CA Final AFM mock test Nov 2026: 3 mocks before 4 Nov
A CA Final AFM mock test should be a full 100-mark paper on ICAI's current pattern: 30 marks of case-based MCQs and 70 marks of long sums, written by hand in 3 hours and checked step by step. Write three of them before AFM on Wednesday, 4 November 2026, one a week, and fix each one the day after. ICAI's two free AFM MTPs are already out, so start with those if you haven't written them.
AFM is the paper where you can know every formula and still lose marks to the clock, a missed rounding rule or a working note you never wrote. Only a timed, checked mock shows which of these is yours.
CA Final AFM mock test: what the paper you're practising for looks like
From ICAI's Guidance Notes for Final, November 2026 (PDF) (opens in a new tab), ICAI's exam announcement (PDF) (opens in a new tab) and ICAI's last four AFM papers:
| Advanced Financial Management (Paper 2) | |
|---|---|
| Date and time | Wednesday, 4 November 2026, 2 to 5 PM; 15 minutes' reading time from 1:45 PM |
| Part I | 23 case-scenario MCQs, 16 of 1 mark and 7 of 2 marks, 30 marks, all compulsory (ICAI's Nov 2026 Mock Test Papers; May 2026 had 15 of 2 marks) |
| Part II | Six questions of 14 marks; Question 1 compulsory, any four of the other five |
| Marks printed | 114, of which you answer 100 |
| Negative marking | None for wrong MCQ answers |
| Calculator | Battery-operated, "upto 6 functions, 12 digits and upto two memories"; no scientific calculator |
The full pattern for all six papers is in our CA Final exam pattern guide. AFM comes two days after FR and two days before Audit (timetable).
What a good AFM mock test paper should test
A good AFM mock test paper looks like ICAI's last four papers: mostly numericals, spread over all fifteen chapters, with the heaviest chapters set as long sums and the small ones as 4-mark parts. Our CA Final AFM chapter-wise weightage and ABC analysis has the marks chapter by chapter; this post doesn't repeat those tables. In short:
| What a mock should include | Why, from ICAI's last four papers |
|---|---|
| Derivatives, portfolio, forex and mutual funds as long sums and MCQ cases | All four came up every time, together about 47% of printed marks |
| A forex case in the MCQs | Every paper had one (forward and option hedges, swap points, rebooking) |
| A share or business valuation sum | Security and business valuation together took 65 marks over four papers |
| An international project, APV or funding question | International financial management came up every time |
| 4-mark theory parts: security analysis, financial policy, startups, securitisation | Each came up in three or four of the four papers |
| No leasing or dividend policy chapters | Those were SFM; AFM is ICAI's current Paper 2 |
ICAI names no topic-wise exclusions for AFM in its November 2026 RTP study guidelines (PDF) (opens in a new tab), so a mock that skips whole chapters is testing less than the real paper. The ten question types ICAI keeps setting inside these chapters, with the working that earns the marks, are in CA Final AFM important questions.
Free CA Final AFM mock test papers from ICAI
ICAI gives you more free AFM papers than any other Final subject: two MTPs, a 10-paper Model Test Paper book, the RTP and every past paper since May 2024.
| ICAI paper | What you get for AFM | Where |
|---|---|---|
| MTP Series I and II, Nov 2026 | 2 full papers, held 11 Sep and 26 Sep, with answer keys | CA Final MTPs |
| Model Test Paper book, Group I | 10 AFM papers, "relevant for May, 2025 examination and onwards" | ICAI book (PDF) (opens in a new tab) |
| RTP, Nov 2026 | 14 questions with answers; ICAI corrected the answer to Question 11 on 15 September | CA Final RTPs |
| Past papers and suggested answers | Every attempt since May 2024, with examiners' comments | CA Final past papers |
ICAI's announcement says students compare their answers with the answer keys and self-assess. Our guide on how to check your MTP yourself shows how to do that honestly, and the full free list is in free CA Final mock test papers.
How to write an AFM mock in 3 hours
Work to about 1.8 minutes a mark: 45 minutes for the MCQs, about 25 minutes for each 14-mark question, and 10 minutes to check. This is our suggested clock:
| Clock | Block | What to do |
|---|---|---|
| 1:45 to 2:00 | Reading time | Pick your four optional questions; circle the method and rounding each one names |
| 2:00 to 2:45 | MCQs, 30 marks | All five cases, OMR filled as you go, no blanks |
| 2:45 to 3:10 | Your strongest question | 14 marks; finish it to the final decision line |
| 3:10 to 3:35 | Question 1 | 6 + 4 + 4 marks: about 11, 7 and 7 minutes |
| 3:35 to 4:50 | Three more questions | 25 minutes each; a 7-mark part gets about 12 minutes |
| 4:50 to 5:00 | Check | OMR, question numbers, a clear last line with the unit for every sum |
MCQs first or last is your choice, but decide in the mock, not on the day. The general method is in how to attempt a CA Final paper in 3 hours.
When a sum runs over, finish it in outline. In May 2026 Q6(a), the examiners noted that candidates managed the early parts but "struggled with the later stages" (Final Group I examiners' comments, May 2026, PDF (opens in a new tab)). Steps you never reach earn nothing, so write the remaining steps with the figures you'd use, and move on.
Where AFM marks are lost
From ICAI's examiners' comments, AFM marks go in four places: the wrong model, unrounded figures, half-finished multi-step sums and missing working notes.
| Where marks go | What ICAI's examiners wrote | Fix in your mock |
|---|---|---|
| Wrong model | May 2026 Q1(b): many "failed to apply the prescribed H-Model for valuation" and used the Dividend Discount Model instead | Circle the model the question names before you start |
| Rounding | January 2026: some "failed to round off figures to two decimal places, as required" | Round exactly as the question says, every line |
| Long forex and valuation sums | May 2026 Q3(a): could not integrate interest rate parity, borrowing cost and APV "into a coherent solution" | Practise multi-step sums to the last line, timed |
| Similar-looking formulas | May 2026 Q4(b): Geometric Mean confused with Arithmetic Mean | Write the formula in words before the figures |
Sources: Final Group I examiners' comments, May 2026 (PDF) (opens in a new tab) and January 2026 (PDF) (opens in a new tab). In May 2026 ICAI also rated performance "poor" on the collar strategy and on gap analysis; more in ICAI examiners' comments on common mistakes.
A mini example: how step marks follow your working
Our own figures, not an ICAI question. Spot is ₹83.00 per $ and the 3-month forward is ₹83.60. Find the annualised forward premium.
| Step | What you write |
|---|---|
| 1. Formula | Premium = (Forward − Spot) ÷ Spot × 12 ÷ months × 100 |
| 2. Figures | (83.60 − 83.00) ÷ 83.00 × 12 ÷ 3 × 100 |
| 3. Result | 2.89% per annum, rounded to two decimals |
| 4. Conclusion | The dollar is at a forward premium |
Write only "2.89%" and a slip anywhere costs you the whole part. Write all four lines, and a wrong figure in line 2 still leaves the formula and the method on the page. ICAI marks the 70 descriptive marks step by step, as explained in step marking in CA exams. "Working notes should form part of the answer" is printed on each May 2026 paper, so number them and refer to them.
A 3-mock AFM schedule before 4 November
Three full AFM mocks, one a week, each at 2 PM, each fixed the next day. These dates match the Group I rounds in our CA Final last 30 days mock test plan:
| Date | AFM work | Next day |
|---|---|---|
| Wed 7 Oct | AFM mock 1, full 3 hours | Fix every lost mark; start an error log |
| Thu 15 Oct | AFM mock 2 | Compare reasons for lost marks with mock 1 |
| Fri 23 Oct | AFM mock 3 | Redo the two questions where you lost most |
| 27 Oct to 2 Nov | No new full AFM paper; RTP questions, MCQ cases, error log | |
| Tue 3 Nov | Formula sheet and theory notes only | AFM exam on 4 Nov |
Already wrote ICAI's two MTPs? Then these three are your next three papers. Tag each lost mark in the error log by chapter and by reason (wrong model, rounding, working note missing, ran out of time). If the same reason shows up twice, fix that before you revise another chapter.
Best test series for CA Final AFM: how to judge one
The best test series for CA Final AFM is the one whose papers match ICAI's current pattern and whose checked copy tells you exactly why each mark was cut, quickly enough to use before the next mock. Check these before you pay:
- Pattern: 23 case-based MCQs (16 of 1 mark, 7 of 2 marks) plus six 14-mark questions, 100 marks, 3 hours.
- Coverage: all fifteen chapters across the mocks, more weight on derivatives, forex, portfolio and mutual funds.
- Checking: step-wise marks, with the reason for each cut and the correct line, not just a total.
- Turnaround: a day or two, so mock 1's lessons reach mock 2.
- Proof before paying: sample pages you can read first.
- Checked papers for the fees: how many full papers come back checked for what you pay.
Points 1 to 5 make a series reliable; point 6 shows whether it is affordable. Our CA Final Group I plan has 9 papers (FR, AFM and Audit) for ₹429, every one checked. More on comparing fees is in CA Final test series price and fees, and the full checklist is in how to choose a CA test series.
Frequently asked questions
Where can I get a CA Final AFM mock test paper for free?
From ICAI. The two Nov 2026 MTPs, the 10-paper Group I Model Test Paper book, the RTP and past papers are all free. We link them on our CA Final mock test papers (MTP) page.
How many AFM mock tests should I write before CA Final?
ICAI has no rule. ICAI's two MTPs plus three full mocks, each checked and fixed, fit the four weeks before 4 November. One mock you go through properly teaches more than two you only score.
Which is the best test series for CA Final?
The one on ICAI's current pattern and the amendments for your attempt, with step-wise checking, reasons for every mark cut, and a checked copy back within a day or two. Compare the fees with the number of full papers that come back checked, not with the number of tests listed.
Is there negative marking in the CA Final AFM MCQs?
No. ICAI's Guidance Notes for November 2026 confirm there is none, so don't leave any MCQ blank.
Should I write AFM mocks in full or practise questions?
Both, in that order of priority. Full timed papers show whether you lose marks to time or to concepts; single questions fix the chapter once you know. Keep at least one full mock a week until 23 October.
Write your AFM mocks, then get them checked
Our CA Final AFM mock tests are full-syllabus papers on ICAI's latest pattern: 30% MCQs and 70% descriptive, 100 marks in 3 hours, every chapter covered across the mocks with more weight on the most-asked, and every amendment applicable for November 2026 tested. You write by hand and upload one PDF. Your checked copy comes back within 24 hours, with ICAI-style step-wise marks, the reason for every mark cut and the correct line to write, plus detailed suggested answers with working notes and MCQ reasoning.
You can read preview pages of the first mock before you buy. AFM sits in CA Final Group I with FR and Audit, and the same checked format runs across all our CA test series and CA mock tests.