How Should One Prepare for CA Final AFM Exam in 2026 & 2027?

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Advanced Financial Management (AFM) is Paper – 2 at the CA Final Level. Preparing for this subject requires a solid foundation, conceptual clarity, and lots of practice. Before starting with your preparation of AFM, it is strongly advised to revise the Financial Management (FM) and Strategic Management (SM) subjects studied at the CA Intermediate Level. This will help you connect better with AFM and understand the subject more deeply.

Table of Contents

Step 1: Build Your Foundation

Whenever you study a subject, always study it step by step. The first step is to gain a complete understanding of its concepts. For this, you have two main approaches:

Option 1: Self-Study with ICAI Material

Read and understand concepts from ICAI Revised Study Material.
Solve Practice Manual, Past RTPs, MTPs, and Previous Year Papers.
This process takes around 400–500 hours of dedicated preparation.

Option 2: Learn from an Expert Teacher

Choose a renowned teacher who covers ICAI material, MTPs, RTPs, and past papers thoroughly in lectures and books.
If the teacher provides a Revisionary Pocket Book, it’s a great advantage.
This approach takes around 350–400 hours.
Since AFM requires practical application, choose a teacher who explains concepts logically and practically.

Ultimately, the choice between self-study and guided classes is yours.

Read Also: ICAI CA Final MTP (Mock Test Paper)

Step 2: Plan Your Preparation Smartly

While preparing for CA Final AFM (2026/2027 attempts), follow these tips:

1. Use Video Lectures Effectively

Watch lectures with appropriate validity and views (1.5x or 2x) to save time.
Adjust the speed based on your understanding.

2. Focus on Conceptual Clarity

Pay full attention while watching lectures.
Frame real-life examples in your mind to relate concepts better.

3. Maintain Consistency

Even if you study at home, attend classes on a fixed schedule.
Treat recorded classes as if they are live sessions.

4. Prepare Notes & Pocket Books

Make short notes during lectures for quick revision.
Keep a Revisionary Pocket Book handy to save time.

Step 3: Revise Strategically

In the first revision, solve all questions from your material.
Mark important and tricky questions for later revisions.
Fix daily targets and study based on topic weightage.
Don’t skip the latest RTPs, MTPs, and Past Papers—many exam questions are based on them.

Step 4: Practice for Exam Presentation

Solve 2–3 full papers in exam conditions (3 hours each).
Self-check or get them evaluated to identify mistakes.
Practice regularly to improve speed and presentation.

One Day Before the Exam

Revise only from short notes or pocket book.
Go through marked important/tricky questions.
Avoid starting any new topic.
Stay calm, confident, and motivated.

Practical Knowledge During Articleship

AFM is not just about the stock market — it’s much beyond that. During your articleship:

Gain practical exposure to finance and investment concepts.
Learn from teachers who share market knowledge during AFM classes.
Start exploring stock market basics and small investments to build practical understanding and passive income.

Exam-Day Tips for CA Final AFM (2026/2027)

Use the first 15 minutes (reading time) to select the question you will leave (choice).
Attempt questions in the order of your confidence.
Start positively and avoid self-doubt while writing answers.
Minimize cutting on the first two pages of your answer sheet.
If stuck, think for 5 minutes, then move on. Don’t waste too much time.
Attempt all questions (except choice)—never leave blank answers.
Focus on presentation: proper working notes, neat format, logical steps.
Solve mock tests under time pressure to refine presentation.

CA Final New Course AFM For May 25 Exam Pre Booking

CA Final New Course AFM Classes

Final Words

If you follow the above strategy consistently, you will not only score great marks in AFM but also gain strong practical knowledge useful in your career.