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CMA Foundation

CMA Foundation is the entry level of the Cost and Management Accountancy course (Syllabus 2022), conducted by the Institute of Cost Accountants of India (ICMAI) twice a year in June and December terms. Current term: December 2026 examination on Sunday, 13 December 2026.

At a glance
Conducted by Institute of Cost Accountants of India (ICMAI)
Papers 4 papers, 100 marks each (400 total); each paper is 50 MCQs × 2 marks
Mode Offline OMR-based MCQ at exam centres; no negative marking
Current term December 2026 — Sunday 13 December 2026: Papers 1–2 from 10 AM–12 noon, Papers 3–4 from 2 PM–4 PM
Eligibility Register after Class 10; appear after passing 10+2 (or recognised equivalent). Register by 31 January for the June term, 31 July for the December term
Exam fee (Dec 2026) ₹1,500 inland / US$100 overseas; apply online only by 14 October 2026 (15–21 October with ₹500 late fee)
Pass rule Minimum 40% in each paper and 50% aggregate (CMA Prospectus, Syllabus 2022)

Official sources

Exam pattern

The examination is conducted in offline OMR-based objective multiple-choice question (MCQ) mode across two 2-hour sessions on a single examination day. There is no negative marking.

Session Paper Subject Questions Marks Duration Negative Marking
Morning (10:00 AM – 12:00 PM) Paper 1 Fundamentals of Business Laws and Business Communication (FBLC) 50 MCQs 100 2 hours None
Morning (10:00 AM – 12:00 PM) Paper 2 Fundamentals of Financial and Cost Accounting (FFCA) 50 MCQs 100 2 hours None
Afternoon (2:00 PM – 4:00 PM) Paper 3 Fundamentals of Business Mathematics and Statistics (FBMS) 50 MCQs 100 2 hours None
Afternoon (2:00 PM – 4:00 PM) Paper 4 Fundamentals of Business Economics and Management (FBEM) 50 MCQs 100 2 hours None
  • Total marks: 400 (4 papers × 100 marks).
  • Question weightage: Each paper contains 50 multiple choice questions carrying 2 marks each.
  • Sessions: Papers 1 and 2 are conducted together in the morning session (100 MCQs, 200 marks, 120 minutes); Papers 3 and 4 are conducted together in the afternoon session (100 MCQs, 200 marks, 120 minutes). Pace yourself at roughly 1.2 minutes per question.
  • Qualifying / Pass standard: Minimum 40% marks in each individual paper (40/100) and an aggregate of at least 50% across all four papers (200/400) in a single sitting.

Syllabus

Under Syllabus 2022, the Foundation curriculum comprises four compulsory papers:

  1. Paper 1: Fundamentals of Business Laws and Business Communication (FBLC)
  2. Section A: Fundamentals of Business Laws
  3. Section B: Business Communication
  4. Paper 2: Fundamentals of Financial and Cost Accounting (FFCA)
  5. Section A: Fundamentals of Financial Accounting
  6. Section B: Fundamentals of Cost Accounting
  7. Paper 3: Fundamentals of Business Mathematics and Statistics (FBMS)
  8. Section A: Fundamentals of Business Mathematics
  9. Section B: Fundamentals of Business Statistics
  10. Paper 4: Fundamentals of Business Economics and Management (FBEM)
  11. Section A: Fundamentals of Business Economics
  12. Section B: Fundamentals of Management

Shared preparation blocks for this exam: Accounting and business basics (Paper 2) · Quantitative aptitude (Paper 3) · Indian economy (Paper 4). Paper 1 (business laws and communication) has no shared module yet — prepare it directly from ICMAI's prescribed syllabus and study material.

How to prepare (free, in order)

  1. Cover the four papers from ICMAI's own Foundation study material, starting with Paper 2 (accounting) and Paper 3 (maths and statistics), which reward daily problem-solving practice.
  2. Drill OMR-style MCQs under the real pace: 100 questions per 2-hour session leaves about a minute per question; since there is no negative marking, attempt every question.
  3. Solve past term suggested answers and practice test papers from the ICMAI examination section (https://icmai.in/ClntStudents/Suggested_Answers) to benchmark timing and accuracy.
  4. Complete the online examination application before the deadline (14 October 2026 for the December 2026 term).

Free resources