CA Inter FM and SM Syllabus 2026-27: Chapters & Weightage

The CA Inter FM and SM Syllabus 2026-27 covers two sections under Paper 6: Financial Management and Strategic Management. Both sections carry equal weightage in the paper, with 50 marks allotted to Financial Management and 50 marks to Strategic Management.

The Financial Management syllabus applicable from the May 2026 exam onwards has 9 chapters, while the Strategic Management syllabus provided by ICAI is applicable from the May 2027 exam onwards and contains 5 chapters.

CA Inter FM and SM Syllabus 2026-27 Overview

Paper 6 is divided into two sections. Financial Management focuses on areas such as financing decisions, investment decisions, cost of capital, leverage, dividend decisions, and working capital. Strategic Management covers strategic analysis, strategic choices, implementation, and evaluation.

CA Inter Financial Management Syllabus 2026-27

The Financial Management syllabus applicable from the May 2026 exam onwards is divided into two modules and contains 9 chapters. The first module covers the fundamentals of financial management, financing decisions, capital structure, and leverages. The second module covers investment decisions, dividend decisions, and working capital management.

Module 1

Module 2

Chapter 9 is further divided into six units:

1. Unit I: Introduction to Working Capital Management

2. Unit II: Treasury and Cash Management

3. Unit III: Management of Inventory

4. Unit IV: Management of Receivables

5. Unit V: Management of Payables (Creditors)

6. Unit VI: Financing of Working Capital

CA Inter Strategic Management Syllabus 2026-27

The Strategic Management section of Paper 6 is applicable from the May 2027 examination onwards. It consists of five chapters covering the introduction to strategic management, external and internal environment analysis, strategic choices, and strategy implementation and evaluation.

Chapter 1: Introduction to Strategic Management

This chapter introduces the basic concepts of strategic management and its role in business situations.

Topics covered:

• Meaning and Nature of Strategic Management

• Importance and Limitations of Strategic Management

• Strategic Intent - Vision, Mission and Goals & Values

• Strategic Levels in Organizations (Corporate, Business, Functional and Network)

Chapter 2: Strategic Analysis: External Environment

This chapter focuses on analysing the external factors that influence an organisation and its competitive environment.

Topics covered:

• International and Macro Environment: PESTLE Analysis

• Defining the industry for analysis (Value Chain, PLC)

• Porters Five Forces - Industry environment analysis

• Understanding customers and markets

• Competition in the industry

Chapter 3: Strategic Analysis: Internal Environment

This chapter deals with the internal factors of an organisation, including its stakeholders, resources, capabilities, and competitive advantage.

Topics covered:

• Understanding key stakeholders (Mendelow’s Model)

• Strategic Drivers (Industry & markets, Customers, Channels, Product & Services, Competitive Advantage)

• The role of resources and capabilities

• Combining external and internal analysis (SWOT Analysis)

• Gaining competitive advantage (Michael Porter’s Generic Strategies)

Chapter 4: Strategic Choices

This chapter covers different strategic choices and the frameworks used to develop strategic options.

Topics covered:

• Strategic Choices: Concentric, Conglomerate, Market Development, Product Development, Innovation, Horizontal Integration, Vertical Integration, Turnaround, Divestiture, Liquidation

• How to Develop Strategic Options

• Ansoff’s Matrix

• ADL Matrix

• BCG Matrix

• GE Matrix

Chapter 5: Strategy Implementation and Evaluation

The final chapter focuses on putting strategies into action and evaluating their effectiveness.

Topics covered:

• Implementation: Formulation vs. Implementation Matrix, Linkages and Issues

• Strategic Change through Digital Transformation

• Organisation Structure (hard) and Culture (soft)

• Strategic Leadership

• Strategic Control

• Strategic Performance Measures

CA Inter FM and SM Weightage 2026-27

Paper 6: Financial Management and Strategic Management carries 100 marks in total. The marks are divided equally between the two sections.

You should note that the 50 marks are allotted to the complete section, and not to individual chapters. ICAI does not prescribe a fixed chapter-wise marks distribution in the syllabus. Therefore, you should prepare all the prescribed chapters rather than relying on a fixed number of marks for a particular topic.

How to Prepare for CA Inter FM and SM?

Since Paper 6 combines two different subjects, you can plan your preparation separately for Financial Management and Strategic Management.

1. Complete the syllabus section-wise: Divide the preparation between FM and SM instead of trying to cover both subjects together every day.

2. Practise FM numericals: Financial Management includes areas such as ratio analysis, cost of capital, capital structure, leverage, investment decisions, and working capital. Regular numerical practice is important for these topics.

3. Revise SM concepts regularly: Strategic Management includes frameworks, models, strategic choices, and implementation concepts. Short revision sessions can help retain these concepts.

4. Use the ICAI study material: Follow the prescribed study material while covering each chapter so that the preparation remains aligned with the syllabus.

5. Practise questions after completing chapters: Solving questions after each topic can help identify areas that need more revision before the examination.

The CA Inter FM and SM Syllabus 2026-27 covers 9 chapters in Financial Management and 5 chapters in Strategic Management. Paper 6 carries 100 marks, divided equally between FM and SM at 50 marks each. You should cover the complete syllabus because the 50-mark allocation applies to each section as a whole rather than to individual chapters.