ICAI CA Final Examination 2026 — Complete New Scheme Guide

The Chartered Accountancy (CA) Final examination, conducted by The Institute of Chartered Accountants of India (ICAI), is the apex professional qualifying examination in Indian commerce, taxation, financial reporting, and corporate governance.

Under the New Scheme of Education and Training, the curriculum has been streamlined into 6 Advanced Papers featuring 30% Case-Scenario MCQs (with zero negative marking) and an innovative Open-Book Multi-Disciplinary Case Study Paper (Paper 6: Integrated Business Solutions).

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1. ICAI CA Final — At a Glance (Verified 2026)

Parameter	Official Verified Details
Conducting Authority	The Institute of Chartered Accountants of India (ICAI)
Exam Frequency	Thrice a Year (Modernized Cycle): May, November Cycles
Registration Fee (Both Groups)	₹22,000 INR (Includes CDS physical study material coupons)
Registration Fee (Single Group)	₹13,000 INR
Exam Application Fee	₹3,300 INR (Both Groups) / ₹1,800 INR (Single Group)
Total Number of Papers	6 Papers (Group 1: 3 Papers | Group 2: 3 Papers)
Total Marks	600 Marks (100 Marks per paper)
Exam Duration	Papers 1 to 5: 3 Hours (2:00 PM – 5:00 PM) | Paper 6 (IBS): 4 Hours (2:00 PM – 6:00 PM)
Question Format	30% Case-Scenario MCQs (30 Marks) + 70% Descriptive Analytical Problems (70 Marks)
Paper 6 Mode	Open Book Examination (Candidates may bring study modules and reference books)
Negative Marking	None (Zero negative marking in MCQs)
Passing Standard	Minimum 40% per paper AND Minimum 50% aggregate in the group (150/300 or 300/600)
Mandatory Prerequisites	Complete 2-Year Articleship + Clear SPOM Sets A & B + Advanced ICITSS
Designation Awarded	Associate Chartered Accountant (ACA) from ICAI

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2. Mandatory Self-Paced Online Modules (SPOM)

Before appearing in the CA Final examination, every candidate must complete the Self-Paced Online Modules (SPOM) on the ICAI Digital Learning Hub:

SPOM Module Set	Subject Name	Nature	Passing Standard
Set A (Mandatory)	Corporate and Economic Laws	Online CBT Exam	50% Minimum (No negative marking)
Set B (Mandatory)	Strategic Cost & Performance Management (SCPM)	Online CBT Exam	50% Minimum (No negative marking)
Set C (Elective)	Specialised Areas (Choose 1: Forensic Accounting, Risk Management, etc.)	Online Learning	Mandatory Completion
Set D (Multi-Disciplinary)	Integrative Corporate Governance & Ethics	Online Learning	Mandatory Completion

Examination Gate: You cannot submit the CA Final examination form unless you have cleared the online qualifying examinations for Set A and Set B.

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3. The 6 Papers Detailed Syllabus Breakdown (New Scheme)

Group 1 (300 Marks)

Paper 1: Financial Reporting (FR) (100 Marks)

Focuses 100% on practical application and mastery of Indian Accounting Standards (Ind AS) converged with IFRS.

• Ind AS Framework: Conceptual framework for financial reporting under Ind AS.
• Key Ind AS Standards:
  • Assets & Liabilities: Ind AS 2 (Inventories), Ind AS 16 (PPE), Ind AS 38 (Intangible Assets), Ind AS 40 (Investment Property), Ind AS 23 (Borrowing Costs), Ind AS 36 (Impairment of Assets), Ind AS 37 (Provisions & Contingencies).
  • Complex Accounting: Ind AS 115 (Revenue from Contracts with Customers), Ind AS 116 (Leases), Ind AS 12 (Income Taxes), Ind AS 19 (Employee Benefits), Ind AS 33 (Earnings Per Share).
  • Financial Instruments: Ind AS 109, 32, 107 (Classification, Measurement, Impairment - Expected Credit Loss model, Hedge Accounting, Derivatives).
• Business Combinations and Corporate Restructuring (Ind AS 103): Acquisition method, purchase consideration, calculation of goodwill/capital reserve, reverse acquisitions, common control transactions.
• Consolidated Financial Statements (Ind AS 110, 111, 28, 27): Consolidation of subsidiaries, joint ventures, and associates; non-controlling interest (NCI), disposal of subsidiaries.
• Accounting for Carbon Credits, ESG & Integrated Reporting.

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Paper 2: Advanced Financial Management (AFM) (100 Marks)

• Financial Policy and Corporate Strategy: Advanced strategic financing decisions.
• Risk Management: Identification and quantification of financial risks.
• Advanced Capital Budgeting Decisions: Project evaluation under risk and uncertainty, real options, Adjusted Present Value (APV).
• Security Analysis & Portfolio Management: Arbitrage Pricing Theory (APT), Fama-French 3-Factor Model, active vs passive portfolio management, Sharpe, Treynor, and Jensen performance metrics.
• Securitization & Mutual Funds: Structure of securitization instruments, NAV calculation, Sharpe and Sortino ratios.
• Derivatives Analysis and Valuation:
  • Forward & Futures Pricing: Hedging strategies, index arbitrage.
  • Option Valuation: Black-Scholes-Merton model, Binomial trees, Option Greeks, Delta hedging.
  • Swaps: Interest rate swaps, Currency swaps, Credit Default Swaps (CDS).
• Foreign Exchange Exposure and Risk Management (Forex): Exchange rate determination, Purchasing Power Parity (PPP), Interest Rate Parity (IRP), International Fisher Effect; Hedging transaction exposure via forwards, money market hedge, futures, and currency options.
• International Financial Management: International capital budgeting, raising capital through ADR, GDR, FCCB.
• Corporate Valuation, Mergers & Acquisitions: Valuation models (DCF, Relative Valuation, Asset-based), exchange ratio calculation, post-merger EPS, synergistic gains.

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Paper 3: Advanced Auditing, Assurance and Professional Ethics (100 Marks)

• Quality Control & Engagement Standards: SQC 1, Standards on Auditing (SA 200 to SA 720) in exhaustive practical depth.
• Audit Planning, Strategy and Execution: Risk Assessment and Internal Control (SA 315), Materiality (SA 320), Using the Work of Others (SA 600, 610, 620).
• Audit Evidence & Analytical Procedures (SA 500, SA 520, SA 530).
• Auditor's Report & Reporting under Companies Act 2013: Modified opinions, Key Audit Matters (SA 701), CARO 2020 (Companies Auditor's Report Order) reporting on 21 clauses, reporting on Internal Financial Controls (IFC under Section 143(3)(i)).
• Specialised Audits: Audit of Banks, NBFCs, Insurance Companies, Public Sector Undertakings (PSUs).
• Digital Auditing & Data Analytics: Auditing in an automated environment, forensic auditing techniques, using CAATs and AI in audit sampling.
• Due Diligence, Investigation & Forensic Accounting.
• Professional Ethics & ICAI Code of Ethics: Detailed clauses of First Schedule and Second Schedule to the Chartered Accountants Act, 1949, Council General Guidelines, disciplinary mechanism.

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Group 2 (300 Marks)

Paper 4: Direct Tax Laws and International Taxation (100 Marks)

• Part I: Direct Tax Laws (70 Marks):
  • Comprehensive assessment of Corporate Taxation, Minimum Alternate Tax (MAT under Section 115JB), Alternate Minimum Tax (AMT).
  • Taxation of Special Entities: Trusts (Section 11, 12, 13), Partnerships, LLPs, AOP/BOI, Business Trusts (REITs & InvITs), Securitization Trusts.
  • Tax Deducted at Source (TDS), Tax Collected at Source (TCS), Advance Tax, Interest (Sections 234A, 234B, 234C).
  • Assessment Procedures, E-Assessment Scheme, Appeals, Revisions, Rectifications, Settlement Commission/Dispute Resolution Committee (DRC).
  • Penalties, Prosecutions, Search & Seizure procedures under Section 132.
  • General Anti-Avoidance Rules (GAAR under Chapter X-A).
• Part II: International Taxation (30 Marks):
  • Transfer Pricing (Sections 92 to 92F): Arm's Length Price (ALP) methods, Advance Pricing Agreements (APA), Safe Harbour Rules, Secondary Adjustment, Country-by-Country Reporting (CbCR).
  • Non-Resident Taxation: Equalisation Levy, Significant Economic Presence (SEP), POEM (Place of Effective Management).
  • Double Taxation Avoidance Agreements (DTAA): Sections 90 & 91 (Unilateral vs Bilateral relief), Model Tax Conventions (OECD vs UN Model), Multilateral Instrument (MLI), Base Erosion and Profit Shifting (BEPS) Action Plans.

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Paper 5: Indirect Tax Laws (100 Marks)

• Part I: Goods and Services Tax (GST) (80 Marks):
  • Complex Supply analysis, Composite vs Mixed supplies, RCM transactions.
  • Place of Supply rules for cross-border goods and services.
  • Input Tax Credit (ITC): Rule 42 & 43 apportionments, capital goods credit calculations, blocked credit exclusions under Section 17(5).
  • Accounts, Records, E-Invoicing, E-Way Bill provisions.
  • Refunds under GST (Inverted duty structure, Zero-rated supplies / exports without payment of tax).
  • Assessment, Audit by tax authorities, Inspection, Search, Seizure, and Arrest.
  • Demands, Recovery, Appeals & Revision, GST Appellate Tribunal (GSTAT).
  • Offences, Penalties, and Advance Ruling mechanism.
• Part II: Customs & Foreign Trade Policy (FTP) (20 Marks):
  • Levy of and exemptions from Customs duties; Types of customs duties (Basic, Countervailing, Anti-dumping, Safeguard duty).
  • Classification and Valuation of imported and exported goods (Customs Valuation Rules 2007).
  • Import and Export procedures, Warehousing, Baggage rules, Duty Drawback (Section 74 & 75).
  • Foreign Trade Policy (FTP 2023): Advance Authorization, EPCG Scheme, RoDTEP Scheme, EOU/SEZ policies.

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Paper 6: Integrated Business Solutions (IBS) (100 Marks — Multi-Disciplinary Open Book / 4 Hours)

• Structure: 100% Case-Study Based Open-Book Examination.
• Integrated Coverage: Tests multidisciplinary decision-making synthesizing:
  • Financial Reporting (Ind AS)
  • Advanced Financial Management (Valuation & Strategy)
  • Advanced Auditing & Ethics
  • Direct Tax & International Tax
  • Indirect Tax (GST & Customs)
  • Corporate and Economic Laws
  • Strategic Cost & Performance Management
• Permitted Materials: Candidates may carry ICAI study modules, Bare Acts, and reference compendiums into the exam hall.

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4. Exam Pattern & Passing Criteria

Paper No.	Subject Name	Format	Duration	Max Marks	Passing Score
Paper 1	Financial Reporting	30% MCQ + 70% Descriptive	3 Hours	100 Marks	Min 40 Marks
Paper 2	Advanced Financial Management	30% MCQ + 70% Descriptive	3 Hours	100 Marks	Min 40 Marks
Paper 3	Advanced Auditing & Ethics	30% MCQ + 70% Descriptive	3 Hours	100 Marks	Min 40 Marks
Paper 4	Direct Tax & International Tax	30% MCQ + 70% Descriptive	3 Hours	100 Marks	Min 40 Marks
Paper 5	Indirect Tax Laws (GST & Customs)	30% MCQ + 70% Descriptive	3 Hours	100 Marks	Min 40 Marks
Paper 6	Integrated Business Solutions	Open Book Case Studies	4 Hours	100 Marks	Min 40 Marks

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5. Campus Placement & Salary Benchmarks for Newly Qualified CAs

The ICAI conducts biannual campus placement programs across 27+ domestic and international centres:

Employment Category	Average Starting Package	Top Tier Compensation
Big 4 Firms (Statutory Audit / M&A Tax / Advisory)	₹11.0 LPA – ₹16.0 LPA	₹18.0 LPA – ₹22.0 LPA
Top Indian Conglomerates (Tata, Reliance, Aditya Birla)	₹14.0 LPA – ₹20.0 LPA	₹24.0 LPA – ₹30.0 LPA
Global Investment Banks & Private Equity	₹18.0 LPA – ₹28.0 LPA	₹35.0 LPA – ₹45.0 LPA
International Placements (Middle East / Singapore / UK)	AED 180,000 – AED 300,000	$120,000 – $180,000

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Source: The Institute of Chartered Accountants of India (ICAI) | Official Portal: icai.org