CMA Final Chapter-wise Weightage: Marks Asked in the Last 6 Papers

ICMAI does not publish CMA Final chapter-wise weightage. Its Syllabus 2022 prospectus gives percentages per section and module. To see how that turns into marks, I counted every question in the last six ICMAI papers, December 2023 to June 2026, for SFM, SCM and CFR. The papers stay close to the official weights, and Section B barely changed shape in six terms.

Each Section B question carries 14 marks and you answer five of seven, so what decides your score is which topic sits behind each question number.

TL;DR

• ICMAI weights CMA Final by section and module, not chapter. Each paper prints 128 marks and you answer 100.
• SFM: portfolio management took 37.2% of printed marks against a 35% weight. Risk management took 15.6% against 20%.
• SCM: decision making techniques took 26.8% against 25%. Game theory, simulation, PERT and learning curve took 20.4% against a 15% weight.
• CFR: recent developments in financial reporting took 13.8% against 10%, with a full 14-mark question in all six papers.

Does ICMAI publish chapter-wise weightage for CMA Final?

No. The CMA prospectus for Syllabus 2022 gives a study weightage per section and module, and says it roughly shows the share of marks in an exam. Core Final section weights:

• Paper 13 Corporate and Economic Laws: Corporate Laws 60%, Economic Laws and Regulations 40%.
• Paper 14 SFM: Investment Decisions 25%, Security Analysis and Portfolio Management 35%, Financial Risk Management 20%, International Financial Management 15%, Digital Finance 5%.
• Paper 15 DIT: Direct Tax Laws 60%, International Taxation 40%.
• Paper 16 SCM: Strategic Cost Management for Decision Making 60%, Quantitative Techniques 40%.
• Paper 17 CMAD: Cost Audit 50%, Management Audit 25%, Internal Control and Audit 15%, Forensic Audit and AML 10%.
• Paper 18 CFR: Ind AS 25%, Valuation of Shares, Financial Instruments and NBFCs 15%, Business Combination 20%, Consolidation 20%, Recent Developments 10%, Government Accounting 10%.
• Paper 19 ITLP: GST 70%, Customs and Foreign Trade Policy 30%.

Source: ICMAI CMA Prospectus, Syllabus 2022, pages 75 to 93.

Paper 20 weights are in our post on choosing the CMA Final elective, and all papers and groups are in our CMA course details guide.

Official weights guide study time, not a fixed marks split.

How did I count the marks in past papers?

I took Papers 14, 16 and 18 for six terms from ICMAI's question paper page, 18 papers in all. Each has a compulsory Question 1 of 15 MCQs at 2 marks, then Questions 2 to 8 at 14 marks each, of which you answer five.

So every paper prints 128 marks, though you write 100. I put each MCQ and each part of Questions 2 to 8 under one section by its main topic and added the printed marks: 768 per subject over six papers.

This counts what ICMAI asked. It is not a forecast for December 2026.

What is the real weightage of CMA Final SFM (Paper 14)?

Marks printed per section, December 2023 to June 2026 in order, out of 128:

• Investment Decisions (25%): 29, 31, 27, 27, 33, 33. Total 180 of 768, or 23.4%.
• Security Analysis and Portfolio Management (35%): 49, 45, 51, 55, 43, 43. Total 286, or 37.2%.
• Financial Risk Management (20%): 20, 22, 20, 18, 20, 20. Total 120, or 15.6%.
• International Financial Management (15%): 21, 21, 21, 21, 25, 25. Total 134, or 17.4%.
• Digital Finance (5%): 9, 9, 9, 7, 7, 7. Total 48, or 6.25%.

Source: ICMAI Paper 14 question papers, December 2023 to June 2026, marks counted by Gradehunt.

Section B had the same layout in all six papers. Question 2 was capital budgeting and leasing. Questions 3 to 5 covered risky projects, equity and bond valuation, mutual funds and CAPM. Question 6 was derivatives, Question 7 was forex, and Question 8 split 5, 5 and 4 marks across digital finance, an international finance topic such as ADRs, World Bank initiatives or IMF lending, and securitisation.

Risk management fills only Question 6 in Section B, 14 of 98 marks, so it lands below its 20% weight. I would still revise derivatives fully. Risk management MCQs added 4 to 8 marks a paper, and dropping Question 6 leaves you no spare question.

Portfolio management and valuation carried 37% of SFM marks over six papers, and risk management carried less than its weight.

Which SCM (Paper 16) modules carried the most marks?

ICMAI weights SCM by module. Printed marks, out of 128:

• Modules 1 and 2, introduction and quality cost (10%): 11 in every paper. Total 66, or 8.6%.
• Module 3, decision making techniques (25%): 34, 34, 32, 34, 36, 36. Total 206, or 26.8%.
• Module 4, ABM, JIT and throughput accounting (10%): 9, 9, 11, 11, 11, 11. Total 62, or 8.1%.
• Module 5, evaluating performance and variances (15%): 16, 16, 16, 16, 18, 20. Total 102, or 13.3%.
• Modules 6 to 8, LP, transportation and assignment (15%): 9, 9, 7, 9, 18, 16. Total 68, or 8.9%.
• Modules 9 to 12, game theory, simulation, PERT and learning curve (15%): 29, 29, 36, 27, 18, 18. Total 157, or 20.4%.
• Modules 13 to 15, maxima and minima, forecasting and data analytics (10%): 20, 20, 15, 20, 16, 16. Total 107, or 13.9%.

Source: ICMAI Paper 16 question papers, December 2023 to June 2026, marks counted by Gradehunt.

Some slots repeated in all six papers. Question 2 was a 14-mark relevant cost decision. Question 3(a) was transfer pricing between divisions. Question 5 was 14 marks of variance analysis. Question 8(b) was a forecasting or trend problem, and Question 8(a) was a maxima and minima problem in five of the six.

SCM Section A rose from 70 of 128 printed marks in December 2023 to 78 in June 2026.

Decision making techniques and variances gave SCM its steadiest marks, and the quantitative topics in Modules 9 to 12 ran above their weight.

How are CFR (Paper 18) marks spread across sections?

Printed marks for the six terms, out of 128:

• Ind AS (25%): 33, 31, 29, 31, 29, 29. Total 182, or 23.7%.
• Valuation of Shares, Financial Instruments and NBFCs (15%): 18, 16, 20, 18, 18, 18. Total 108, or 14.1%.
• Business Combination and Restructuring (20%): 27, 23, 25, 25, 31, 31. Total 162, or 21.1%.
• Consolidated and Separate Financial Statements (20%): 20, 26, 22, 24, 20, 20. Total 132, or 17.2%.
• Recent Developments in Financial Reporting (10%): 18, 18, 18, 16, 18, 18. Total 106, or 13.8%.
• Government Accounting (10%): 12, 14, 14, 14, 12, 12. Total 78, or 10.2%.

Source: ICMAI Paper 18 question papers, December 2023 to June 2026, marks counted by Gradehunt. Goodwill and NCI on buying a subsidiary count as consolidation.

In all six papers, Question 6 was a 14-mark consolidated balance sheet and Question 4(b) a 7-mark internal reconstruction. Question 7 gave two 7-mark parts on EVA, value added statements, XBRL, integrated reporting, sustainability or CSR reporting. Question 8 put 10 marks on government accounting theory and 4 on a group accounting case.

In CFR, Ind AS and business combinations carried the most marks, and recent developments ran well above their 10% weight.

How should you use this weightage before the December 2026 papers?

ICMAI's timetable puts SFM on Saturday 12 December, CFR on Sunday 13 December and SCM on Wednesday 16 December 2026, each from 10 am to 1 pm. Here is how I would use the counts.

1. Decide your five Section B questions by topic before the exam, and keep a sixth ready as a spare.
2. Revise first the sections that filled whole 14-mark questions: SFM valuation and portfolio, SCM decision making and variances, CFR consolidation and business combinations.
3. Learn the short theory slots too: digital finance and securitisation in SFM, government accounting and recent developments in CFR.
4. Write one full paper per subject at 10 am, in three hours, and check it against ICMAI's suggested answers.

Our 45-day CMA December 2026 plan shows how to fit these papers into the time left.

Use the counts to pick your five questions early, then practise those question types under exam time.

To get your SFM, SCM or CFR answers checked, the Gradehunt CMA Final test series has full papers. You write by hand and upload, and CMA Final answer sheets are checked by CMA professionals within 48 hours of upload, with step-wise marks. Notes, MCQs and ABC analysis are included, and your first paper is checked free.