The Institute of

Chartered Accountants
of Pakistan

CA

Signature Qualification
that Empowers to Lead

Effective Autumn 2014

Chartered Accountants Avenue, Clifton, Karachi-75600 (Pakistan)

UAN: 111-000-422 PABX: 99251636-39 Fax: 99251626 Email: info@icap.org.pk

Effective Autumn 2014

Contents
Vision and Mission

Pakistans Premier Accountancy Body - ICAP

The Qualification Process

Full Time Studies Scheme

Trainee Scheme

Progression 9
Exemptions for High Achievers

10

Exemptions for Professionals of Other Accountancy Bodies

11

Study Options

12

Practical Training

13

Examinations 14
Transition for Existing Students

15

The Institute of Chartered Accountants of Pakistan

Our Vision

The profession of Chartered Accountants in Pakistan should be the

benchmark of professional excellence upholding the principles of
integrity, transparency and accountability.

Our Mission

Our mission is to achieve excellence in

professional competence, add value to
business and economy, safeguard
public interest, ensure ethical
practices and good corporate
governance while
recognizing the needs
of globalization.

Effective Autumn 2014

Pakistans Premier Accountancy Body

The Institute of Chartered Accountants of Pakistan

Pakistan is blessed with many stupendous gifts of Nature. Located in the heart
of the South Asian sub-continent, cosseted by the mighty mountain ranges of the
Himalayas, the Karakoram and the Hindukush forming the northern highlands of
Khyber Pakhtunkhawah Province and the spectacular and fascinating Northern
Area of Pakistan. Pakistan is blessed with a blend of landscape varying from
plains to deserts, forests, hills and plateaus to the golden beaches along the
Makran coastal areas with the Arabian Ocean kissing the feet of the Southern Port
city, Karachi.
Apart from the scenic wonders granted to Pakistan, the real beauty lies in its
people. The people of Pakistan, whenever given a chance, demonstrate their
unmatched ability to do wonders within very limited resources.
In 1961, Pakistan, a newly born country, established the Institute of Chartered
Accountants of Pakistan through a Presidential Ordinance to regulate and monitor
the accounting profession across the country.
Since its inception, the Institute has strictly adhered to the policy of recognizing
merit and remained committed to safeguarding public interest and ensuring ethical
practices. Institutes commitment to quality has made Chartered Accountancy in
Pakistan synonymous with professional excellence, integrity, transparency and
accountability.

Whatis Chartered Accountancy

Chartered Accountancy is a rewarding career in various fields of business and
finance, including financial reporting, audit, taxation, financial and general
management. Chartered Accountants are largely engaged in public practice and
private sector. They are also extremely successful entrepreneurs.
To become a Chartered Accountant, one needs to be motivated, possess analytical
skills, numerical ability and intense cognizance of the world of business and
finance. More specifically, it requires study of accountancy, auditing, taxation,
corporate laws, corporate finance, economics, management and information
systems.

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Credentials of CA Qualifications
Chartered Accountants are recognized as the only professionals to
be appointed as Auditor of limited companies with large capital base.
(Companies Ordinance, 1984)
The Chartered Accountancy is one of the required qualifications to be
eligible to be appointed as Chief Financial Officer, Head of Internal Audit
and Company Secretary. (Code of Corporate Governance applicable on
listed companies)
About 25% of the chartered accountants are working in more than 40
countries globally at respectable management positions.

International Recognition
ICAEW
Under the MoU signed between ICAP and ICAEW, ICAP members get
exemption from the Professional Stage exams and mandatory training of
ICAEW. ICAP members are required to complete the Advanced Stage
exams and the Ethics module for admission to membership of ICAEW.
CICA
ICAP members with 12 year experience, through Evaluation of Experience
(EvE) program, are eligible to become members of the Canadian Institute
of Chartered Accountantswithout appearing in any further examinations.

ICAP members meeting the general membership criteria are also eligible
for membership subject to:
a. Having a university degree granted by a recognized university;
b. Passing the final examination (the CA Professions Uniform Evaluation UFE); and
c. Meeting the practical experience requirements (term, depth, breadth
and progression)of the Canadian CA profession. Practical experience
obtained pre- and post-qualification as a member of the ICAP is
included.

The Institute of Chartered Accountants of Pakistan

Effective Autumn 2014

The Qualification Process

A snapshot of different streams to qualify as Chartered Accountant:

HSC/A Level

Assessment of
Fundamental
Competencies (AFC)
(4 Papers)

Certificate in Accounting
and Finance (CAF)
(9 Papers)

4 Year Degree Holders

(from Specified Degree
Awarding Institutes)

4 Year Degree Holders

(from non specified
institutes)

Assessment of
Fundamental
Competencies (AFC)
(4 Papers)
Exempted

Assessment of
Fundamental Competencies
(AFC)
(4 Papers)
Exemptions available
subject to certain conditions

Commencement of
Training

Commencement of
Training

Certificate in Accounting
and Finance (CAF)
(9 Papers)
Exemptions available from
all papers subject to certain
conditions

Certificate in Accounting
and Finance (CAF)
(9 Papers)
Exemptions available from
4 non-core papers subject to
certain conditions

Certified Finance and

Accounting Professional
(CFAP)
(6 Papers)

Certified Finance and

Accounting Professional
(CFAP)
(6 Papers)

Commencement of
Training

Certified Finance and

Accounting Professional
(CFAP)
(6 Papers)

Multi subject Assessments (MSA)

(2 Papers)

CHARTERED ACCOUNTANT

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Package of Standalone Qualifications

The education program comprises of the following stages:
Entrance Test: Assessment of Fundamental Competencies (AFC)
Certificate in Accounting and Finance (CAF)
Certified Finance and Accounting Professional (CFAP)
Multi subject Assessments (MSA)
CAF and CFAP are standalone qualifications and candidates after passing these
stages may use these descriptions with their names.

Schemes of Entry
The Institute provides entry to students from diverse disciplines i.e. Commerce,
Science or Arts and from various educational levels such as Higher Secondary
School Certificate/ A Levels, Graduation and Post-Graduation.
There are two schemes of entry:
Full Time Studies Scheme
Trainee Scheme

The Institute of Chartered Accountants of Pakistan

Effective Autumn 2014

Full Time Studies Scheme

This scheme caters to the students who want to join the profession after completing
their 12 year education, namely, Higher School Certificate, A Level and other
equivalent qualifications. However, there is no bar for graduates to choose this
stream.

Pre-requisites
Candidates who have Higher Secondary School Certificate with minimum 50%
marks, A Levels with minimum two passes, or equivalent qualification and
graduates with minimum 45% marks.

Entrance Test
Before entering into the professional exams candidates pass or obtain exemption
from entrance test; Assessment of Fundamental Competencies (AFC). A candidate
may be provisionally registered for AFC exams as fulltime student if result of prerequisite qualification is awaited.

Education Prior to Training

The candidates pass or obtain exemption from the papers of Certificate in
Accounting and Finance (CAF) prior to training.

Training and Education

On successful completion of CAF, it is mandatory for the student to join an
authorized training organization of the Institute for a prescribed period. Training
includes specific learning hours for each field of specialization through practical
experience. These standard working hours are mentioned in detail in the Training
Regulations and Guidelines of the Institute.
To become a chartered accountant, the candidates are required to qualify the
following stages:
Certified Finance and Accounting Professional (CFAP)
Multi subject Assessments (MSA)
Financial Reporting Professional Competence; and
Audit professional competence.

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Trainee Scheme
This scheme is designed for university graduates who want to pursue CA
qualification.

Entry
Candidates who possess graduation and post-graduation qualification with
minimum 45% marks may directly register as a trainee after passing or obtaining
exemption from entrance test; Assessment of Fundamental Competencies (AFC).
These candidates also have an option to commence training before passing AFC,
but their training will be terminated if they do not pass AFC within one and a
half year of training or within the maximum available attempts whichever comes
earlier.

Training and Education

Training includes specific learning hours for each field of specialization through
practical experience. These standard working hours are mentioned in detail in
the Training Regulations and Guidelines of the Institute. During training the
candidate qualifies the following stages:
Certificate in Accounting and Finance (CAF)
Certified Finance and Accounting Professional (CFAP)
Multi subject Assessments (MSA)
Financial Reporting Professional Competence; and
Audit professional competence.

The Institute of Chartered Accountants of Pakistan

Effective Autumn 2014

Progression
The progression of a candidate of Chartered Accountancy takes place in the
following manner:
Achievement
at Work Place

Education and Written Assessments

Multi-subject Assessments (MSA)
Forming a firm opinion, advisory and decision making
Financial Reporting Professional
Competence

Audit professional competence

MSA - 1

MSA - 2

Certified Finance and Accounting Professional (CFAP)

Application and analysis
Advanced
Accounting
and Financial
Reporting

Corporate
Laws

Business
Management
and strategy

Business
Finance
Decisions

Advanced
Taxation

Audit,
Assurance
and Related
Services

CFAP - 1

CFAP - 2

CFAP - 3

CFAP - 4

CFAP - 5

CFAP - 6

Certificate in Accounting and Finance (CAF)

Knowledge and comprehension
Introduction Introduction
to
to
Accounting Economics
and Finance
CAF - 1

CAF - 2

Business
Business
Financial Principles of
Financial
Cost and
Audit and
Law
Management Accounting
Taxation
Accounting Management Assurance
&
and
and
Accounting
Behavioural Reporting - I
Reporting - II
Studies
CAF - 3

CAF - 4

CAF - 5

CAF - 6

CAF - 7

CAF - 8

Leadership
Role as a
Chartered
Accountant

Operational
Role as
Certified
Finance and
Accounting
Professional

Support Role
duly
Certified in
Accounting
and Finance

CAF - 9

Assessment of Fundamental Competencies (AFC)

Functional English

Business
Communication

Quantitative
Methods

Introduction
to Information
Technology

AFC - 1

AFC - 2

AFC - 3

AFC - 4

ENTRY
Graduates/HSC/A Level

Foundation
for a career as
Chartered
Accountant

The scheme of professional development integrates practical experience with the

education and assessments and ensures that competencies developed through education
are fully aligned with the hierarchy of roles that a candidate of Chartered Accountancy
generally performs during the practical training in a Training Organization.

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Exemptions for High Achievers

Exemptions from examinations are available for bright and intelligent minds.
The application for exemption is approved by the Directorate of Examinations
after scrutiny on the basis of pre-defined criteria.
The exemptions on the basis of academic qualification are available to the following
categories:

Four year degree from Specified Degree Awarding Institute (SDAI)

Four year degree from universities other than SDAI
Two year degree from universities other than SDAI
Higher Secondary School Certificate
A Levels

A summary of exemptions is as follows:

Stages

AFC

CAF

Available exemption and conditions applicable

4 year
Graduates from
SDAI

4 year
Graduates from
non-SDAI

2 year
Graduates from
non-SDAI

HSSC

A-levels

Exemption from
all papers of AFC

Exemption from
all papers of AFC

Exemption from
all papers of AFC

Exemption from
all papers of AFC

Exemption from
all papers of AFC

Without any other

condition

Minimum
65% marks in
aggregate

Minimum
60% marks in
aggregate

Minimum
70% marks in
aggregate

Minimum two B
grades

80% marks or
equivalent grades
in relevant subject

75% marks or
equivalent grades
in relevant subject

75% marks or
equivalent grades
in relevant subject

B grade in
relevant subject

Syllabus matches
at least 70% with
the prescribed
syllabus of
relevant subject

Syllabus matches
at least 70% with
the prescribed
syllabus of
relevant subject

Syllabus matches
at least 70% with
the prescribed
syllabus of
relevant subject

Syllabus matches
at least 70% with
the prescribed
syllabus of
relevant subject

Exemption from
all subjects of CAF

Exemption from
CAF-1 to 4

Minimum
75% marks or
equivalent grades
in relevant
subjects

Minimum
65% marks in
aggregate

Syllabus matches
at least 70%
with that of
the prescribed
syllabus of
relevant subjects

80% marks or
equivalent grades
in relevant subject
Syllabus matches
at least 70% with
the prescribed
syllabus of
relevant subject.

Note: SDAIs are degree awarding institutes recognized by the Institute on the basis of a pre-defined criteria and
evaluation by the Institute. The degree courses of SDAIs are designed in close coordination with the Institute.

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The Institute of Chartered Accountants of Pakistan

Effective Autumn 2014

Exemptions for Professionals of

Other Accountancy Bodies
The Institute recognizes the quality and relevance of course contents and level
of professional development that members of other accountancy bodies achieve
during their career path. Accordingly, it offers the exemptions from various
examinations to the members and affiliates of the following accountancy bodies:
a.
b.
c.
d.

Association of Chartered Certified Accountants (ACCA) of UK

Chartered Institute of Management Accountants (CIMA) of UK
Institute of Cost and Management Accountants of Pakistan (ICMAP)
Pakistan Institute of Public Finance Accountants (PIPFA)

A Summary of exemptions is as follows:

Stages and papers

ACCA

CIMA

ICMAP

PIPFA

Assessment of Fundamental Competencies

AFC-1

Functional English

AFC-2

Business Communication

AFC-3

Quantitative Techniques

AFC-4

Introduction to Information Technology

Certificate in Accounting and Finance (CAF)

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

Y*

Y
Y

Y*

* the exemption from CAF-6 Principles of Taxation shall be granted to candidates who have passed
F6 Taxation - Pakistan variant and exemption from CAF-9 Audit and Assurance shall be granted
to candidates who have passed P7 Advanced Auditing.

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Study Options
A candidate of Chartered Accountancy may opt to either study independently or
attend classes in a Registered Accounting Education Tutors (RAETs).

Self-Study
The Institute does not recommend this mode of study, as the challenging
professional examinations need guidance and mentoring of experienced teachers.
However, students opting for self-study get full supports of high quality study
material prepared by a renowned international developer.

Study in RAETs
RAETs are affiliated with the Institute and work in close coordination with
the Institute. RAETs are ICAP-specific tuition providers and have exceptional
expertise and experience in providing tuition for ICAP examination.
RAETs generally offer AFC and CAF stage courses in all major cities of Pakistan.
For admission, class schedules, fees and other details students directly contact the
RAETs of their choosing.
A latest list of RAETs is available on the website of the Institute.

Study Material
The Institute has developed exam-aligned study material and that forms the basis
of exam papers. This alignment of study material with examination channelizes
the energy of the candidates in the required direction. Focusing examination
preparation on study material will impact student success positively.
Clearly explained contents and their defined competency level aim to document
clear goals and expectations and yield robust student learning without
compromising the due uncertainty level required for an exam to be valid and
reliable.

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The Institute of Chartered Accountants of Pakistan

Effective Autumn 2014

Practical Training
The Institute follows the competency based professional development approach
whereby candidates pursuing CA qualification are trained to perform different
work roles to a defined standard. Practical training is the core component of the
CA program and provides an edge over other parallel programs in Pakistan.
A candidate of chartered accountancy is required to undergo mandatory practical
training under the supervision of a member of the Institute. Practical training
provides hands on experience of real life work situations through application of
theoretical knowledge in the professional life.

Period of Training
Presently, the Institute only authorizes the practicing firms of chartered accountants
to offer practical training. The period of training varies with the academic education
background of a trainee. The following table provides the information about the
length of training:
S. No.

Qualification on the commencement of training

Period of
Training

i.

Candidates who have passed or obtained exemption from CAF

3.5 years

ii.

Four year Graduate/Post Graduate from universities approved

by the Education and Training Committee of the Institute

3 years

iii.

Graduates/post graduates other than those mentioned at (ii)

above

4 years

Currently, four year graduates from SDAIs are eligible for three year training
mentioned in the above table.

Stipend during Training

Students are paid prescribed stipend by the Training Organizations during the
period of training, which allows financial independence.

Training Organizations
An updated list is available on the website of the Institute.

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Examinations

Schedule

Examinations are held in the following sessions:

Months

Session

Stage

February-March

Spring

AFC and CAF

May-June

Summer

CFAP and MSA

August-September

Autumn

AFC and CAF

November-December

Winter

CFAP and MSA

Detailed schedule is available on the website of the Institute.

Papers to attempt
Stage

Eligibility

Maximum
number of paper
permitted in one
session

Minimum
training period
to be served

AFC

After registration

No limit

None

CAF

After passing or obtaining exemption from AFC

Five papers

None

CFAP

After passing or obtaining exemption from CAF

No limit

One and half year

MSA - 1

After passing the following CFAP papers:

Advanced Accounting and
Financial Reporting
Corporate Laws
Advanced Taxation

Not applicable

No additional
period

MSA - 2

After passing the following CFAP papers:

Advanced Accounting and
Financial Reporting
Corporate Laws
Audit, Assurance and Related
Services

Not applicable

No additional
period

Maximum number of attempts

Stage

14

Maximum permitted
attempts

Additional attempts

AFC

Three attempt per paper

None

CAF

Six attempt per paper

Two more attempts after using all permitted attempts per

paper for those who have maximum two papers left.

CFAP

Six attempt per paper

Two more attempts after using all permitted attempts per

paper for those who have maximum two papers left.

MSA

Unlimited

Not applicable

The Institute of Chartered Accountants of Pakistan

Effective Autumn 2014

Transition for Existing Students

The main principle driving the transition policy is to make the transition of the
existing candidates simple and smooth from old to new scheme. Maximum
equivalencies are being allowed and generous transition period has been allowed
to existing students to qualify under the previous structure.

Modules A to D
Existing Fulltime Students
of Modules A to D

Existing Trainee Students

of Modules A to D

Obtain credit of passed papers against

equivalent AFC and CAF papers
(Before Autumn 2014 attempt)

Obtain credit of passed papers against

equivalent AFC and CAF papers
(Before Autumn 2014 attempt)

Pass remaining papers of AFC and CAF

Pass remaining papers of AFC and CAF

Eligible for training

Eligible for Modules E and F/CFAP and

MSA exams as the case may be

The Institute of Chartered Accountants of Pakistan

15

The Institute of
Chartered Accountants
of Pakistan

For details, visit www.icap.org.pk or contact

Head Office:
Chartered Accountants Avenue,
Clifton, Karachi-75600.
UAN: 111-000-422
Email.education@icap.org.pk

Regional Office:
155-156, West Wood Colony,
Thokar Niaz Baig, Raiwind Road,
Lahore,
UAN: 111-000-422
Email: lahore@icap.org.pk

Islamabad Office:
Sector G-10/4,
Mauve Area,
Islamabad.
UAN: 111-000-422
Email: islamabad@icap.org.pk

Faisalabad Office:
36-Z, Commercial Center,
Near Mujahid Hospital,
Madina Town, Faisalabad.
Tel: (041) 8531028
Email: faisalabad@icap.org.pk

Multan Office:
3rd Floor, Parklane Tower,
Officers' Colony,
Near Eid Gaah Chowk,
Khanewal Road, Multan.
Tel: (061) 6510511, 6510611
Email: multan@icap.org.pk

Peshawar Office:
House # 30, Old Jamrud Road,
University Town, Peshawar
Tel: (091)5851648
Email: peshawar@icap.org.pk

The Institute of
Chartered Accountants
of Pakistan

For details, visit www.icap.org.pk or contact

Head Office:
Chartered Accountants Avenue,
Clifton, Karachi-75600.
UAN: 111-000-422
Email.education@icap.org.pk

Regional Office:
155-156, West Wood Colony,
Thokar Niaz Baig, Raiwind Road,
Lahore,
UAN: 111-000-422
Email: lahore@icap.org.pk

Islamabad Office:
Sector G-10/4,
Mauve Area,
Islamabad.
UAN: 111-000-422
Email: islamabad@icap.org.pk

Faisalabad Office:
36-Z, Commercial Center,
Near Mujahid Hospital,
Madina Town, Faisalabad.
Tel: (041) 8531028
Email: faisalabad@icap.org.pk

Multan Office:
3rd Floor, Parklane Tower,
Officers' Colony,
Near Eid Gaah Chowk,
Khanewal Road, Multan.
Tel: (061) 6510511, 6510611
Email: multan@icap.org.pk

Peshawar Office:
House # 30, Old Jamrud Road,
University Town, Peshawar
Tel: (091)5851648
Email: peshawar@icap.org.pk