CMA Intermediate · December 2025 · Paper 11
CMA Intermediate Financial Management and Business Data Analytics 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 | Meaning and features of repo transactions | Money Market |
| 2(b) | 7 | Process of data mining | Data Analysis and Modelling |
| 3(a) | 7 | Investor ratios: dividend yield, EPS, P/E, payout, valuation ratio, ROCE and debt-equity | Financial Ratio Analysis |
| 3(b) | 7 | Net cash flow from investing activities using asset movements, depreciation and disposals | Cash Flow Statement - Preparation and Analysis |
| 4(a) | 7 | Completing a trend analysis statement of income items using base-year percentages | Comparative, Common-Size Financial Statements and Trend Analysis |
| 4(b) | 7 | Weighted average cost of capital using book value and market value weights with flotation costs | Cost of Capital |
| 5(a) | 7 | Selecting a project combination under capital rationing with mutually exclusive, indivisible projects | Capital Budgeting |
| 5(b) | 7 | Working back project cost, cost of capital, NPV and payback from IRR and profitability index | Capital Budgeting |
| 6(a) | 7 | Working capital requirement estimate on a cash-cost basis with credit and holding periods | Introduction to Working Capital Management |
| 6(b) | 7 | Economic order quantity and whether to accept supplier quantity discounts | Inventory Management |
| 7(a) | 7 | Firm value and overall cost of capital at different debt levels under the traditional approach | Capital Structure and Capital Stacking |
| 7(b) | 7 | EPS under alternative debt-equity financing plans with tiered interest rates and share price changes | Leverage Analyses and EBIT - EPS Analysis |
| 8(a) | 7 | Core steps in turning raw data into decision-relevant information | Data Processing, Organisation, Cleaning and Validation |
| 8(b) | 7 | Meaning of data analytics and its steps | Data Analysis and Modelling |
What stood out
- Ten of fourteen written parts were numerical, spread across ratios, cash flow, trend analysis, cost of capital, capital budgeting, working capital and capital structure.
- Data analytics again appeared only as theory (data mining, data-to-information steps, analytics process), mainly in Questions 2 and 8.
- Capital budgeting had two numerical parts including capital rationing with indivisible and mutually exclusive projects, a step beyond plain NPV.
- Capital structure theory was tested numerically through the traditional approach and an EPS-based financing choice.
- The MCQ section mixed concept checks with quick calculations (effective rate, interest cover, CAPM, profitability index, payback reciprocal).
Practise the chapters that carried the marks
Capital Budgeting, Data Analysis and Modelling, Financial Ratio Analysis: study guides and practice questions in the CMA Intermediate format.