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CA Final exam analysis provides candidates with data-driven insights into how the examination has been structured, which chapters consistently carry the most marks, how difficult each paper was in recent sessions, what the good attempt benchmarks look like for fully subjective papers, and how IBS has evolved in its early sessions under the new scheme. For candidates who have just appeared, it helps calibrate expectations before the result. For those preparing for the next session, it reveals where to concentrate the deepest preparation.
This page consolidates exam analysis across recent sessions with chapter-wise weightage for all six papers.
For the complete CA Final overview, visit the CA Final main page.
| Topic Link | |
| CA Final Overview | CA Final Exam Guide |
| Exam Pattern | CA Final Exam Info |
| Syllabus | CA Final Syllabus |
| Cutoff and Passing Marks | CA Final Cutoff |
| Previous Year Papers | CA Final PYQ |
| Result | CA Final Result |
| Syllabus Tracker | CA Final Syllabus Tracker |
| Parameter Description | |
| Overall Difficulty | Easy to Moderate / Moderate / Moderate to Difficult / Difficult |
| Paper-wise Difficulty | Separate rating for each of the six papers |
| Chapter-wise Weightage | Which chapters contributed the most marks in that session |
| Good Attempt Estimate | Marks a well-prepared candidate can reasonably target in fully subjective papers |
| IBS-specific Observations | Case study complexity, subject distribution, candidate performance patterns |
| Fully Subjective Dynamics | How the absence of MCQs changes the marks distribution and scoring pattern |
| Expected Pass Rate Direction | Whether this session is likely to produce higher or lower pass rates |
The CA Final May 2026 exam was held from 2 to 16 May 2026. The May session is typically one of the two main exam windows per year and attracts a substantial volume of candidates including those appearing for the first time.
Paper 1: Financial Reporting (2 May 2026)
Overall Difficulty: Moderate to Difficult
Paper 1 in May 2026 was rated as moderate to difficult by candidates. The paper featured a complex consolidated financial statements question involving a partial acquisition with non-controlling interest under Ind AS 110, along with a challenging Ind AS 109 question on the effective interest rate method for a financial liability with transaction costs.
| Chapter / Topic Approximate Marks Difficulty | ||
| Consolidated Financial Statements (Ind AS 110, 111, 112) | 20 to 28 | Difficult |
| Financial Instruments (Ind AS 109, 32, 107) | 16 to 22 | Difficult |
| Business Combinations (Ind AS 103) | 12 to 18 | Moderate to Difficult |
| Leases (Ind AS 116) and Property, Plant and Equipment | 10 to 14 | Moderate |
| Ind AS 19: Employee Benefits | 8 to 12 | Moderate |
| Analysis of Financial Statements and Integrated Reporting | 6 to 10 | Easy to Moderate |
| Other Ind AS (deferred tax, revenue, share-based payments) | 6 to 10 | Moderate |
Good Attempt: 50 to 62 marks The paper required candidates to apply Ind AS in unseen, complex scenarios. Candidates who had thoroughly practised previous year papers and ICAI Mock Test Papers performed better than those relying on conceptual reading without numerical practice.
Paper 2: Advanced Financial Management (7 May 2026)
Overall Difficulty: Moderate
Paper 2 was rated as moderate. The derivatives section was manageable in May 2026, with a binomial option pricing question and an interest rate swap question. The forex section included a complex hedging decision question comparing forward, futures, and options strategies.
| Chapter / Topic Approximate Marks Difficulty | ||
| Derivatives (Options: Black-Scholes and Binomial; Interest Rate Swap) | 20 to 28 | Moderate |
| Foreign Exchange Risk Management | 16 to 22 | Moderate |
| Corporate Valuation and M&A (EVA; post-merger EPS) | 14 to 20 | Moderate |
| Portfolio Management (Sharpe, Treynor; SML) | 10 to 14 | Easy to Moderate |
| International Financial Management | 8 to 12 | Moderate |
| Project Finance or Startup Finance | 6 to 10 | Easy to Moderate |
Good Attempt: 52 to 64 marks
Paper 3: Advanced Auditing, Assurance and Professional Ethics (13 May 2026)
Overall Difficulty: Easy to Moderate
Paper 3 was considered more accessible than usual in May 2026. CARO 2020 questions were standard. SA-based questions drew from SAs 240, 315, 550, and 700 series. The ethics section included an NOCLAR-based scenario with a clear applicable provision.
| Chapter / Topic Approximate Marks Difficulty | ||
| Standards on Auditing (SA scenarios) | 28 to 36 | Easy to Moderate |
| Company Audit including CARO 2020 | 16 to 24 | Easy to Moderate |
| Bank Audit and LFAR | 12 to 18 | Moderate |
| Ethics and NOCLAR | 10 to 16 | Easy to Moderate |
| Forensic Audit; ESG Assurance; Due Diligence | 8 to 14 | Easy |
| Group Audit; Joint Audit | 4 to 8 | Easy to Moderate |
Good Attempt: 55 to 68 marks
Paper 4: Direct Tax Laws and International Taxation (4 May 2026)
Overall Difficulty: Moderate to Difficult
Paper 4 was harder than the May 2025 session. The MAT computation question had multiple non-standard additions and deductions. The international taxation section included a transfer pricing question involving two methods (CUP and TNMM) and a DTAA application question.
| Chapter / Topic Approximate Marks Difficulty | ||
| Business/Profession: Corporate Tax and MAT | 18 to 26 | Difficult |
| International Taxation: Transfer Pricing | 12 to 18 | Moderate to Difficult |
| International Taxation: DTAA and BEPS | 10 to 16 | Moderate |
| Capital Gains and Slump Sale | 10 to 14 | Moderate |
| Appeals, Penalties, and GAAR | 8 to 14 | Moderate |
| TDS and Advance Tax | 6 to 10 | Easy to Moderate |
| Equalization Levy; CFC | 4 to 8 | Moderate |
Good Attempt: 46 to 56 marks
Paper 5: Indirect Tax Laws (9 May 2026)
Overall Difficulty: Moderate
Paper 5 was rated as moderate in May 2026. The GST section was balanced between ITC and refund questions. The Customs section included a valuation question with related party adjustments and a question on duty drawback.
| Chapter / Topic Approximate Marks Difficulty | ||
| GST: Input Tax Credit and ITC Reversal | 16 to 24 | Moderate |
| GST: Refund (Export; Inverted Duty) | 12 to 18 | Moderate |
| GST: Supply, Place, Time, and Value | 12 to 18 | Easy to Moderate |
| GST: Assessment, Demand, Appeals | 8 to 14 | Moderate |
| Customs: Valuation and Classification | 10 to 16 | Moderate |
| Foreign Trade Policy and Duty Drawback | 6 to 10 | Easy to Moderate |
Good Attempt: 52 to 64 marks
Paper 6: Integrated Business Solutions (IBS) (16 May 2026)
Overall Difficulty: Moderate
The May 2026 IBS case study described a listed manufacturing company undergoing a merger with an unlisted subsidiary while simultaneously facing a GST audit and a whistleblower complaint about a related party transaction. The case required application across Financial Reporting (merger accounting under Ind AS 103), AFM (post-merger valuation), Direct Tax (slump sale vs itemised sale), Indirect Tax (GST on transfer), Auditing (reporting the whistleblower matter), and Ethics (auditor independence under NOCLAR).
| Subject Area Applied Approximate Marks in IBS | |
| Financial Reporting (Ind AS 103 merger treatment) | 20 to 28 |
| Auditing (NOCLAR; whistleblower; modified opinion risk) | 18 to 25 |
| Direct Tax (slump sale computation; MAT) | 15 to 22 |
| Indirect Tax (GST on business transfer) | 12 to 18 |
| Advanced Financial Management (post-merger valuation) | 10 to 16 |
| Ethics and Corporate Governance | 8 to 14 |
Good Attempt: 52 to 64 marks Candidates who had genuinely integrated their knowledge across all five other Final papers performed well. Candidates who relied primarily on the open-book facility for conceptual guidance struggled with time management.
The January 2026 session ran from 4 to 21 January 2026. The result was declared in March 2026.
| Paper Difficulty Good Attempt Range | ||
| Paper 1: Financial Reporting | Difficult | 45 to 58 |
| Paper 2: Advanced Financial Management | Moderate | 50 to 62 |
| Paper 3: Advanced Auditing | Moderate | 54 to 66 |
| Paper 4: Direct Tax | Moderate to Difficult | 44 to 55 |
| Paper 5: Indirect Tax | Moderate | 50 to 62 |
| Paper 6: IBS | Moderate | 50 to 62 |
Paper 1 in January 2026 was notably difficult, with an Ind AS 109 question requiring the ECL (Expected Credit Loss) computation for a complex financial asset portfolio and a Ind AS 103 question involving step acquisition. These are among the most technically demanding topics in the Final syllabus and their combined appearance in one paper produced a lower Paper 1 pass rate than the May 2025 session.
| Chapter Average Marks Range Across Sessions | |
| Consolidated Financial Statements (Ind AS 110, 111, 112) | 20 to 30 |
| Financial Instruments (Ind AS 109, 32, 107) | 15 to 25 |
| Business Combinations (Ind AS 103) | 12 to 20 |
| Property, Plant and Equipment and Leases (Ind AS 16, 116) | 10 to 16 |
| Employee Benefits (Ind AS 19) | 8 to 14 |
| Deferred Tax (Ind AS 12) | 6 to 12 |
| Integrated and Sustainability Reporting | 5 to 10 |
Key insight: The top three chapters (Consolidated Statements, Financial Instruments, Business Combinations) together account for 45 to 75 marks in every session. No candidate can pass Paper 1 without substantial mastery of these three areas.
| Chapter Average Marks Range | |
| Derivatives (Options, Futures, Swaps) | 20 to 32 |
| Foreign Exchange Risk Management | 15 to 24 |
| Corporate Valuation and M&A | 14 to 22 |
| Portfolio Management (SML, CML, Performance Ratios) | 10 to 16 |
| Interest Rate Risk Management | 8 to 16 |
| International Financial Management | 6 to 14 |
| Chapter Average Marks Range | |
| Standards on Auditing (multiple SAs) | 25 to 38 |
| Company Audit and CARO 2020 | 15 to 25 |
| Bank Audit and LFAR | 10 to 20 |
| Ethics, Independence, NOCLAR | 10 to 18 |
| ESG and Sustainability Assurance | 5 to 12 |
| Forensic Audit, Due Diligence | 5 to 12 |
| Chapter Average Marks Range | |
| Business/Profession and MAT/AMT | 16 to 26 |
| International Tax: Transfer Pricing | 10 to 18 |
| International Tax: DTAA and BEPS | 8 to 16 |
| Capital Gains including Slump Sale | 8 to 14 |
| GAAR and Tax Planning | 6 to 12 |
| TDS, Advance Tax, Assessment | 6 to 12 |
| Chapter Average Marks Range | |
| GST: Input Tax Credit and Reversal | 14 to 24 |
| GST: Refund | 12 to 20 |
| GST: Supply, Place, Time, Value | 12 to 18 |
| GST: Appeals, Audit, Demand | 8 to 15 |
| Customs: Valuation and Classification | 10 to 18 |
| FTP and Duty Drawback | 5 to 10 |
IBS has no fixed chapter weightage because the distribution depends on the specific case study presented in each session. However, based on three sessions of new-scheme IBS (May 2024, November 2024, January 2026, May 2026), the following pattern has emerged:
| Subject Area Typical Marks Range in IBS | |
| Financial Reporting / Ind AS application | 18 to 30 |
| Auditing and Ethics | 15 to 25 |
| Direct Tax | 12 to 22 |
| Indirect Tax | 10 to 18 |
| Advanced Financial Management | 10 to 18 |
| Strategic Management and Governance | 6 to 14 |
Based on candidate feedback and ICAI's published pass percentages for Group II across early new-scheme sessions, the following IBS performance patterns have emerged:
Integration readiness is the primary differentiator. Candidates who scored above 55 in IBS consistently demonstrated the ability to read the case study and immediately identify which subject each fact or transaction implicated, before reading the questions. This pre-reading mapping skill is only developed through integrated preparation.
Time allocation is where most candidates lose marks. The four-hour window is sufficient for candidates who have a structured approach. Candidates who spent more than 35 minutes on the initial case study reading or who answered IBS questions sequentially without prioritizing by marks ran out of time on the higher-marks questions.
Open-book use should not exceed 20 percent of exam time. The most effective IBS candidates used permitted study material for approximately 30 to 45 minutes of the four hours, primarily to verify specific Ind AS paragraph numbers, section numbers for GST or Income Tax, or CARO 2020 reporting requirements.
For Papers 1, 2, 4, and 5, the top three to four chapters consistently account for 50 to 60 percent of the paper. Preparation time should reflect this concentration:
Unlike Intermediate, there are no MCQs at the Final level. Every preparation session should involve writing complete answers, not just mental processing of concepts. Candidates who read extensively but write rarely are consistently underprepared for the CA Final examination's subjective demands.
Practise reading a complex business scenario and identifying the subject areas implicated before attempting to answer. Use ICAI IBS Mock Test Papers from the CA Final PYQ page to build this mapping discipline under timed conditions.
The CA Final Syllabus Tracker ensures systematic coverage of all chapters across all six papers. Exam analysis reveals which chapters are most important; the tracker ensures those chapters are covered first and revisited before the exam.
Which is consistently the hardest CA Final paper? Paper 1 (Financial Reporting) has the highest failure rate in most sessions, driven by the complexity of Ind AS 109 (financial instruments) and Ind AS 110 (consolidated statements). Paper 4 (Direct Tax) is the second most challenging, particularly in sessions with difficult Transfer Pricing or GAAR questions.
Is IBS harder or easier than the other Final papers? IBS is differently demanding. It is not harder in terms of technical content but demands a form of integrated thinking and structured written response under time pressure that candidates find challenging if they have not specifically practised it. The four-hour duration is a unique challenge in terms of sustained concentration.
Has Paper 3 (Auditing) become harder under the new scheme? Paper 3 has become more focused on applied auditing standards and ethics under the new scheme, which many candidates find more demanding than the older format that included more straightforward descriptive questions. The introduction of CARO 2020 and ESG Assurance has added new high-marks areas.
How should I adjust preparation based on exam analysis? Focus on the high-weightage chapters identified in the multi-session analysis tables above. Solve complete previous year papers under timed conditions from the CA Final PYQ page. For IBS, attempt ICAI Mock Test Papers under strict four-hour conditions with permitted study material at hand.
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