CMA, CMA Inter

CMA Intermediate Exam Old Syllabus vs. New Syllabus

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

The main purpose of designing this course is to nurture young minds into business leaders of tomorrow, wherein cost accountants can play a very important role in decision making. 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

CMA Inter is the second stage of the professional course of Cost Accountancy. The Inter stage is basically designed to inculcate skills and competence of Inter program passed students. The main objective is to make students capable and competent to act as Costing Executive in companies or in professional and consultancy firms).

It’s a national level examination. 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. 

Students can apply for the inter program through the foundation programme or direct entry route provided by the Institute of Cost Accountants of India

Understanding Syllabus of CMA Intermediate 2023

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.

Syllabus – 2022: Intermediate Course CurriculumSyllabus – 2016 Intermediate Study Material
GROUP – I
PAPER 5: BUSINESS LAWS AND ETHICS (BLE)
PAPER 6: FINANCIAL ACCOUNTING (FA)
PAPER 7: DIRECT AND INDIRECT TAXATION (DITX)
PAPER 8: COST ACCOUNTING (CA)GROUP – IIPAPER 9: OPERATIONS MANAGEMENT AND STRATEGIC MANAGEMENT (OMSM)
PAPER 10: CORPORATE ACCOUNTING AND AUDITING (CAA)
PAPER 11: FINANCIAL MANAGEMENT AND BUSINESS DATA ANALYTICS (FMDA)
PAPER 12: MANAGEMENT ACCOUNTING (MA)
Paper-5 Financial Accounting
Paper-6 Laws and Ethics
Paper-7 Direct Taxation Revised Edition January 2023
Paper-8 Cost Accounting
Paper-9 Operations Management & Strategic Management
Paper-10 Cost & Management Accounting and Financial Management
Paper-11 Indirect Taxation Revised Edition January 2023
Paper-12 Company Accounts & Audit

Syllabus – 2022: Intermediate Course Curriculum

Intermediate Course (Group – I)Paper 5 BUSINESS LAWS AND ETHICS (BLE)
Section A: Commercial LawsIntroduction to Law and Legal System in IndiaIndian Contracts Act, 1872Sale of Goods Act, 1930Negotiable Instruments Act, 1881Indian Partnership Act, 1932Limited Liability Partnership Act, 2008 
Section B: Industrial LawsFactories Act, 1948Payment of Gratuity Act, 1972Employees Provident Fund and Miscellaneous Provisions Act, 1952Employees State Insurance Act, 1948The Code on Wages, 2019
Section C: Corporate LawsCompanies Act, 2013
Section D: Business EthicsBusiness Ethics and Emotional Intelligence
Intermediate Course (Group – I)Paper 6 FINANCIAL ACCOUNTING (FA)
Section A: Accounting FundamentalsAccounting Fundamentals
Section B: Accounting for Special TransactionsBills of Exchange, Consignment, Joint Venture
Section C: Preparation of Financial StatementsPreparation of Final Accounts of Commercial Organisations,Not-for-Profit Organisations and from Incomplete Records
Section D: Partnership AccountsPartnership Accounts
Section E: Lease, Branch and Departmental Accounts etc.Lease AccountingBranch (including Foreign Branch) and Departmental AccountsInsurance Claim for Loss of Stock and Loss of ProfitHire Purchase and Installment Sale Transactions
Section F: Accounting StandardsAccounting Standards
Intermediate Course (Group – I)Paper 7DIRECT AND INDIRECT TAXATION (DITX)
Section A: Direct TaxationBasics of Income Tax ActHeads of IncomeTotal Income and Tax Liability of Individuals & HUF
Section B: Indirect TaxationConcept of Indirect TaxesGoods and Services Tax (GST) LawsCustoms Act
Intermediate Course (Group – I)Paper 8COST ACCOUNTING (CA)
Section A: Introduction to Cost AccountingIntroduction to Cost AccountingCost Ascertainment – Elements of CostCost Accounting Standards (CAS 1 to CAS 24)Cost Book Keeping
Section B: Methods of CostingMethods of Costing
Section C: Cost Accounting TechniquesCost Accounting Techniques
Intermediate Course (Group – II)Paper 9OPERATIONS MANAGEMENT ANDSTRATEGIC MANAGEMENT (OMSM)
Section A: Operations ManagementIntroductionOperations PlanningDesigning of Operational Systems and ControlApplication of Operation Research – Production Planning and ControlProductivity Management and Quality ManagementProject Management, Monitoring and ControlEconomics of Maintenance and Spares Management
Section B: Strategic ManagementIntroductionStrategic Analysis and Strategic PlanningFormulation and Implementation of StrategyDigital Strategy
Intermediate Course (Group – II)Paper 10CORPORATE ACCOUNTING AND AUDITING (CAA)
Section A: Corporate AccountingAccounting for Shares and DebenturesPreparation of the Statement of Profit and Loss and Balance Sheet (As Per Schedule III of Companies Act, 2013)Cash Flow StatementAccounts of Banking, Electricity and Insurance CompaniesAccounting Standards
Section B: AuditingBasic Concepts of AuditingProvisions Relating to Audit under Companies Act, 2013Auditing of Different Types of Undertakings
Intermediate Course (Group – II)Paper 11FINANCIAL MANAGEMENT ANDBUSINESS DATA ANALYTICS (FMDA)
Section A: Financial ManagementFundamentals of Financial ManagementInstitutions and Instruments in Financial MarketsTools for Financial AnalysesSources of Finance and Cost of CapitalCapital BudgetingWorking Capital ManagementFinancing Decision of a Firm
Section B: Business Data AnalyticsIntroduction to Data Science for Business Decision-makingData Processing, Organisation, Cleaning and ValidationData Presentation: Visualisation and Graphical PresentationData Analysis and Modelling
Intermediate Course (Group – II)Paper 11FINANCIAL MANAGEMENT ANDBUSINESS DATA ANALYTICS (FMDA)
Section A: Financial ManagementFundamentals of Financial ManagementInstitutions and Instruments in Financial MarketsTools for Financial AnalysesSources of Finance and Cost of CapitalCapital BudgetingWorking Capital ManagementFinancing Decision of a Firm
Section B: Business Data AnalyticsIntroduction to Data Science for Business Decision-makingData Processing, Organisation, Cleaning and ValidationData Presentation: Visualisation and Graphical PresentationData Analysis and Modelling
Intermediate Course (Group – II)Paper 12MANAGEMENT ACCOUNTING (MA)
Section A: Introduction to Management AccountingIntroduction to Management Accounting
Section B: Activity Based CostingActivity Based Costing
Section C: Decision Making ToolsMarginal CostingApplications of Marginal Costing in Short Term Decision MakingTransfer Pricing
Section D: Standard Costing and Variance AnalysisStandard Costing and Variance Analysis
Section E: Forecasting, Budgeting and Budgetary ControlForecasting, Budgeting and Budgetary Control
Section F: Divisional Performance MeasurementDivisional Performance Measurement
Section G: Responsibility AccountingResponsibility Accounting
Section H: Decision TheoryDecision Theory

Syllabus – 2016: Intermediate Course Curriculum

Intermediate Course (Group – I)Paper 05FINANCIAL ACCOUNTING
Section A: Accounting – Basics1. Fundamentals of Accounting 2. Accounting for Special Transactions
Section B: Preparation of Financial Statements3. Preparation of Final Accounts of Profit Oriented organizations, Non-Profit Organizations and from Incomplete Records. 4. Partnership Accounts
Section C: Self Balancing Ledgers, Royalties, Hire Purchase & Installment System, Branch & Departmental Accounts5. Self-Balancing Ledgers 6. Royalties, Hire-Purchase and Installment System 7. Branch and Departmental Accounts
Section D: Accounting in Computerised Environment and Accounting Standards8. Overview of Computerised Accounting 9. Accounting Standards (Specified only)
Intermediate Course (Group – I)Paper 06LAWS & ETHICS
Section A: Commercial Laws1. Laws of Contracts (Advanced level) 2. Laws relating to Sale of Goods (Advanced level) 3. Negotiable Instruments Act,1881 (Advanced Level) 4. Indian Partnership Act, 1932 5. Limited Liability Partnership Act, 2008
Section B: Industrial Laws6. Factories Act, 19487. Payment of Gratuity Act, 19728. Employees Provident Fund and Miscellaneous Provisions Act, 19529. Employees State Insurance Act, 194810. Payment of Bonus Act, 196511. Minimum Wages Act, 194812. Payment of Wages Act, 193613. Pension Fund Regulatory and Development Authority Act, 2013
Section C: Corporate Laws14. Companies Act, 2013
Section D: Ethics15. Business Ethics
Intermediate Course (Group – I)Paper 07DIRECT TAXATION
Section A: Income Tax Act Basics1. Introduction to Income Tax Act, 19612. Income which do not form part of Total Income (Section 10, 11 to 13A)
Section B: Heads of Income and Computation of Total Income and Tax Liability3. Heads of Income and Computation of Total Income under various heads4. Clubbing Provisions, Set off and Carry forward of Losses, Deductions5. Assessment of Income and tax liability of different persons
Section C: Tax Management, Administrative Procedures and ICDS6. TDS, TCS and Advance Tax7. Administrative Procedures8. ICDS
Section D: Ethics15. Business Ethics
Intermediate Course (Group – I)Paper 08COST ACCOUNTING
Section A: Introduction to Cost AccountingA. Cost Ascertainment – Elements of CostB. Cost Accounting StandardsC. Cost Book Keeping
Section B: Methods of CostingMethods of Costing
Section C: Cost Accounting TechniquesCost Accounting Techniques
Intermediate Course (Group – II)Paper 09OPERATIONS MANAGEMENT &STRATEGIC MANAGEMENT
Section A: Operations Management1. Operations Management – Introduction2. Operations Planning3. Designing of Operational Systems and control4. Production Planning and control5. Productivity management and quality management6. Project Management7. Economics of Maintenance and Spares management
Section B: : Strategic Management8. Strategic Management Introduction9. Strategic Analysis and Strategic Planning10. Formulation and Implementation of Strategy
Intermediate Course (Group – II)Paper 10COST & MANAGEMENT ACCOUNTING AND FINANCIAL MANAGMENT
Section A: Cost & Management Accounting1. Cost and Management Accounting – Introduction2. Decision Making Tools3. Budgeting and Budgetary Control4. Standard Costing and Variance Analysis5. Learning Curve
Section B: : Financial Management6. Introduction to Financial Management7. Tools for Financial Analysis and Planning8. Working Capital Management9. Cost of Capital, Capital Structure Theories, Dividend Decisions and Leverage Analysis10. Capital Budgeting – Investment Decisions
Intermediate Course (Group – II)Paper 11INDIRECT TAXATION
Section A: Canons of Taxation – Indirect Tax GSTIntroductionLevy and Collection of TaxLevy and Collection of TaxInput Tax Credit (ITC)Registration under GSTTax Invoice, Credit and Debit Notes and Other Documents under GSTAccounts and Records under GSTPayment of TaxTDS and TCS under GSTReturns under GSTMatching Concept under GSTAudit under GSTE-waybills under GST
Section B: CUSTOMS LAWSCustoms Law – Basic ConceptsTypes of DutiesValuation under CustomsImport & Export ProceduresCustoms Rules, 2017
Intermediate Course (Group – II)Paper 12COMPANY ACCOUNTS & AUDIT
Section A: Accounts of Joint Stock Companies1. Accounting of Shares and Debentures2. Presentation of Financial Statements (as per Schedule III) 3. Cash Flow Statement4. Accounts of Banking, Electricity and Insurance Companies 5. Accounting Standards (AS – 11, 12, 15, 16, 17, 18 and 19)
Section B: Auditing6. Auditing Concepts7. Provision relating to Audit under Companies Act

Change in the sequence of papers from CMA 2016 to CMA 2022

The sequence of papers has been revised as follows

  • Paper 5 & 6 of Old inter syllabus are Paper 6 & Paper 5 in Inter New Syllabus
  • Paper 7 (Direct Taxation) & Paper 11(Indirect Taxation) have been merged into one paper i.e. Paper 7 (Direct & Indirect Taxation)
  • Paper 10 of Inter Old syllabus has been split into two papers of Inter new syllabus i.e. Paper 12 (Management Accounting) and paper 11 (Financial Management and Business Data Analytics) with new subject of Business Data Analytics been included in Paper 11 of Intermediate New Syllabus
  • Paper 12 of Intermediate Old Syllabus is Paper 10 in Intermediate new.

Some important questions

  1. Till when CMA 2016 syllabus is valid?

The syllabus 2016 is valid till August 2023 and last term in which students can take exams under the syllabus 2016 is June 2023.

  1. How Will CMA Intermediate Exemptions Work if a student switches From Syllabus 2016 to Syllabus 2022?

Following exemptions can be granted for the students who are currently pursuing the CMA Intermediate Course under Syllabus 2016, and at the same time have either qualified in the Groups in Intermediate Course under Syllabus 2016-

Syllabus 2016Syllabus 2022
Cleared Group I of the Intermediate courseExempted from appearing in Group I of the Intermediate Course under syllabus 2022.Students must appear and pass Group II of the Intermediate Course to complete the entire Intermediate Course.
Cleared Group II of the Intermediate courseExempt from appearing in Intermediate Course Group II.Students must appear and qualify in Group I of the Intermediate Course to complete the entire Intermediate Course.
Syllabus 2016Syllabus 2022Explanation 
Under the 2016 syllabus, a student who has obtained 60% or higher in any subject or subject.will be exempted from appearing in those subjects under the syllabus 2022 for three consecutive terms.If a student scores 60% in a subject under the 2016 syllabus, the subject will be exempted from examination for three years in a row under the 2022 syllabus.

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