CA Final AFM: 1.5-Day Last Minute Strategy
With the Financial Reporting paper behind you, it’s now time to gear up for CA Final Advanced Financial Management (AFM), formerly known as SFM – a high-weight, practical-dominant subject that demands strategic preparation.
Here’s your complete 1.5-day last-minute study plan, based on insights from CA Ashish Kalra, with a sharp focus on chapter prioritization, marks trend, and smart exam strategy.
Chapter-Wise Categorization: A, B & C
To maximize returns, chapters are divided into Category A (High Priority), B (Medium Priority), C (Low Priority/Last).
Category A (Must-Do First)
These are the most frequently asked and highest scoring topics.
| Chapter | Weight Range (Marks) | Last 10 Attempts (Total Marks) |
|---|---|---|
| Mutual Funds | 8 – 24 | 142 |
| Security Valuation | 8 – 27 | 140 |
| Derivatives | 6 – 20 | 134 |
| Forex Management | 12 – 24 | 127 |
| Portfolio Management | 8 – 24 | 120 |
| Mergers & Acquisitions | 8 – 24 | 114 |
Category B (Should-Do After A)
These are moderately frequent and can come for 4–20+ marks.
| Chapter | Weight Range (Marks) | Last 10 Attempts (Total Marks) |
|---|---|---|
| Interest Rate Risk Management | 4 – 14 | — |
| International Financial Management | 6 – 20 | 74 |
| Startup Financial | 4 – 8 | 63 |
| Business Valuation | 4 – 24 | 44 |
| Securitisation | 4 – 8 | 40 |
Category C (Do at the End)
Theory-heavy or lower frequency but still relevant.
| Chapter | Weight Range (Marks) | Notes |
|---|---|---|
| Financial Policy & Corporate Strategy | 4 – 8 | Pure theory |
| Risk Management | 4 – 8 | Theory + minor practical |
| Advanced Capital Budgeting | 8 | Recently added & trending – now coming for 8+ marks |
| Security Analysis | 4 – 6 | Generally theory-heavy |
Last 1.5-Day Study Plan
Recommended Study Order:
- Security Valuation
- Portfolio Management
- Mutual Funds
- Forex
- Derivatives
- Mergers & Acquisitions
- Business Valuation
- International Financial Management
- Startup Finance & Securitization (Theory)
- Advanced Capital Budgeting
- Remaining C-category theory chapters
Tip: Focus on practical questions first. Then move to theory if time permits.
Exam Day Strategy: Attempting the Paper
- Descriptive (70 marks):
- Start with the easiest & strongest question.
- Mark questions in the 15 mins reading time.
- MCQs (30 marks):
- Start immediately or after 1–2 descriptive questions.
- Do NOT leave any MCQ blank.
Sleep & Mindset Tips
- Minimum 6–7 hours of sleep before exam day.
- Study in 2-hour focused blocks with 10–30 min breaks.
- Practice mock/RTPs and past questions from high-weight chapters.
“Focus on what is important. Secure the 80 marks you can get before chasing the tough 20.”
Join Now: CA Final AFM Classes Online & Pendrive
Final Words from CA Ashish Kalra
Champions, this is your FINAL attempt. Make yourself proud. Make your teachers proud. Make your parents proud. You have put in the effort — now let the results speak. Give your best. Stay confident, stay calm. God bless you!
Summary Checklist
✔️ Category A chapters done
✔️ Past papers solved (last 4 attempts)
✔️ MCQ practice completed
✔️ Sleep managed
✔️ Paper strategy clear
✔️ Confidence at 100
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