Papers to Attempt

Stages 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 5 papers None
CFAP After passing or obtaining exemption from CAF No limit 1.5 year
MSA-1 After passing the following CFAP papers:
  • Advanced Accounting and Financial Reporting
  • Corporate Laws
  • Advanced Taxation
N/A 1.5 year
MSA-2 After passing the following CFAP papers:
  • Advanced Accounting and Financial Reporting
  • Corporate Laws
  • Audit, Assurance and Related Services
N/A 1.5 year

Maximum number of Attempts

Stages Maximum permitted attempts Additional attempts
AFC Three attempts per paper None
CAF Six attempts per paper Two more attempts after using all permitted attempts per paper for those who have maximum two papers left.
CFAP Six attempts per paper Two more attempts after using all permitted attempts per paper for those who have maximum two papers left.
MSA Unlimited Not applicable