CMA Final · June 2026 · Paper 20A
CMA Final Strategic Performance Management and Business Valuation June 2026: 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).
| Chapter | Questions | Marks | Share |
|---|---|---|---|
| Performance Measurement, Evaluation and Improvement Tools | 12 | 44 | 34% |
| Valuation in Mergers and Acquisitions | 4 | 23 | 18% |
| Valuation of Assets and Liabilities | 4 | 18 | 14% |
| Economic Efficiency of the Firm - Performance Analysis | 3 | 16 | 13% |
| Business Valuation Methods and Approaches | 3 | 11 | 9% |
| Risk Management | 2 | 9 | 7% |
| Corporate Failure | 1 | 7 | 5% |
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 | Customer relationship management: meaning, objective and common misconceptions | Performance Measurement, Evaluation and Improvement Tools |
| 2(b) | 7 | Why lean is more than waste reduction, its focus areas, the 5S elements and benefits of a 5S programme | Performance Measurement, Evaluation and Improvement Tools |
| 3(a) | 7 | Profit-maximising output, price and profit from given demand and cost functions | Economic Efficiency of the Firm - Performance Analysis |
| 3(b) | 7 | Meaning of risk management and the steps in the risk management process | Risk Management |
| 4(a) | 7 | Significance of the five-component DuPont analysis | Performance Measurement, Evaluation and Improvement Tools |
| 4(b) | 7 | Bankruptcy risk of two firms using the Altman Z-score and an investment recommendation | Corporate Failure |
| 5(a) | 7 | Valuing land as a real option and deciding timing and size of construction under uncertainty | Valuation of Assets and Liabilities |
| 5(b) | 7 | Intrinsic share value using constant-growth dividend model with CAPM and a buy or sell decision | Business Valuation Methods and Approaches |
| 6(a) | 7 | Valuing human resources by the present value of future earnings model | Valuation of Assets and Liabilities |
| 6(b) | 7 | Economic value added over two years and whether shareholder value was created | Performance Measurement, Evaluation and Improvement Tools |
| 7(a) | 7 | Acquisition price of a target using comparable transaction multiples | Valuation in Mergers and Acquisitions |
| 7(b) | 7 | Post-merger EPS under a market-price swap ratio and the ratio that protects target shareholders' earnings | Valuation in Mergers and Acquisitions |
| 8(a) | 7 | Trend analysis of margins and viability of an automation investment using present values | Economic Efficiency of the Firm - Performance Analysis |
| 8(b) | 7 | Comparing alternative share exchange schemes and their effect on each set of shareholders | Valuation in Mergers and Acquisitions |
What stood out
- The MCQ section ended with a five-question balanced scorecard case on divisional EVA, ROI and non-financial measures, so performance measurement took 9 of 15 MCQs.
- Business valuation dominated Section B with seven parts: real options, dividend discount, human resource valuation, transaction multiples and three merger exchange-ratio problems.
- Performance management theory (CRM, lean and 5S, DuPont, risk management steps) was limited to four parts, all in Questions 2 to 4.
- Corporate failure prediction appeared as an Altman Z-score computation rather than theory.
- Merger and acquisition valuation was the most concentrated area, with Question 7 and Question 8(b) both on swap ratios and post-merger EPS.
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.