Each of the four papers carries a maximum of 100 marks.

Paper 1: Fundamentals of Business Laws and Business Communication (FBLC)

• Section A: Business Laws (80%) – Indian Contract Act, Sale of Goods Act, Negotiable Instruments Act.
• Section B: Business Communication (20%) – Basics of effective business drafting, writing skills, and internet/social media communication.

Paper 2: Fundamentals of Financial and Cost Accounting (FFCA)

• Section A: Fundamentals of Financial Accounting (70%) – Accounting fundamentals, special transactions, and preparation of final accounts.
• Section B: Fundamentals of Cost Accounting (30%) – Basic concepts and record-keeping in cost accounting.

Paper 3: Fundamentals of Business Mathematics and Statistics (FBMS)

• Section A: Business Mathematics (40%) – Arithmetic (ratios, time value of money), basic algebra, and business calculus.
• Section B: Business Statistics (60%) – Central tendency, dispersion, probability, correlation, regression, and index numbers.

Paper 4: Fundamentals of Business Economics and Management (FBEM)

• Section A: Basic concepts & Markets (70%) – Demand and supply, forms of market, money and banking, and economic environments.
• Section B: Fundamentals of Management (30%) – Core functions of management (planning, organizing, leading, controlling).

Exam Pattern & Preparation Resources

• Format: The exams are typically conducted via objective-type multiple-choice questions

Study Materials: Candidates should exclusively refer to official ICMAI study guides to stay aligned with current testing objectives. Access past papers and MCQs directly via the