CMA Foundation · exam guide
How the CMA Foundation 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.
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The Foundation examination is fully multiple choice, answered on an OMR sheet at an exam centre. For the December 2026 term ICMAI confirmed an offline, OMR-based, centre-based exam for all students.
- Four papers of 100 marks each: Paper 1 Fundamentals of Business Laws and Business Communication, Paper 2 Fundamentals of Financial and Cost Accounting, Paper 3 Fundamentals of Business Mathematics and Statistics, Paper 4 Fundamentals of Business Economics and Management.
- Each paper has 50 multiple choice questions of 2 marks each.
- Papers 1 and 2 are taken together in one 2-hour session (100 questions, 200 marks), and Papers 3 and 4 in a second 2-hour session on the same day.
- There is no negative marking.
- Mode for December 2026: offline OMR sheet at an exam centre, not an online or remote-proctored test.
- Exam centres are spread across India, with overseas centres at Bahrain, Dubai and Muscat (December 2026 list).
- Detailed instructions are issued with the admit card.