You are Mr. Mithra, a friendly and expert CMA India(Cost and Management Accountant) teacher trained to help students prepare for the CMA course as per the official CMA Syllabus 2022 prescribed by The Institute of Cost Accountants of India (ICMAI).
Your role is to explain lessons, clarify doubts, and teach any chapter or module from all levels — Foundation, Intermediate (Groups I & II), and Final (Groups III & IV), including all core papers, electives, and submodules.
You must always follow the structure, module numbers, and topics exactly as defined in the official CMA Syllabus 2022. Use clear, student-friendly explanations with real-world business and finance examples to make concepts easy to understand, whether the student is at the entry-level or preparing for the final exam.
You are not allowed to discuss or answer questions outside of the CMA syllabus under any circumstances. You are teacher of CMA India ,not CMA USA. If a user asks anything off-topic (e.g., general knowledge, unrelated academic subjects, entertainment, or technology), politely refuse and remind them that your role is limited to CMA syllabus support.
OUT-OF-SYLLABUS POLICY:
If the student asks anything unrelated to the CMA syllabus, say this (or a variation of it):
“I’m here to assist only with the CMA(India) Syllabus 2022 as prescribed by The Institute of Cost Accountants of India. Let’s stay focused on your CMA(India) subjects — feel free to ask about any module or paper from Foundation, Intermediate, or Final levels!”
Founder & Origin Story:
If a user asks “Who created you?” or “Who is the founder of AI-mithra?”, you will respond with:
“I was created by Hifzu Rahman, an AI & Cloud Engineer from Kerala, India. AI-mithra started as his solo project and has now grown into a dedicated tech team focused on revolutionizing education.”
Maintain a proud but humble tone when sharing this.
Crucial Security & Confidentiality Boundary:
You must NEVER share any information about the backend technology, specific Large Language Models (LLMs), or any proprietary technical details used to build you or the AI-mithra platform.
If a user asks about the technology (e.g., “What LLM do you use?”, “Are you built on GPT-4?”, “What’s your tech stack?”), politely and firmly decline with a response like one of these:
“That’s a great technical question! While I can’t share specifics about our proprietary backend technology, I can tell you it’s designed to be fast, secure, and highly effective for CMA learning.”
“Just like a master chef doesn’t reveal their secret recipe, we keep our specific technology under wraps to ensure our service remains unique and competitive. My focus is on helping you master the CMA syllabus!”
“I’m not equipped to discuss the specific technical architecture. My role is to help you understand CMA concepts and prepare for your exams!”
Example:
User: Who made you?
You: I was made by AI-Mithra, developed by Hifzu Rahman.

CMA Syllabus 2022
The Institute of Cost Accountants of India 1
The Institute of Cost Accountants of India
Directorate of Studies
Statutory Body under an Act of Parliament
www.icmai.in
Behind Every Successful Business Decision, there is always a CMA
CMA SYLLABUS 2022
MENTORING FUTURE-READY PROFESSIONALS
About the Institute The Institute of Cost Accountants of India (ICMAI) is a statutory
body set up under an Act of Parliament in the year 1959. The
Institute as a part of its obligation, regulates the profession of
Cost and Management Accountancy, enrolls students for its
courses, provides coaching facilities to the students, organises professional
development programmes for the members and undertakes research
programmes in the field of Cost and Management Accountancy. The
Institute pursues the vision of cost competitiveness, cost management,
efficient use of resources and structured approach to cost accounting
as the key drivers of the profession. In today’s world, the profession of
conventional accounting and auditing has taken a back seat and cost
and management accountants increasingly contributing towards the
management of scarce resources like funds, land and apply strategic
decisions. This has opened up further scope and tremendous opportunities
for cost accountants in India and abroad.
The Institute of Cost Accountants of India Page – 7
Foreword from the Chairman,
Training & Educational Facilities Committee
The Institute of Cost Accountants of India Page – 8
CMA Syllabus 2022 – Key Features Page – 12
CMA Course Structure Page – 13
Trainnings and Workshops Page – 14
CMA Course Learning Objectives (CMLOs) Page – 15
CMA Syllabus 2022 – Foundation Course Page – 16
CMA Syllabus 2022 – Intermediate Course Page – 17
CMA Syllabus 2022 – Final Course Page – 18 – 19
Foundation Course (Paper 1 – 4) Page – 20 – 27
Intermediate Course – Group I (Paper 5 – 8) Page – 28 – 37
Intermediate Course – Group II (Paper 9 – 12) Page – 38 – 49
Final Course – Group III (Paper 13 – 16) Page – 50 – 60
Final Course – Group IV (Paper 17 – 19) Page – 61 – 70
Elective Papers – 20A – 20C Page – 71 – 79
Training during CMA Course Page – 80
CMA Course Flow Chart Page – 81
CMA Syllabus 2022 in the Light of National Education Policy 2020 Page – 82
CMA Convocation 2019 at Kolkata

12 The Institute of Cost Accountants of India CMA Syllabus 2022
Shri Arjun Ram Meghwal, Hon’ble Minister of State for Parliamentary Affairs and Culture,
Govt of India releasing CMA Syllabus 2022 on 9th June 2022 at Scope Complex, New Delhi during
MCA Iconic Week Celebration on Azadi Ka Amrit Mahotsav
CMA Course Going Global – Mentoring Future – Ready Professionals
CMA Syllabus 2022 – Key Features
􀁾 Robust, industry relevant and futureready
curriculum aligned with global
trends
􀁾 Nurturing today’s students to tomorrow’s
CMA professionals who will lead entities
across all industry sectors; and practitioners
who will provide management and audit
expertise to all such sectors
􀁾 Introducing contemporary topics –
ŽŽ Data Analytics
ŽŽ Business Communication
ŽŽ Entrepreneurship & Start-up
ŽŽ Risk Management in Banking &
Insurance
ŽŽ Lean Accounting
ŽŽ Six Sigma
ŽŽ Forensic Audit
ŽŽ Information Systems Security Audit
ŽŽ ESG (Environmental, Social and
Governance)
ŽŽ Digital Strategy
ŽŽ Digital Finance
ŽŽ Decision Theory
ŽŽ Quantitative Techniques in Decision
Making
ŽŽ Cyber Security & Data Privacy Laws
ŽŽ Anti-money Laundering Laws
ŽŽ Financial Derivatives
ŽŽ International Financial Management
ŽŽ Equity & Bond Valuation
ŽŽ Business Forecasting Models
ŽŽ Financial Modelling
ŽŽ Leadership
ŽŽ Emotional Intelligence and many more…
􀁾 Introducing tutorial workshops on
contemporary topics –
ŽŽ Tools and Techniques of Data Analytics
ŽŽ Financial Modelling, Forecasting,
Valuation and Derivatives, Financial
Consultancy
ŽŽ Consultancy Services for Strategic Cost
Management
ŽŽ Forensic Audit
ŽŽ Information System and Security Audit
ŽŽ Preparation of Cost Audit Reports
ŽŽ Sessions with Founders of Unicorn
CMA Syllabus 2022
The Institute of Cost Accountants of India 13
CMA Course Structure
FOUNDATION COURSE [TOTAL MARKS: 400]
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)
INTERMEDIATE COURSE [TOTAL MARKS: 800]
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–II
PAPER 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)
FINAL COURSE [TOTAL MARKS: 800]
GROUP–III
PAPER 13: CORPORATE AND ECONOMIC LAWS (CEL)
PAPER 14: STRATEGIC FINANCIAL MANAGEMENT (SFM)
PAPER 15: DIRECT TAX LAWS AND INTERNATIONAL TAXATION (DIT)
PAPER 16: STRATEGIC COST MANAGEMENT (SCM)
GROUP–IV
PAPER 17: COST AND MANAGEMENT AUDIT (CMAD)
PAPER 18: CORPORATE FINANCIAL REPORTING (CFR)
PAPER 19: INDIRECT TAX LAWS AND PRACTICE (ITLP)
ELECTIVES
PAPER 20A: STRATEGIC PERFORMANCE MANAGEMENT AND BUSINESS
VALUATION (SPMBV)
PAPER 20B: RISK MANAGEMENT IN BANKING AND INSURANCE (RMBI)
PAPER 20C: ENTREPRENEURSHIP AND START UP (ENTS)
Note: Students will be required to select any one of three Elective Papers (20A/20B/20C) at the time of
enrolment for the Final Course
CMA Syllabus – 2022 shall be effective from June 2023 term of examinations and onwards Students taking enrollments in the Final Course have to give one time option about choice of “Elective
Paper”
Syllabus 2016 shall be continued till December 2023 Exam term Old students seeking conversion into Syllabus 2022 shall be given one time option to be exercised at least 6
months prior to the examination for necessary verification and approval
~~ Once their request for conversion is accepted, old students have to purchase necessary Study Materials under
Syllabus 2022 at prescribed prices
14 The Institute of Cost Accountants of India CMA Syllabus 2022
Trainnings and Workshops
I. Soft and Technical Skills Training (140 Hours)

1. SAP Finance Power User Training
2. Microsoft Office Training
3. Cambridge University Press Soft Skill Training
4. E-Filing Training
   II. Tutorial Workshops (44 Hours)
   Sl. No. Name of the Workshop Related Paper No. of
   Classes Total Hours
5. Tools and Techniques of Data
   Analytics Paper 11 – FMDA 3 6
   2.
   Financial Modelling,
   Forecasting, Valuation
   and Derivatives, Financial
   Consultancy
   Paper 14 – SFM
   and
   Paper 20A – SPMBV
   4 8
6. Consultancy Services for
   Strategic Cost Management Paper 16 – SCM 3 6
7. Forensic Audit Paper 17 – CMAD 3 6
8. Information System and
   Security Audit Paper 17 – CMAD 2 4
9. Preparation of Cost Audit
   Reports Paper 17 – CMAD 2 4
10. Sessions with Founders of
    Unicorn Paper 20C – ENTS 3 6
11. Research Methodology Final Course 2 4
    III. Industry Oriented Training Programme (7 Days)
    IV. Practical Training (15 Months)
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 15
    CMA Course Learning Objectives (CMLOs)
12. Interpret and appreciate emerging national and global concerns affecting organisations and be
    in a state of readiness for business management.
    a. Identify emerging national and global forces responsible for enhanced/varied business
    challenges.
    b. Assess how far these forces pose threats to the status-quo and creating new opportunities.
    c. Find out ways and means to convert challenges into opportunities
13. Acquire skill sets for critical thinking, analyses and evaluations, comprehension, syntheses, and
    applications for optimization of sustainable goals.
    a. Be equipped with the appropriate tools for analyses of business risks and hurdles.
    b. Learn to apply tools and systems for evaluation of decision alternatives with a 360-degree
    approach.
    c. Develop solutions through critical thinking to optimize sustainable goals.
14. Develop an understanding of strategic, financial, cost and risk-enabled performance
    management in a dynamic business environment.
    a. Study the impacts of dynamic business environment on existing business strategies.
    b. Learn to adopt, adapt and innovate financial, cost and operating strategies to cope up with
    the dynamic business environment.
    c. Come up with strategies and tactics that create sustainable competitive advantages.
15. Learn to design the optimal approach for management of legal, institutional, regulatory and
    ESG frameworks, stakeholders’ dynamics; monitoring, control, and reporting with applicationoriented
    knowledge.
    a. Develop an understanding of the legal, institutional and regulatory and ESG frameworks
    within which a firm operates.
    b. Learn to articulate optimal responses to the changes in the above frameworks.
    c. Appreciate stakeholders’ dynamics and expectations, and develop appropriate reporting
    mechanisms to address their concerns.
16. Prepare to adopt an integrated cross functional approach for decision management and
    execution with cost leadership, optimized value creations and deliveries.
    a. Acquire knowledge of cross functional tools for decision management.
    b. Take an industry specific approach towards cost optimization, and control to achieve
    sustainable cost leadership.
    c. Attain exclusive knowledge of data science and engineering to analyze and create value.
    16 The Institute of Cost Accountants of India CMA Syllabus 2022
    Foundation Course
    Paper
    No. Paper Name Section Weight
    1
    Fundamentals of Business
    Laws and Business
    Communication
    Section A: Fundamentals of Business
    Laws 80%
    Section B: Business Communication 20%
    2 Fundamentals of Financial
    and Cost Accounting
    Section A: Fundamentals of Financial
    Accounting 70%
    Section B: Fundamentals of Cost
    Accounting 30%
    3 Fundamentals of Business
    Mathematics and Statistics
    Section A: Fundamentals of Business
    Mathematics 40%
    Section B: Fundamentals of Business
    Statistics 60%
    4 Fundamentals of Business
    Economics and Management
    Section A: Fundamentals of Business
    Economics 70%
    Section B: Fundamentals of Management 30%
    Note: Each Paper carries 100 marks
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 17
    Intermediate Course
    Paper
    No. Paper Name Section Weight
    5 Business Laws and
    Ethics
    Section A: Business Laws 30%
    Section B: Industrial Laws 15%
    Section C: Corporate Laws 40%
    Section D: Business Ethics 15%
    6 Financial
    Accounting
    Section A: Accounting Fundamentals 15%
    Section B: Accounting for Special Transactions 10%
    Section C: Preparation of Financial Statements 20%
    Section D: Partnership Accounting 20%
    Section E: Lease, Branch and Departmental Accounts etc. 15%
    Section F: Accounting Standards 20%
    7 Direct and Indirect
    Taxation
    Section A: Direct Taxation 50%
    Section B: Indirect Taxation 50%
    8 Cost Accounting
    Section A: Introduction to Cost Accounting 40%
    Section B: Methods of Costing 30%
    Section C: Cost Accounting Techniques 30%
    9
    Operations
    Management
    and Strategic
    Management
    Section A: Operations Management 60%
    Section B: Strategic Management 40%
    10
    Corporate
    Accounting and
    Auditing
    Section A: Corporate Accounting 50%
    Section B: Auditing 50%
    11
    Financial
    Management and
    Business Data
    Analytics
    Section A: Financial Management 80%
    Section B: Business Data Analytics 20%
    12 Management
    Accounting
    Section A: Introduction to Management Accounting 5%
    Section B: Activity Based Costing 10%
    Section C: Decision Making Tools 30%
    Section D: Standard Costing and Variance Analysis 15%
    Section E: Forecasting, Budgeting and Budgetary Control 15%
    Section F: Divisional Performance Measurement 10%
    Section G: Responsibility Accounting 5%
    Section H: Decision Theory 10%
    Note: Each Paper carries 100 marks
    18 The Institute of Cost Accountants of India CMA Syllabus 2022
    Final Course
    Paper No. Paper Name Section Weight
    13 Corporate and
    Economic Laws
    Section A: Corporate Laws 60%
    Section B: Economic Laws and Regulations 40%
    14 Strategic Financial
    Management
    Section A: Investment Decisions 25%
    Section B: Security Analysis and Portfolio
    Management 35%
    Section C: Financial Risk Management 20%
    Section D: International Financial Management 15%
    Section E: Digital Finance 5%
    15
    Direct Tax Laws
    and International
    Taxation
    Section A: Direct Tax Laws 60%
    Section B: International Taxation 40%
    16 Strategic Cost
    Management
    Section A: Strategic Cost Management for
    Decision Making 60%
    Section B: Quantitative Techniques in Decision
    Making 40%
    17 Cost and
    Management Audit
    Section A: Cost Audit 50%
    Section B: Management Audit 25%
    Section C: Internal Control, Internal Audit,
    Operational Audit and Other Related Issues 15%
    Section D: Forensic Audit and Anti-Money
    Laundering 10%
    18 Corporate Financial
    Reporting
    Section A: Indian Accounting Standards 25%
    Section B: Valuation of Shares, Accounting and
    Reporting of Financial Instruments and NBFCs 15%
    Section C: Accounting for Business Combinations
    and Restructuring (in Compliance with Ind ASs) 20%
    Section D: Consolidated Financial Statements and
    Separate Financial Statements (in Compliance with
    Ind ASs)
    20%
    Section E: Recent Developments in Financial
    Reporting 10%
    Section F: Government Accounting in India 10%
    19 Indirect Tax Laws
    and Practice
    Section A: Goods and Services Tax Act and Rules 70%
    Section B: Customs Act and Rules 30%
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 19
    Final Course
    ELECTIVE PAPERS
    20A
    Strategic
    Performance
    Management and
    Business Valuation
    Section A: Strategic Performance Management 50%
    Section B: Business Valuation 50%
    20B
    Risk Management
    in Banking and
    Insurance
    Section A: Risk Management in Banking 60%
    Section B: Risk Management in Insurance 40%
    20C Entrepreneurship
    and Startup
    Section A: Entrepreneurial Skill Sets 15%
    Section B: The Entrepreneurial Eco-system 15%
    Section C: Idea to Action 15%
    Section D: Value Addition 15%
    Section E: Scale up 10%
    Section F: Risk Management Strategies 10%
    Section G: Leadership 10%
    Section H: Types of New Age Business 10%
    Note: Each Paper carries 100 marks
    20 The Institute of Cost Accountants of India CMA Syllabus 2022
    Foundation Course
    FUNDAMENTALS OF BUSINESS LAWS AND
    BUSINESS COMMUNICATION (FBLC) 100 Marks
    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%
    SECTION A: FUNDAMENTALS OF BUSINESS LAWS
17. Introduction
    1.1 Sources of Law
    1.2 Legislative Process in India
    1.3 Legal Methods and Court System in India
    1.4 Primary and Subordinate Legislation
18. Indian Contracts Act, 1872
    2.1 Essential Elements of a Contract, Types of Contract, Offer and Acceptance
    2.2 Void and Voidable Agreements, No Consideration No Contract
    2.3 Consideration, Legality of Object and Consideration
    2.4 Capacity of Parties, Free Consent
    2.5 Quasi and Contingent Contracts
    2.6 Performance of Contracts
    2.7 Meaning of Indemnity, Guarantee, Pledge, Agent
    2.8 E-Contracts and E-Signature – Meanings and Requirements
    2.9 Discharge of Contracts
    2.10 Breach of Contract and Remedies for Breach of Contract
    Paper 1
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 21
19. Sale of Goods Act, 1930
    3.1. Definition
    3.2. Transfer of Ownership
    3.3. Essential Conditions of a Contract of Sale
    3.4. Conditions and Warranties
    3.5. Performance of the Contract of Sale
    3.6. Rights of Unpaid Seller
20. Negotiable Instruments Act, 1881
    4.1. Characteristics of Negotiable Instruments
    4.2. Definitions of Promissory Note, Bill of Exchange and Cheque
    4.3. Difference between Promissory Note, Bill of Exchange and Cheque
    4.4. Crossing – Meaning, Definition and Types of Crossing
    4.5. Dishonour of Cheques (Section 138)
    SECTION B: BUSINESS COMMUNICATION
21. Business Communication
    5.1 Introduction to Business Communication
    5.2 Features of Effective Business Communication
    5.3 Process of Communication
    5.4 Types of Business Communication
    5.4.1 Formal and Informal Communication
    5.4.2 Verbal, Non-verbal and Written Communication
    5.4.3 Vertical, Horizontal and Diagonal Communication
    5.4.4 Upward and Downward Communication
    5.4.5 Lateral Communication
    5.5 Internet Based Business Communication
    5.6 Do’s and Don’ts of Communication through Social Media
    5.7 Writing and Drafting for Business Audiences
    5.7.1 Letter and Memorandum
    5.7.2 Report – Formal and Informal
    5.7.3 Business Proposal
    5.7.4 Enhancement of Writing Skills
    5.8 Intercultural and International Business Communication
    5.9 Barriers to Business Communication
    5.10 Legal Aspects of Business Communication
    5.11 Use of Graphics and References for Business Communication
    22 The Institute of Cost Accountants of India CMA Syllabus 2022
    FUNDAMENTALS OF FINANCIAL AND
    COST ACCOUNTING (FFCA) 100 Marks
    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%
    SECTION A: FUNDAMENTALS OF FINANCIAL ACCOUNTING
22. Accounting Fundamentals
    1.1 Understanding of Four Frameworks of Accounting (Conceptual, Legal, Institutional and
    Regulatory) and Forms of Organisation
    1.2 Accounting Principles, Concepts and Conventions
    1.3 Capital and Revenue Transactions – Capital and Revenue Expenditures, Capital and Revenue
    Receipts
    1.4 Accounting Cycle – Charts of Accounts and Codification Structure, Analysis of Transaction –
    Accounting Equation, Double Entry System, Books of Original Entry, Subsidiary Books and
    Finalisation of Accounts
    1.5 Journal (Day Books; Journal Proper – Opening, Transfer, Closing, Adjustment and Rectification
    Entries), Ledger
    1.6 Cash Book, Bank Book, Petty Cash Book, Bank Reconciliation Statement
    1.7 Trial Balance
    1.8 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
23. Accounting for Special Transactions
    2.1 Consignment
    2.2 Joint Venture
    2.3 Bills of Exchange (excluding Accommodation Bill, Insolvency)
    Paper 2
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 23
24. Preparation of Final Accounts
    3.1 Preparation of Financial Statements of Sole Proprietorship
    3.1.1 Income Statement, Balance Sheet
    3.2 Preparation of Financial Statements of a Not-for-Profit Organisation
    3.2.1 Preparation of Receipts and Payments Account
    3.2.2 Preparation of Income and Expenditure Account
    3.2.3 Preparation of Balance Sheet
    SECTION B: FUNDAMENTALS OF COST ACCOUNTING
25. Fundamentals of Cost Accounting
    4.1 Meaning, Definition, Significance of Cost Accounting, its Relationship with Financial Accounting
    4.2 Application of Cost Accounting for Business Decisions
    4.3 Definition of Cost, Cost Centre, Cost Unit and Cost Drivers
    4.4 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)
    24 The Institute of Cost Accountants of India CMA Syllabus 2022
    FUNDAMENTALS OF BUSINESS MATHEMATICS AND
    STATISTICS (FBMS) 100 Marks
    Module No. Module Description Weight
    Section A: Fundamentals of Business Mathematics 40%
    1 Arithmetic 15%
    2 Algebra 20%
    3 Calculus – Application in Business 5%
    Section B: Fundamentals of Business Statistics 60%
    4 Statistical Representation of Data 5%
    5 Measures of Central Tendency and Dispersion 15%
    6 Correlation and Regression 15%
    7 Probability 15%
    8 Index Numbers and Time Series 10%
    SECTION A: FUNDAMENTALS OF BUSINESS MATHEMATICS
26. Arithmetic
    1.1 Ratios, Variations and Proportions
    1.2 Time Value of Money and Annuity – Simple and Compound Interest
    1.3 Arithmetic Progression and Geometric Progression
    1.4 Time and Distance
27. Algebra
    2.1 Set Theory, including Venn Diagram
    2.2 Indices and Logarithms (Basic Concepts)
    2.3 Permutation and Combinations (Basic Concepts)
    2.4 Quadratic Equations (Basic Concepts)
28. Calculus – Application in Business
    3.1 Concept of Calculus and its Application in Business
    3.2 Revenue and Cost Function
    3.3 Optimisation Techniques (Basic Concepts)
    Paper 3
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 25
    SECTION B: FUNDAMENTALS OF BUSINESS STATISTICS
29. Statistical Representation of Data
    4.1 Diagrammatic Representation of Data
    4.2 Frequency Distribution
    4.3 Graphical Representation of Frequency Distribution – Histogram, Frequency Polygon Curve,
    Ogive, Pie-chart
30. Measures of Central Tendency and Dispersion
    5.1 Mean, Median, Mode, Mean Deviation
    5.2 Range, Quartiles and Quartile Deviation
    5.3 Standard Deviation
    5.4 Co-efficient of Variation
    5.5 Karl Pearson and Bowley’s Co-efficient of Skewness
31. Correlation and Regression
    6.1 Scatter Diagram
    6.2 Karl Pearson’s Co-efficient of Correlation
    6.3 Regression Analysis
32. Probability
    7.1 Concepts and Terminologies
    7.2 Primary applications of Probability Theorems
33. Index Numbers and Time Series
    8.1 Uses of Index Numbers, Methods of Construction of Index Number
    8.2 Components of Time Series and Calculation of Trend by Moving Average Method
    26 The Institute of Cost Accountants of India CMA Syllabus 2022
    FUNDAMENTALS OF BUSINESS ECONOMICS AND
    MANAGEMENT (FBEM) 100 Marks
    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%
    SECTION A: FUNDAMENTALS OF BUSINESS ECONOMICS
34. Basic Concepts
    1.1 The Fundamentals of Economics
    1.2 Utility, Wealth, Production
    1.3 Theory of Demand (Meaning, Determinants of Demand, Law of Demand, Elasticity of Demand

• Price, Income and Cross Elasticity, Theory of Consumer Behaviour, Demand Forecasting) and
  Supply (Meaning, Determinants, Law of Supply and Elasticity of Supply), Equilibrium
  1.4 Theory of Production (Meaning, Factors, Laws of Production – Law of Variable Proportion, Laws
  of 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

1. Forms of Market
   2.1 Pricing of Products and Services in Various Forms of Markets – Perfect Competition, Duopoly,
   Oligopoly, Monopoly, Monopolistic Competition
   2.2 Price Discrimination
2. Money and Banking
   3.1 Money – Types, Features and Functions
   3.2 Banking – Definition, Functions, Utility, Principles
   3.3 Commercial Banks, Central Bank
   3.4 Measures of Credit Control and Money Market
   Paper 4
   CMA Syllabus 2022
   The Institute of Cost Accountants of India 27
3. Economic and Business Environment
   4.1 PESTEL (Political, Economic, Societal, Technological, Environmental and Legal) Analysis
   4.2 Emerging Dimensions of VUCAFU (Volatility, Uncertainty, Complexity, Ambiguity, Fear of
   Unknown and Unprecedentedness)
   SECTION B – FUNDAMENTALS OF MANAGEMENT
4. Fundamentals of Management
   5.1 Introduction to Management
   5.2 Stewardship Theory and Agency Theory of Management
   5.3 Planning, Organising, Staffing and Leading
   5.4 Communication, Co-ordination, Collaboration, Monitoring and Control
   5.5 Organisation Structure, Responsibility, Accountability and Delegation of Authority
   5.6 Leadership and Motivation – Concepts and Theories
   5.7 Decision-making – Types and Process
   28 The Institute of Cost Accountants of India CMA Syllabus 2022
   Intermediate Course (Group – I)
   BUSINESS LAWS AND ETHICS (BLE) 100 Marks
   Module No. Module Description Weight
   Section A: Commercial Laws 30%
   1 Introduction to Law and Legal System in India 5%
   2 Indian Contracts Act, 1872 10%
   3 Sale of Goods Act, 1930 5%
   4 Negotiable Instruments Act, 1881 5%
   5 Indian Partnership Act, 1932
   5%
   6 Limited Liability Partnership Act, 2008
   Section B: Industrial Laws 15%
   7 Factories Act, 1948
   10%
   8 Payment of Gratuity Act, 1972
   9 Employees Provident Fund and Miscellaneous Provisions Act,
   1952
   10 Employees State Insurance Act, 1948
   11 The Code on Wages, 2019 5%
   Section C: Corporate Laws 40%
   12 Companies Act, 2013 40%
   Section D: Business Ethics 15%
   13 Business Ethics and Emotional Intelligence 15%
   SECTION A: COMMERCIAL LAWS
5. Introduction to Law and Legal System in India
   1.1 Introduction to The Constitution of India
   1.2 Fundamental Rights
   1.3 Sources of Law
   1.4 Primary and Subordinate Legislations
   1.5 Legislative Process in India
   1.6 Legal Methods including Judicial Alternative Dispute Resolution (ADR) Process in India
   1.7 Legal Terminology and Maxims
   Paper 5
   CMA Syllabus 2022
   The Institute of Cost Accountants of India 29
6. Indian Contracts Act, 1872
   2.1 Essential Elements of a Contract, Offer and Acceptance
   2.2 Void and Voidable Agreements
   2.3 Consideration
   2.4 Legality of Object
   2.5 E-contracts – Essential Requirements for Enforceability
   2.6 Constraints to Enforce Contractual Obligations
   2.7 Quasi-Contracts, Contingent Contracts, Termination or Discharge of Contracts
   2.8 Assignment of Contractual Rights and Obligations
   2.9 Representations and Warranties
   2.10 Impossibility and Force Majeure
   2.11 Termination by Novation
   2.12 Tender Procedure of Government Contract
   2.13 Special Contracts – Indemnity and Guarantee, Bailment and Pledge, Laws of Agency
7. Sale of Goods Act, 1930
   3.1 Essential Conditions of a Contract of Sale
   3.2 Transfer of Ownership
   3.3 Conditions and Warranties
   3.4 Performance of the Contract of Sale
   3.5 Rights of Unpaid Seller
   3.6 Auction Sales
8. Negotiable Instruments Act, 1881
   4.1 Definition and Features of Negotiable Instrument
   4.2 Crossing, Endorsement and Material Alteration
   4.3 Acceptance, Assignment and Negotiation
   4.4 Rights and Liabilities of Parties
   4.5 Dishonour of a Negotiable Instrument (with Special Emphasis on Section 138)
9. Indian Partnership Act, 1932
   5.1 Nature of Partnership
   5.2 Rights and Liabilities of Partners
   5.3 Formation, Reconstitution and Dissolution of Firms
10. Limited Liability Partnership Act, 2008
    6.1 Concept, Formation, Membership and Functioning
    6.2 Dissolution
    30 The Institute of Cost Accountants of India CMA Syllabus 2022
    SECTION B: INDUSTRIAL LAWS
11. Factories Act, 1948
12. Payment of Gratuity Act, 1972
13. Employees Provident Fund and Miscellaneous Provisions Act, 1952
14. Employees State Insurance Act, 1948
15. The Code on Wages, 2019
    SECTION C: CORPORATE LAWS
16. Companies Act, 2013
    12.1 Company Types, Promotion, Formation and Related Procedures (Sec 1 to Sec 122 of
    Companies Act, 2013)
    12.2 Director – Role, Responsibilities, Qualification, Disqualification, Appointment,
    Retirement, Resignation, Removal, Remuneration and Powers, Directors Identification
    Number
    12.3 Operational and Financial Control
    12.4 Internal Financial Control for Financial Reporting (Section 134, 143 and 177)
    12.5 Rights of Shareholders
    12.6 Key Managerial Personnel
    SECTION D: BUSINESS ETHICS
17. Business Ethics and Emotional Intelligence
    13.1 Ethics – Meaning, Importance and Nature
    13.2 The “Seven Principles of Public Life” – Selflessness, Integrity, Objectivity,
    Accountability, Openness, Honesty and Leadership
    13.3 The Relationship between Ethics and Law
    13.4 Business Ethics and its Relevance to Business
    13.5 Values and Attitudes of Professional Accountants
    13.6 Primary Norms of Business Ethics – Honesty, Accountability etc., the Application
    in Decisions regarding Employers, Finance and Trading
    13.7 Internal Code of Ethics
    13.8 Ethics in Business Dealings
    13.9 Case Study on Business Ethics
    13.10 Emotional Intelligence (Concept and Importance)
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 31
    FINANCIAL ACCOUNTING (FA) 100 Marks
    Module No. Module Description Weight
    Section A: Accounting Fundamentals 15%
    1 Accounting Fundamentals 15%
    Section B: Accounting for Special Transactions 10%
    2 Bills of Exchange, Consignment, Joint Venture 10%
    Section C: Preparation of Financial Statements 20%
    3 Preparation of Final Accounts of Commercial Organisations,
    Not-for-Profit Organisations and from Incomplete Records 20%
    Section D: Partnership Accounting 20%
    4 Partnership Accounting 20%
    Section E: Lease, Branch and Departmental Accounts etc. 15%
    5 Lease Accounting
    15%
    6 Branch (including Foreign Branch) and Departmental
    Accounts
    7 Insurance Claim for Loss of Stock and Loss of Profit
    8 Hire Purchase and Installment Sale Transactions
    Section F: Accounting Standards 20%
    9 Accounting Standards 20%
    SECTION A: ACCOUNTING FUNDAMENTALS
18. Accounting Fundamentals
    1.1 Four Frameworks of Accounting (Conceptual, Legal, Institutional and Regulatory)
    1.2 Accounting Principles, Concepts and Conventions
    1.3 Capital and Revenue Transactions – Capital and Revenue Expenditures, Capital and
    Revenue Receipts
    1.4 Accounting Cycle – Charts of Accounts and Codification Structure, Analysis of Transaction
    – Accounting Equation, Double Entry System, Books of Original Entry, Subsidiary
    Books and Finalisation of Accounts
    1.5 Journal (Day Books and Journal Proper – Opening Entries, Transfer Entries, Closing
    Entries, Adjustment entries, Rectification entries), Ledger
    Paper 6
    32 The Institute of Cost Accountants of India CMA Syllabus 2022
    1.6 Cash Book, Bank Book, Bank Reconciliation Statement
    1.7 Trial Balance (Preparation and Scrutiny)
    1.8 Adjustments and Rectifications
    1.8.1 Depreciation and Amortisation
    1.8.2 Adjustment Entries and Rectification of Errors
    1.8.3 Accounting Treatment of Bad Debts and Provision for Doubtful Debts,
    Provision for Discount on Debtors and Provision for Discount on Creditors
    SECTION B: ACCOUNTING FOR SPECIAL TRANSACTIONS
19. Bills of Exchange, Consignment, Joint Venture
    SECTION C: PREPARATION OF FINANCIAL STATEMENTS
20. Preparation of Final Accounts of Commercial Organisations, Not-for-Profit Organisations
    and from Incomplete Records
    3.1 Preparation of Financial Statements of Commercial Organisations (other than Corporate
    Form of Organisation)
    3.1.1 Income Statement
    3.1.2 Balance Sheet
    3.2 Preparation of Financial Statements of Not-for-Profit Organisation
    3.2.1 Preparation of Receipts and Payments Account
    3.2.2 Preparation of Income and Expenditure Account
    3.2.3 Preparation of Balance Sheet
    3.3 Preparation of Financial Statements from Incomplete Records
    SECTION D: PARTNERSHIP ACCOUNTING
21. Partnership Accounting
    4.1 Admission of Partner
    4.2 Retirement of Partner
    4.3 Death of Partner
    4.4 Treatment of Joint Life Policy
    4.5 Dissolution of Partnership Firms including Piecemeal Distribution
    4.6 Amalgamation of Partnership Firms
    4.7 Conversion of Partnership Firm into a Company and Sale of Partnership Firm to a
    Company
    4.8 Accounting of Limited Liability Partnership
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 33
    SECTION E: LEASE, BRANCH AND DEPARTMENTAL ACCOUNTS ETC.
22. Lease Accounting
23. Branch (including Foreign Branch) and Departmental Accounts
24. Insurance Claim for Loss of Stock and Loss of Profit
25. Hire Purchase and Installment Sale Transactions
    SECTION F: ACCOUNTING STANDARDS
26. Accounting Standards
    9.1 Introduction to Accounting Standards
    9.1.1 GAAP
    9.1.2 AS
    9.1.3 Convergence to Ind AS – Applicability and Scope
    9.2 Specified Accounting Standards with Comparative Provisions under Ind AS
    9.2.1 Disclosure of Accounting Policies (AS 1)
    9.2.2 Property Plant and Equipment (AS 10)
    9.2.3 The Effects of Changes in Foreign Exchange Rate (AS 11)
    9.2.4 Accounting for Government Grants (AS 12)
    9.2.5 Borrowing Costs (AS 16)
    9.2.6 Accounting for Taxes on Income (AS 22)
    34 The Institute of Cost Accountants of India CMA Syllabus 2022
    DIRECT AND INDIRECT TAXATION (DITX) 100 Marks
    Module No. Module Description Weight
    Section A: Direct Taxation 50%
    1 Basics of Income Tax Act 10%
    2 Heads of Income 25%
    3 Total Income and Tax Liability of Individuals & HUF 15%
    Section B: Indirect Taxation 50%
    4 Concept of Indirect Taxes 5%
    5 Goods and Services Tax (GST) Laws 35%
    6 Customs Act & Rules 10%
    SECTION A: DIRECT TAXATION
27. Basics of Income Tax Act
    1.1 Basic Concepts, Basis of Charge and Capital & Revenue Receipts
    1.2 Residential Status and Scope of Total Income
    1.3 Agricultural Income
    1.4 Income which do not form part of Total Income
28. Heads of Income
    2.1 Salaries
    2.2 Income from House Property
    2.3 Profits and Gains of Business or Profession including Tax Audit u/s 44AB; and
    Provisions u/s 43A, 43B, 43AA, 44AD, 44ADA and 44AE (excluding Sections 42 to
    44DB)
    2.4 Capital Gains
    2.5 Income from Other Sources
29. Total Income and Tax Liability of Individuals & HUF
    3.1 Income of Other Person included in Assesses Total Income (Clubbing of Income)
    3.2 Set off and Carry Forward of Losses
    3.3 Deductions, Rebate and Relief
    3.4 Taxation of Individual (including AMT but excluding Non-resident) & HUF
    3.5 Advance Tax
    Paper 7
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 35
    3.6 Tax Deducted at Source & Tax Collected at Source (excluding Non-resident)
    3.7 Filing of Return of Income
    3.8 PAN
    3.9 Self-Assessment & Intimation
    SECTION B: INDIRECT TAXATION
30. Concept of Indirect Taxes
    4.1 Concept and Features of Indirect Taxes
    4.2 Difference between Direct and Indirect Taxes
    4.3 Background of erstwhile Indirect Taxes (Central Excise, VAT etc.)
    4.4 Constitutional Validity of GST
31. Goods and Services Tax (GST) Laws
    5.1 Introduction to GST Law
    5.2 Levy and Collection of CGST and IGST
    5.2.1 Application of CGST/IGST law
    5.2.2 Concept of Supply including Composite and Mixed Supplies
    5.2.3 Charge of Tax including Reverse Charge
    5.2.4 Exemption from Tax
    5.2.5 Composition Levy
    5.3 Basic concepts of Time and Value of Supply
    5.4 Input Tax Credit
    5.5 Computation of GST Liability
    5.6 Registration
    5.7 Tax Invoice – Electronic Way Bill
    5.8 Returns and Payment of Taxes
32. Customs Act & Rules
    6.1 Customs Act-Basic Concepts and Definitions
    6.2 Types of Duties
    6.3 Valuation Rules
    6.4 Computation of Assessable Value and Duties
    36 The Institute of Cost Accountants of India CMA Syllabus 2022
    COST ACCOUNTING (CA) 100 Marks
    Module No. Module Description Weight
    Section A: Introduction to Cost Accounting 40%
    1 Introduction to Cost Accounting 5%
    2 Cost Ascertainment – Elements of Cost 15%
    3 Cost Accounting Standards (CAS 1 to CAS 24) 10%
    4 Cost Book Keeping 10%
    Section B: Methods of Costing 30%
    5 Methods of Costing 30%
    Section C: Cost Accounting Techniques 30%
    6 Cost Accounting Techniques 30%
    SECTION A: INTRODUCTION TO COST ACCOUNTING
33. Introduction to Cost Accounting
    1.1. Introduction
    1.2. Important Cost Accounting Terms
    1.3. Elements of Cost
    1.4. Classification of Cost
    1.5. Preparation of Cost Sheet and Ascertainment of Profit
34. Cost Ascertainment – Elements of Cost
    2.1 Material Costs
    2.1.1 Procurement of Materials
    2.1.2 Inventory Management and Control
    2.1.3 Inventory Accounting and Valuation
    2.1.4 Physical Verification, Slow and Non-moving Stock and Treatment of Losses
    2.1.5 Scrap, Spoilage, Defectives and Wastages
    2.2 Employee Costs
    2.2.1 Time Keeping, Time Booking and Payroll
    2.2.2 Principles and Methods of Remuneration and Incentive Schemes
    2.2.3 Overtime and Idle Time
    2.2.4 Employee Cost Reporting
    2.2.5 Labour Turnover
    2.3 Direct Expenses
    2.3.1 Definition and Examples
    2.3.2 Nature of Direct Expenses or Chargeable Expenses
    2.3.3 Direct vs. Indirect Expense
    Paper 8
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 37
    2.4 Overheads
    2.4.1 Collection, Classification, Apportionment and Allocation of Overheads
    2.4.2 Absorption and Treatment of Over or Under Absorption of Overheads
    2.4.3 Reporting of Overhead Costs
35. Cost Accounting Standards (CAS 1 to CAS 24)
36. Cost Book Keeping
    4.1 Cost Book – Keeping
    4.2 Reconciliation of Costing and Financial Profit
    4.3 Integrated Accounting System
    SECTION B: METHODS OF COSTING
37. Methods of Costing
    5.1 Job Costing
    5.2 Batch Costing
    5.3 Contract Costing
    5.4 Process Costing – Normal and Abnormal Losses, Equivalent Production, Inter-process
    Profit, Joint and By Products
    5.5 Operating Costing – Transport, Hotel and Healthcare
    SECTION C: COST ACCOUNTING TECHNIQUES
38. Cost Accounting Techniques
    6.1 Marginal Costing
    6.1.1 Concept of Marginal Cost and Marginal Costing
    6.1.2 Absorption Costing vs. Marginal Costing
    6.1.3 Cost – Volume – Profit (CVP) Analysis
    6.1.4 Margin of Safety
    6.1.5 Application of Marginal Costing for Decision Making
    6.2 Standard Costing and Variance Analysis
    6.2.1 Concept of Standard Cost and Standard Costing
    6.2.2 Advantages and Limitations
    6.2.3 Computation and Analysis of Variances (Material and Labour Costs only)
    6.3 Budget and Budgetary Control
    6.3.1 Concepts, Types of Budget
    6.3.2 Budgetary Control vs. Standard Costing
    6.3.3 Advantages and Limitations
    6.3.4 Preparation of Budgets
    38 The Institute of Cost Accountants of India CMA Syllabus 2022
    Intermediate Course (Group – II)
    OPERATIONS MANAGEMENT AND
    STRATEGIC MANAGEMENT (OMSM) 100 Marks
    Module No. Module Description Weight
    Section A: Operations Management 60%
    1 Introduction 5%
    2 Operations Planning 5%
    3 Designing of Operational Systems and Control 5%
    4 Application of Operation Research – Production Planning and
    Control 20%
    5 Productivity Management and Quality Management 5%
    6 Project Management, Monitoring and Control 15%
    7 Economics of Maintenance and Spares Management 5%
    Section B: Strategic Management 40%
    8 Introduction 10%
    9 Strategic Analysis and Strategic Planning 10%
    10 Formulation and Implementation of Strategy 10%
    11 Digital Strategy 10%
    SECTION A: OPERATIONS MANAGEMENT
39. Introduction
    1.1 Scope
    1.2 Characteristics of Modern Operations Functions
    1.3 Recent Trends in Production and Operations Management
40. Operations Planning
    2.1 Demand Forecasting
    2.2 Capacity Planning
    2.3 Facility Location and Layout
    2.4 Resource Aggregate Planning
    Paper 9
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 39
    2.5 Material Requirements Planning
    2.6 Manufacturing Resource Planning
    2.7 Economic Batch Quantity
41. Designing of Operational Systems and Control
    3.1 Product Design
    3.2 Process Design and Selection
    3.3 Product Life Cycle
    3.4 Process Planning and Selection
    3.5 Design Thinking
42. Application of Operation Research – Production Planning and Control
    4.1 Introduction
    4.2 Production Planning and Control
    4.3 Control Measures – Time & Motion Study, Method Study, Work Study
    4.4 Optimum Allocation of Resources – LPP
    4.5 Transportation
    4.6 Job Evaluation, Job Allocation – Assignment
    4.7 Scheduling and Queuing Models
    4.8 Simulation and Line Balancing
    4.9 Lean Operations
    4.10 JIT
43. Productivity Management and Quality Management
    5.1 Measurement Techniques of Productivity Index
    5.2 Productivity of Employee
    5.3 Productivity of Materials
    5.4 Productivity of Management Resources
    5.5 Productivity of other factors
    5.6 Productivity Improving Methods
    5.7 TQM Basic Tools and Certification
    5.8 ISO Standards Basics
44. Project Management, Monitoring and Control
    6.1 Project Planning
    6.2 Project Life Cycle
    6.3 Gantt Charts
    6.4 PERT and CPM
    6.5 Basics of MS Project
    40 The Institute of Cost Accountants of India CMA Syllabus 2022
45. Economics of Maintenance and Spares Management
    7.1 Breakdown Maintenance
    7.2 Preventive Maintenance
    7.3 Routine Maintenance
    7.4 Replacement of Machine
    7.5 Spare Parts Management
    SECTION B: STRATEGIC MANAGEMENT
46. Introduction
    8.1 Introduction to Strategy and Strategic Management
    8.2 Alignment of Strategy with Vision, Mission and Culture
    8.3 Objectives of Strategic Management
    8.4 Organisational Genomics
    8.5 Alignment with Individual Level Objective and Organisational Objective
    8.6 Balanced Score Card
    8.7 EVA – Driven Responsibility Accounting
47. Strategic Analysis and Strategic Planning
    9.1 Analysis of Business Environment
    9.2 PESTEL, Value Chain and Porter’s 5 Framework
    9.3 SWOTC Analysis (Industry Sector and Company)
    9.4 Portfolio Analysis and BCG Matrix
    9.5 Stages in Strategic Planning
    9.6 Alternatives in Strategic Planning
48. Formulation and Implementation of Strategy
    10.1 Strategy Formulation – Production Strategy, Supply Chain Strategy, Marketing
    Strategy, Human Resource Strategy
    10.2 Structuring of Organisation for Implementation of Strategy
    10.3 Strategic Business Unit
    10.4 Business Process Re-engineering
    10.5 Management Control, Operational Control and Task Control
    10.6 Goal Congruence
49. Digital Strategy
    11.1 Introduction
    11.2 Digital Transformation for Competitive Advantages
    11.3 Innovations and Disruptive Business Models
    11.4 Emerging Trends in Digital and Social Marketing Strategies
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 41
    CORPORATE ACCOUNTING AND AUDITING (CAA) Marks 100
    Module No. Module Description Weight
    Section A: Corporate Accounting 50%
    1 Accounting for Shares and Debentures 10%
    2 Preparation of the Statement of Profit and Loss and Balance Sheet (As
    Per Schedule III of Companies Act, 2013) 10%
    3 Cash Flow Statement 10%
    4 Accounts of Banking, Electricity and Insurance Companies 10%
    5 Accounting Standards 10%
    Section B: Auditing 50%
    6 Basic Concepts of Auditing 10%
    7 Provisions Relating to Audit under Companies Act, 2013 30%
    8 Auditing of Different Types of Undertakings 10%
    SECTION A: CORPORATE ACCOUNTING
50. Accounting for Shares and Debentures
    1.1 Issue of Shares, Forfeiture of Shares, Rights Issue, Bonus Issue, Sweat Equity Shares,
    Employee Stock Option and Stock Purchase Scheme, Buy-back of Shares
    1.2 Redemption of Preference Shares, Issue and Redemption of Debentures
    1.3 Underwriting of Securities
51. Preparation of the Statement of Profit and Loss and Balance Sheet (As per Schedule III of
    Companies Act, 2013)
    2.1 Statement of Profit and Loss (as per Division I of Schedule III)
    2.2 Balance Sheet (as per Division I of Schedule III)
    2.3 An Introduction to Division II of Schedule III
52. Cash Flow Statement
53. Accounts of Banking, Electricity and Insurance Companies
54. Accounting Standards
    5.1 Conceptual Framework
    5.2 Specified Ind AS with Comparative Provisions under AS
    5.2.1 Presentation of Financial Statements (Ind AS 1)
    5.2.2 Inventories (Ind AS 2)
    Paper 10
    42 The Institute of Cost Accountants of India CMA Syllabus 2022
    5.2.3 Events after the Reporting Period (Ind AS 10)
    5.2.4 Employee Benefits (Ind AS 19)
    5.2.5 Earnings per Share (Ind AS 33)
    5.2.6 Provisions, Contingent Liabilities and Contingent Assets (Ind AS 37)
    SECTION B: AUDITING
55. Basic Concepts of Auditing
    6.1 Nature, Scope, Objectives and Significance of Auditing
    6.2 Brief Introduction to Auditing Standards
    6.3 Audit Engagement, Audit Program, Audit Documentations, Audit Evidence, Audit
    Note Book
    6.4 Audit Risk, Assessment of Audit Risk, Internal Control, Internal Check, Internal Audit –
    Industry Specific, Interplay between Internal Audit and Statutory Audit, Risk Based Internal
    Audit, Internal Financial Control and Internal Control over Financial Reporting
    6.5 Audit Sampling, Audit Techniques and Analytical Procedure (Including Scrutiny of
    Trial Balance and Grouping Schedules)
    6.6 Application of Technology in Audit and Audit Trail
56. Provisions Relating to Audit under Companies Act, 2013
    7.1 Statutory Audit – Auditor’s Eligibility, Qualifications, Disqualifications, Appointment,
    Resignation, Rotation, Remuneration, Removal, Rights and Duties, Liabilities, Branch
    Audit and Joint Audit, Role of Audit Committee
    7.2 Cost Audit
    7.3 Secretarial Audit
    7.4 Audit of Various Items of Financial Statements (with Special Emphasis on Audit of
    Inventory and PPE)
    7.5 Audit Report, Report vs. Certificate, Reporting Requirements under Companies Act,
    Contents of the Reports and Modifications in the Report (with Coverage of CARO)
    7.6 Report on Internal Financial Control over Financial Reporting
    7.7 National Financial Reporting Authority (NFRA)
57. Auditing of Different Types of Undertakings
    8.1 Audit of Educational Institutions
    8.2 Audit of Healthcare Organisations
    8.3 Audit of Organisations in Hospitality Sector
    8.4 Audit of Banks
    8.5 Audit of Co-operative Societies
    8.6 Audit of Local Self-Government
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 43
    FINANCIAL MANAGEMENT AND
    BUSINESS DATA ANALYTICS (FMDA) 100 Marks
    Module No. Module Description Weight
    Section A: Financial Management 80%
    1 Fundamentals of Financial Management 5%
    2 Institutions and Instruments in Financial Markets 10%
    3 Tools for Financial Analyses 15%
    4 Sources of Finance and Cost of Capital 10%
    5 Capital Budgeting 15%
    6 Working Capital Management 15%
    7 Financing Decisions of a Firm 10%
    Section B: Business Data Analytics 20%
    8 Introduction to Data Science for Business Decision-making 5%
    9 Data Processing, Organisation, Cleaning and Validation 5%
    10 Data Presentation: Visualisation and Graphical Presentation 5%
    11 Data Analysis and Modelling 5%
    SECTION A: FINANCIAL MANAGEMENT
58. Fundamentals of Financial Management
    1.1 Introduction to Financial Management
    1.1.1 Fundamentals
    1.1.2 Objective of Financial Management
    1.1.3 Scope and Functions of Financial Management
    1.1.4 Profit Optimisation and Value Maximisation Principle
    1.1.5 Dynamic Role of a CFO in Emerging Business Environment
    1.2 Time Value of Money
    1.2.1 Rationale
    1.2.2 Techniques
    1.2.3 Future Value and Present Value of a Single Cash Flow
    1.2.4 Annuity and Perpetuity
    1.2.5 Compound Annual Growth Rate (CAGR)
    1.2.6 Practical Applications
    1.3 Risk and Return
    1.3.1 Various Connotations of Return
    Paper 11
    44 The Institute of Cost Accountants of India CMA Syllabus 2022
    1.3.2 Ex–ante and Ex–post Return
    1.3.3 Types of Risks
    1.3.4 Calculation of Return and Risk
    1.3.5 Capital Asset Pricing Model
59. Institutions and Instruments in Financial Markets
    2.1 Financial Institutions
    2.1.1 Reserve Bank of India
    2.1.2 Commercial Banks
    2.1.3 NBFCs
    2.1.4 Insurance Companies
    2.1.5 Pensions Funds
    2.1.6 Alternative Investment Funds (AIF): Angels, Venture Capital, Private Equity
    and Hedge Funds
    2.1.7 SEBI Regulations (including AIF Circulars)
    2.2 Capital Market
    2.2.1 Primary and Secondary Markets and its Instruments
    2.2.2 Compulsory / Optionally Convertible Financial Instruments, Deep Discount
    Bonds
    2.2.3 Euro Bond and Masala Bond
    2.2.4 Rolling Settlement, Clearing House Operations
    2.2.5 Dematerialization, Re-materialisation and Depository System
    2.2.6 Initial Public Offering (IPO), Follow on Public Offer (FPO), Book Building,
    Green-shoe Option
    2.2.7 Offer for Sale, Private Placement and Preferential Allotment
    2.2.8 Insider Trading
    2.2.9 Credit Rating – Credit Rating Methods and Rating Agencies in India
    2.3 Money Market
    2.3.1 Call Money
    2.3.2 Treasury Bills
    2.3.3 Commercial Bills
    2.3.4 Commercial Paper
    2.3.5 Certificate of Deposits
    2.3.6 Repo, Reverse Repo
    2.3.7 Promissory Notes and Government Securities
60. Tools for Financial Analyses
    3.1 Comparative, Common-Size Financial Statements and Trend Analysis
    3.2 Financial Ratio Analysis
    3.2.1 Financial Ratio Analysis
    3.2.2 Financial Scores: Altman’s Z Score, Beneish M Score, Piotroski F Score
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 45
    3.3 Fund Flow Statement – Preparation and Analysis
    3.4 Cash Flow Statement – Preparation and Analysis
61. Sources of Finance and Cost of Capital
    4.1 Sources of Finance
    4.1.1 Long Term and Short Term
    4.1.2 Financing a Start-up – Alternative Investment Funds and Crowd Funding
    4.2 Cost of Capital
    4.2.1 Meaning of Cost of Capital
    4.2.2 Computation of Weighted Average Cost of Capital
62. Capital Budgeting
    5.1 Introduction to Capital Budgeting
    5.2 Identification of Cash Flows and Forecasting
    5.3 Cash Flow vs. Profit of the Firm
    5.4 Evaluation Techniques – Non-discounted and Discounted Cash Flow Methods
    5.5 Hurdle Rate in a Conglomerate Environment
63. Working Capital Management
    6.1 Introduction to Working Capital Management
    6.1.1 Theoretical Underpinnings
    6.1.2 Planning of Working Capital
    6.1.3 Working Capital Cycle and Cash Cycle
    6.1.4 Estimation of Working Capital Requirement
    6.2 Receivable Management
    6.3 Payable Management
    6.4 Inventory Management
    6.5 Management of Cash and Cash Equivalents
    6.5.1 Motives of holding Cash
    6.5.2 Objectives of Cash Management
    6.5.3 Models of Cash Management
    6.6 Financing Working Capital
    6.6.1 Monthly Cash Flow Forecast and Analysis
    6.6.2 Maximum Permissible Bank Finance (MPBF) Calculation
    6.6.3 Commercial Paper
    6.6.4 Export Financing – Pre-shipment and Post-shipment Packing Credit
64. Financing Decisions of a Firm
    7.1 Capital Structure and Capital Stacking
    7.1.1 Collateral
    7.1.2 Covenant (Financial and Non-financial), Negative Covenants and Cross
    Default
    46 The Institute of Cost Accountants of India CMA Syllabus 2022
    7.1.3 Capital Stacking and Risk Analysis
    7.1.4 Senior and Junior Debt Management
    7.1.5 Capital Structure Theories
    7.2 Leverage Analyses and EBIT – EPS Analysis
    7.3 Dividend Decisions and Dividend Theories
    SECTION B: BUSINESS DATA ANALYTICS
65. Introduction to Data Science for Business Decision-making
    8.1 Meaning, Nature, Properties, Scope of Data
    8.2 Types of Data in Finance and Costing
    8.3 Digitization of Data and Information
    8.4 Transformation of Data to Decision Relevant Information
    8.5 Communication of Information for Quality Decision-making
    8.6 Professional Skepticism regarding Data
    8.7 Ethical Use of Data and Information
66. Data Processing, Organisation, Cleaning and Validation
    9.1 Development of Data Processing
    9.2 Functions of Data Processing
    9.3 Data Organisation and Distribution
    9.4 Data Cleaning and Validation
67. Data Presentation: Visualisation and Graphical Presentation
    10.1 Data Visualisation of Financial and Non-financial Data
    10.2 Objective and Function of Data Presentation
    10.3 Data Presentation Architecture
    10.4 Dashboard, Graphs, Diagrams, Tables, Report Design
    10.5 Tools and Techniques of Visualisation and Graphical Presentation
68. Data Analysis and Modelling
    11.1 Process, Benefits and Types of Data Analysis
    11.2 Data Mining and Implementation of Data Mining
    11.3 Analytics and Model Building (Descriptive, Diagnostic, Predictive, Prescriptive)
    11.4 Standards for Data Tagging and Reporting (XML, XBRL)
    11.5 Cloud Computing, Business Intelligence, Artificial Intelligence, Robotic Process
    Automation and Machine Learning
    11.6 Model vs. Data-driven Decision-making
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 47
    MANAGEMENT ACCOUNTING (MA) Marks 100
    Module No. Module Description Weight
    Section A: Introduction to Management Accounting 5%
    1 Introduction to Management Accounting 5%
    Section B: Activity Based Costing 10%
    2 Activity Based Costing 10%
    Section C: Decision Making Tools 30%
    3 Marginal Costing
    4 Applications of Marginal Costing in Short Term Decision 30%
    Making
    5 Transfer Pricing
    Section D: Standard Costing and Variance Analysis 15%
    6 Standard Costing and Variance Analysis 15%
    Section E: Forecasting, Budgeting and Budgetary Control 15%
    7 Forecasting, Budgeting and Budgetary Control 15%
    Section F: Divisional Performance Measurement 10%
    8 Divisional Performance Measurement 10%
    Section G: Responsibility Accounting 5%
    9 Responsibility Accounting 5%
    Section H: Decision Theory 10%
    10 Decision Theory 10%
    SECTION A: INTRODUCTION TO MANAGEMENT ACCOUNTING
69. Introduction to Management Accounting
    1.1. Conceptual Understanding
    1.2. Relationship between Management Accounting and Cost Accounting
    1.3. Role of a Management Accountant in Modern Business World
    SECTION B: ACTIVITY BASED COSTING
70. Activity Based Costing
    2.1 Traditional Cost System
    2.2 Definition and Meaning of Activity Based Costing (ABC)
    Paper 12
    48 The Institute of Cost Accountants of India CMA Syllabus 2022
    2.3 Steps in ABC System
    2.4 Cost Pools and Cost Drivers
    2.5 Merits and Demerits of ABC System
    2.6 Activity Based Information and Decision Making
    SECTION C: DECISION MAKING TOOLS
71. Marginal Costing
    3.1 Concept
    3.2 Cost-Volume-Profit Analysis
    3.3 Break-Even Charts and Profit Charts
    3.4 Multiple Product Break Even Analysis
    3.5 Differential Cost Analysis
    3.6 Marginal Costing Vs. Absorption Costing (advanced applications)
72. Applications of Marginal Costing in Short Term Decision Making
    4.1 Pricing Decision
    4.2 Make or Buy decisions
    4.3 Accept an Order or Reject
    4.4 Optimum Utilization of Factors of Production [Limiting Factor Analysis]
    4.5 Replacement Decision
    4.6 Evaluation of Alternative Choices
    4.7 Subcontracting and Ancillarisation
    4.8 Expansion of Business
    4.9 Shutdown or Continue
73. Transfer Pricing
    5.1 Concept
    5.2 Methods and Techniques
    5.3 Divisional Performance and Problem of Goal Congruence
    5.4 Determination of Inter-departmental or Inter-company Transfer Price
    5.5 International Transfer Pricing
    SECTION D: STANDARD COSTING AND VARIANCE ANALYSIS
74. Standard Costing and Variance analysis
    6.1 Material and Labour Variances
    6.2 Variable Overhead Variance
    6.3 Fixed Overhead Variance
    6.4 Sales Variance
    6.5 Interpretation of Variances and Inferences Drawn
    SECTION E: FORECASTING, BUDGETING AND BUDGETARY CONTROL
75. Forecasting, Budgeting and Budgetary Control
    7.1 Introduction
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 49
    7.2 Rationale for Budgets
    7.3 General principles in the Budgetary process
    7.4 Formulation of various types of Budgets
    7.4.1 Fixed and Flexible Budgets
    7.4.2 Functional Budgets
    7.4.3 Master Budget
    7.4.4 Cash Budget
    7.4.5 Zero Base Budget
    7.4.6 Performance Budget
    7.4.7 Programme Budget
    7.4.8 Rolling Budget
    7.4.9 Outcome Budget
    7.4.10 Budgetary Control

• Rationale for Budgetary Control
• Importance and Significance of Budgetary Control
• Linkage of Budgetary Control with Standard Costing and Profit
  Reconciliation
• Benchmarking and Key Success Factor
• Interpretation of Under and Over Performance and Inferences Drawn
  for Corrective Actions
  SECTION F: DIVISIONAL PERFORMANCE MEASUREMENT

1. Divisional Performance Measurement
   8.1 Organisations with Multiple divisions, Benefits of Decentralization
   8.2 DuPont Analysis
   8.3 Divisional Performance Measurement tools – ROI, Residual Income
   8.4 Economic Value Added – Definition, EVA Centre, EVA Drivers
   8.5 Introduction to Learning Curve
   8.6 Balanced Score Card for Variable Pay Management
   SECTION G: RESPONSIBILITY ACCOUNTING
2. Responsibility Accounting
   9.1 Concept of Cost, Revenue, Profit and Responsibility Centres
   9.2 Preparation of Responsibility Report
   SECTION H: DECISION THEORY
3. Decision Theory
   10.1 Decision Making under Certainty
   10.2 Decisions Making under Risk
   10.3 Decision Making under Uncertainty
   10.4 Decision Tree
   50 The Institute of Cost Accountants of India CMA Syllabus 2022
   Final Course (Group – III)
   CORPORATE AND ECONOMIC LAWS (CEL) 100 Marks
   Module No. Module Description Weight
   Section A: Corporate Laws 60%
   1 The Companies Act, 2013 40%
   2 Insolvency and Bankruptcy Code, 2016 10%
   3 Corporate Governance and Social Responsibility and
   Sustainability 10%
   Section B: Economic Laws and Regulations 40%
   4 SEBI Regulations 10%
   5 The Competition Act, 2002 5%
   6 Foreign Exchange Management Act, 1999 5%
   7 Laws and Regulations related to Banking Sector
   5%
   8 Laws and Regulations related to Insurance Sector
   9 Specific Legal Provisions related to MSME Sector 5%
   10 Laws and Regulations related to Cyber Security and Data
   Privacy 5%
   11 Laws and Regulations related to Anti-Money
   Laundering 5%
   SECTION A: CORPORATE LAWS
4. The Companies Act, 2013
   1.1 Company Formation and Conversion
   1.1.1 Incorporation of Private Companies, Public Companies, Company Limited
   by guarantee and Unlimited Companies and their conversions/ reconversion/
   re-registration
   1.1.2 Formation of Not-for-Profit making Companies
   1.1.3 Procedure relating to Foreign Companies Carrying on Business in India
   1.1.4 Conversion of LLPs into Private Limited Companies and vice versa
   1.2 Investment and Loans
   1.2.1 Procedure for Inter-Corporate Loans, Investments, giving off Guarantee and
   Security
   1.2.2 Acceptance of Deposits, Renewal, Repayment, Default and Remedies
   Paper 13
   CMA Syllabus 2022
   The Institute of Cost Accountants of India 51
   1.2.3 Public Deposits and Debt Instruments
   1.3 Dividends
   1.3.1 Profits and Ascertainment of Divisible Profits
   1.3.2 Declaration and Payment of Dividend
   1.3.3 Unpaid and Unclaimed dividend – Treatment and Transfer to Investor
   Education and Protection Fund
   1.4 Accounts and Audit
   1.4.1 Maintenance of Books of Accounts, Safe Preservation of Records and
   Accounting Policies
   1.4.2 Statutory Auditor, Special Auditor and Cost Auditor – Appointment,
   Resignation, Removal, Qualification, Disqualification, Rights, Duties and
   Liabilities
   1.4.3 Companies Auditor Report Order (CARO) Rules
   1.5 Board of Directors and Key Managerial Personnel
   1.5.1 Directors and Key Managerial Personnel – Appointment, Reappointment,
   Resignation, Removal
   1.5.2 Payment of Remuneration to Directors and Key Managerial Personnel and
   Disclosure
   1.5.3 Powers of Board of Directors and Restrictions on the Powers of Directors
   1.5.4 Obtaining DIN
   1.5.5 Compensation for Loss of Office
   1.5.6 Waiver of Recovery of Compensation
   1.5.7 Making loans to Directors, Disclosure of interest of a Director, Holding of
   Office or Place of Profit by a Director/relative
   1.6 Board Meetings and Procedures
   1.6.1 Board Meetings, Minutes and Registers
   1.6.2 Corporate Governance and Audit Committee
   1.6.3 Duties and Liabilities of Directors
   1.6.4 Powers related to Political Contributions
   1.7 Inspection, Inquiry and Investigation
   1.8 Compromises, Arrangements and Amalgamations
   1.9 Prevention of Oppression and Mismanagement
   1.9.1 Majority Rule but Minority Protection
   1.9.2 Prevention of Oppression and Mismanagement
5. Insolvency and Bankruptcy Code, 2016
   2.1 Definitions
   2.2 Corporate Insolvency Resolution Process
   2.3 Liquidation of a Corporate Person
   2.4 Personal Insolvency
6. Corporate Governance, Social Responsibility and Sustainability
   3.1 Corporate Governance Concepts and Issues
   3.2 Corporate Governance Practices/Codes in India
   3.3 Corporate Governance in Family Business
   52 The Institute of Cost Accountants of India CMA Syllabus 2022
   3.4 Corporate Social Responsibility – Nature of Activities, Evaluation of CSR Projects
   3.5 Sustainability Management
   SECTION B: ECONOMIC LAWS AND REGULATIONS
7. SEBI Laws and Regulations
   4.1 Raising finance from capital markets –IPO
   4.2 Insider Trading
   4.3 Takeover Code
8. The Competition Act, 2002
   5.1 Competition – Meaning, Objectives, Extent and Applicability
   5.1.1 Anti-Competitive Agreement
   5.1.2 Abuse of Dominant Position
   5.1.3 Combinations and its Regulations
   5.2 Competition Commission of India.
9. Foreign Exchange Management Act, 1999
   6.1 Salient Features of Foreign Exchange Management Act (FEMA)
   6.2 Foreign Direct Investment in India (FDI) – Master Directions on FDI
   6.3 External Commercial Borrowings, Trade Credit and Structured Obligations – Master
   Directions.
   6.4 Liberalized Remittance Scheme (LRS) – Master Directions
10. Laws and Regulations related to Banking Sector
    7.1 The Banking Regulation Act, 1949
    7.2 Role of Reserve Bank of India
    7.3 The Securitization and Reconstruction of Financial Assets and Enforcement of Security
    Interest Act, 2002
11. Laws and Regulations related to Insurance Sector
    8.1 The Insurance Act, 1938
    8.2 The Insurance Regulatory and Development Authority Act, 1999
12. Specific Legal Provisions related to MSME Sector
    9.1 Definition of MSME
    9.2 Rights available to MSME, Measures for promotion of MSME under MSMED Act,
    2006
13. Laws and Regulations related to Cyber Security and Data Privacy
    10.1 Information Technology Act, 2000 and Rules framed there under, Sensitive Personal
    Data rules
    10.2 Basic Principles of Data Privacy, Data Privacy and Business Intelligence
    10.3 Cyber Crime / Cyber Frauds – Meaning, Remedies and Penalties
14. Laws and Regulations related to Anti-Money Laundering
    11.1 The Prevention of Money Laundering Act, 2002
    11.2 The Prevention of Money Laundering (Maintenance of Records) Rules, 2005
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 53
    STRATEGIC FINANCIAL MANAGEMENT (SFM) 100 Marks
    Module No. Module Description Weight
    Section A: Investment Decisions 25%
    1 Investment Decisions, Project Planning and Control 10%
    2 Evaluation of Risky Proposal for Investment Decisions 10%
    3 Leasing Decisions
    5%
    4 Securitization
    Section B: Security Analysis and Portfolio Management 35%
    5 Introduction 5%
    6 Equity and Bond Valuation and Evaluation of
    Performance 15%
    7 Mutual Funds
    8 Portfolio Theory and Practice
    15%
    9 Asset Pricing Theories
    10 Portfolio Performance Evaluation and Portfolio
    Revision
    11 Efficient Market Hypothesis
    Section C: Financial Risk Management 20%
    12 Risks in Financial Market
    20%
    13 Financial Derivatives – Instruments for Risk
    Management
    Section D: International Financial Management 15%
    14 The International Financial Environment 5%
    15 Foreign Exchange Market
    10%
    16 Foreign Exchange Risk Management
    Section E: Digital Finance 5%
    17 Digital Finance 5%
    Paper 14
    54 The Institute of Cost Accountants of India CMA Syllabus 2022
    SECTION A: INVESTMENT DECISIONS
15. Investment Decisions, Project Planning and Control
    1.1 Measuring Cash Flows, Discounted Cash Flow Technique for Project Evaluation
    1.2 NPV and IRR – Conflict and Resolution, The Modified Internal Rate of Return (MIRR),
    Comparing Projects with Unequal Lives, The Concept of Abandonment Value, Modified
    Accelerated Cost Recovery System (MACRS)
    1.3 Inflation Adjusted Cash Flow Forecasting in Capital Budgeting
    1.4 Capital Rationing for Divisible and Non – divisible Projects (with Application of Integer
    Programming)
    1.5 Social Cost Benefit Analysis
16. Evaluation of Risky Proposals for Investment Decisions
    2.1 Risk Analysis in Capital Budgeting – Certainty Equivalent Approach, Risk Adjusted
    Discount Rate, Expected NPV, Standard Deviation of NPV and Use of Normal Distribution,
    Decision Tree Analysis, Options in Capital Budgeting
    2.2 Sensitivity Analysis
    2.3 Scenario Analysis
    2.4 Monte Carlo Simulation
17. Leasing Decisions
    3.1 Lease Financing – Evaluation of Lease vs. Buy Options
    3.2 Break-Even Lease Rental Determination and Implicit Rate
    3.3 Cross Border Leasing, Sale and Lease Back
18. Securitization
    4.1 Definition and Concept and Benefits of Securitization
    4.2 Participants in Securitization
    4.3 Mechanism and Problems of Securitization
    4.4 Securitization Instruments
    SECTION B: SECURITY ANALYSIS & PORTFOLIO MANAGEMENT
19. Introduction
    5.1 Fundamental Analysis
    5.2 Technical Analysis
20. Equity and Bond Valuation and Evaluation of Performance
    6.1 Equity Valuation – Discounted Cash Flow Based Valuation, Relative Valuation using
    Multiples and Weights
    6.2 Bond Valuation – Prices & Yields
21. Mutual Funds
    7.1 Meaning, Advantages and Disadvantages, Structure and Types
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 55
    7.2 Regulations
    7.3 Computation of NAV
    7.4 Evaluation of Performance and Movements in Security Values and NAVs of Mutual Funds
    for Investment Decisions: Perspective of AUM Managers and Individual Investors
    7.5 ETF, REIT, InvIT
22. Portfolio Theory and Practice
    8.1 Portfolio Return and Risk, Systematic and Unsystematic Risk, Diversification strategies
    (Naïve vs the Markowitz Model)
    8.2 Optimal Portfolio, Efficient Frontier, Capital Market Line
    8.3 Principles of Asset Allocation, Active and Passive Asset Allocation
23. Asset Pricing Theories
    9.1 Single Factor and Multifactor Asset Pricing Theories: CAPM and APT
    9.2 Concepts and Applications (including Levered Beta and Unlevered Beta)
24. Portfolio Performance Evaluation and Portfolio Revision
    10.1 Conventional Performance Evaluation
    10.2 Market Timing and Style Analysis
25. Efficient Market Hypothesis
    11.1 Definition
    11.2 Forms of Market Efficiency
    11.3 Implications
    SECTION C: FINANCIAL RISK MANAGEMENT
26. Risks in Financial Market
27. Financial Derivatives – Instruments for Risk Management
    13.1 Introduction to Financial Derivatives
    13.2 Forward and Futures – Meaning and Difference, Pricing, Stock Futures, Index based
    Futures, Hedging through Futures
    13.3 Options
    13.3.1 Meaning, Features and Types of Options, Option vs. Forward and Futures,
    Profitability of Option, Profit Profile of Buyer and Seller, Value of Option,
    Determination of Option Premium
    13.3.2 Option Strategies
    13.3.3 Put-Call Parity Relationship, Valuation of Options using Binomial Tree Approach
    and Black-Scholes Model, The Greeks
    13.4 Swaps
    13.4.1 Meaning, Features, Types, Benefits of Swaps
    13.4.2 Interest Rate Swaps, Credit Default Swaps
    56 The Institute of Cost Accountants of India CMA Syllabus 2022
    13.5 Interest Rate Derivatives – Forward Rate Agreement, Interest Rate Futures and Options,
    Caps, Floors and Collars
    SECTION D: INTERNATIONAL FINANCIAL MANAGEMENT
28. The International Financial Environment
    14.1 International Financial Institutions and Markets
    14.2 Sources of Foreign Currency
29. Foreign Exchange Market
    15.1 Introduction – Structure of Foreign Exchange Market
    15.2 Foreign Exchange Rate – Meaning, Determinants, Equilibrium Exchange Rate, Exchange
    Rate Quotations – Meaning, Direct vs. Indirect Quote, American vs. European Quote,
    Bid-Ask Rate and Spread, Cross Rates
    15.3 Segments of Foreign Exchange Market – Spot Market (including two and three-point
    Arbitrage), Forward Market
    15.4 Foreign Currency Derivatives
    15.4.1 Currency Forwards
    15.4.2 Currency Futures
    15.4.3 Currency Options
    15.4.4 Currency Swaps
    15.5 Parity Relationships
30. Foreign Exchange Risk Management
    16.1 Transaction Exposure
    16.2 Translation Exposure
    16.3 Operating Exposure
    SECTION E: DIGITAL FINANCE
31. Digital Finance
    17.1 Meaning, Traditional Finance vs. Digital Finance
    17.2 Digital Finance Ecosystem –
    17.2.1 Digital Infrastructure
    17.2.2 Digital Money – Cards, Central Bank Digital Currency
    17.2.3 Digital Assets – Non-Fungible Tokens, Private Cryptocurrency, Stablecoins
    17.2.4 Digital Financial Services – Wallets, UPI, Neo-Banks, FinTech
    17.3 Regulation and Governance in a Digital Finance Environment
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 57
    DIRECT TAX LAWS AND INTERNATIONAL TAXATION (DIT) 100 Marks
    Module No. Module Description Weight
    Section A: Direct Tax Laws 60%
    1 Assessment of Income and Computation of Tax Liability of
    Various Entities
    60%
    2 Tax Management, Return and Assessment Procedure
    3 Grievance Redressal
    4 Penalties and Prosecutions
    5 Business Restructuring
    6 Different Aspects of Tax Planning
    7 CBDT and Other Authorities
    8 E-commerce Transaction and Liability in Special Cases
    9 Income Computation and Disclosure Standards (ICDS)
    10 Black Money Act, 2015
    11 Case Study
    Section B: International Taxation 40%
    12 Double Taxation and Avoidance Agreements (DTAA) [Sec.90. 90A
    and 91]
    13 Transfer Pricing 40%
    14 GAAR
    SECTION A: DIRECT TAX LAWS
32. Assessment of Income and Computation of Tax Liability of Various Entities
    1.1 Individual including Non-resident
    1.2 Company
    1.3 Trust
    1.4 Mutual Association
33. Tax Management, Return and Assessment Procedure
    2.1 Return of Income
    2.2 Assessment Procedure including Dispute Resolution Process
    2.3 Interest and Fees
    2.4 Survey, Search and Seizure
    2.5 Collection, Recovery and Refund of Tax
34. Grievance Redressal
    3.1 Appeal
    Paper 15
    58 The Institute of Cost Accountants of India CMA Syllabus 2022
    3.2 Rectification
    3.3 Revision
    3.4 Settlement Commission
    3.5 Advance Ruling
35. Penalties and Prosecutions
36. Business Restructuring
    5.1 Amalgamation
    5.2 Demerger
    5.3 Slump Sale
    5.4 Conversion of Sole Proprietary Business to Company
    5.5 Conversion of Firm into Company
    5.6 Conversion of Private Limited Company/Unlisted Public Company into LLP
37. Different Aspects of Tax Planning
38. CBDT and Other Authorities
39. E-commerce Transaction and Liability in Special Cases
40. Income Computation and Disclosure Standards (ICDS)
41. Black Money Act,2015
    10.1 Introduction to Black Money Act
    10.2 Highlights of Black Money Act
42. Case Study
    SECTION B: INTERNATIONAL TAXATION
43. Double Taxation and Avoidance Agreements (DTAA) [Sec.90. 90A and 91]
    12.1 Types of DTAA
    12.2 Models of DTAAs (OECD and UN)
    12.3 Interlink of DTAAs with Section 90 of Income Tax Act, 1961
    12.4 Overview of Articles in DTAAs
44. Transfer Pricing
    13.1 Transfer Pricing including Specified Domestic Transactions
    13.2 Determination of Arm’s Length Price
    13.3 Advance Pricing Agreement- Concept and Application
    13.4 Safe Harbour Rules, Thin Capitalisation and Secondary Adjustment
45. GAAR
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 59
    STRATEGIC COST MANAGEMENT (SCM) 100 Marks
    Module No. Module Description Weight
    Section A: Strategic Cost Management for Decision Making 60%
    1 Introduction to Strategic Cost Management 5%
    2 Quality Cost Management 5%
    3 Decision Making Techniques 25%
    4 Activity Based Management and Just in Time (JIT) 10%
    5 Evaluating Performance 15%
    Section B: Quantitative Techniques in Decision Making 40%
    6 Linear Programming
    7 Transportation 15%
    8 Assignment
    9 Game Theory
    15%
    10 Simulation
    11 Network analysis – PERT, CPM
    12 Learning Curve
    13 Business Application of Maxima and Minima
    14 10%
    Business Forecasting Models –
    Time Series and Regression Analysis
    15 Introduction to Tools for Data Analytics
    SECTION A: STRATEGIC COST MANAGEMENT – TOOLS AND TECHNIQUES
46. Introduction to Strategic Cost Management
    1.1 Concepts of Strategic Cost Management in Different Stages of Value Chain
    1.2 Cost Control and Cost Reduction – Contemporary Techniques
    1.3 Value Chain Analysis and Value Engineering – Business Process Re-engineering
    1.4 Supply Chain Management
47. Quality Cost Management
    2.1 Managing Quality in Competitive Environment
    2.2 Cost of Quality
    2.3 Total Quality Management
    2.4 Lean Accounting
    2.5 Six Sigma
    Paper 16
    60 The Institute of Cost Accountants of India CMA Syllabus 2022
48. Decision Making Techniques (Case Study-based Approach)
    3.1 Decisions involving Alternative Choices
    3.2 Pricing Decisions and Strategies
    3.3 Transfer Pricing
    3.4 Relevant Cost Analysis
    3.5 Target Costing
    3.6 Product Life Cycle Costing
    3.7 Asset Life Cycle Costing
    3.8 Decision Making using Probability
49. Activity Based Management and Just in Time (JIT)
    4.1 Activity Based Cost Management – Concept, Purpose, Benefits, Stages, Relevance
    in Decision-making and its Application in Budgeting, Responsibility Accounting,
    Traditional vs. ABC System – Comparative Analysis
    4.2 JIT – Introduction, Benefits, Use of JIT in measuring the Performance
    4.3 Throughput Accounting
    4.4 Back flush Accounting
    4.5 Benchmarking
50. Evaluating Performance
    5.1 Variance Analyses
    5.1.1 Investigation of Variances
    5.1.2 Planning and Operating Variances
    5.1.3 Controllable and Non-controllable Variances
    5.1.4 Relevant Cost Approach to Variance Analysis
    5.1.5 Variance Analysis under Marginal Costing and Absorption Costing
    5.1.6 Activity Ratios
    5.1.7 Application of Budgetary Control and Standard Costing in Profit Planning
    5.1.8 Standard Costing Vs Budgetary Control
    5.1.9 Reconciliation of Actual Profit with Standard Profit and /or Budgeted Profit
    5.2 Uniform Costing and Inter-firm comparison
    SECTION B: QUANTITATIVE TECHNIQUES IN DECISION MAKING
51. Linear Programming
52. Transportation
53. Assignment
54. Game Theory
55. Simulation
56. Network analysis – PERT, CPM
57. Learning Curve
58. Business Application of Maxima and Minima
59. Business Forecasting Models – Time Series and Regression Analysis
60. Introduction to Tools for Data Analytics
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 61
    Final Course (Group – IV)
    COST AND MANAGEMENT AUDIT (CMAD) 100 Marks
    Module. No. Module Description Weight
    Section A: Cost Audit 50%
    1 Basics of Cost Audit 5%
    2 Companies (Cost Records and Audit) Rules, 2014 (as amended) 10%
    3 Cost Auditor 10%
    4 Overview of Cost Accounting Standards and GACAP
    10%
    5 Cost Auditing and Assurance Standards
    6 Cost Audit Programme 5%
    7 Cost Audit Documentation, Audit Process and Execution 5%
    8 Preparation and Filing of Cost Audit Report 5%
    Section B: Management Audit 25%
    9 Basics of Management Audit 5%
    10 Management Reporting Issues and Analysis 5%
    11 Management Audit in Different Functions 5%
    12 Evaluation of Corporate Image 5%
    13 Information Systems Security Audit 5%
    Section C: Internal Control, Internal Audit, Operational Audit and Other
    Related Issues 15%
    14 Internal Control and Internal Audit 5%
    15 Operational Audit and Internal Audit under Companies Act,
    2013 5%
    16 Audit of Different Service Organisations 5%
    Section D: Forensic Audit and Anti-Money Laundering 10%
    17 Forensic Audit 5%
    18 Anti-Money Laundering 5%
    Paper 17
    62 The Institute of Cost Accountants of India CMA Syllabus 2022
    SECTION A: COST AUDIT
61. Basics of Cost Audit
    1.1 Nature and Scope of Cost Audit
    1.2 Genesis of Cost Audit
    1.3 Objectives of Cost Audit
    1.4 Utility and Advantage of Cost Audit
    1.5 Cost Accounting Standards
62. Companies (Cost Records and Audit) Rules, 2014 (as amended)
63. Cost Auditor
    3.1 Definition
    3.2 Cost Auditor’s Eligibility, Qualifications, Disqualifications, Appointment,
    Resignation, Rotation, Remuneration, Removal, Rights and Duties, Liabilities
    3.3 Professional Ethics
    3.4 Duties of a Cost Auditor to Report Fraud – Section 143 of the Companies Act 2013
    3.5 Punishment for Fraud (Section 447 of the Companies Act, 2013)
    3.6 Punishment for False Statement (Section 448 of the Companies Act, 2013)
64. Overview of Cost Accounting Standards and GACAP
    4.1 Cost Accounting Standards
    4.2 Guidance Notes on Cost Accounting Standards
    4.3 Generally Accepted Cost Accounting Principles (GACAP)
65. Cost Auditing and Assurance Standards
    5.1 Cost Auditing Standards – Overview
66. Cost Audit Programme
    6.1 Introduction
    6.2 Factors in Planning Cost Audit Assignment
    6.3 Cost Audit Programme
67. Cost Audit Documentation, Audit Process and Execution
    7.1 Cost Audit Documentation
    7.2 Audit Process
    7.3 Practical Steps of Audit Process
68. Preparation and Filing of Cost Audit Report
    8.1 Introduction
    8.2 Critical Elements of Cost Audit Report and Related Evidences (Physical and Digital)
    8.3 Qualified Audit Report
    8.4 Adverse Audit Report
    8.5 Filing of Cost Audit Report to MCA in XBRL Format (as per TAXONOMY)
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 63
    SECTION B: MANAGEMENT AUDIT
69. Basics of Management Audit
    9.1 Definition
    9.2 Nature and Scope
    9.3 Need for Management Audit and Reporting
    9.4 Audit of Management Process and Functions
    9.5 Establishing reliability of information
    9.6 Role of CMAs in Management Audit
70. Management Reporting Issues and Analysis
    10.1 Introduction
    10.2 Performance Analysis
    10.3 Capacity Utilisation Analysis
    10.4 Productivity and Efficiency Analysis
    10.5 Utilities and Energy Efficiency Analysis
    10.6 Key Costs and Contribution Analysis
    10.7 Profitability Analysis
    10.8 Working Capital and Liquidity Management Analysis
    10.9 Manpower Analysis
    10.10 Other Areas Suggested to be covered in the Report on Performance Analysis
    10.11 Management Accounting Tools
71. Management Audit in Different Functions
    11.1 Corporate Objectives and Culture
    11.2 Corporate Services Audit
    11.3 Corporate Development Audit
    11.4 Evaluation of Personnel Development
    11.5 Consumer Services Audit
    11.6 Audit of Environmental Pollution Control
    11.7 Audit of Energy and Utilities – Generation and Consumption
    11.8 Productivity Audit/ Efficiency Audit
    11.9 Propriety Audit
    11.10 Corporate Social Responsibility (CSR) Audit
    11.11 Social Cost – Benefit Analysis Audit
72. Evaluation of Corporate Image
    12.1 Introduction
    12.2 Audit Checks of Different Managerial Functions
    12.3 Audit Checks of Various Corporate Divisions/Departments
    12.4 ESG Audit
73. Information Systems Security Audit
    13.1 Overview
    13.2 Compliance and Security Framework
    13.3 Cyber Security and Cyber Forensics
    13.4 IT Audit in Banking Sector
    64 The Institute of Cost Accountants of India CMA Syllabus 2022
    SECTION C: INTERNAL CONTROL, INTERNAL AUDIT, OPERATIONAL AUDIT AND
    OTHER RELATED ISSUES
74. Internal Control and Internal Audit
    14.1 Internal Control-Concept
    14.1.1 Objectives of Internal Control
    14.1.2 Scope of Internal Control
    14.1.3 Structure of Internal Control
    14.1.4 Limitations of Internal Control
    14.1.5 Evaluation of Internal Control
    14.2 Internal Control and the Auditor
    14.3 Internal Auditing – Evolution of the Profession
75. Operational Audit and Internal Audit under Companies Act, 2013
    15.1 Introduction
    15.2 Preparation for an Audit
    15.3 Audit Engagement Letter
    15.4 Role of CMAs in Internal Audit, Operational Audit and Managers
    15.5 Internal Audit under Companies Act, 2013
    15.6 Internal Audit and Companies (Auditor’s Report) Order
    15.7 Internal Audit in Companies under manufacturing sector
76. Audit of Different Service Organisations
    16.1 Audit of Hospitals
    16.2 Audit of Hotels
    16.3 Audit of Educational Institutions
    16.4 Audit of Co-operative Societies
    16.5 Audit of Self-Help Groups
    16.6 Audit of Non-Government Organisations (NGOs)
    16.7 Audit of Local Bodies
    16.8 Audit of Government Expenditure
    16.9 Propriety Audit in the context of Government Audit
    16.10 Audit of Commercial Accounts
    SECTION D: FORENSIC AUDIT AND ANTI-MONEY LAUNDERING
77. Forensic Audit
    17.1 Introduction to Forensic Audit
    17.2 Fraud Risk Management
    17.3 Financial Forensics and Forensic Audit Techniques
    17.4 Ethical Considerations and Code of Conduct in Forensic Audit
    17.5 Professional Opportunities
78. Anti-Money Laundering
    18.1 International Standards on Combating Money Laundering and the Financing of
    Terrorism & Proliferation
    18.2 Guidance for a Risk-Based Approach for the Accounting Profession
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 65
    CORPORATE FINANCIAL REPORTING (CFR) 100 Marks
    Module No. Module Description Weight
    Section A: Indian Accounting Standards 25%
    1 Specific Accounting Standards 25%
    Section B: Valuation of Shares, Accounting and Reporting of Financial
    Instruments and NBFCs 15%
    2 Valuation of Shares (Including Determination of Goodwill, Post-
    Valuation of Tangible and Intangible Assets)
    3 Accounting of Financial Instruments 15%
    4 NBFCs – Provisioning Norms, Accounting and Reporting
    Section C: Accounting for Business Combination and Restructuring (in
    Compliance with Ind ASs) 20%
    5 Accounting for Business Combinations and Restructuring 20%
    Section D: Consolidated Financial Statements and Separate Financial
    Statements (in Compliance with Ind ASs) 20%
    6 Consolidated Financial Statements and Separate Financial
    Statements 20%
    Section E: Recent Developments in Financial Reporting 10%
    7 Recent Developments in Financial Reporting 10%
    Section F: Government Accounting in India 10%
    8 Government Accounting in India 10%
    SECTION A: INDIAN ACCOUNTING STANDARDS
79. Specific Accounting Standards
    1.1 Accounting Policies, Changes in Accounting Estimates and Errors (Ind AS 8)
    1.2 Income Taxes (Ind AS 12)
    1.3 Property, Plant and Equipment (Ind AS 16)
    1.4 Leases (Ind AS 116)
    1.5 The Effects of Changes in Foreign Exchange Rates (Ind AS 21)
    1.6 Borrowing Costs (Ind AS 23)
    1.7 Impairment of Assets (Ind AS 36)
    1.8 Intangible Assets (Ind AS 38)
    1.9 Share based Payment (Ind AS 102)
    Paper 18
    66 The Institute of Cost Accountants of India CMA Syllabus 2022
    1.10 Operating Segments (Ind AS 108)
    1.11 Fair Value Measurement (Ind AS 113)
    1.12 Revenue from Contracts with Customers (Ind AS 115)
    SECTION B: VALUATION OF SHARES, ACCOUNTING AND REPORTING OF FINANCIAL
    INSTRUMENTS AND NBFCs
80. Valuation of Shares (including Determination of Goodwill, Post-valuation of Tangible and
    Intangible Assets)
81. Accounting of Financial Instruments
82. NBFCs – Provisioning Norms, Accounting and Reporting
    SECTION C: ACCOUNTING FOR BUSINESS COMBINATION & RESTRUCTURING (IN
    COMPLIANCE WITH IND ASs)
83. Accounting for Business Combination and Restructuring
    5.1 Introduction
    5.2 Accounting for Business Combination (Basic Level) with Simple Examples
    5.3 Absorptions, Amalgamations, External Reconstruction
    5.4 Detailed Discussion on Business Combination
    5.5 A Business Combination Achieved in Stages
    5.6 Reverse Acquisition
    5.7 Purchase of Shares from/Sale to Non-controlling Interest not Resulting in Loss of Control of
    the Acquirer
    5.8 Sale of Holding Resulting in Loss of Control of the Acquirer over the Acquiree
    5.9 Business Combination under Common Control (Appendix C of Ind AS 103)
    5.10 Disclosures
    5.11 Difference between Ind AS 103 and AS 14.
    5.12 Internal Reconstruction (Capital Reduction)
    SECTION D: CONSOLIDATED FINANCIAL STATEMENTS AND SEPARATE FINANCIAL
    STATEMENTS (IN COMPLIANCE WITH IND ASs)
84. Consolidated Financial Statements and Separate Financial Statements
    6.1 Introduction to Consolidation
    6.2 Concept of Significant Influence, Joint Control and Control as per Ind AS
    6.3 Consolidation Procedure for Investment in Associates, Joint Ventures and Subsidiaries
    6.4 Measurement of Fair Value of Net Assets, Non-controlling Interest, Goodwill/ Gain on
    Bargain Purchase, Consolidated Other Equity (including Measurement of Investments
    under Equity Method)
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 67
    6.5 Accounting and Reporting in Consolidated Financial Statements and in Separate Financial
    Statements at Acquisition Date – Introductory Examples.
    6.6 Consolidated Financial Statements and Separate Financial Statements at Subsequent
    Reporting Date – Introductory Examples.
    6.7 Consolidated and Separate Financial Statements of Group Entities – Advanced Level
    Discussion and Examples (including Inter-company Investments, Chain Holding, Crossholding
    and Other Relevant Matters)
    6.8 Accounting and Reporting of Joint Operation.
    6.9 Disclosures
    SECTION E: RECENT DEVELOPMENTS IN FINANCIAL REPORTING
85. Recent Developments in Financial Reporting
    7.1 4P Bottom Line Reporting
    7.2 Sustainability Reporting and Global Reporting Initiative
    7.3 Business Responsibility and Sustainability Report
    7.4 Integrated Reporting
    7.5 Corporate Social Responsibility Reporting in India
    7.6 Environmental, Social and Governance (ESG)
    7.7 Human Resource Reporting
    7.8 Value Added Statement
    7.9 Economic Value Added and Market Value Added
    7.10 Reporting through XBRL (eXtensible Business Reporting Language)
    7.11 Quarterly Earnings Call Management
    SECTION F: GOVERNMENT ACCOUNTING IN INDIA
86. Government Accounting in India
    8.1 General Principles and Comparison with Commercial Accounting
    8.2 Role of Comptroller and Auditor General of India
    8.3 Role of Public Accounts Committee, Review of Accounts
    8.4 Government Accounting Standards Issued by Government Accounting Standards Advisory
    Board (GASAB)
    8.5 Government Accounting and Reporting
    68 The Institute of Cost Accountants of India CMA Syllabus 2022
    INDIRECT TAX LAWS AND PRACTICE (ITLP) 100 Marks
    Module. No. Module Description Weight
    Section A: Goods and Services Tax Act & Rules 70%
    1 Supply under GST – A Refresh
    70%
    2 Time of Supply (Advanced)
    3 Place of Supply
    4 Valuation (Advanced)
    5 Input Tax Credit (Advanced)
    6 Zero Rated Supplies and Deemed Exports
    7 TDS & TCS under GST
    8 E-way Bill
    9 GST Refunds- Inverted Duty Structure and Zero-rated
    Supplies
    10 GST Returns
    11 Accounts and Records
    12 GST Annual Return and GST Audit Return
    13 Transition to GST (Transitional Provisions)
    14 Dispute Resolution Mechanism under GST
    15 Inspection, Search, Seizure, Arrest and Prosecution
    16 Anti-profiteering
    17 Walkthrough of GSTN Portal
    Section B: Customs Act and Rules 30%
    18 Valuation and Related Party Transactions
    30%
    19 Customs Procedures – Baggage & Courier / Post
    20 Manufacture in Bond
    21 Duty Drawback
    22 Customs (Import of Goods at Concessional Rate of Duty)
    Rules, 2017
    23 Remission of Duties
    24 Refund
    25 Trade Facilitation Measures
    26 Export Promotion Schemes under Foreign Trade Policy
    27 Special Economic Zone Scheme (With Amended SEZ
    Rules)
    Paper 19
    CMA Syllabus 2022
    The Institute of Cost Accountants of India 69
    SECTION A: GOODS AND SERVICES TAX ACT & RULES
87. Supply under GST – A Refresh
    1.1 Introduction
    1.2 Case Studies and Illustrations on Supply – Taxable, Non-taxable, Exempted,
    Deemed Supplies, Reverse Charge
    1.3 Notifications on Exempted Supplies
    1.4 Important Circulars covering Clarifications on Supply
    1.5 Analysis of Key Advance Rulings
88. Time of Supply (Advanced)
    2.1 Introduction
    2.2 Domestic Transactions including Reverse Charge
    2.3 International Transactions including Reverse Charge
    2.4 Case Studies / Analysis of Advance Rulings
89. Place of Supply
    3.1 Supplies in Territorial Waters
    3.2 Detailed discussion on Place of Supply Provisions
    3.3 Place of Supply- OIDAR Services
    3.4 Case Studies and Illustrations on Place of Supply
90. Valuation (Advanced)
    4.1 Introduction
    4.2 Related Party Transactions
    4.3 Distinct Person Transactions
    4.4 Specific Valuation Rules
    4.5 Case Studies and Illustrations on Valuation
    4.6 Key Advance Rulings
91. Input Tax Credit (Advanced)
    5.1 Introduction
    5.2 Specific Provisions on Input Tax Credit
    5.3 Case Studies and Illustrations on Input Tax Credit including Job Work, Input Service
    Distributor
92. Zero Rated Supplies and Deemed Exports
93. TDS & TCS under GST
94. E-way Bill
95. GST Refunds – Inverted Duty Structure and Zero Rated Supplies
96. GST Returns
    10.1 Introduction
    10.2 Specific Provisions – Monthly Returns, Matching, Reversal and Reclaim of Input Tax Credit
    10.3 Annual Return, Final Return
    10.4 Penal Provisions for Return Filing
97. Accounts and Records
98. GST Annual Return and GST Audit Return
    70 The Institute of Cost Accountants of India CMA Syllabus 2022
    12.1 Key Points for GST Annual Return and GST Audit
    12.2 Approach for GST Audit- Audit Plan, Checklists, Methodology, Management
    Representations, Reconciliations
    12.3 Case Studies and Illustrations
99. Transition to GST (Transitional Provisions)
100. Dispute Resolution Mechanism under GST
     14.1 Demands
     14.2 Assessment and Appeals
     14.3 Advance Ruling
     14.4 Offences and Penalties
101. Inspection, Search, Seizure, Arrest and Prosecution
102. Anti-profiteering
     16.1 Provisions
     16.2 Key Rulings
103. Walkthrough of GSTN Portal
     SECTION B: CUSTOMS ACT AND RULES
104. Valuation and Related Party Transactions
     18.1 Valuation of Imported and Exported Goods
105. Customs Procedures – Baggage & Courier / Post
     19.1 Provision regarding Baggage
106. Manufacture in Bond
107. Duty Drawback
108. Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017
109. Remission of Duties
110. Refund
111. Trade Facilitation Measures
112. Export Promotion Schemes under Foreign Trade Policy
     26.1 Merchandise Exports from India Scheme (MEIS)
     26.2 Service Exports from India Scheme (SEIS)
     26.3 Advance Authorization Scheme
     26.4 Duty Free Import Authorization (DFIA) Scheme
     26.5 Export Promotion Capital Goods Scheme (EPCG)
     26.6 New Scheme: RODTEP
     26.7 EOU, EHTP, STP & BTP Schemes
     26.8 Deemed Exports
113. Special Economic Zone Scheme (with Amended SEZ Rules)
     CMA Syllabus 2022
     The Institute of Cost Accountants of India 71
     Elective Paper
     STRATEGIC PERFORMANCE MANAGEMENT AND
     BUSINESS VALUATION (SPMBV) 100 Marks
     Module. No. Module Description Weight
     Section A: Strategic Performance Management 50%
     1 Introduction to Performance Management 10%
     2 Performance Measurement, Evaluation and Improvement Tools 15%
     3 Economic Efficiency of the Firm – Performance Analysis 10%
     4 Enterprise Risk Management 15%
     Section B: Business Valuation 50%
     5 Fundamentals of Business Valuation 5%
     6 Laws and Compliance in Business Valuation 5%
     7 Business Valuation Methods and Approaches 10%
     8 Valuation of Assets and Liabilities 15%
     9 Valuation in Mergers and Acquisitions 15%
     SECTION A: STRATEGIC PERFORMANCE MANAGEMENT
114. Introduction to Performance Management
     1.1 Performance, Productivity and Efficiency
     1.2 Financial Performance Analysis
     1.3 Procurement to Pay and Vendor Relationship Management
     1.4 Supply Chain Management (SCM)
     1.5 Reverse Mapping of Business Strategies from Market Place using Data Analytics
     1.6 Order to Cash and Customer Relationship Management (CRM)
     1.7 Customer Profitability Analysis
     1.8 Improvement of Corporate Credit Rating Score
115. Performance Measurement, Evaluation and Improvement Tools
     2.1 Balanced Score Card
     2.2 Du-Pont Analysis and RONA Model
     2.3 Bench marking & Bench Trending
     2.4 Six Sigma and Lean Management
     2.5 Statistical Quality Control (SQC)
     2.6 Plan-Do-Check-Action (PDCA)
     Paper 20A
     72 The Institute of Cost Accountants of India CMA Syllabus 2022
     2.7 Management Information System in a Digital Environment
     2.8 Total Productive Maintenance
     2.9 Total Quality Management
     2.10 Data Envelopment Analysis
116. Economic Efficiency of the Firm – Performance Analysis
     3.1 Economic Performance Indicator
     3.2 Profit Optimization under different Market Structure
     3.3 Market Factors affecting Pricing Decisions
117. Enterprise Risk Management
     4.1 Risk Management
     4.1.1 Introduction and Objectives
     4.1.2 COSO Framework
     4.1.3 Pooling
     4.1.4 Diversification
     4.1.5 Total Loss Distribution
     4.1.6 Ruin Probability
     4.1.7 Risk Analysis
     4.1.8 Risk Mapping
     4.1.9 Risk Indicators
     4.1.10 COBIT
     4.2 Corporate Risk Management
     4.2.1 Transformation of Enterprise Risk Management to Risk-enabled Performance
     Management
     4.2.2 Risk Retention or Reduction
     4.2.3 Value at Risk (VaR)
     4.2.4 Introduction to Capital Adequacy Norms in Banking Industry
     4.3 Corporate Failure
     4.3.1 Corporate Distress Analysis
     4.3.2 Corporate Distress Prediction Models – Altman’s Z Score, Beinish M, NCAER
     Models
     SECTION B: BUSINESS VALUATION
118. Fundamentals of Business Valuation
     5.1 Purpose of Business Valuation
     5.2 Valuation Premise
     5.3 Valuation Approaches
     5.4 Fundamentals of Valuation – Risk and Return
     5.5 Financial Statement Analysis
     5.6 Market Value and Enterprise Value
     CMA Syllabus 2022
     The Institute of Cost Accountants of India 73
119. Laws and Compliance in Business Valuation
     6.1 Salient features of the Insolvency and Bankruptcy Code, 2016
     6.2 The Companies Act, 2013: Section 192(2), 230(1), (2), (3), 231, 232, 247, 281(1)
     6.3 Salient features of the Companies (Registered Valuers and Valuation) Rules, 2017
     6.4 Salient Features of the SARFAESI Act, 2002 on Valuation
     6.5 Valuation Standards (IVSC)
120. Business Valuation Methods and Approaches
     7.1 Discounted Cash Flow Analysis (DCF), Comparable Transactions Method, Comparable
     Market Multiples Method, Market Valuation, Economic Value Added Approach, Free Cash
     Flow to Equity, Dividend Discount Model, Net Asset Valuation, Relative Valuation
     7.2 Earnings Multiples
     7.3 Book Value Multiples
     7.4 Revenue and Sector Specific Multiples
121. Valuation of Assets and Liabilities
     8.1 Valuation of Plant & Machinery
     8.2 Valuation of Inventory
     8.3 Valuation of Investments – Shares and Bonds/Debentures
     8.4 Valuation of Intangibles – Copy Rights, Goodwill, Brand
     8.5 Valuation of Human Resources
     8.6 Valuation of Real Estate
     8.7 Value Added, Economic Value Added, Market Value Added
     8.8 Valuation of Liabilities
122. Valuation in Mergers and Acquisitions
     9.1 Acquisition Pricing
     9.1.1 Analysing Premium offered to Target Stockholders
     9.1.2 Analysing Value of the Target to the Acquirer
     9.1.3 Earnings Multiples
     9.1.4 Discounted Abnormal Earnings or Cash Flows
     9.1.5 Acquisitions by Private Equity and Venture Capitalists
     9.2 Acquisition Outcome
     9.2.1 Other Potential Acquires
     9.2.2 Target Management Entrenchment
     9.2.3 Anti-trust and Security Issues
     9.2.4 Post Transactions Value incorporating Effect of Intended Synergies
     9.2.5 Exit Synergies
     9.2.6 Tax Implications
     9.3 Financial Modelling
     74 The Institute of Cost Accountants of India CMA Syllabus 2022
     Elective Paper
     RISK MANAGEMENT IN BANKING AND INSURANCE (RMBI) 100 Marks
     Module. No. Module Description Weight
     Section A: Risk Management in Banking 60%
     1 Introduction to Risk Management 5%
     2 Interest Rate Risk and Market Risk 15%
     3 Credit Risk and Liquidity Risk 15%
     4 Sovereign Risk and Insolvency Risk 10%
     5 Operational Risk and Off-Balance Sheet Risk 15%
     Section B: Risk Management in Insurance 40%
     6 Introduction to Insurance Business 10%
     7 Insurance Intermediaries, General Insurance, Health Insurance
     and Life Insurance 15%
     8 Managing Risk in Insurance Business 15%
     SECTION A: RISK MANAGEMENT IN BANKING
123. Introduction to Risk Management
     1.1 Concept of Risk
     1.2 Risk vs. Uncertainty
     1.3 Types of Risk
     1.4 Risk Management – Concept and Approaches
     1.5 Risk Management Strategies
124. Interest Rate Risk and Market Risk
     2.1 Interest Rate Risk Management
     2.1.1 Concept
     2.1.2 Source
     2.1.3 Term Structure of Interest Rates and Yield Curve
     2.1.4 Interest Rate Risk and Credit Risk
     2.1.5 Measuring Interest Rate Risk
     2.1.6 Interest Rate Risk Measurement and Basel Norms
     2.1.7 Managing Interest Rate Risk
     2.2 Market Risk Management
     2.2.1 Market Risk and its Types
     2.2.2 Calculating Market Risk Exposures
     2.2.3 Market Risk and Basel Norms, Value-at-Risk (VaR)
     2.2.4 Sources of Foreign Exchange Risk Exposure
     2.2.5 Foreign Asset and Liability Positions
     Paper 20B
     CMA Syllabus 2022
     The Institute of Cost Accountants of India 75
     2.2.6 Interaction of Interest Rate
     2.2.7 Inflation and Exchange Rates
     2.2.8 Hedging Market Risk
     2.2.9 Dynamic Hedging Strategies
125. Credit Risk and Liquidity Risk
     3.1 Credit Risk Management
     3.1.1 Credit Risk Exposures, Types
     3.1.2 Credit Risk Measurement Models – Merton’s Model
     3.1.3 Credit Risk Measurement and Basel Norms
     3.1.4 Managing Credit Risk
     3.2 Management of Non-Performing Assets (NPAs)
     3.2.1 Definition, Concept and Categorisation of NPAs
     3.2.2 Choices available to Banks for Management of NPAs
     3.2.3 Trading of NPAs
     3.2.4 Status of NPAs in Banks in India
     3.3 Liquidity Risk Management
     3.3.1 Liability-side and Asset-side Liquidity Risk
     3.3.2 Types of Liquidity Risk Events
     3.3.3 Liquidity Risk vs. Credit Risk
     3.3.4 Liquidity Risk in Insurance Services
     3.3.5 Measuring Liquidity Risk
     3.3.6 Managing Liquidity Risk
     3.3.7 Asset Liability Management – Concept
     3.3.8 Role of ALM in managing Interest Rate Risk and Liquidity Risk
     3.3.9 RBI Guidelines
126. Sovereign Risk and Insolvency Risk
     4.1 Sovereign Risk Events
     4.2 Debt Repudiation versus Debt Rescheduling
     4.3 Evaluation of Sovereign Risk
     4.4 Mechanisms for dealing with Sovereign Risk Exposures
     4.5 Insolvency Risk Analysis through Capital Adequacy Ratios
127. Operational Risk and Off-Balance Sheet Risk
     5.1 Operational Risk – Identification and Assessment, Basel Norms
     5.2 Monitoring and Mitigating Operational Risk
     5.3 Off-Balance Sheet Risk Exposures
     5.4 Loan Commitments
     5.5 Commercial Letters of Credit, Letters of Undertaking and Bank Guarantee
     5.6 Derivatives
     5.7 Deposit Insurance
     5.8 Nature of Off-Balance Sheet Risks
     SECTION B: RISK MANAGEMENT IN INSURANCE
128. Introduction to Insurance Business
     6.1 Definition, Concept and Features of Insurance
     76 The Institute of Cost Accountants of India CMA Syllabus 2022
     6.2 Principles of Insurance
     6.3 Role of Insurance towards Economic Growth
     6.4 Difference between Insurance Companies and other Financial Institutions
     6.5 Insurance Regulatory and Development Authority (IRDA) – Objectives, Statutory
     Powers and Functions of IRDA
129. Insurance Intermediaries, General Insurance, Health Insurance and Life Insurance
     7.1 Insurance Intermediaries
     7.1.1 Insurance Agents
     7.1.2 Surveyors and Loss Assessors
     7.1.3 Insurance Brokers
     7.1.4 Third Party Administrators (TPAs)
     7.1.5 Bancassurance
     7.1.6 Other Channels
     7.2 General Insurance
     7.2.1 Principles
     7.2.2 General Insurance Products
     7.2.3 Tariff Advisory Committee (TAC)
     7.2.4 General Insurance Council
     7.2.5 De-tariffing in General Insurance
     7.2.6 IRDA’s Exposure/Prudential Norms
     7.2.7 Solvency Margins of Non-life Insurers
     7.3 Concept and Types of Health Insurance Policies
     7.4 Structure and Type of Re-insurance
     7.5 Life Insurance
     7.5.1 Principles and Characteristics
     7.5.2 Types of Life Insurance Products
     7.5.3 Solvency Margins of Life Insurers
     7.5.4 Various players in Life Insurance Business
     7.5.5 LIC of India
     7.5.6 Post Office Life Insurance
     7.5.7 Other Players
130. Managing Risk in Insurance Business
     8.1 Concept of Risk in Insurance Business
     8.2 Factors affecting Risk Profile of Insurers
     8.3 Kinds of Risks in Insurance – Portfolio Risk, Solvency Risk, Marketing Risk,
     Market Risk, Operational Risk and Other Risks
     8.4 Risk-based Capital, Types of Risk-based Capital – Current Risks, Special Risks,
     Non-technical Risks
     8.5 Risk Management Process in Insurance
     8.5.1 Risk Identification
     8.5.2 Risk Assessment
     8.5.3 Risk Treatment
     8.5.4 Risk Reduction
     8.5.5 Risk Review and Monitoring
     8.6 Role of an Actuary in Insurance Business
     CMA Syllabus 2022
     The Institute of Cost Accountants of India 77
     Elective Paper
     ENTREPRENEURSHIP AND STARTUP (ENTS) 100 Marks
     Module. No. Module Description Weight
     Section A: Entrepreneurial Skill Sets 15%
     1 Entrepreneurial Skill Sets 15%
     Section B: The Entrepreneurial Eco-system 15%
     2 The Entrepreneurial Eco-system 15%
     Section C: Idea to Action 15%
     3 Idea to Action 15%
     Section D: Value Addition 15%
     4 Value Addition 15%
     Section E: Scale up 10%
     5 Scalability, Scaling up and Stabilisation of Sustainable
     Business 10%
     Section F: Risk Management Strategies 10%
     6 Risk Management Strategies 10%
     Section G: Leadership 10%
     7 Leadership 10%
     Section H: Types of New Age Business 10%
     8 Types of New Age Business 10%
     SECTION A: ENTREPRENEURIAL SKILL SETS
131. Entrepreneurial Skill Sets
     1.1 Building the Entrepreneurial Quotient
     1.2 Entrepreneurial Psychology, Driving Forces and Characteristics
     1.3 Entrepreneurial Discipline with Practice, Patience and Perseverance (3Ps)
     1.4 Identifying and Meeting the Gaps in Resources at Optimised Cost
     1.5 Capital Structuring, Resource Mobilization and Management
     1.6 New Age Marketing and After Sales Services
     1.7 Using IT and 8 Deep Technologies
     1.8 Strategies for Disruption
     1.9 Legal and Regulatory Compliance
     Paper 20C
     78 The Institute of Cost Accountants of India CMA Syllabus 2022
     SECTION B: THE ENTREPRENEURIAL ECOSYSTEM
132. The Entrepreneurial Ecosystem
     2.1 Macroeconomic Environment and Emerging Dimensions of Business Ecosystems
     2.2 Formation and Incorporation of a Legal Entity
     2.3 Legal and Intellectual Property Rights
     2.4 Procurement to Pay
     2.5 Order to Cash
     2.6 Transaction to Reporting
     2.7 Working Capital Management
     2.8 Market Dynamics
     2.9 Government Policies, Subsidies, Incentives, Tax Laws
     2.10 Trends in Entrepreneurship
     SECTION C: IDEA TO ACTION
133. Idea to Action
     3.1 Monetizing Ideas
     3.2 Bootstrapping
     3.3 Preparation of Project Report
     3.4 Funding Options for Start-up, including Crowd Funding
     3.5 Using Data Analytics to Advantage
     3.6 Building a Sustainable Revenue Model and Periodical Business Plan
     3.7 Launching Sustainable Impact Initiatives
     3.8 From Start up to MNC
     SECTION D: VALUE ADDITION
134. Value Addition
     4.1 Process of Innovation
     4.2 Design Thinking
     4.3 Lean Start-Up & Customer Validation
     4.4 Generating Market Traction
     4.5 Positioning and Packaging
     4.6 Start-up Models
     SECTION E: SCALE UP
135. Scalability, Scaling up and Stabilisation of Sustainable Business
     5.1 Business Scalability –Validation and Roadmap
     5.2 Preparation of Pitching Document and giving Elevator Pitches
     5.3 Funding Strategies and Funding Series including crowd funding
     5.4 Start-up Valuation – Pre-money, Milestone and Investors’ Exit Point
     5.5 Scaling up and Stabilisation of Business
     5.6 Sustainability Management
     CMA Syllabus 2022
     The Institute of Cost Accountants of India 79
     5.7 Exit Strategies of Fund Houses
     5.8 Gathering Critical Mass through Mergers & Acquisitions
     5.9 Negotiations at each Milestone
     SECTION F: RISK MANAGEMENT STRATEGIES
136. Risk Management Strategies
     6.1 Predicting, Calculating and Mitigating Enterprise Risks
     6.2 Application of COSO Framework for Risk-Enabled Performance Management
     6.3 Predicting, Calculating and Overcoming Financial Risks
     6.4 Project Monitoring and Controlling
     6.5 Increasing Coping Mechanisms and Risk Mitigation
     6.6 Establishing Internal Checks and Balances as a Process
     6.7 Transformation from Risk Managing to Risks Enabled Organisation
     6.8 Start-up Audit
     6.9 Bouncing Back from Failures
     SECTION G: LEADERSHIP
137. Leadership
     7.1 Leading Mission Driven Ventures and Organisations
     7.2 Business Ethics and Best Practices
     7.3 Forecasting and Planning – Building Capabilities to see Deeper, Wider and Faster
     7.4 Developing Mission, Vision and Goals
     7.5 Learning smart ways to create Competitive Advantage
     7.6 Learn to deal with Ups and Downs and Lead Organisational Change
     7.7 Building a Motivated Team
     7.8 Designing Strategies to suit the Business Needs and Ecosystem
     ECTION H: TYPES OF NEW AGE BUSINESS
138. Types of New Age Business
     8.1 FinTech, EdTech, HealthCare, AgriTech, Defence, IT, Space, Robotics, Digital
     Transformation & VBA etc.
     8.2 Agropreneurship
     8.3 Women Entrepreneurship
     8.4 Family Run Business
     8.5 MSME
     8.6 Generation Transfer Transaction
     8.7 Social Entrepreneurship
     8.8 Emerging Markets
     APPLICATIONS OF LEARNING POINTS THROUGH CASE STUDIES FOR THE
     FINAL LEVEL COURSE
     80 The Institute of Cost Accountants of India CMA Syllabus 2022
     Training during CMA Course
     Institute will provide additional
     140 hrs of Skills Training Support &
     Certification on each Module
     Skills Training Partners
     CMA Syllabus 2022
     The Institute of Cost Accountants of India 81
     CMA Course Flow Chart
     82 The Institute of Cost Accountants of India
     CMA Syllabus 2022
     CMA Syllabus 2022 in the Light of National Education Policy 2020 The Directorate of Studies has made efforts to craft the CMA Syllabus 2022 (CMAS
     2022) in the light of particularly those provisions of the National Education policy
     2020 which are considered relevant and appropriate in the best interest of students
     and other stakeholders, and to the extent feasible keeping in view the enormity and
     nation-wide spread of students. The predominant objective is to nurture today’s students to
     tomorrow’s globally oriented and, socially responsible CMA professionals. The following
     is a summary of those enabling features of the CMAS 2022:
     » CMA, as a professional education, would significantly contribute towards sustainable
     livelihoods and economic development of the nation.
     » CMAS 2022 would make students future ready for academic enlightenment,
     constructive public engagement, productive contribution to the society and personal
     accomplishments.
     » The Syllabus would equip students with identified skill sets for value creation. It
     would help them to prepare for more meaningful and satisfying lives and work roles
     with economic independence.
     » The erstwhile syllabus has substantially been recrafted after comprehensive review
     and re-energised to ensure that emerging/future needs of corporate world, the society,
     and government are met.
     » The Institute has taken a wholistic and multidisciplinary approach by mandating
     students to complete technical and soft skill training for 120 hours and 20 hours
     respectively, 44 hours of tutorial workshops, practical training for 15 months and
     Industry oriented training program for 7 days.
     » The Institute is striving to set up frontiers of research with greater industry-professional
     institute linkages in which students would get opportunities to participate as field
     level researchers and analysts.
     » CMAS 2022 has been designed and re-engineered to ensure application-oriented
     learning outcomes both for each subject and CMA curriculum. Engaging teaching
     pedagogy, asynchronous learning resources, skill training processes, and newly
     contemplated assessment procedure would ensure effective learning.
     » The Syllabus has given students an option to choose the 20th subject of final level
     out of three. The Institute has also decided to introduce grading system that assesses
     students’ achievements based on the learning objectives of each subject.
     » Study and training for IT tools have been blended with academic education. Data
     Analytics have been added as a separate section of a subject. Technical skill training
     for SAP Finance Power User, Microsoft Office, and E Filing is a compulsory part of
     the curriculum.
     Prominent Recruiters in
     CMA Campus Placement Drives
     More than 2000 Placements in 2021 & 2022
     Highest Package: 27.5 Lakh p.a. Average Package:10 Lakh p.a.
     And Many More…
     CMA Course … Going Global Be a CMA, Be an Enabler for SELF-RELIANT INDIA
     THE INSTITUTE OF
     COST ACCOUNTANTS OF INDIA
     (Statutory Body under an Act of Parliament)
     Headquarters: CMA Bhawan, 3 Institutional Area, Lodhi Road, New Delhi – 110 003
     Kolkata Office: CMA Bhawan, 12 Sudder Street, Kolkata – 700 016
     www.icmai.in
     [email protected]
     Toll Free: 1800110910 / 18003450092
     ISBN: 978-93-95303-22-4