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CMA June 2026 : Complete 30‑Day Plan with ALL Official Examiner Comments (Subject‑Wise)
Every examiner comment from the June 2025 session — fully reproduced and explained — so you know exactly what the Institute expects. Prepared by cmaknowledge.in
Examiners Have Spoken. Here’s the Full Feedback.
The Institute of Cost Accountants of India (ICMAI) publishes detailed Examiners’ Comments after every term. These are not just suggestions — they are the exact reasons students lose marks. We have taken the complete, unedited comments for both Intermediate and Final and added plain‑English explanations, practical examples, and a 30‑day action plan. If you follow this, you will never again wonder “what went wrong” after the results.
Your 30‑Day Study Framework (Based on Examiner Feedback)
| Week | Main Focus | Daily Routine (6‑8 hrs) |
|---|---|---|
| Week 1 | Fix Theory & Concept Gaps | Read examiner comments for each subject. For Law & Tax, write 3 answers daily using exact section language. For practical papers, solve 2 full problems with ALL steps and working notes. |
| Week 2 | Practical Drilling | Alternate between theory writing (point‑wise) and problem solving. Use Institute study material — no shortcuts. Time each answer. |
| Week 3 | Mock Tests & Time Management | 4 full‑length mocks under strict exam conditions. After each test, compare your answer structure against the examiner comments. Correct wrong terminology, missing steps, and vague conclusions. |
| Week 4 | Presentation Polish & Final Fixes | Rewrite 5 answers daily focusing only on the “DO” side of our tips. Skim amendments. Review the “Don’t” lists. Go through all comments once more. Sleep well. |
INTERMEDIATE LEVEL — Complete Examiner Comments & Action Guide
P-5: Business Laws and Ethics
🔴 Official ICMAI Examiner Comments (June 2025)
• Student should continuously update them with latest changes. Depth knowledge and continuous efforts required to translate point wise answer with relevant clause of the act.
• There is no general answer but point wise answer with specific provisions of laws and act is required to perform better.
• Students should read the provisions of the various Acts in their original legal language.
Example: Question on ‘Consideration’
❌ DON’T: “Consideration means something given in return. In this case, Mr. A paid money, so it’s a valid contract.”
✅ DO: “Section 2(d) of the Indian Contract Act, 1872 defines consideration as ‘an act or abstinence or promise’. Here, Mr. A paid ₹50,000 to Mr. B. This constitutes a lawful consideration as defined, and the agreement is thus enforceable.”
- Keep a separate notebook with 50 important sections written verbatim.
- Practice writing 3‑part answers (Provision + Analysis + Conclusion) daily.
P-6: Financial Accounting
🔴 Official ICMAI Examiner Comments (June 2025)
• It is very obvious that majority of Students did not prepare in an adequate manner and lacked subject knowledge. This was evident while they were answering. Questions on Accounting Standards and other theory questions set in the Examination. Students must realise that such conceptual knowledge is essential for them to acquire, not only for success in Examination but also for interaction with outside Agencies/Peers.
• Students must practice intensively to solve Problems given in each chapter in Study Notes of the Institute, clearly understanding each steps. They should also practice to solve questions on similar subject of other Professional Body (ies) and also of various Universities of their Graduate Level examination of similar subject.
• Students should also work with Mock Tests (MQP) of the subject. Such practice would give them adequate confidence to face and answer the similar questions in Examination.
✅ DO
- Show every ledger account, adjustment entry, and working note.
- Mention the Accounting Standard number.
- Practice problems from the Institute module cover to cover.
❌ DON’T
- Write only the final answer — most marks are in the steps.
- Skip the theory portion (e.g., “objectives of financial statements”).
P-7: Direct and Indirect Taxation
🔴 Official ICMAI Examiner Comments (June 2025)
• A separate publication covering each chapter with step by step learning enabled examples /worked out illustrations followed by self-solving exercise may be brought out to make the students to practice writing of answers.
• The performance of students was average. This could be attributed to lack of preparation and understanding of the legal provisions. Need more in-depth knowledge is required.
• Students should cover each chapter with step by step learning enabled examples / worked out illustrations followed by self-solving exercise to make them to practice writing of answers.
- After finishing a chapter, close the book and solve a problem by hand.
- Learn computation under correct heads — “Income from Salaries” vs “Profits and Gains” etc.
P-8: Cost Accounting
🔴 Official ICMAI Examiner Comments (June 2025)
• Students must attempt each question on a fresh page instead of attempting questions one after another without leaving a gap in between.
• Students should be made to understand that proper weightage should be accorded to the theory portion of the Syllabus. Merely putting focus on practical aspects of the subject would undermine the marginal edge that the student could get while facing the examination.
• The examinees are advised to go through the entire question paper at a glance prior to start writing and select the right combination of questions to be answered as per their knowledge. This will enable them to score more.
• Students must appear a number of mock tests within the stipulated time frame and self-evaluate their performance prior to the examination. This will help them to improve their skill and develop self-confidence. They can identify their weaknesses.
• Correct Question number must be mentioned on top of answer sheet for which an answer is given.
Exam Hall Tip:
Spend the first 5 minutes reading the paper. Tick the questions you are most confident about. Start with those. This ensures you don’t run out of time on your strong areas.
P-9: Operations Management and Strategic Management
🔴 Official ICMAI Examiner Comments (June 2025)
• Conceptual Revision: Regularly revise key concepts and frameworks from both OM and SM. Create summary notes or mind maps to aid memory retention.
• Peer Discussions: Engage in group study or discussions with peers to test your understanding and clarify doubts.
• Mock Tests and Past Papers: Solve mock tests and past exam papers under exam conditions. Review mistakes and seek clarification on misunderstood concepts.
P-10: Corporate Accounting and Auditing
🔴 Official ICMAI Examiner Comments (June 2025)
• It is to be appreciated that this is a scoring paper and it must be the endeavor of the candidates to more intense study to learn basic concepts. Students should practice to solve more practical questions to get accustomed and comfortable to answer such questions. They should practice to improve presentation of their answers.
• Students should focus more on writing the theoretical answers point-wise with reference to appropriate Section of the Act. General answers should be avoided.
• Read carefully the instructions for practical questions and answer accordingly.
P-11: Financial Management and Business Data Analytics
🔴 Official ICMAI Examiner Comments (June 2025)
• Students do not avoid study of theoretical part of the subject. They should practice practical problem more and more.
• Students do not study chosen topic, rather make it habit to study the whole subject. Examinees had general understanding of the subject but conceptual clarity and analytical skills were lacking. Practical problems to be practiced more and more to gain better conceptual understanding.
• It is advised more intensive study of the text book and Institute’s Study Material are must. They should follow Institute’s study material as well as past question papers. Writing to the point in legible manner is required for theoretical answer.
P-12: Management Accounting
🔴 Official ICMAI Examiner Comments (June 2025)
• Candidates need to keep in mind that it is easier to obtain marks by using as many steps as possible. It is imperative that candidates learn to manage their time effectively by practicing past exam questions under timed and examination style conditions. The following suggestions can also be considering further:
• Students should maintain the time balance amongst various questions. Strong correlation should be maintained between marks of the questions and contents of the answer. Examinees can make a SWOT analysis of their performance before the examination.
• Students should thoroughly study and practice with development of decision-making ability, application of analytical mind, answering to the point, and language skill. Thorough coverage of the entire syllabus is suggested.
• Students should cover all the topics in the study notes, both theoretical and practical aspects, followed by good practices. All the instructions given on top of the Question Paper should be strictly followed by the students.
• The Management Accounting paper has numerous technical areas. Candidates need to know the syllabus well in order to apply knowledge to the scenario. A consistent, sustained study approach augmented by question practice and reading around the subject is much more likely to achieve success, as opposed to a last-minute intense study approach and studying only selective questions. The study material of the institute gives adequate coverage to all the aspects of the syllabus. A systematic preparation with the support of the study material will enable a student to score good marks.
Example: Material Variance
Always first write the formula, then plug numbers, then show the final variance. If you break it into sub‑variances (Price → Usage → Mix → Yield), the examiner will award marks at each stage.
FINAL LEVEL — Complete Examiner Comments & Action Guide
P-13: Corporate and Economic Laws
🔴 Official ICMAI Examiner Comments (June 2025)
• Students must go through the study material intensively. In case of theoretical question, focus on understanding the concepts and its application. In case of practical questions focus on understanding the methods, formula and format of presenting the answer.
• Overall student should make a SWOT analysis of their own performance prior to the examination.
• While answering question of 7 marks it should be divided into three parts:
o Respective provision under Companies Act or other Act along with section required.
o Analysis of given problem with respective provision
o Conclusion for the given problem/question
P-14: Strategic Financial Management
🔴 Official ICMAI Examiner Comments (June 2025)
• The depth of knowledge required at this level was found inadequate. Thought process should be improved to face the examination in a fruitful manner. Extensive study for a broader concept based knowledge and time bound practice schedule should be undertaken to enhance the skill for achieving success in the examination.
• Most of the candidates have approached the problems without understanding the expectations of the questions. This paper contains numerous technical areas which the candidates need to know well in order to apply knowledge to the given scenario.
• Basic preparation was lacking as it was evident the way the topics were dealt with while answering. A consistent, sustained study approach should be undertaken to enhance the skill for achieving success in the examination.
P-15: Direct Tax Laws and International Taxation
🔴 Official ICMAI Examiner Comments (June 2025)
• Importance should be attached to the MCQs. This is an area where marks can be scored easily, in lesser time, as compared to the Descriptive questions. In the answers, where years are to be mentioned, students must state whether it is AY or PY, as for example, Q. No. 6a.
• Q No 2 model is an often asked in the examinations. Students must go through the answers of all the earlier examinations, especially the reasoning part. Computation must be made under appropriate heads of income, especially at the Final level. When tax liability is computed, it must be rounded off. Many students omit to notice this aspect and thus lose mark in the process.
• Correct legal terminology may be used in the answers. Many students use Gross total income and total income, inter-changeably. Vast majority of students use the words ”Taxable income”. There is no such terminology under the Income-tax Act, 1961. The correct terminology is “Total income”.
• Students should lay more focus on the preparation of multiple choice questions. They may practice taking old question papers and giving mock tests. Recent amendments must be gone through and the implications of such amendments must be clearly understood by them.
• The questions must be read in their entirety and all parts of the question must be answered. In questions like 3(a) and 3(b), where choice of the regime is asked, many students failed to write the conclusion. Even amongst those who gave the conclusion, many of them failed to adduce the reason for the choice of the regime.
• It is noticed that the students lack in the presentation of the answers. They may be aware of the provisions but are not able to put it properly in the answers and thus losing marks. They should focus on this area.
• Management of time while answering the paper is another important aspect to be considered judiciously by the students. Many students attempted Q. No. 2 at the end and it was seen that they could not complete the entire question. They must practice more of the International Taxation problems.
• It seems that the students do not study the latest judicial case laws, as the performance in the related question was poor. So, they are advised to read important decisions rendered by the various Courts in this regard. Questions 8(a) and 8(b) were answered in a poor manner this time also.
- Forget “Taxable Income” — always write “Total Income”.
- Round off tax liability to nearest ₹10 under Section 288B.
- In regime choice questions, always end with a conclusion and the quantum of tax saved.
- Attempt MCQs first — easy marks, less time.
- Read recent case laws (at least 25 Supreme Court/High Court decisions).
P-16: Strategic Cost Management
🔴 Official ICMAI Examiner Comments (June 2025)
• The examinees should consult / read standard reference books of concerned subject (latest editions) / study notes thoroughly and analytically for understanding the subject matters of this paper.
• Adequate practice of theoretical / practical problems is essential to acquire command over the fundamentals of the subject matters.
• Due attention must be given towards orderly presentation of solutions of practical problems in suitable FORMAT along with sufficient working notes in order to secure good marks / full marks (allocated).
• Comprehensive preparation and acquiring in depth knowledge of the subject matters is extremely required.
• Avoid to beat about the bush writing, unnecessary and irrelevant details in the answers to the questions. Visit the Institute website to get awareness regarding the answering to the questions.
• Consult the past questions and suggested answers of the Institute to know the pattern / standard of the questions and presentation of answers to the questions.
P-17: Cost and Management Audit
🔴 Official ICMAI Examiner Comments (June 2025)
• The students should go through the study materials thoroughly and practice lot of practical problems / exercises. They must appreciate that this is a paper where high marks can be secured provided they prepare well. However, it appeared that many of them were not well prepared.
• It must be understood that there is no alternative to acquiring knowledge of the subject. For that purpose, more intensive study of the Institute Study Material and prescribed texts is a must.
• The students must also practice to solve problems from past question papers of the Institute and those of other professional bodies covering the various matters covered in the syllabus, so that they can face the examination more confidently.
• They must also improve their skill of presentation of their answers in a neat and well‑arranged manner. This will help them to score higher marks.
P-18: Corporate Financial Reporting
🔴 Official ICMAI Examiner Comments (June 2025)
• Candidates should clarify their concept and understanding of Property, Plant and Equipment (Ind AS 16) and Impairment of Assets (Ind AS 36) to acquaint themselves with the accounting treatment for revaluation of assets, depreciation on revalued assets, impairment losses, and the calculation of the carrying amount as on the reporting date.
• Candidates demonstrated a lack of conceptual clarity in bifurcating revenues between different periods, indicating insufficient understanding of Revenue from Contracts with Customers (Ind AS 115), which is one of the most fundamental standards.
• Candidates should strengthen their understanding of the journal entries required for internal reconstruction of a company. The question asked in the examination was of average difficulty, and candidates could have performed better; however, their overall performance was just average.
• Candidates must strengthen their conceptual and analytical skills regarding the Fair Value of Identifiable Net Assets, Non-controlling Interest, and Goodwill as on the date of acquisition, as well as Post-acquisition Profits, Other Equity of the Holding Company, and Non controlling Interest as on the reporting date, as per Business Combinations (Ind AS 103).
• Candidates must strengthen their conceptual understanding of Economic Value Added and Market Value Added, as well as the valuation of Goodwill, Tangible and Intangible Assets, etc.
• Candidates must strengthen their conceptual and analytical skills in accounting for investments in associates and joint ventures as per Ind AS 28.
P-19: Indirect Tax Laws and Practice
🔴 Official ICMAI Examiner Comments (June 2025)
• Students must give importance to Section A, consisting of MCQs. They must prepare specifically for this Section, taking up various tests in this regard.
• They must go through all the recent amendments.
• Selective study must be avoided. They must understand the concepts involved in the various topics.
• Students must clearly understand the difference among Exempted, Nil Rated, not covered under GST, and Blocked, ineligible, not allowed in respect to ITC.
• Q No. 8 which deals with Case law-based situation, which being poorly answered. Students must read the important decisions rendered by various Courts in this regard.
P-20A: Strategic Performance Management and Business Valuation
🔴 Official ICMAI Examiner Comments (June 2025)
• The examinees should consult / read standard reference books of concerned subject (latest editions) / study notes thoroughly and analytically for understanding the subject matters of this paper [P-20A (SPMBV)] like – OLAP DEA NCAER Model, Profit Optimization under different Market Structured, VaR, Risk Management, Valuation of Business, Valuation of Company using EVA approach, DU Pont analysis, CS Factors, M & A, Valuation of Share and Goodwill etc.
• Read the theoretical portions before attempting the theoretical / practical problems. Only theoretical knowledge will help you to develop the conceptual and computation skills.
• Avoid vague answers as general based on surmises and conjectures. Never tend to indulge in selective studies.
P-20B: Risk Management in Banking and Insurance
🔴 Official ICMAI Examiner Comments (June 2025)
• Students should be very specific to answer / explaining what is required as per question. They should follow Study Material and recommended Books to be read to improve the performance in the Exam.
• Presentation is important in the answering case study questions. Students should read the question carefully and answer all components of the question rather than simply attempting to explain the part of the question.
• Students must ensure all parts of the question are covered in the answers. Updated information on Banking & Insurance published by Indian Institute of Banking and Finance / Insurance Institute of India to be read by the students.
P-20C: Entrepreneurship and Start up
🔴 Official ICMAI Examiner Comments (June 2025)
• Examinees/ Students are advised to study from the materials provided by the Institute, practice solving the RTPs & MTPs given therein, and refer to the study materials, and use them for regular practice. This will help them perform well at the examination.
• Reading the suggested books and material as per syllabus booklet will help students gain better understanding and the depth of their knowledge will also improve. This will enable students to gain good knowledge of the subject.
• Students should regularly practice solving questions from past examination papers and from the study material, revision test papers provided by Directorate of Studies of the Institute as well as these books. This is necessary as we have returned to physical written examination. It will help them in answering similar and even new questions in the examination, and improve their performance with practice.
• Examinees should keep a focus on updating their knowledge, on the subject especially from perspective of answering MCQs, Section A, appropriately.
Group‑Wise Subject Study Plan
Here is how you can schedule your weekly focus group by group. Follow this sequence to ensure every subject gets adequate attention.
Intermediate Group I
| Week | Subjects | Focus |
|---|---|---|
| Week 1 | P5 Business Laws, P6 Financial Accounting | Law: learn section language; FA: practice problem steps and theory |
| Week 2 | P7 Direct & Indirect Taxation, P8 Cost Accounting | Tax: worked examples + MCQ practice; Cost: fresh page format, theory weightage |
| Week 3 | All four papers | Mock tests (full group) + SWOT analysis of weak areas |
| Week 4 | All four papers | Revision of examiner comments, rewrite answers with correct terminology |
Intermediate Group II
| Week | Subjects | Focus |
|---|---|---|
| Week 1 | P9 Operations & Strategic Mgmt, P10 Corporate Accounting & Auditing | P9: mind maps, frameworks; P10: point‑wise audit answers with sections |
| Week 2 | P11 FM & Data Analytics, P12 Management Accounting | P11: full syllabus, no selective study; P12: step‑wise practice and time management |
| Week 3 | All four papers | Full group mocks under timed conditions |
| Week 4 | All four papers | Presentation polish, examiner comment review |
Final Group III
| Week | Subjects | Focus |
|---|---|---|
| Week 1 | P13 Corporate & Economic Laws, P14 Strategic Financial Management | Law: 3‑part answer format daily; SFM: interpretation after every numerical |
| Week 2 | P15 Direct Tax & International Taxation, P16 Strategic Cost Management | Tax: correct terminology, regime conclusions; SCM: neat formats, no beating around the bush |
| Week 3 | P17 Cost & Management Audit, plus revision of P13–P16 | Audit: Institute material, report‑style answers; full group mock tests |
| Week 4 | All five papers | Case law review, amendments, final presentation checks |
Final Group IV
| Week | Subjects | Focus |
|---|---|---|
| Week 1 | P18 Corporate Financial Reporting, P19 Indirect Tax Laws | CFR: Ind AS 115, 103, consolidation practice; IDT: exempt vs nil‑rated vs blocked ITC chart |
| Week 2 | P20A SPMBV, P20B/P20C (as chosen) | SPMBV: theory first then problems; optional paper: RTP/MTP practice |
| Week 3 | All papers | Full group mocks, focus on time allocation and MCQ speed |
| Week 4 | All papers | Examiner comment checklist, final refinement of answer structures |
Adjust daily hours according to your work schedule. Even if you are working, matching tasks to your shift pattern (as described in the working professionals’ plan) can keep you on track.
Frequently Asked Questions (FAQs)
1. How do I use the examiner comments during my last 30 days?
Read the comments for your subject before starting the day’s practice. Then, while solving a question, ask yourself: “Am I making the mistake the examiner mentioned? Am I using the correct terminology? Have I shown steps?” After writing, compare your answer with the comment’s guidance and correct any deviations. This turns vague awareness into a concrete checking habit.
2. I am working full‑time. Can I still follow this 30‑day plan?
Yes. The plan is built on 6‑8 hours of daily study, but if you have less time, prioritise quality over quantity. Use the MCQ strategy (dead‑time practice), the weekend overload, and exactly match your study type to your shift (mornings for tough concepts, evenings for mechanical practice). Even 3‑4 focused hours can yield results if you strictly implement the examiner‑requested formats.
3. What if I have both groups to clear? Should I study all subjects together?
If you have both groups, you must divide your day into two slots — one for each group. For example, morning session for Group I subjects, evening for Group II. Alternate groups daily or as per the weekly table above. Do not ignore one group for more than 2 days. Weekend mocks should cover both groups.
4. How many mock tests should I take in the 30 days?
Take at least 4 full mock tests (one per week) for each group you are appearing for. In the final week, add one more if possible. After every mock, spend equal time analysing: check which errors match the examiner comments, then rewrite those answers correctly. This is more important than taking countless mocks without review.
5. Are the examiner comments from June 2025 still valid for June 2026?
Absolutely. The examiners’ expectations regarding presentation, step‑wise working, correct terminology, and structured answers do not change with amendments or new topics. The core feedback about professional writing, avoiding vagueness, and reading the question carefully is timeless. Additionally, amendments from 2025-26 will be tested, but how you present your answer remains the same.
6. What is the single most important fix to boost my score by 10‑15 marks?
Two fixes together: (1) Start every practical answer with clear working notes and steps — never just the final number. (2) In theory answers, use point‑wise format with exact section numbers or legal terms instead of general English. These changes convert lost presentation marks into easy gains across all papers.
7. Should I study from reference books or only Institute material?
The examiner comments repeatedly emphasise the Institute study material as the foundation. For deeper understanding, especially in Final subjects, you may supplement with standard reference books, but never skip the Institute material. Practice problems from past papers and RTPs/MTPs provided by the Institute first; then, if time permits, refer to other professional bodies’ questions.
Now You Have the Full Picture
Every line of advice in this article is the exact feedback given by the examiners. Use it as a daily checklist. Practice writing answers the way they want. If you follow this 30‑day plan with honesty, your June 2026 result will finally match your hard work.
© 2026 cmaknowledge.in — The Knowledge Hub for CMA Aspirants. All examiner comments are reproduced verbatim from the official ICMAI June 2025 Examiners’ Comments.
