Fundamentals of Business Mathematics and Statistics

• Business Mathematics & Statistics is a practical subject which involves learning and applying mathematical and statistical tools in areas such as Accounting, Financial Reporting, Sales Forecasting, Risk Management etc., 

• This paper is divided into 2 Parts. In part 1, you will be gaining knowledge on Fundamentals of Business Mathematics and in Part B, you will be learning Fundamentals of Statistics. 
• At CMA Foundation level, you are expected to have basic and elementary knowledge on concepts of mathematics and statistics to enable you to apply these principles to business 

• Having knowledge on Business Mathematics and Statistics helps you to effectively foresee the future of a business and accordingly analyse risk associated with business 

• In Business Mathematics you will be learning elementary concepts such as Arithmetic Ratios, Variations, Simple and Compound interest Arithmetic Progression and Geometric Progression, Set Theory in algebra, Indices and Logarithms and other related concepts 

• In statistics, you will be learning how to represent Data statistically, how to measure central tendency and Dispersion. In addition to these concepts, you will be learning concepts of Correlation and Regression and Probability 

Though this is a practical paper, it is equally important to have theoretical and conceptual knowledge of the subject.  

• The best approach to study this subject is to first understand the concepts and then immediately solve practical questions. This way you will retain the concepts for a longer tenure 

• Study Time: As per ICMAI rules and regulation, there should be at least 9 months of time gap from the time of registration to the time of giving exam. The reason behind this is, a student should do a thorough study of all the concepts. Therefore, it is always recommended to start immediately after registering to the course  

• Study content:  There are many books which are available in the market as well as various books recommended by ICMAI. However, from the point of view of exam and to conceptually understand the entire syllabus, Study materials given by ICMAI is highly recommended. Cover the ICMAI syllabus in detail and don’t indulge in any selective coverage of syllabus