CMA Final · December 2025 · Paper 20A
CMA Final Strategic Performance Management and Business Valuation December 2025: paper analysis
Our own analysis of the official paper, as of 12 October 2026. The questions and answers belong to ICMAI; read them on ICMAI's website.
Chapter-wise marks
Where the marks were in this paper (out of 100; internal-choice alternatives not double counted).
What each question tested
In our words, by question number. Open the official paper for the full question.
| Q | Marks | Tests | Chapter |
|---|---|---|---|
| 2(a) | 7 | Key decision areas in supply chain management and tailoring supply chains for mass versus niche markets | Performance Measurement, Evaluation and Improvement Tools |
| 2(b) | 7 | Steps for implementing total quality management | Performance Measurement, Evaluation and Improvement Tools |
| 3(a) | 7 | Profit-maximising single price across two markets with separate linear demand functions | Economic Efficiency of the Firm - Performance Analysis |
| 3(b) | 7 | Essentials of risk management and features of different risk types | Risk Management |
| 4(a) | 7 | Return on net assets and its implications | Performance Measurement, Evaluation and Improvement Tools |
| 4(b) | 7 | Comparing bankruptcy risk of two companies using the Altman Z-score | Corporate Failure |
| 5(a) | 7 | Valuing a firm by discounted cash flow with a negative first year, a growth phase and a changing discount rate | Business Valuation Methods and Approaches |
| 5(b) | 7 | Weighted business value across valuation approaches and the implied capitalisation rate | Business Valuation Methods and Approaches |
| 6(a) | 7 | Valuing a copyright from projected sales growth, margins and a finite benefit period | Valuation of Assets and Liabilities |
| 6(b) | 7 | Fair value of unlisted bonds using the yield of similarly rated bonds | Valuation of Assets and Liabilities |
| 7(a) | 7 | Swap ratio at market prices, post-acquisition share price and gains or losses to each shareholder group | Valuation in Mergers and Acquisitions |
| 7(b) | 7 | Benefit and cost of an acquisition under cash and share-exchange alternatives using growth-based valuation | Valuation in Mergers and Acquisitions |
| 8(a) | 7 | Customer profitability analysis with activity-based customer costs and ranking | Performance Measurement, Evaluation and Improvement Tools |
| 8(b) | 7 | Evaluating an acquisition offer by present value of after-tax cash flows | Valuation in Mergers and Acquisitions |
What stood out
- The MCQ section ended with a five-question extended DuPont case on a listed steel company, so performance analysis supplied 7 of 15 MCQs.
- Business valuation dominated Section B: DCF firm value, weighted approach value, copyright, bond fair value and three M and A parts.
- Merger and acquisition valuation took a full question (swap ratio gains and cash versus share cost) plus an acquisition NPV, repeating its June 2026 prominence.
- Theory was concentrated in Questions 2 to 4 (supply chain, TQM, risk management, RONA), giving a theory-friendly route of about three questions.
- The Altman Z-score appeared again as a 7-mark computation, making corporate failure prediction a reliable topic across terms.
Practise the chapters that carried the marks
Performance Measurement, Evaluation and Improvement Tools, Valuation in Mergers and Acquisitions, Valuation of Assets and Liabilities: study guides and practice questions in the CMA Final format.