CA Final AFM Chapter-wise Weightage: Marks From 7 Papers, May 2024 to Nov 2026

ICAI does not publish a CA Final AFM chapter-wise weightage. It fixes only six section ranges for Paper 2, Advanced Financial Management (AFM). So I counted the marks chapter by chapter in all seven AFM papers of the new scheme, May 2024 to November 2026. In the six full papers from November 2024, four chapters carried 331 of 660 printed marks (50.2%): Security Valuation 90, Derivatives 84, Foreign Exchange (Forex) 83 and Portfolio Management 74.

Across the six full papers, half the marks came from four chapters, while Financial Policy was worth exactly 4 marks in all seven.

TL;DR

• On the five ICAI-hosted full papers, Derivatives leads with 78, and the same four chapters take 275 of 550 (50.0%).
• Seven of the 15 chapters had no MCQ in the six papers whose MCQs we could count. All 55 International Financial Management (IFM) marks were written answers.
• Section IV topped ICAI's 25% ceiling in three of six full papers.

Does ICAI publish a chapter-wise weightage for CA Final AFM?

No. ICAI's section-wise weightage of 26 October 2023, applicable from May 2024, puts AFM's 15 chapters in six sections:

• Section I, chapters 1 to 3 (Financial Policy, Risk Management, Advanced Capital Budgeting): 8% to 15%.
• Section II, chapters 4 to 6 (Security Analysis, Security Valuation, Portfolio Management): 20% to 30%.
• Section III, chapters 7 to 9 (Securitization, Mutual Funds, Derivatives): 20% to 30%.
• Section IV, chapters 10 to 12 (Foreign Exchange Exposure and Risk Management, which I call Forex; IFM; Interest Rate Risk Management): 20% to 25%.
• Section V, chapters 13 and 14 (Business Valuation, Mergers and Acquisitions): 10% to 15%.
• Section VI, chapter 15 (Startup Finance): 2% to 5%.

The document ends with a note permitting a deviation of up to ±5% in the section-wise weightage. ICAI gives ranges per section, never per chapter. If you search for SFM weightage, this is the paper you mean: in the old scheme, Final Paper 2 was Strategic Financial Management (SFM).

How did I count the seven AFM papers?

ICAI's question papers page lists seven new-scheme Final attempts, May 2024 to November 2026.

The seven papers gave 142 counted rows: 30 MCQ case sets, 105 written sub-questions and 7 four-mark OR blocks. Each written sub-question went to the chapter of the topic named in ICAI's examiners' comments where one was given (78 of the 112 written and OR rows), otherwise to the study-material chapter that teaches it. Each MCQ case set went to the study-material chapter.

ICAI hosts only Part II (the written part) of the May 2024 AFM paper and its suggested answers, so May 2024's 30 MCQ marks are not counted here. ICAI had not hosted its November 2026 AFM paper on 10 November 2026, so those figures come from our retyped copy of a student-shared paper. Eight items could sit in two chapters; each moves a total by 4 to 6 marks.

Method: each MCQ case set and written sub-question counted at ICAI's printed marks and given to one of the 15 chapters; the 4-mark OR part is kept out. Source: ICAI question papers, suggested answers and examiners' comments, May 2024 to May 2026, plus the November 2026 paper as set; Gradehunt analysis and count.

These are printed marks, not a forecast. A full paper prints 110 marks outside the 4-mark OR, more than the 100 you answer, because you drop one of Questions 2 to 6.

Which AFM chapters carry the most marks?

Marks per chapter in the six full papers, in this order: November 2024, May 2025, September 2025, January 2026, May 2026, November 2026.

• Security Valuation: 24, 10, 19, 6, 9, 22; total 90.
• Derivatives: 20, 13, 10, 18, 17, 6; total 84.
• Forex: 14, 12, 17, 16, 8, 16; total 83.
• Portfolio Management: 8, 16, 6, 14, 18, 12; total 74.
• Mutual Funds: 6, 13, 17, 12, 8, 4; total 60.
• IFM: 6, 6, 7, 10, 12, 14; total 55.
• Mergers and Acquisitions: 10, 4, 6, 10, 13, 7; total 50.
• Advanced Capital Budgeting: 8, 6, 6, 6, 0, 12; total 38.
• Business Valuation: 4, 11, 6, 4, 0, 5; total 30.
• Interest Rate Risk Management: 6, 7, 4, 6, 7, 0; total 30.
• Financial Policy: 4 in every paper; total 24.
• Security Analysis: 0, 4, 0, 4, 0, 4; total 12.
• Securitization: 0, 0, 4, 0, 4, 4; total 12.
• Risk Management: 0, 4, 0, 0, 6, 0; total 10.
• Startup Finance: 0, 0, 4, 0, 4, 0; total 8.

Source: ICAI suggested answers and examiners' comments, November 2024 to May 2026, and the November 2026 paper (our retyped copy); Gradehunt count.

Paper by paper, the top four took between 46.4% (May 2025) and 60.0% (November 2024) of the printed marks. Only November 2024 and November 2026 crossed half; the 50.2% is the six-paper total.

ICAI-hosted papers alone change the order. Across those five, Derivatives leads with 78, then Security Valuation 68, Forex 67 and Portfolio Management 62. Security Valuation tops the list only once November 2026's 22 marks are added. On either count the same four chapters lead, each averaging more than 12 marks a paper.

Where do real options fall?

ICAI's syllabus puts real options in chapter 9, Derivatives, so I counted them there. They carried 18 marks: 4 in November 2024, 8 in January 2026 and 6 in May 2026. Three were 4-mark written parts and one, in May 2026, was a 6-mark MCQ case. Only the January 2026 question on real versus financial options was pure theory, and ICAI's examiners called the answers poor.

How many AFM marks are MCQs, and which chapters do they test?

30 of the 100. ICAI's Final guidance note for November 2026 puts 30 marks of case-based MCQs in Papers 1 to 5, each worth 1 or 2 marks, with no choice.

In the five papers from November 2024 to May 2026, every AFM paper had 15 MCQs of 2 marks. November 2026 (our retyped copy) was the first of the six we could count with 1-mark MCQs: 23 questions, 16 of 1 mark and 7 of 2.

Across these six papers, the 180 MCQ marks went to Forex 38 (7 case sets), Security Valuation 28, Portfolio Management 28, Derivatives 26, Mergers and Acquisitions 24, Advanced Capital Budgeting 18, Mutual Funds 12 and Risk Management 6. Forex and Security Valuation took 66 of the 180, so practise those cases on a timer.

Source: ICAI suggested answers, November 2024 to May 2026, and the November 2026 paper (our retyped copy); Gradehunt count.

Seven chapters had no MCQ in those six papers: Financial Policy, Security Analysis, Securitization, IFM, Interest Rate Risk Management, Business Valuation and Startup Finance. Forex had an MCQ case in five of the six papers we could count, all except November 2024.

Did the AFM papers stay inside ICAI's section ranges?

Mostly. Each section's share of the six full papers (out of 110 marks):

• Section I (8% to 15%): 10.9% on average, inside in all six.
• Section II (20% to 30%): 26.7% on average, above only in November 2026 (34.5%).
• Section III (20% to 30%): 23.6% on average, below only in November 2026 (12.7%).
• Section IV (20% to 25%): 25.5% on average, above in September 2025 (25.5%), January 2026 (29.1%) and November 2026 (27.3%).
• Section V (10% to 15%): 12.1% on average, inside in all six.
• Section VI (2% to 5%): 1.2% on average, 0% in four papers.

Both November 2026 misses rest on our retyped copy and one judgement call. With the four portfolio-beta MCQs under Derivatives, Section II falls to 29.1%, inside its range, and Section III rises to 18.2%, still under 20%. ICAI allows a deviation of up to ±5% without saying whether that means percentage points. Read that way, 18.2% sits inside the band, so I treat November 2026 as a count to recheck against ICAI's own copy, not as a breach.

On ICAI's five hosted papers, only Section IV (above 25% in September 2025 and January 2026) and Section VI (0% in three papers) left their ranges. Section IV averaged 25.5%, just over ICAI's ceiling, so plan Forex and IFM time at the top of their band.

Are Financial Policy, Securitization and Startup Finance worth studying?

Yes, for a few safe marks. Financial Policy had exactly 4 marks in all seven papers; six of those parts were theory, and the seventh (January 2026) was an external funding requirement sum.

Startup Finance had direct marks only in September 2025 and May 2026, 4 each, but it was one side of the OR in five papers. Securitization had direct marks in three papers and sat in the OR in three more.

Together these three chapters gave 4 to 12 marks a paper in the six full papers, and 40 of their 44 marks were theory. Short notes cover them.

How I would plan AFM revision from these numbers

1. Give about half your practice time to Security Valuation, Derivatives, Forex and Portfolio Management. On the numbers, these are AFM's important chapters.
2. Solve every Forex and IFM question from the seven papers together; the two chapters took 18 to 30 marks a paper.
3. Write IFM, Interest Rate Risk Management and Business Valuation answers in full, since none had an MCQ in the six papers.
4. Keep short theory notes for Financial Policy, Securitization and Startup Finance. Theory-only parts carried 4 to 14 of the 80 written marks a paper.
5. Read ICAI's examiners' comments with the suggested answers. In May 2026 many used the dividend discount model where the H-Model was asked; in May 2025 answers mixed real and nominal cash flows.

Our November 2026 AFM paper analysis goes question by question. It files three May 2026 items differently: the option-to-wait MCQs, the Sovereign Gold Bond MCQs and the FCFE sum. So its May 2026 chapter figures differ from these.

If you want your AFM answers checked before your next Final attempt, the Gradehunt CA Final test series has Full Syllabus Mock Tests for AFM. You upload handwritten answers, and Chartered Accountants check each sheet within 48 hours of upload. Notes, MCQs and ABC analysis are included.