CMA Intermediate · June 2026 · Paper 11
CMA Intermediate Financial Management and Business Data Analytics 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).
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 of credit rating and the steps in the credit rating process | Capital Market |
| 2(b) | 7 | How prescriptive analytics works, with its advantages and limitations | Data Analysis and Modelling |
| 3(a) | 7 | Constructing a balance sheet from given financial ratios | Financial Ratio Analysis |
| 3(b) | 7 | Cash flow from financing activities with share issues, bonus shares, debenture redemption and dividends | Cash Flow Statement - Preparation and Analysis |
| 4(a) | 7 | Common-size income statement for two years with interpretation | Comparative, Common-Size Financial Statements and Trend Analysis |
| 4(b) | 7 | Cost of additional finance: tiered after-tax cost of debt, cost of retained earnings and equity, and weighted average | Cost of Capital |
| 5(a) | 7 | Net present value of a project with working capital, salvage value and tax-adjusted depreciation | Capital Budgeting |
| 5(b) | 7 | Choosing between two machines with unequal lives using after-tax payback period | Capital Budgeting |
| 6(a) | 7 | Working capital requirement estimate from cost structure and holding or credit periods | Introduction to Working Capital Management |
| 6(b) | 7 | Evaluating a relaxed credit policy: cost of extra receivables, added bad debts and net benefit | Receivable Management |
| 7(a) | 7 | Comparing equity, preference and debt financing plans using EPS and market price via P/E ratios | Leverage Analyses and EBIT - EPS Analysis |
| 7(b) | 7 | Operating, financial and combined leverage under alternative cost and capital structure situations | Leverage Analyses and EBIT - EPS Analysis |
| 8(a) | 7 | Data analytics in lean finance: capabilities a firm needs to turn information into decisions | Introduction to Data Science for Business Decision-making |
| 8(b) | 7 | Strategic steps for using data visualisation in report design | Data Presentation: Visualisation and Graphical Presentation |
What stood out
- Ten of the fourteen written parts were numerical, covering ratios, cash flow, common-size statements, cost of capital, capital budgeting, working capital and leverage.
- Business data analytics was confined to theory: one part in Question 2 and the whole of Question 8, together with two MCQs on data validation and visual tools.
- Capital budgeting (NPV and payback) and leverage or EBIT-EPS analysis each had a full 14 marks across two parts, making them the highest-yield chapters.
- A candidate strong in numericals could skip both analytics-heavy questions and still attempt five full numerical questions.
- MCQs were evenly spread across risk and return, cost of capital, capital budgeting and working capital, with two from ratio analysis.
Practise the chapters that carried the marks
Capital Budgeting, Leverage Analyses and EBIT - EPS Analysis, Financial Ratio Analysis: study guides and practice questions in the CMA Intermediate format.