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The CA Final exam pattern under the ICAI New Scheme represents the highest academic standard in the CA programme. Unlike CA Intermediate where every paper carries a 30-mark MCQ section, CA Final Papers 1 to 5 are entirely subjective. Every mark in these papers is earned through written analysis, numerical solutions with complete workings, and structured professional answers. Paper 6, the Integrated Business Solutions (IBS), introduces a further dimension: it is open-book, four hours long, and entirely case-study based.
Understanding the pattern at this level is essential because preparation strategy at CA Final must account for a higher expectation of written articulation, deeper conceptual application, and the ability to navigate a complex integrated case study in a single sitting.
For the complete CA Final overview, visit the CA Final main page.
| Topic Link | |
| CA Final Overview | CA Final Exam Guide |
| Eligibility Criteria | CA Final Eligibility Criteria |
| Syllabus | CA Final Syllabus |
| Application Process | CA Final Application Process |
| Cutoff and Passing Marks | CA Final Cutoff |
| Previous Year Papers | CA Final PYQ |
| Syllabus Tracker | CA Final Syllabus Tracker |
| Parameter Details | |
| Total Papers | 6 (3 in Group I + 3 in Group II) |
| Total Marks | 600 (100 per paper) |
| Paper Format | Papers 1 to 5: Fully subjective; Paper 6: Open-book case study |
| Duration | Papers 1 to 5: 3 hours each; Paper 6: 4 hours |
| Mode | Offline (pen and paper) |
| Negative Marking | None |
| MCQ Component | None at CA Final level |
| Medium | English and Hindi |
| Sessions Per Year | Two: May and November |
| Paper Name Format Duration Marks | ||||
| Paper 1 | Financial Reporting | Fully Subjective | 3 hours | 100 |
| Paper 2 | Advanced Financial Management | Fully Subjective | 3 hours | 100 |
| Paper 3 | Advanced Auditing, Assurance and Professional Ethics | Fully Subjective | 3 hours | 100 |
| Group I Total | 300 |
| Paper Name Format Duration Marks | ||||
| Paper 4 | Direct Tax Laws and International Taxation | Fully Subjective | 3 hours | 100 |
| Paper 5 | Indirect Tax Laws | Fully Subjective | 3 hours | 100 |
| Paper 6 | Integrated Business Solutions (IBS) | Open-book Case Study | 4 hours | 100 |
| Group II Total | 300 |
This is the most important structural distinction from CA Intermediate. At Intermediate level, all six papers have a 30-mark MCQ section and a 70-mark subjective section. At CA Final level, there are no MCQs in any paper. Papers 1 to 5 are 100 percent subjective. Paper 6 (IBS) is also entirely subjective but in a case-study format.
This has several direct implications for preparation:
No option strategy for uncertain questions. At Intermediate, a candidate could guess an uncertain MCQ with a 25 percent chance of earning a mark. At Final level, there is no equivalent. Every mark must be earned through a written answer.
Partial marks are more critical. Since every mark comes from written responses, ICAI awards partial marks for correct methodology, correct identification of issues, and structured presentation even when the final answer is wrong or incomplete. Showing complete workings is essential in numerical papers.
Higher articulation is expected. ICAI examiners at the Final level look for professional judgment in written answers, not just factual recall. Answers that demonstrate reasoning and application of principles rather than memorization score significantly better.
| Parameter Details | |
| Type | Fully Subjective |
| Duration | 3 hours |
| Total Marks | 100 |
| Internal Choice | Typically provided (attempt X of Y questions) |
| Nature | Mix of numerical problems, note-based Ind AS application questions, disclosure questions |
| Language | English or Hindi |
| Category Approximate Marks | |
| Consolidated Financial Statements / Business Combinations | 20 to 30 |
| Complex Ind AS application (Ind AS 109, 116, 103, etc.) | 20 to 30 |
| Individual Ind AS-based numericals | 20 to 25 |
| Integrated Reporting and CSR Reporting | 5 to 10 |
| Analysis of Financial Statements | 5 to 10 |
The skill level tested in Paper 1 is explicitly described by ICAI as 5 to 15 percent comprehension and knowledge-based questions, 55 to 80 percent analysis and application questions, and 15 to 30 percent evaluation and synthesis questions. This breakdown signals that Paper 1 heavily rewards the ability to apply Ind AS to complex scenarios rather than merely reciting standard provisions.
| Parameter Details | |
| Type | Fully Subjective |
| Duration | 3 hours |
| Total Marks | 100 |
| Nature | Numerical calculations with theoretical reasoning |
| High-calculation Areas | Derivatives pricing, forex hedging, corporate valuation, M&A |
| Category Approximate Marks | |
| Derivatives (options, futures, swaps) | 20 to 30 |
| Foreign Exchange Risk Management | 15 to 20 |
| Corporate Valuation and M&A | 15 to 25 |
| Portfolio Management and Security Analysis | 10 to 15 |
| Interest Rate Risk Management | 8 to 15 |
| Project Finance and Startup Finance | 5 to 12 |
Paper 2 is one of the most calculation-intensive papers in CA Final. The Black-Scholes option pricing model, binomial tree model, swap valuations, and forward rate agreement pricing require accuracy under time pressure. Working notes must be shown in full detail.
| Parameter Details | |
| Type | Fully Subjective |
| Duration | 3 hours |
| Total Marks | 100 |
| Nature | Mix of SA-application scenarios, procedure descriptions, and ethical analysis |
| Scenario Format | Frequently presents an audit situation and asks what the auditor should do |
| Category Approximate Marks | |
| Standards on Auditing (SA-based scenarios) | 25 to 35 |
| Company Audit including CARO 2020 | 15 to 25 |
| Bank and Sector-specific Audit | 12 to 20 |
| Ethics, Independence, NOCLAR | 10 to 18 |
| Forensic Audit, Due Diligence, ESG | 8 to 15 |
| Audit Report types and modifications | 8 to 15 |
| Parameter Details | |
| Type | Fully Subjective |
| Duration | 3 hours |
| Total Marks | 100 |
| Approximate Split | Direct Tax: 70 marks; International Taxation: 30 marks |
| Nature | Tax computation problems with theoretical analysis |
| Annual Amendment Dependency | Yes; applicable AY announced in ICAI circular |
| Category Approximate Marks | |
| Direct Tax: Business/Profession and MAT computation | 20 to 30 |
| Direct Tax: Capital Gains, Corporate Tax | 15 to 20 |
| International Taxation: Transfer Pricing | 10 to 15 |
| International Taxation: DTAA provisions | 8 to 12 |
| Direct Tax: Appeals, Penalties, GAAR | 8 to 14 |
| International Taxation: BEPS, Equalization Levy | 5 to 10 |
| Parameter Details | |
| Type | Fully Subjective |
| Duration | 3 hours |
| Total Marks | 100 |
| Approximate Split | GST: 75 marks; Customs and FTP: 25 marks |
| Nature | Provision-application questions and computational problems |
| Annual Amendment Dependency | Yes; GST notifications applicable up to specified date |
| Category Approximate Marks | |
| GST: Input Tax Credit and Refund | 15 to 25 |
| GST: Supply, Place of Supply, Time and Value | 15 to 22 |
| GST: Returns, Assessment, Demand and Recovery | 12 to 18 |
| GST: Appeals and Advance Rulings | 5 to 10 |
| Customs: Classification, Valuation, Procedures | 12 to 18 |
| Foreign Trade Policy | 6 to 10 |
Paper 6 is structurally different from all other CA Final papers. Understanding its unique format in full detail is essential.
| Parameter Details | |
| Type | Multidisciplinary case-study, fully subjective |
| Duration | 4 hours (the longest exam in the CA programme) |
| Open-book | Yes; ICAI-specified study materials permitted |
| Marks | 100 |
| Case Study | Single case study distributed at the start of the exam; all questions based on it |
| Subjects Integrated | Financial Reporting, AFM, Auditing, Direct Tax, Indirect Tax, Corporate Laws, Strategic Management, Ethics |
At the start of the four-hour session, candidates receive a booklet containing the case study. The case study typically describes a complex, multi-layered business scenario involving a company or group of companies facing simultaneous financial, legal, tax, audit, and strategic challenges.
Following the case study, questions are presented that require the candidate to:
ICAI specifies which materials candidates may carry into the IBS examination. Based on past sessions, the permitted materials typically include:
What is NOT permitted:
The critical preparation insight is that the open-book facility is for reference only. Candidates who rely on looking up content during the four-hour exam without prior deep preparation will not have enough time to formulate well-structured answers for the 100-mark paper. The open-book facility is most useful for checking a specific section number, a specific Ind AS provision, or a specific tax rate.
The CA Final May 2026 papers were held as follows. Group I and Group II papers alternate on different days.
| Date Paper | |
| 2 May 2026 | Paper 1: Financial Reporting (Group I) |
| 4 May 2026 | Paper 4: Direct Tax Laws and International Taxation (Group II) |
| 7 May 2026 | Paper 2: Advanced Financial Management (Group I) |
| 9 May 2026 | Paper 5: Indirect Tax Laws (Group II) |
| 13 May 2026 | Paper 3: Advanced Auditing (Group I) |
| 16 May 2026 | Paper 6: IBS (Group II) |
All papers except IBS are held in the afternoon session: 2:00 PM to 5:00 PM. IBS is held in the afternoon session: 2:00 PM to 6:00 PM (four hours).
| Response Type Marks | |
| Correct complete answer | Full marks for that question |
| Correct methodology, minor error | Partial marks |
| Correct identification of issue without full resolution | Partial marks |
| Blank answer | 0 |
| Wrong approach | 0 (typically) |
No negative marking applies to any CA Final paper, including IBS.
| Condition Requirement | |
| Minimum marks in each individual paper | 40 out of 100 |
| Minimum aggregate per group | 150 out of 300 (50%) |
Both conditions must be met simultaneously within the group attempt.
Candidates who score 180 or above out of 300 in a group (60 percent or above) are declared to have passed with Distinction.
If a candidate passes Group I but fails Group II, Group I is permanently exempt. Only Group II needs to be reattempted. This exemption remains valid throughout the five-year registration validity.
| Phase Time Activity | ||
| Reading | 5 to 8 minutes | Read all questions; identify high-marks questions and internal choice |
| High-marks numerical questions | 60 to 80 minutes | Attempt the largest questions first with complete workings |
| Mid-range questions | 60 to 70 minutes | Cover remaining numerical and scenario questions |
| Theory or shorter questions | 30 to 40 minutes | Structured written answers |
| Review | 10 to 12 minutes | Check working notes; verify sign conventions in AFM; check tax rates used |
| Phase Time Activity | ||
| Reading | 5 minutes | Identify SA-based scenarios vs direct knowledge questions |
| Long audit scenario answers | 70 to 80 minutes | These carry the highest marks |
| Short SA-application questions | 50 to 60 minutes | Cite SA number; apply to scenario; conclude |
| Ethics and special assignments | 40 to 50 minutes | |
| Review | 10 minutes | Verify SA numbers cited; check completeness |
| Phase Time Activity | ||
| Case study reading | 25 to 35 minutes | Read the case study completely; annotate key facts |
| Question analysis | 10 minutes | Map each question to the subject area and the relevant case fact |
| First pass (all questions) | 120 to 140 minutes | Attempt all parts of all questions; prioritize higher-marks parts |
| Reference and refinement | 30 to 40 minutes | Use permitted material to verify specific provisions; refine answers |
| Review | 15 minutes | Ensure all parts answered; check that case-specific facts are cited in answers |
The biggest time management mistake in IBS is over-reading the case study. Thirty minutes is the upper limit for the initial read; candidates who spend 60 to 70 minutes reading leave insufficient time for answering.
Is there any MCQ component in CA Final papers? No. All CA Final papers under the new scheme are fully subjective. There are no MCQs at the Final level. This is a key difference from CA Intermediate.
Can I choose which questions to answer in CA Final? ICAI typically provides internal choice in CA Final papers (for example, "attempt any five out of seven questions"). The specific choice structure for each paper is printed at the beginning of each question paper. Read the instructions carefully before beginning.
How is IBS different from other CA Final papers in terms of preparation? IBS cannot be studied as a separate standalone paper. Preparation for IBS is the integration of all other five Final papers. The ability to apply knowledge from Financial Reporting, AFM, Auditing, Direct Tax, and Indirect Tax simultaneously to a real business scenario is the core skill tested.
Can I carry personal notes into the IBS exam? No. ICAI specifies the permitted materials for IBS. Personal notes, annotated study material, and self-prepared summaries are not permitted. Only the ICAI-published materials and specified bare acts may be carried.
What happens if I write more than the word limit specified in a question? Examiners evaluate content rather than word count, but very long answers often lack focus. If a question specifies a word limit, staying within it demonstrates professional communication skills. Exceeding it significantly does not earn extra marks.
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