ICAP CAF Exam Structure 2026-27: Papers, Passing Rules and Exam Dates

The Certificate in Accounting and Finance (CAF) is the middle stage of CA in Pakistan, and its rules decide how quickly you reach training. This guide sets out the CAF exam structure under ICAP's Education and Training Scheme 2025: the papers, what each one tests, the passing and progression rules, and the dates for the next sessions. It is based on ICAP's Directive 1.01 (the version published in September 2026), the scheme FAQs and the 2027 examination schedule, as of November 2026. Where ICAP's own documents disagree, I say so.

The Eight Papers

Directive 1.01 splits CAF into two groups. The teaching hours come from the CAF syllabus for Spring 2027 and are a good proxy for how much work each paper needs.

Two things stand out. CAF-4 carries the heaviest teaching load, because it combines contract law and company law. And in CAF-2, income tax chargeability alone is at least half the paper.

Paper Length and Format

• Duration: ICAP's Autumn 2026 examination programme states a total of 3 hours 15 minutes, including 15 minutes of reading time, starting at 9:00 am.
• One paper a day: in Autumn 2026 the eight papers ran from 17 to 25 August, alternating Group A and Group B.
• No open-book CAF papers: the open-book list in Directive 1.01 covers CFAP papers only.
• Remote proctoring: ICAP runs a remote-proctored option for CAF, including for students abroad. See its remote proctoring page for requirements.

Testing Levels: How Big a Question Can Be

Every CAF learning outcome carries a testing level, which caps the marks for that topic in one attempt:

• T1: up to 8 marks per topic, and 35 marks for all T1 topics combined. T1 also covers topics assessed at earlier stages and topics new to the syllabus.
• T2: up to 20 marks per topic.
• T3: up to 25 marks per topic.

Use the testing levels in the syllabus to rank chapters. The long questions can only come from T2 and T3 topics, so a T2 topic you have not prepared can cost you a 20-mark question, while a T1 topic can cost you at most 8.

Passing and Progression Rules

• Pass mark: 50% in each subject (Directive 1.01, paragraph 8(5)). Each paper stands alone; there is no aggregate pass.
• Entry: you can attempt CAF once you have completed PRC, or been exempted from it.
• Maximum four papers per sitting, "from any group," with no minimum.
• No limit on attempts at CAF.
• An attempt counts once you are issued an admit card and sign the attendance sheet.

Two rules need care because ICAP's documents do not agree:

• Group B eligibility. ICAP's Principles and Structure document for the 2025 scheme says Group B papers open after you pass two Group A papers. The current Directive 1.01 only says up to four papers "from any group" and does not repeat that condition. Before building a first sitting around Group B, confirm with ICAP or check what the exam form allows you to select.
• Time limit. The Principles and Structure document gave five years from your first CAF attempt, plus a year if no more than two papers remain. ICAP's current scheme FAQs list CAF as having no time limit, and Directive 1.01 sets no limit on CAF attempts. Plan as if time matters anyway: CAF runs only twice a year.

Exam Windows and Deadlines

CAF is held twice a year. ICAP's 2027 schedule, issued 17 September 2026, gives these dates. ICAP marks them as tentative.

Note that the Spring 2027 session sits in early February, so the forms deadline falls in the first week of December. Fees are covered in our ICAP fee guide; confirm the amount on your challan.

Planning Your Sittings

With four papers per sitting and two sessions a year, the fastest route through CAF is two sittings. A worked plan:

Both plans put Group A first, so they work whichever reading of the Group B rule applies, and both take CAF-1 before CAF-6, which builds on it. A failed paper costs six months, so sitting three papers you pass is better than sitting four and failing two. If you are coming straight from PRC, read the PRC to CAF jump first.

Alternatives and What Comes Next

• Graduate Conversion Course (GCC): holders of 16-year degrees from HEC-recognized institutions take five GCC papers instead of CAF. GCC-1 is computer-based and combines parts of PRC-2, PRC-3 and CAF-4; GCC-2 to GCC-5 mirror CAF-2, 5, 6 and 8.
• After CAF: you choose a training route, and that choice is irrevocable. CFAP opens after twelve months of training, after completing a 2.5-year uninterrupted training period, or before training if you opt to sit CFAP first. Stipends for each route are in our stipend guide.

FAQs

How many CAF papers can I take in one sitting?
Up to four, with no minimum, under Directive 1.01.

What is the CAF passing mark?
50% in each paper.

How long is each CAF paper?
3 hours 15 minutes including 15 minutes' reading time, according to the Autumn 2026 examination programme. Check the programme for your session.

When is the next CAF exam?
Spring 2027, from 1 to 10 February 2027. Forms are due by 7 December 2026 without a late fee.

Is there a time limit to pass CAF?
ICAP's current scheme FAQs say no. An earlier scheme document said five years. Check ICAP's latest FAQs if this affects you.

Where can I practise CAF questions?
All eight CAF banks are free in the practice hub. For subject strategy, see our CAF-5 guide.

Sources

• ICAP: Directive 1.01, Education and Training Scheme 2025
• ICAP: CAF Syllabus, Education Scheme 2025, for Spring 2027
• ICAP: FAQs on Education and Training Scheme 2025
• ICAP: Education Scheme 2025, Principles and Structure
• ICAP: Examination Schedule for 2027
• ICAP: CAF Examination Program, Autumn 2026
• ICAP: Examination schedule and form submission