CA Final AFM exam-day guide
CA Final AFM · Prepare for the day ahead.
Your checklist
Printed or downloaded exam admit card / hall ticket
Carry the admit card exactly as the provider requires (printed copy vs. digital). The ICAI admit card is generally released on the official portal before the exam; download it early and keep two copies. Confirm the accepted format (print vs. digital) with the provider before exam day.
Photo ID as specified by the provider
Carry the original government photo ID that matches your application details. Do not rely on photocopies. Confirm which IDs are accepted and whether a second ID is needed with the provider.
Exam-day stationery permitted by the provider
For CA Final AFM (Paper 2, Advanced Financial Management), bring permitted pens, pencils, eraser, and a simple calculator if the provider allows one. Confirm the approved calculator model and whether scientific/programmable calculators are barred with the provider; do not assume.
Simple calculator with working batteries
AFM is calculation-heavy (capital budgeting, derivatives, forex, portfolio). Confirm the permitted calculator type with the provider, test it the night before, and carry spare batteries if allowed. Some centers may provide on-screen calculators only - confirm with the provider.
Know your reporting time and venue
Note the reporting time, gate-closing time, and exact address from the admit card. Visit or map the route in advance. ICAI typically requires early reporting; confirm the exact cut-off with the provider.
Transparent pouch / permitted personal items
Carry items in a clear pouch if the provider requires it. Confirm what is allowed inside the hall (water bottle, medicines, spectacles case) with the provider.
No prohibited items in the hall
Leave phones, smartwatches, smart devices, study notes, and loose paper outside the hall. Confirm the provider's rules on storage and confiscation with the provider.
Review the exam pattern and marking scheme
CA Final AFM is generally a 100-mark paper with compulsory and choice-based questions and a mix of computation and theory. Confirm the exact number of questions, choice, and any negative-marking position with the provider.
Practice with the provider's permitted table/annexure
If the provider supplies interest/annuity/discount factor tables in the paper, practice using them instead of a full financial calculator. Confirm the exact reference material provided with the provider.
Physical readiness: sleep, meal, hydration
A 3-hour calculation paper rewards a rested mind. Plan a light meal and hydration before reporting; confirm whether water is allowed at your desk with the provider.
Backup plan for travel delays
Plan an earlier arrival than strictly needed and keep a local contact. Confirm the provider's late-entry policy with the provider.
Read the instructions page carefully on the day
Instructions cover question choice, rounding, and answer format. Confirm any specific rounding or presentation requirement with the provider before the exam.
Plan the day
Shift from learning to retrieval. Revise formula sheets for capital budgeting (NPV, IRR, MIRR, discounted payback), cost of capital (WACC, CAPM), leverage and capital structure, dividend policy, working capital, derivatives (forwards, futures, options, swaps), forex (PPP, IRP, forwards, arbitrage), portfolio theory (CAPM, beta), mergers and acquisitions, and risk management. Do 1–2 timed full papers under exam conditions and review every error. Confirm admit card, ID, calculator, and venue logistics now, not on the morning.
Do a light revision of formula sheets and past mistakes only. Avoid new topics. Pack the bag: admit card, ID, pens, calculator with tested batteries, transparent pouch. Recheck reporting time and route. Sleep early; do not study past midnight. Confirm any last-minute provider instructions (e.g., portal notices) with the provider.
Eat a light breakfast, recheck the bag against the checklist, and leave with buffer time. Arrive before the gate-closing time. Skim only your one-page formula sheet while waiting, then put it away before entering the hall. Confirm the provider's gate-closing rule with the provider.
Read the instructions page and scan the whole paper. Mark compulsory questions and the choice questions you will attempt. Budget roughly 1.8 minutes per mark and reserve 10–15 minutes for review.
Attempt compulsory questions first, then your strongest choice questions. Show workings - method marks matter in AFM. State assumptions where data is ambiguous. Keep units (₹, %, years) consistent and round as instructed. Do not get stuck on one long computation; move on and return.
Check that all attempted answers are numbered and legible, that workings are shown, and that no compulsory question is left blank. Verify totals and rounding. Stop writing when instructed.
Rules to check
Carry only the ID and admit card format the provider accepts; a mismatch between your ID and application details can bar entry. Confirm accepted ID types with the provider.
Do not bring phones, smartwatches, or any smart device into the hall. Possession, even switched off, may be treated as unfair means. Confirm the provider's device and storage policy with the provider.
Use only the calculator type the provider permits. Confirm whether programmable or scientific calculators are allowed with the provider before exam day.
Follow the provider's reporting and gate-closing times; late entry is generally restricted. Confirm the exact late-entry rule with the provider.
Breaks and leaving the hall are usually limited and may require permission; confirm the provider's restroom and exit policy with the provider.
Answers must be in the language and format the provider specifies; show workings for computation questions, since method marks are typically awarded. Confirm the marking and rounding conventions with the provider.
Any communication with another candidate, possession of unauthorized material, or attempt to access external help may be treated as unfair means with serious consequences. Confirm the provider's misconduct policy with the provider.
Scoring is generally based on the marks allocated in the paper with no negative marking unless the provider states otherwise; confirm the exact scoring and negative-marking position with the provider.