of age proof in (PDF format). Size of the same should not exceed 600kb
• Scanned copy of Signature in (JPG OR JPEG format) (Dimension 500 X 150 pixels). Size of the same should not exceed 100kb
• Certificates of educational qualification in (PDF format). Size of the same should not exceed 600kb

Procedure for registration

1. Application Forms for Foundation Examination has to be filled up through online and fees will be accepted through

online mode (including Payfee Module of IDBI Bank).

2. STUDENTS FROM OVERSEAS HAVE TO APPLY OFFLINE AND SEND DD ALONGWITH THE FORM.

3. (a) Students can login to the website www.icmai.in and apply online through payment gateway by using Credit/Debit card or Net banking.

(b) Students can also pay their requisite fee through pay-fee module of IDBI Bank.

4. Last date for receipt of Examination Application Forms is 13th November, 2022.

5. The Foundation Examination will be conducted in M.C.Q Mode through online from home.

6. Each paper will carry 100 marks 50 Multiple Choice Questions (Each Question will carry 2 Marks).

Each session will have a total of 100 Multiple Choice Questions of 200 marks.

7. All Candidates/students are encouraged to appear in the Foundation examination through online

mode using mobile/laptop/desktop/tab from their home.

8. Candidates/students are requested to appear the Foundation Examination from their home only by

logging within the time span given. Login credentials and URL link will be given in due time.

9. It may be noted that if any candidate/student gets disconnected while taking the examination, they

may login again in the same device to finish the rest of the examination.

10. A candidate/student who is completing all conditions for appearing in the examination as per

Regulations will only be allowed to appear for the examination.

11. Probable date of publication of result: To be announced in due course.

CMA Foundation is the qualifying entrance test for registration to the Cost Accountancy Course. It’s a national level examination.

Syllabus – Foundation Course Curriculum

PAPER 1: FUNDAMENTALS OF BUSINESS LAWS AND BUSINESS COMMUNICATION (FBLC)

PAPER 2: FUNDAMENTALS OF FINANCIAL AND COST ACCOUNTING (FFCA)

PAPER 3: FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS (FBMS)

PAPER 4: FUNDAMENTALS OF BUSINESS ECONOMICS AND MANAGEMENT (FBEM)

Marks weightage of the four subjects

Subject	Marks
PAPER 1: FUNDAMENTALS OF BUSINESS LAWS AND BUSINESS COMMUNICATION (FBLC)	100
PAPER 2: FUNDAMENTALS OF FINANCIAL AND COST ACCOUNTING (FFCA	100
PAPER 3: FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS (FBMS)	100
PAPER 4: FUNDAMENTALS OF BUSINESS ECONOMICS AND MANAGEMENT (FBEM)	100

Paper 1- FUNDAMENTALS OF BUSINESS LAWS AND BUSINESS COMMUNICATION (FBLC)

Module no	Module Description	Weight
Section A: Fundamentals of Business Laws                        80%
1	Introduction	10%
2	Indian Contracts Act, 1872	30%
3	Sale of Goods Act, 1930	20%
4	Negotiable Instruments Act,1881	20%
Section B: Business Communication                                 20%
5	Business Communication	20%

Paper 2 FUNDAMENTALS OF FINANCIAL AND COST ACCOUNTING (FFCA)

Module no	Module Description	Weight
Section A: Fundamentals of Financial Accounting                       70%
1	Accounting Fundamentals	30%
2	Accounting for Special Transactions	15%
3	Preparation of Final Accounts	25%
Section B: Fundamentals of Cost Accounting                                 30%
4	Fundamentals of Cost Accounting	30%

Paper 3 FUNDAMENTALS OF BUSINESS MATHEMATICS AND

STATISTICS (FBMS)

Module no	Module Description	Weight
Section A: Fundamentals of Business Mathematics                      40%
1	Arithmetic	15%
2	Algebra	20%
3	Calculus- Application in Business	05%
Section B: Fundamentals of Business Statistics                               60%
4	Statistical Representation of Data	05%
5	Measures of Central Tendency and Dispersion	15%
6	Correlation and Regression	15%
7	Probability	15%
8	Index Numbers and Time Series	10%

Paper 4 FUNDAMENTALS OF BUSINESS ECONOMICS AND MANAGEMENT (FBEM)

Module no	Module Description	Weight
Section A: Fundamentals of Business Economics                     70%
1	Basic Concepts	15%
2	Forms of Market	20%
3	Money and Banking	20%
4	Economic and Business Environment	15%
Section B: Fundamentals of Management                              30%
5	Fundamentals of Management	30%

Understanding Syllabus of CMA Foundation

The Institute has prescribed detailed syllabus w.r.t. each paper and content which will be part of the test. Following are the topics and subjects which are required to be part of the test. Students are expected to understand and have a proper grip on the topics. A proper SWOT analysis should be done by the students w.r.t. topics. The focus should be more on the topics/ subjects which seems tough or difficult for them.

FUNDAMENTALS OF BUSINESS LAWS ANDBUSINESS COMMUNICATION (FBLC)
SECTION A: FUNDAMENTALS OF BUSINESS LAWS	Introduction1.1 Sources of Law1.2 Legislative Process in India1.3 Legal Methods and Court System in India1.4 Primary and Subordinate Legislation Indian Contracts Act, 18722.1 Essential Elements of a Contract, Offer and Acceptance2.2 Void and Voidable Agreements, No Consideration No Contract2.3 Consideration, Legality of Object and Consideration2.4 Capacity of Parties, Free Consent2.5 Contingent Contracts2.6 Performance of Contracts2.7 Meaning of Indemnity, Guarantee, Pledge, Agent2.8 E-Contracts and E-Signature – Meanings and Requirements2.9 Discharge of Contracts2.10 Breach of Contract and Remedies for Breach of Contract Sale of Goods Act, 19303.1. Definition3.2. Transfer of Ownership3.3. Essential Conditions of a Contract of Sale3.4. Conditions and Warranties3.5. Performance of the Contract of Sale3.6. Rights of Unpaid Seller Negotiable Instruments Act, 18814.1. Characteristics of Negotiable Instruments4.2. Definitions of Promissory Note, Bill of Exchange and Cheque4.3. Difference between Promissory Note, Bill of Exchange and Cheque4.4. Crossing – Meaning, Definition and Types of Crossing4.5. Dishonour of Cheques (Section 138)
SECTION B: BUSINESS COMMUNICATION	Business Communication5.1 Introduction to Business Communication5.2 Features of Effective Business Communication5.3 Process of Communication5.4 Types of Business Communication5.4.1 Formal and Informal Communication5.4.2 Written, Verbal and Non-verbal Communication5.4.3 Vertical, Horizontal and Diagonal Communication5.4.4 Upward and Downward Communication5.5 Internet-based Business Communication5.6 Do’s and Don’ts of Communication through Social Media5.7 Writing and Drafting for Business Audiences5.7.1 Letter and Memorandum5.7.2 Report – Formal and Informal5.7.3 Business Proposal5.7.4 Enhancement of Writing Skills5.8 Intercultural and International Business Communication5.9 Barriers to Business Communication5.10 Legal Aspects of Business Communication5.11 Use of Graphics and References for Business Communication

FUNDAMENTALS OF FINANCIAL ANDCOST ACCOUNTING (FFCA)
SECTION A: FUNDAMENTALS OF FINANCIAL ACCOUNTING	Accounting Fundamentals1.1 Understanding of Four Frameworks of Accounting (Conceptual, Legal, Institutional andRegulatory) and Forms of Organization1.2 Accounting Principles, Concepts and Conventions1.3 Capital and Revenue Transactions – Capital and Revenue Expenditures, Capital and RevenueReceipts1.4 Accounting Cycle – Charts of Accounts and Codification Structure, Analysis of Transaction –Accounting Equation, Double Entry System, Books of Original Entry, Subsidiary Books andFinalisation of Accounts1.5 Journal (Day Books; Journal Proper – Opening, Transfer, Closing, Adjustment and RectificationEntries), Ledger1.6 Cash Book, Bank Book, Petty Cash Book, Bank Reconciliation Statement1.7 Trial Balance1.8 Adjustment Entries and Rectification of Errors 1.9 Depreciation (Straight Line and Diminishing Balance Methods only) 1.10 Accounting Treatment of Bad Debts and Provision for Doubtful Debts Accounting for Special Transactions2.1 Consignment2.2 Joint Venture2.3 Bills of Exchange (excluding Accommodation Bill, Insolvency) Preparation of Final Accounts3.1 Preparation of Financial Statements of Sole Proprietorship3.1.1 Income Statement, Balance Sheet3.2 Preparation of Financial Statements of a Not-for-Profit Organisation3.2.1 Preparation of Receipts and Payments Account3.2.2 Preparation of Income and Expenditure Account3.2.3 Preparation of Balance Sheet
SECTION B: FUNDAMENTALS OF COST ACCOUNTING	Fundamentals of Cost Accounting4.1 Meaning, Definition, Significance of Cost Accounting, its Relationship with Financial Accounting4.2 Application of Cost Accounting for Business Decisions4.3 Definition of Cost, Cost Centre, Cost Unit and Cost Drivers4.4 Classification of Costs (with reference to Cost Accounting Standard 1)4.5 Ascertainment of Cost and Preparation of Statement of Cost and Profit (Cost Sheet)

FUNDAMENTALS OF BUSINESS MATHEMATICS ANDSTATISTICS (FBMS)
SECTION A: FUNDAMENTALS OF BUSINESS MATHEMATICS	1. Arithmetic1.1 Ratios, Variations and Proportions1.2 Time Value of Money and Annuity – Simple and Compound Interest1.3 Arithmetic Progression and Geometric Progression1.4 Time and Distance 2. Algebra2.1 Set Theory, including Venn Diagram2.2 Indices and Logarithms (Basic Concepts)2.3 Permutation and Combinations (Basic Concepts)2.4 Quadratic Equations (Basic Concepts) 3. Calculus – Application in Business3.1 Concept of Calculus and its Application in Business3.2 Revenue and Cost Function3.3 Optimisation Techniques (Basic Concepts)
SECTION B: FUNDAMENTALS OF BUSINESS STATISTICS	4. Statistical Representation of Data4.1 Diagrammatic Representation of Data4.2 Frequency Distribution4.3 Graphical Representation of Frequency Distribution – Histogram, Frequency Polygon Curve,Ogive, Pie-chart 5. Measures of Central Tendency and Dispersion5.1 Mean, Median, Mode, Mean Deviation5.2 Range, Quartiles and Quartile Deviation5.3 Standard Deviation5.4 Co-efficient of Variation5.5 Karl Pearson and Bowley’s Co-efficient of  Skewness6. Correlation and Regression6.1 Scatter Diagram6.2 Karl Pearson’s Co-efficient of Correlation6.3 Regression Analysis 7. Probability7.1 Concepts and Terminologies7.2 Primary applications of Probability Theorems 8. Index Numbers and Time Series8.1 Uses of Index Numbers, Methods of Construction of Index Number8.2 Components of Time Series and Calculation of Trend by Moving Average Method
FUNDAMENTALS OF BUSINESS ECONOMICS ANDMANAGEMENT (FBEM)
SECTION A: FUNDAMENTALS OF BUSINESS ECONOMICS	1. Basic Concepts1.1 The Fundamentals of Economics1.2 Utility, Wealth, Production1.3 Theory of Demand (Meaning, Determinants of Demand, Law of Demand, Elasticity of Demand- Price, Income and Cross Elasticity, Theory of Consumer Behaviour, Demand Forecasting) andSupply (Meaning, Determinants, Law of Supply and Elasticity of Supply), Equilibrium1.4 Theory of Production (Meaning, Factors, Laws of Production – Law of Variable Proportion, Lawsof Returns to Scale)1.5 Cost of Production (Concept of Costs, Short-run and Long-run Costs, Average and Marginal Costs,Total, Fixed and Variable Costs)1.6 Means of Production 2. Forms of Market2.1 Pricing of Products and Services in Various Forms of Markets – Perfect Competition, Duopoly,Oligopoly, Monopoly, Monopolistic Competition 2.2 Price Discrimination 3. Money and Banking3.1 Money – Types, Features and Functions3.2 Banking – Definition, Functions, Utility, Principles3.3 Commercial Banks, Central Bank3.4 Measures of Credit Control and Money Market 4. Economic and Business Environment4.1 PESTEL (Political, Economic, Societal, Technological and Legal) Analysis4.2 Emerging Dimensions of VUCAFU (Volatility, Uncertainty, Complexity, Ambiguity, Fear of Unknown and Unprecedentedness)
SECTION B – FUNDAMENTALS OF MANAGEMENT	5. Fundamentals of Management5.1 Introduction to Management5.2 Stewardship Theory and Agency Theory of Management5.3 Planning, Organizing, Staffing and Leading5.4 Communication, Co-ordination, Collaboration, Monitoring and Control5.5 Organisation Structure, Responsibility, Accountability and Delegation of Authority5.6 Leadership and Motivation – Concepts and Theories5.7 Decision-making – Types and Process

Career after CMA

• Finance Manager
• Financial Analyst
• Chief Financial Officer
• Financial Controller
• Corporate Controller
• Chief Investment Officer
• Cost Accountant

The average salary for a fresher CMA in India is 7 lakh rupees per annum. However, this number can go up to rupees 20lakhs too based on your skills. With experience and developed skillset, there is no bar on earnings for CMAs.

Following methodology is suggested for achieving the passing criteria and cracking the exam

1. Understanding the Syllabus
2. Making a Study Plan
3. Journals and Bulleteins released by ICAI
4. Books
5. Attending Classes
6. Giving Tests periodically
7. Self Practice

Study Plan for CMA Foundation Examination

1. Ensure complete understanding of the CMA foundation Study Material

The Institute provides study material for the candidates preparing for CMA Foundation exam. Go through those study materials along with some reference books as recommended by experts. Conceptual understanding and correlations among various topics are the best strategies you can adopt while preparing for theoretical topics because everything is correlated.  Don’t focus on memorizing, but understanding and analyzing the topic.

2. Practice of making notes

While studying the chapters make short and handy notes of the topics. This will not only help in noting down the important points but also help in remembering the topics for the future. Keep a small notebook handy while studying a new chapter. Focus on writing for theoretical subjects. It will not only improve the writing speed but also help remember the topics easily. Practice as much as you can before the exams, do the writing instead of just learning formulas.

3. Start with a proper Time Table

Prepare a timetable or study routine so that all the CMA Syllabus is covered within a given time period. It is necessary to dedicate most of the time to CMA exam preparation. The aim should be to complete one chapter at a time. After doing that, refer to the practice manual, scanner, and gauge if the coverage is maximum.

Time tables can be made on a weekly or monthly basis with breakups in between.

4. Setting targets

Set targets for a day that is achievable. Do not set such targets which are impossible to achieve. It will only lead to exam burden and not help in any way. Aspirants must try to finish the entire syllabus at least three months before the main exam. One and a half months should be dedicated for revision. During the revision phase-only go through the previous chapters which are completed, and focus on improving the weaknesses

5. Analysing the actual performance very week

Analyze every week’s target and check if there are any backlogs. Monitor the effort put in and revise the schedule accordingly.

6. Never Do following-

• Never go with selective topics, go through each and every concepts and chapter thoroughly.
• Never refer old study material. Before every attempt, you can find all the supplements, practice paper, CMA Study Material, amendment of all sorts in every subject 
• Try to finish your revision beforehand, do not leave anything undone or partly done. Time management is the key.