CMA Intermediate: Bridging the Gap to Expertise

The CMA Intermediate course is the core technical phase of your journey to becoming a Cost and Management Accountant. Under the Syllabus 2022 framework (followed in 2026), the course is designed to create tech-savvy finance leaders by integrating traditional cost accounting with modern analytics.

Course Structure (Group-wise)
  • The Intermediate level consists of eight papers divided into two groups of 100 marks each.

Group 1 – Compliance & Cost Core
Focuses on the foundational laws and core accounting principles.

  • Paper 5: Business Laws and Ethics (BLE) – Covers the Companies Act (40% weightage), Industrial Laws, and Business Ethics.
  • Paper 6: Financial Accounting (FA) – Includes Accounting Standards, Partnership Accounts, and Financial Statements.
  • Paper 7: Direct and Indirect Taxation (DITX) – A 50-50 split between Direct Tax (Income Tax) and Indirect Tax (GST & Customs).
  • Paper 8: Cost Accounting (CA) – Focuses on cost ascertainment, methods of costing, and Cost Accounting Standards (CAS).

Group 2 – The Analytical Powerhouse
Shifts the focus toward strategic management and data-driven decision-making.

  • Paper 9: Operations Management & Strategic Management (OMSM) – Covers production planning, quality control, and strategic tools like SWOT analysis.
  • Paper 10: Corporate Accounting & Auditing (CAA) – Split equally between Corporate Accounting (Shares, Debentures, Cash Flow) and Auditing.
  • Paper 11: Financial Management & Business Data Analytics (FMDA) – A significant tech-driven change, with 20% weightage given specifically to Business Data Analytics.
  • Paper 12: Management Accounting (MA) – Focuses on decision-making tools like Marginal Costing and Standard Costing.

Exam Pattern & Passing Criteria
  • Mode & Duration: Offline (Pen and Paper), 3 hours per paper.
  • Marks Distribution: 30% Objective (MCQs) and 70% Descriptive questions.
  • Passing Marks:
    Subject Minimum: 40% (40 out of 100) in each paper.
    Group Aggregate: 50% overall in a group (200 out of 400).
  • Exemption: If you score 60% or more in a subject but fail the group, you are exempt from that paper in future attempts.

Eligibility & Registration
  • Foundation Route: For those who have cleared the CMA Foundation exam.
  • Direct Entry Route: Available for Graduates (except Fine Arts), or those who have cleared CA Intermediate (ICAI) or CS Foundation (ICSI).
  • Deadlines: Register by January 31st for the June exams or July 31st for the December exams.

The Shete's Institute Advantage
  • Mandatory Skills Training: We guide you through the 140 hours of mandatory training, including SAP Finance Power User, Microsoft Excel, and Power BI, which must be completed before appearing for both groups.
  • Analytical Focus: Our coaching prioritizes high-weightage topics like GST, Marginal Costing, and the new Business Data Analytics module.
  • Mock Test Rigor: We utilize regular mock tests to build the stamina required for 3-hour descriptive exams.

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