Institute of Cost Accountants of India (ICMAI) conduct the CA Intermediated exam twice in a year i.e. June and December. Candidates have to appear in three phases to become a Cost and Management Accountant (CMA). Candidates who want to apply for CMA Intermediate exam, they first need to qualify the Foundation test, Intermediate and then Final test. The candidates should prepare according to the prescribed syllabus of ICMAI CMA Intermediate.