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Paper 2 Group 1

CA Final Advanced Financial Management: Most Repeated Questions & Important Topics

Ranked by how often each topic was actually asked in ICAI exams, MTPs and RTPs — computed from real papers, not predicted.

Built from 607 real questions across 33 CA Final Advanced Financial Management attempts (2015–2026). Every topic below links to the exact past papers it appeared in, so you can read the actual questions. The top 10 topics cover about 50% of everything asked.

30

Topics ranked

607

Questions analysed

33

Attempts (2015–26)

1

49×

asked

2015–2026 11 hard 37 medium

Tested provisions: Customs Act, 1962Foreign Contribution (Regulation) Act, 2010Ind ASInd AS 113Rule 32(2)(a) of the CGST Rules, 2017Rule 7 (Deductive Value) of the Customs (Determination of Value of Imported Goods) Rules, 2007Section 15 of the CGST Act, 2017Section 2(6) of the IGST Act, 2017

Appeared in: Jan 2026 Sep 2025 May 2025 RTP May 2025 May 2024 May 2023 Nov 2022 May 2022 +1 more

2

Portfolio Management

46×

asked

2015–2026 10 hard 34 medium

Appeared in: Jan 2026 Sep 2025 May 2025 RTP May 2025 Nov 2024 RTP May 2024 May 2023 Nov 2023 RTP +1 more

3

International Finance

34×

asked

2015–2026 11 hard 23 medium

Appeared in: Jan 2026 May 2025 May 2024 May 2023 Nov 2023 RTP Nov 2022 May 2022 May 2022 RTP

4

31×

asked

2015–2026 5 hard 26 medium

Appeared in: Jan 2026 May 2025 May 2024 May 2023 May 2022 Nov 2022 RTP May 2022 RTP Oct 2020 MTP +1 more

5

Mergers And Acquisitions

29×

asked

2015–2025 8 hard 19 medium

Appeared in: May 2025 RTP May 2025 May 2024 Nov 2022 May 2022 May 2022 RTP Oct 2020 MTP Jul 2020 MTP

6

Risk Management

26×

asked

2015–2026 6 hard 19 medium

Appeared in: Jan 2026 May 2025 RTP May 2025 Nov 2024 RTP May 2024 May 2023 Oct 2020 MTP Jul 2020 MTP

7

24×

asked

2015–2026 24 medium

Appeared in: Jan 2026 Sep 2025 Sep 2025 RTP May 2025 May 2024 May 2023 Nov 2023 RTP Nov 2022 +1 more

8

Investment Analysis

24×

asked

2018–2026 3 hard 20 medium

Appeared in: Jan 2026 Sep 2025 May 2025 May 2024 Nov 2022 May 2022 Nov 2022 RTP Oct 2020 MTP

9

Capital Budgeting

21×

asked

2015–2026 7 hard 14 medium

Appeared in: Jan 2026 Sep 2025 May 2025 Nov 2022 Jul 2020 MTP Nov 2020 May 2019 MTP May 2018 MTP +1 more

10

Foreign Exchange

18×

asked

2015–2026 6 hard 12 medium

Tested provisions: AS 11

Appeared in: Jan 2026 May 2025 May 2022 RTP Oct 2020 MTP Nov 2019 MTP May 2019 MTP May 2019 Nov 2018 MTP

11

15×

asked

2018–2026 14 medium

Appeared in: Jan 2026 RTP Jan 2026 May 2025 RTP May 2025 May 2024 RTP May 2024 May 2023 May 2022

12

Foreign Exchange Risk Management

15×

asked

2015–2025 1 hard 14 medium

Appeared in: Sep 2025 Sep 2025 RTP May 2023 May 2022 Nov 2022 RTP Oct 2020 MTP Nov 2020 Nov 2017 MTP

13

Investment Decisions

14×

asked

2015–2025 2 hard 11 medium

Appeared in: Sep 2025 May 2025 May 2024 May 2023 Jul 2020 MTP Nov 2020 May 2019 May 2018 +1 more

14

14×

asked

2016–2025 1 hard 13 medium

Appeared in: May 2025 RTP May 2023 Nov 2023 RTP May 2023 RTP May 2022 RTP Jul 2020 MTP Nov 2020 Nov 2019 MTP +1 more

15

11×

asked

2015–2025 2 hard 9 medium

Tested provisions: Foreign Contribution (Regulation) Act, 2010

Appeared in: Sep 2025 Nov 2023 RTP Oct 2020 MTP Jul 2020 MTP Nov 2019 MTP May 2019 MTP May 2019 Nov 2018 MTP

16

Corporate Restructuring

9×

asked

2015–2025 3 hard 6 medium

Tested provisions: Companies Act, 2013

Appeared in: May 2025 RTP May 2024 May 2023 Jul 2020 MTP May 2019 May 2018 MTP May 2018 Nov 2016 MTP

17

Dividend Discount Model

9×

asked

2018–2024 9 medium

Appeared in: Jul 2020 MTP Nov 2019 MTP May 2019 May 2018 MTP +1 more

18

9×

asked

2018–2019 1 hard 7 medium

Appeared in: May 2019 MTP May 2018 MTP

19

8×

asked

2018–2024 1 hard 7 medium

Appeared in: May 2024 Nov 2022 RTP Nov 2019 MTP May 2018 Nov 2018 +1 more

20

Share Valuation

7×

asked

2015–2026 7 medium

Appeared in: Jan 2026 May 2025 Oct 2020 MTP Nov 2018 MTP Nov 2018 May 2015 MTP

21

Security Valuation

7×

asked

2015–2025 7 medium

Appeared in: May 2025 RTP May 2024 RTP May 2023 RTP Nov 2022 RTP May 2022 RTP May 2015

22

Technical Analysis

7×

asked

2015–2026 7 medium

Appeared in: Jan 2026 Sep 2025 RTP May 2024 Oct 2020 MTP Nov 2016 MTP May 2015 MTP Nov 2015 MTP

23

Corporate Finance

7×

asked

2015–2026 7 medium

Appeared in: Jan 2026 May 2023 Jul 2020 MTP May 2019 May 2018 MTP Nov 2015 MTP

24

Financial Management

6×

asked

2015–2023 5 medium

Appeared in: May 2023 Oct 2020 MTP May 2019 May 2018 Nov 2015 MTP

25

Dividend Policy

6×

asked

2017–2024 6 medium

Appeared in: Jul 2020 MTP May 2019 MTP Nov 2018 MTP May 2018 MTP Nov 2017 MTP +1 more

26

Risk And Return

6×

asked

2015–2025 6 medium

Appeared in: May 2025 May 2023 May 2022 RTP May 2018 MTP May 2018 Nov 2015

27

Financial Instruments

5×

asked

2019–2025 4 medium

Tested provisions: Ind ASInd AS 10Ind AS 108Ind AS 109Ind AS 110Ind AS 115Ind AS 116Ind AS 28

Appeared in: May 2025 RTP May 2025 Nov 2019 MTP May 2019 MTP

28

Financial Statement Analysis

5×

asked

2015–2026 1 hard 4 medium

Tested provisions: Companies Act, 2013Reserve Bank of India Act, 1997

Appeared in: Jan 2026 May 2019 Nov 2018 Nov 2015

29

Strategic Financial Management

5×

asked

2015–2025 5 medium

Appeared in: Sep 2025 May 2024 May 2015 MTP Nov 2015 MTP

30

Interest Rate Risk Management

5×

asked

2017–2025 5 medium

Appeared in: Sep 2025 Nov 2022 RTP May 2022 RTP Nov 2020 Nov 2017 MTP

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