ICAP frequently asked questions (FAQs)

Examinations

A. At AFC Level, Three attempts are available for each paper. However, if a student has passed two papers in three attempts then s/he will be allowed two additional attempts for each remaining paper.

Note: The attempt will only be counted, if the examinee is appeared in the exams.

A. At CAF Level, Six attempts are available for each paper. However, if a student has passed Seven papers in the Six attempts then s/he will be allowed two additional attempts for each remaining paper.

Note: The attempt will only be counted, if the examinee is appeared in the exams.

A: At CFAP level, Six attempts are available for each paper and unlimited attempts are available for MSAs. However, if a student has passed three papers in the Six attempts then s/he will be allowed unlimited attempts for the remaining three papers of CFAP level.

Note: The attempt will only be counted, if the examinee is appeared in the exams.

A. Students can attempt all (Four) papers of AFC level, Five papers of CAF level or all (Six) papers of CFAP level in a single attempt.

A. Students can appear only in CFAP and MSA Examinations from abroad i.e. Dubai & Riyadh.

A. Yes, MSA level is Multi-Subject Assessments papers are scenario based.

A. You need to consult a person having relevant experience, to discuss your case and get appropriate advice.

A. If a student wants to get his or her un-successful paper re-checked, s/he will have to apply on a specified form. The fee for re-checking is Rs. 1,400/ paper.
If any student of CFAP / MSA level wants a feedback on his or her unsuccessful paper and he or she has minimum 40 marks in that paper, ICAP offers a detailed feedback facility. For this, the student should apply within 20 days of the announcement of the results. ICAP will provide a detailed feedback to the student. The fee for this facility is Rs. 7,700/ paper. This facility is available to the first 50 students on first come first serve basis. For further details, please use this link:
https://www.icap.org.pk/students/examination/student-feedback-review/feedback/

A. Yes, the MSA level exams are open book exams and students are allowed to carry five different books with them during these exams. Further, books having more than one volume will be counted as one book.

A. Testing of memory is not an objective of ICAP’s examination system. Correct alternate phrasing of answers is marked on merit during the assessment process. It may be noted that practical questions and papers at advanced stage involve testing of concepts. Such questions require students to write answers in their own words as answers to such questions are not directly available in the Study Texts. However, certain questions related to law sometimes require use of exact legal terminologies in the answers and cannot be replaced with own wordings.

The main objectives of allowing the open book examination are to:

  • discourage rote learning among students
  • enhance application skills of students
  • reduce the burden of studying for the examination on students

Students would be allowed to bring relevant bare acts, rules and SROs in the form of the original book of any publisher. No photocopy or printouts of books would be allowed inside the examination hall.

Students can carry any number of books, there is no limit on the number of books allowed. However, the space available to an examinee for keeping the books is limited to his/her table and chair. 

Yes, students can bring books with highlighted or underlined content.

Students will not be allowed to bring books containing commentaries on tax issues in the examination hall.

The examination would mainly be testing (a) determination of taxable values and tax liabilities and (b) interpretation of sections/rules of Income Tax, Sales Tax and Federal Excise Duty. The examination would not include any direct questions that can be responded by reproducing the provisions of law.

All Provincial and Islamabad Sales Tax Acts are part of syllabus. Relevant rules of Provincial and Islamabad Sales Tax are not part of the syllabus.

Students would be examined from (a) earlier learnings i.e. CAF-6 Principles of taxation and (b) the Code of Ethics for Chartered Accountants.

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