CA Final AFM Mock Test — full-length papers with ICAI answers
Take a complete 100-mark AFM paper online, against the clock. The 15 MCQs are scored the moment you submit Part I, and every descriptive question comes with ICAI's own answer. Free, no login.
Available mock tests
CA Final AFM Mock Test 1
100 marks · 3 hours · 15 MCQs (auto-scored) + 6 descriptive questions · ICAI answers
Questions from ICAI Model Test Papers 1, 2, 3, 4, 6, 7 · all six sections within ICAI's weightage bands
How to take the mock
- 1. Start the timer
Press Start on the 3-hour timer at the top of the paper. You can pause it, and it remembers where you stopped on this device.
- 2. Answer Part I (30 marks)
Read each case scenario and pick one option for each of the 15 MCQs.
- 3. Press “Submit Part I”
You get your score out of 30, and each MCQ shows whether you were right along with ICAI's answer.
- 4. Write Part II, then check
Answer Question 1 and any 4 of the other 5 on paper (70 marks). Then open ICAI's answer under each question and mark yourself.
How each paper is built
- Every question comes from ICAI's 10 AFM Model Test Papers (Final Group I, February 2025 edition): 150 MCQs and 60 descriptive questions in all.
- Question 1 is always an original ICAI Question 1, and case scenarios are used whole, with all their MCQs.
- No two questions in a part come from the same ICAI paper, and no question is repeated across our mocks.
- Among all valid combinations, the paper chosen is the one closest to ICAI's official section-wise weightage for AFM.
- Questions are shown exactly as ICAI printed them; items with printing errors in ICAI's paper are left out.
| I · Financial Policy, Risk & Capital Budgeting | 12.3% | 8–15% |
| II · Security Analysis, Valuation & Portfolio | 24.6% | 20–30% |
| III · Securitization, Mutual Funds & Derivatives | 24.6% | 20–30% |
| IV · Forex, International FM & Interest Rate Risk | 22.8% | 20–25% |
| V · Business Valuation and M&A | 12.3% | 10–15% |
| VI · Startup Finance | 3.5% | 2–5% |
Share of printed marks (Part I 30 + Part II 84). Band: ICAI's official section-wise weightage.
These mocks and ICAI's Mock Test Papers
| ICAI Mock Test Paper (MTP) | capapers AFM Mock Test | |
|---|---|---|
| Published by | ICAI Board of Studies | capapers.com, from ICAI's questions |
| Format | PDF question paper and answers | Online paper with a 3-hour timer |
| MCQ scoring | Check against the answer PDF | Scored instantly on “Submit Part I” |
| Answers | ICAI's suggested answers | ICAI's answers, under each question |
Practise both: ICAI's MTPs for the current attempt are on ICAI's Board of Studies portal, and earlier ones are on our CA Final MTP page.
FAQs
Is the CA Final AFM mock test free?
Yes. The mock tests on this page are free and need no login or sign-up.
Are these official ICAI mock test papers?
No. They are compiled by capapers.com from questions in the ICAI Board of Studies Model Test Papers (Final Course Group I, February 2025 edition). Each question and answer is shown as ICAI printed it, with its source. ICAI's own Mock Test Papers for the current attempt are published on ICAI's Board of Studies portal.
How is each AFM mock paper put together?
Each paper has the real exam's shape: 15 case-scenario MCQs (30 marks) and 6 descriptive questions of 14 marks, Question 1 compulsory and any 4 of the other 5. Question 1 is always an original ICAI Question 1, case scenarios are used whole, no two questions in a part come from the same ICAI paper, and no question is repeated across our mocks. Among all valid combinations, the one closest to ICAI's section-wise weightage is chosen.
How do I take the mock test?
Open a mock and press Start on the 3-hour timer. Answer the 15 MCQs and press Submit Part I to see your score out of 30. Write your Part II answers on paper, then open ICAI’s answer for each question to check yourself.
Will more AFM mock tests be added?
Yes. Further AFM papers are built from the same question bank and go through the same checks before they are published here.
ICAI exam papers with suggested answers AFM chapter-wise weightage
ICAI's official section bands CA Final MTPs
ICAI Mock Test Papers, all subjects
Compiled by capapers.com from ICAI Board of Studies Model Test Papers. Not an ICAI publication.