CMA Intermediate December 2025 Syllabus – Group 1 & Group 2: The Complete Guide
Preparing for the CMA Intermediate exams in December 2025? Understanding the test content offers a real advantage. The syllabus? Consider it a roadmap. It spells out what you’ll study, time allotments for each section, moreover key areas to focus on. Within this overview, we break down both Groups – one and two – from the recent ICMAI 2022 curriculum, alongside tips to help you ace those tests CMA Intermediate December 2025 Syllabus – Group 1 & Group 2: The Complete Guide.
Syllabus Framework & Key Highlights
Starting June 2023, the CMA exam at the intermediate level will use the 2022 curriculum. It covers ICMAI subjects one and two, alongside ICMAI courses one and two
At the Intermediate stage, students tackle eight assessments - four from Group One alongside four more from Group Two. This equates to a total of six ICMAI qualifications
You can apply to either program separately, or both simultaneously this semester. Shiksha offers that flexibility
Papers total one hundred points apiece. Specifically, each assessment comprises ICMAI valued at twice, alongside an additional two ICMAI components - again, totaling a hundred
To succeed, you need at least 40% on every test - however, collectively, the team must achieve a 50% average. Also, Gradehunt offers an additional point
Below is the subject-wise breakdown from ICMAI’s official “Syllabus 2022 – Intermediate Course Curriculum.” ICMAI+3ICMAI+3ICMAI+3
Group I: Core Foundations
Section One gets you up to speed on legal matters, bookkeeping, taxes, alongside how costs are figured - the core stuff CMAs need to know.
Paper | Name | Major Topics / Sections |
Paper 5 – Business Laws & Ethics (BLE) | Legal framework and professional ethics | Indian Contract Act, Sale of Goods, Negotiable Instruments, LLP Act, Companies Act, Industrial Laws (Factories Act, Wages, ESI, etc.), Corporate Governance, Business Ethics & Emotional Intelligence. (ICMAI) |
Paper 6 – Financial Accounting (FA) | Financial statement preparation and accounting standards | Basic accounting principles, special transactions (consignment, joint venture, bills of exchange), final accounts of sole traders / companies / non-profit, departmental & branch accounts, leases, insurance claims, hire purchase, accounting standards. (edukunj.com) |
Paper 7 – Direct & Indirect Taxation (DITX) | Direct & Indirect taxes in India | Direct Taxation: Income tax law, heads of income, deductions, taxable income, tax liability, assessments. Indirect Taxation: GST law, registration, returns, input tax credit, customs duties, e-commerce taxation, allied provisions. (ICMAI) |
Paper 8 – Cost Accounting (CA) | Cost ascertainment, techniques and standards | Elements of cost, cost classification, cost sheet, overhead allocation, costing methods (job, process, batch, contract), standard & marginal costing, variance analysis, cost accounting standards, reconciliation of cost & financial accounts. (ICMAI) |
Tips for Group I:
For Business Law Essentials, maintain a quick reference - a digest of laws alongside real courtroom scenarios.
Getting financial records right - both when first written down also as rules change - matters a lot.
Stay current on changes to tax rules within DITX – also, work through lots of calculations regularly.
Students frequently score well on assignments covering cost accounting details like master variance analysis alongside cost sheets.
Group II: Strategic & Applied Focus
Dive into Group II for a serious look at strategy, audits, running things, also complex finances - it’s about doing, not just learning.
Paper | Name | Major Topics / Sections |
Paper 9 – Operations Management & Strategic Management (OMSM) | Operations efficiency + strategic planning | Operations management: production planning & control, inventory management, quality control, maintenance, project management, operations research. Strategic management: environmental analysis, strategic formulation, implementation, CSR, strategy evaluation. (ICMAI) |
Paper 10 – Corporate Accounting & Auditing (CAA) | Complex accounting + audit practices | Accounting: company accounts (issue of shares, redemption, amalgamation, consolidation), financial reporting. Auditing: audit theory, internal control, audit procedure, standards, risk, fraud, audit report. (ICMAI) |
Paper 11 – Financial Management & Business Data Analytics (FMDA) | Financial strategy & data analytics | Financial Management: financial markets, instruments, capital structure, working capital, investment decisions, dividend policy. Business Data Analytics: data processing, validation, visualization, using analytics for business decision-making, predictive models. (ICMAI) |
Paper 12 – Management Accounting (MA) | Decision making, budgeting & control | Budgeting, standard costing, variance analysis, cost control, decision theory (make or buy, pricing, product mix), forecasting, capital budgeting techniques, risk analysis, performance evaluation. (ICMAI) |
Tips for Group II:
Connect OMSM lessons to actual company stories. It shows how ideas play out - not just theory.
Really get to know how company finances blend - especially when businesses join forces. Practice combining accounts, because consolidations and mergers demand it.
With FMDA, aim to merge financial concepts alongside calculations; additionally, cultivate practical experience using data tools.
Get good at Massachusetts concepts - practice variation techniques alongside choices, so they feel natural.
How to Use This Guide as a CMA Intermediate Aspirant
Download Official PDFs
Stick to the official ICMAI syllabus document from 2022 when figuring out what each section covers. Essentially, it’s ICMAI repeated twice
Make a Topic-wise Calendar
Schedule study sessions considering how important a topic is alongside how challenging it seems. Devote additional time to subjects like taxes, money matters, business planning, then checking financial records.
Integrate Revision Loops
Eight papers loom, so cycle through studying, then revising, ultimately testing yourself. Meanwhile, sneak in quick reviews of what you’ve already learned each day.
Mock Tests & Past Year Papers
Really try to finish a minimum of two complete practice exams, just like the real thing, for each study team. Then, go over what you missed - spend time on those tricky areas again.
Stay Updated with Amendments
Laws concerning taxes, companies, moreover commerce shift frequently. For the December 2025 period, check current notices likewise revisions issued by ICMAI.
Cross-subject Synergy
Certain subjects connect - take expense management, likewise analyzing finances. Leverage those links.
Sample Structure for a Study Plan (6-8 Months)
Phase | Focus | Activities |
Months 1–2 | Group I fundamentals | Read theory, prepare charts, start light numerical problems |
Months 3–4 | Group II core | Read operations, corporate accounting, financial management |
Month 5 | Intensify practice | Mix of theory and problem solving across both groups |
Month 6 | Mock & revision | Simulate full exams, revise weak areas, clear doubts |
Final 2–3 weeks | Rapid revision | Formula sheets, quick recaps, light mocks, rest & confidence building |
Conclusion & Takeaway
For the December 2025 exam, the CMA Intermediate curriculum - built on the 2022 standards - includes eight subjects divided into two sections. The first section bolsters skills in core areas like law, accounting principles, taxes, alongside cost accounting. Subsequently, the second section dives into practical applications; it covers auditing, managing finances, strategic planning, and data analysis.
Really knowing what the course expects, building a study schedule that fits, alongside regular practice exams - that’s how to feel ready for the CMA Intermediate tests.
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