CS Executive CAFM Exam Analysis June 2026: Difficulty Level, Questions Asked & Student Reactions

The CS Executive CAFM Exam Analysis June 2026: The Institute of Company Secretaries of India (ICSI) successfully conducted the CS Executive CAFM (Corporate Accounting and Financial Management) examination on June 7, 2026. Following the exam, students shared their feedback regarding the paper's difficulty level, important topics covered, and overall exam experience.

Based on the initial reactions from candidates and faculty experts, the CAFM paper was rated moderate to slightly above average, with a significant number of questions being asked from expected and previously discussed topics. Students who had thoroughly practiced the study material and revision classes found the examination manageable.

CS Executive CAFM June 2026 Difficulty Level

The overall difficulty level of the CAFM paper was reported as Moderate.

While most accounting questions were direct and formula-based, a few Financial Management questions required conceptual clarity and detailed calculations.

Major Topics Asked in Corporate Accounting

The Corporate Accounting section covered several important chapters from the syllabus, including:

• Ratio Analysis and Working Capital Calculations

• Share Forfeiture and Reissue of Shares

• Purchase Consideration and Business Acquisition

• Issue and Redemption of Debentures

• Cash Flow Statement (Indirect Method)

• Bonus Issue and Rights Issue

• Underwriting of Shares

• Consolidated Financial Statements

• Goodwill and Capital Reserve Calculations

• Accounting Standards and Financial Forecasting Theory

Many students reported that questions from Consolidation, Underwriting, Cash Flow Statement, and Purchase Consideration closely resembled examples available in the study material and revision classes.

Major Topics Asked in Financial Management

The Financial Management portion included questions from several high-weightage topics:

• Accounting Rate of Return (ARR)

• Payback Period

• Net Present Value (NPV)

• CFAT Calculations

• Weighted Average Cost of Capital (WACC)

• Net Working Capital

• Walter Model

• Leverages

• Capital Budgeting Techniques

• Investment vs Speculation

• Profit Maximization vs Wealth Maximization

According to candidates, approximately 25–30 marks of questions were directly based on concepts and illustrations commonly found in the ICSI study material.

Questions That Students Found Easy

Candidates generally found the following questions relatively straightforward:

• Cash Flow Statement

• Underwriting of Shares

• Walter Model

• Net Working Capital

• Share Forfeiture and Reissue

• Ratio Analysis Numerical

• Consolidation Dividend Adjustments

Students who had practiced previous-year questions and module illustrations were able to solve these questions comfortably.

Student Reactions After the Exam

Most candidates expressed satisfaction with the overall paper pattern. Students highlighted that:

• The examination largely followed the expected syllabus trends.

• Several theory questions came from important and frequently discussed topics.

• Numerical questions were lengthy but manageable.

• Proper revision of study material proved highly beneficial.

• Time management was important due to the calculation-intensive nature of the paper.

Some students also observed that a few questions appeared to overlap between Corporate Accounting and Financial Management concepts, creating minor confusion during the examination.

Expected Performance

Based on student feedback:

• Well-prepared candidates attempted a major portion of the paper confidently.

• Theory questions provided scoring opportunities even for students who struggled with lengthy numericals.

• Candidates who regularly practiced study material questions are expected to perform well.