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ICAP - The Institute of Chartered Accountants of Pakistan

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There are 4 tiers of Chartered accountant qualification:

1) 4 papers in level 1 ( AFC)

2) 9 papers in level 2 (CAF)

3) 6 papers in level 3 (CFAP)

4) 2 papers in level 4 (MSA)


Level 1 Assessment of Fundamental Competencies (AFC)

AFC-1 functional English

AFC-2 Business communication

AFC-3 Quantitative techniques

AFC-4 Introduction to information technology


Level 2 Certificate In Accounting And Finance

CAF-1 Introduction to Accounting

CAF-2 Introduction to Economics and Finance

CAF-3 Business Law

CAF-4 Business Management & Behavioral Studies

CAF-5 Financial Accounting and Reporting - I

CAF-6 Principles of Taxation

CAF-7 Financial Accounting and Reporting - II

CAF-8 Cost and Management Accounting

CAF-9 Audit and Assurance


Level 3 Certified Finance And Accounting Professional (CFAP)

CFAP-1 Advanced Accounting and Finance Reporting

CFAP-2 Corporate Laws

CFAP-3 Business Management and Strategy

CFAP-4 Business Finance Decisions

CFAP-5 Advanced Taxation

CFAP-6 Audit, Assurance and Related Services


Level 4 Multi Subject Assessment (MSA)

MSA -1 Financial Reporting Professional Competence

MSA -2 Audit Professional Competence


* practical training is mandatory for the candidate for membership of institute

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