CA Final AFM RTP PDFs by ICAI — All Attempts PDF
CA Final · Group I · Paper 2 · Free ICAI Resource
Download the official ICAI Revision Test Paper for CA Final Advanced Financial Management for every attempt from May 2022 to November 2026, including the Old Scheme Strategic Financial Management papers. All PDFs are free and include ICAI's suggested answers with complete workings.
Last updated: August 2026 · Links verified against the ICAI BOS portal
What is the CA Final AFM RTP? The Revision Test Paper is an official document published by the Institute of Chartered Accountants of India before every CA Final attempt. For Paper 2 it contains numerical problems across derivatives, portfolio management, business valuation and forex risk, with fully worked suggested answers showing the formulas and intermediate steps ICAI expects.
| Paper | CA Final Group I, Paper 2 — Advanced Financial Management (ICAI New Scheme of Education and Training) |
|---|---|
| Previous name | Strategic Financial Management (SFM), up to the November 2023 attempt |
| Total marks | 100 marks |
| Duration | 3 hours |
| Question format | Approximately 30% case scenario based objective questions and 70% descriptive |
| Nature | Predominantly numerical and formula-driven |
| Published by | Board of Studies, ICAI |
| Release timing | Approximately two months before each examination |
| Cost | Free — no registration or payment required |
Where can I download the CA Final AFM RTP?
All Revision Test Papers for CA Final Advanced Financial Management are listed below, newest attempt first. Each link opens the official ICAI PDF for Group I, Paper 2: Advanced Financial Management under the New Scheme of Education and Training.
| Attempt | Download |
|---|---|
| November 2026 | CA Final AFM RTP — November 2026 Attempt (PDF) |
| May 2026 | CA Final AFM RTP — May 2026 Attempt (PDF) |
| January 2026 | CA Final AFM RTP — January 2026 Attempt (PDF) |
| September 2025 | CA Final AFM RTP — September 2025 Attempt (PDF) |
| May 2025 | CA Final AFM RTP — May 2025 Attempt (PDF) |
| November 2024 | CA Final AFM RTP — November 2024 Attempt (PDF) |
| May 2024 | CA Final AFM RTP — May 2024 Attempt (PDF) |
Old Scheme SFM RTPs (November 2023 and earlier)
Attempts up to November 2023 were examined under the Old Scheme, where this paper was titled Strategic Financial Management. It occupied the same position as Group I, Paper 2. Core topics such as derivatives, portfolio management, forex risk and business valuation carry over almost entirely, which makes these archived papers highly usable practice material.
View archived Old Scheme SFM RTPs — November 2023 to May 2022
| Attempt | Paper | Download |
|---|---|---|
| November 2023 | Paper 2 — SFM, Old Scheme | CA Final SFM RTP — November 2023 Attempt (PDF) |
| May 2023 | Paper 2 — SFM, Old Scheme | CA Final SFM RTP — May 2023 Attempt (PDF) |
| November 2022 | Paper 2 — SFM, Old Scheme | CA Final SFM RTP — November 2022 Attempt (PDF) |
| May 2022 | Paper 2 — SFM, Old Scheme | CA Final SFM RTP — May 2022 Attempt (PDF) |
Startup Finance and certain risk management topics were expanded under the New Scheme and may not appear in these archived papers. Check the current ICAI Study Material for full coverage.
Which chapters does the AFM RTP cover?
Each Revision Test Paper draws numericals across the full Paper 2 syllabus. If you are looking for practice on one specific area, the RTP is the highest-quality free source available:
- Financial Policy and Corporate Strategy
- Risk Management
- Advanced Capital Budgeting Decisions
- Security Analysis and Security Valuation
- Portfolio Management — CAPM, portfolio risk and return
- Securitisation
- Mutual Funds
- Derivatives Analysis and Valuation — futures, options, Black-Scholes, binomial model
- Foreign Exchange Exposure and Risk Management
- International Financial Management
- Interest Rate Risk Management
- Business Valuation
- Mergers, Acquisitions and Corporate Restructuring
- Startup Finance
How should I use the RTP for AFM?
Advanced Financial Management is the most formula-driven paper in CA Final. Marks are awarded for the correct approach and the visible intermediate workings, not only the final figure, so every Revision Test Paper question must be written out in full rather than read.
1. Write the full working, including assumptions
AFM questions often permit more than one defensible treatment. Stating your assumption explicitly and then working consistently from it protects marks even where the examiner's approach differs from yours.
2. Build a formula sheet from three consecutive RTPs
Extract every formula used across the last three Revision Test Papers into a single sheet, grouped by chapter. Revise it daily in the final fortnight, since formula recall under time pressure is the main bottleneck in this paper.
3. Prioritise the high-frequency chapters
Derivatives, Portfolio Management, Foreign Exchange Risk Management and Business Valuation recur in nearly every attempt. Solve every question from these four areas before moving to the smaller topics.
4. Old SFM papers remain valuable here
Unlike Taxation, the core AFM topics do not change annually. Archived Strategic Financial Management Revision Test Papers remain valid practice material, which substantially expands the free question bank available to you.
5. Pair the RTP with an MTP and past papers
Each ICAI resource serves a distinct purpose in the final month before an attempt:
| Resource | Released | Best used for |
|---|---|---|
| RTP | ~2 months before the attempt | Chapter-wise numerical practice and identifying examination-relevant areas |
| MTP | ~3–4 weeks before the attempt | Full-paper practice in exact exam format and 3-hour duration |
| Past Papers | After each attempt concludes | Gauging real difficulty and which chapters carry recurring weightage |
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View CA Final AFM ClassesView CA Final ClassesFrequently Asked Questions
What is the RTP in CA Final?
The RTP, or Revision Test Paper, is an official practice document published free by the Board of Studies at ICAI before every CA Final attempt. It contains chapter-wise questions with detailed suggested answers and indicates which areas of the syllabus ICAI considers examination-relevant for that attempt.
Is AFM the same as SFM in CA Final?
They are the same paper under different names. Under the Old Scheme it was titled Strategic Financial Management. Under the New Scheme it is titled Advanced Financial Management, and it remains Group I, Paper 2.
The rename accompanied an expanded syllabus, including Startup Finance and broader risk management coverage.
Can I use Old Scheme SFM RTPs for the AFM exam?
Yes, and they remain some of the best free practice available. Derivatives, portfolio management, forex risk and business valuation carry over almost entirely from SFM to AFM.
Check the current ICAI Study Material for topics added under the New Scheme, since these will not appear in the archived papers.
Is the CA Final AFM RTP free to download?
Yes. Every ICAI Revision Test Paper is free and requires no registration or payment. The links on this page open the official PDFs directly.
Is solving the RTP enough to pass CA Final AFM?
No. The Revision Test Paper is a revision and diagnostic tool rather than a substitute for the ICAI Study Material or structured classes. It assumes the syllabus is already complete.
In a formula-driven paper its main value is building calculation speed and confirming that your approach matches ICAI's expected treatment.
Which chapters carry the highest weightage in CA Final AFM?
Derivatives Analysis and Valuation, Portfolio Management, Foreign Exchange Exposure and Risk Management, and Business Valuation recur in nearly every attempt and together account for a substantial share of the paper.
ICAI does not publish a fixed chapter-wise weightage table, so treat this as an observed pattern rather than a guarantee.
When does ICAI release the RTP for each CA Final attempt?
ICAI typically publishes the Revision Test Paper on its Board of Studies portal roughly two months before the examination begins.
Zeroinfy updates this page with the direct PDF link for each new attempt as soon as ICAI releases it.