Official ICAI · Paper 2 · 6 sessions

ICAI CA Final (Group 1) — Advanced Financial Management Past Papers & Suggested Answers

Every published exam session for Advanced Financial Management, newest first — with direct links to ICAI's own Suggested Answer, Examiner Comments and Question Paper PDFs. Most recent: January 2026.

Paper 2 100 marks 3 hours 70% descriptive · 30 marks of case-scenario MCQs

Full CA Final (Group 1) exam guide

Every Advanced Financial Management exam session

5 of 6 have an official Suggested Answer

ICAI has not published a Suggested Answer for this sitting yet.

Question Paper

November 2024

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Suggested Answer PDF Examiner Comments

May 2024

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Suggested Answer PDF Examiner Comments

What Advanced Financial Management covers

The 15 chapters ICAI examines in this paper under the New Scheme. Every past paper above is set from this syllabus.

1 Financial Policy and Corporate Strategy
2 Risk Management
3 Advanced Capital Budgeting Decisions
4 Security Analysis
5 Security Valuation
6 Portfolio Management
7 Securitization
8 Mutual Funds
9 Derivatives Analysis and Valuation
10 Foreign Exchange Exposure and Risk Management
11 International Financial Management
12 Interest Rate Risk Management
13 Business Valuation
14 Mergers, Acquisitions and Corporate Restructuring
15 Startup Finance

Official ICAI study material for this paper

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