ICAP CFAP study plan

ICAP CFAP · Give each week a clear focus.

8 weeks · About 6 hours per week

Week 1

Financial Reporting and Assurance

Map the financial reporting framework into a one-page outline covering statement preparation, recognition and measurement, and disclosure requirements
Solve 30 computation questions on revenue recognition and lease accounting, logging every error with its root cause
Draft a personal formula sheet for ratios, present value factors, and adjusting entries

A one-page framework outline plus an error log of 30 attempted computation questions

Week 2

Apply consolidation and group-accounts mechanics to three worked scenarios without notes
Explain the auditor's responsibilities for fraud, going concern, and subsequent events in writing
Complete 25 mixed-format questions on assurance and review engagement standards
Recite the elements of an unmodified and a modified audit report from memory

A written summary of audit reporting and assurance standards, scored against a self-made checklist

Week 3

Build a decision tree for determining taxable income and allowable deductions across common transaction types
Compute capital allowances and tax depreciation for four asset scenarios
Compare tax treatment of individuals versus companies on three sample fact patterns
Solve 30 tax computation questions under timed conditions

A completed decision tree plus a scored set of 30 timed tax computations

Week 4

Apply indirect tax and withholding rules to five transaction narratives
Calculate weighted average cost of capital and cost of equity for two capital structures
Evaluate an investment appraisal using NPV, IRR, and payback on one case
Write out the tax-planning and tax-avoidance distinction with two original examples each

A one-page investment appraisal case solution with a full WACC build-up

Week 5

Construct a cash flow forecast and identify funding gaps for a sample business
Compute and interpret working capital ratios and the operating cycle for two firms
Explain dividend policy, gearing, and capital structure trade-offs in a written answer
Solve 25 corporate finance questions covering valuation and risk management

A completed cash flow forecast with ratio analysis and a written capital structure recommendation

Week 6

Apply a strategic analysis framework to one real organisation and identify three strategic options
Distinguish cost leadership from differentiation using two worked examples
Draft a SWOT and stakeholder analysis for the same organisation
Explain performance measurement tools and their behavioural consequences

A two-page strategic analysis of one organisation with SWOT, options, and a recommendation

Week 7

Map the governance code principles to board structures and committee responsibilities
Apply the professional code of ethics to four ethical dilemma scenarios using a structured framework
Distinguish internal audit from external audit in scope, reporting lines, and objectives
Solve 25 governance and ethics questions, writing justifications for each answer

Four written ethics-scenario responses each following a documented decision framework

Week 8

Complete two full-length mock exams under timed conditions
Review every incorrect answer and classify errors as knowledge, application, or time-management
Re-derive the ten weakest formulas or rules from memory without reference
Build a final one-page revision sheet per domain

Two scored mock exams with an error-classification log and five domain revision sheets

Week 2: Score at least 65% on a 30-question Domain 1 mixed set, with no repeated error type in the log

Week 4: Complete the tax decision tree and investment appraisal case with all computations independently checked

Week 6: Deliver the strategic analysis and score at least 60% on a combined Domains 3 and 2 question set

Week 8: Score at least 70% on both full-length mocks, with time remaining on each section