CMA Final · exam guide

How the CMA Final Exam Is Conducted

Checked against ICMAI's official pages, as of 12 October 2026. Rules and fees change; confirm on the official site before you act.

Final is a written, offline exam at an exam centre: eight 3-hour papers of 100 marks each in two groups, including one elective chosen at enrolment.

• Group III: Paper 13 Corporate and Economic Laws, Paper 14 Strategic Financial Management, Paper 15 Direct Tax Laws and International Taxation, Paper 16 Strategic Cost Management.
• Group IV: Paper 17 Cost and Management Audit, Paper 18 Corporate Financial Reporting, Paper 19 Indirect Tax Laws and Practice, and one elective Paper 20.
• Electives: 20A Strategic Performance Management and Business Valuation, 20B Risk Management in Banking and Insurance, or 20C Entrepreneurship and Start up.
• Each paper carries 100 marks and lasts 3 hours. For December 2026 the mode is offline and centre-based.
• Each paper opens with a compulsory Section A of 15 multiple choice questions of 2 marks each (30 marks); in some papers part of Section A is built on a short case scenario. The remaining 70 marks are descriptive and numerical questions.
• A candidate can sit one group or both groups in a term.
• Candidates may choose to answer in Hindi; answer scripts that mix English and Hindi are liable to be cancelled.
• Exam centres are spread across India, with overseas centres at Bahrain, Dubai and Muscat (December 2026 list).