Quick Answer
CFAP-2 Corporate Laws and Governance is the ICAP Chartered Accountancy paper that tests how well you can advise on the Companies Act 2017, securities and specialised laws, and corporate governance rules. It has been examined in an open-book format, so success depends on knowing where each provision sits and applying it to scenarios. You can explore the CFAP-2 Corporate Laws and Governance course to see how it is taught.
Introduction
If you have reached the advanced stage of Chartered Accountancy, CFAP-2 is the paper where law stops being theory and starts sounding like real boardroom advice. At ICT Business School, a common pattern among CA students is this: those who treat the paper as a memory test struggle, while those who learn to apply the Companies Act 2017 to scenarios tend to do far better.
This guide covers the syllabus, the laws you must know, the exam style, a practical study plan, common mistakes and career relevance. Before going deeper, it helps to see where this paper sits in the CFAP stage of Chartered Accountancy and how it fits the wider chartered accountancy path in Pakistan.
Key Takeaways
- CFAP-2 is one of six papers at ICAP’s advanced CFAP level. It is a law-application paper, not a memory test.
- The Companies Act 2017 is the backbone. Corporate governance and ethics is the other heavy area.
- Under ICAP’s Winter 2025 syllabus grid, two areas are tested at the highest level: general company law and corporate governance with ethics.
- Open-book does not mean easy. Time pressure and navigation skills decide many results.
- A structured 10 to 12 week plan with timed practice works better than reading the Act cover to cover.
- Always confirm syllabus, fees and exam dates on ICAP’s official website before you commit.
What is CFAP-2 Corporate Laws and Governance?
CFAP-2 Corporate Laws and Governance is a paper at the CFAP level of ICAP’s Chartered Accountancy qualification. It prepares you to advise companies on corporate law compliance, from share issues and board meetings to listed-company rules, restructuring and governance codes.
CFAP stands for Certified Finance and Accounting Professional, the advanced level of the ICAP route. Under the Education Scheme 2025, ICAP lists six CFAP papers, with Corporate Laws and Governance as the second.
| Paper | Title (Education Scheme 2025) | Explore at ICT Business School |
|---|---|---|
| CFAP-1 | Advanced Corporate Reporting | CFAP-1 course |
| CFAP-2 | Corporate Laws and Governance | CFAP-2 course |
| CFAP-3 | Sustainability Reporting and Assurance | CFAP-3 course |
| CFAP-4 | Strategic Business Finance | CFAP-4 course |
| CFAP-5 | Tax Practices and Planning | CFAP-5 course |
| CFAP-6 | Audit, Assurance and Data | CFAP-6 course |
A note on names. ICAP’s published Winter 2025 syllabus document still titles this paper “Advanced Corporate Laws and Practices”, while the Education Scheme 2025 pages use “Corporate Laws and Governance.” Students searching for either name are looking for the same CFAP-2 paper area. Always check which syllabus applies to your attempt.
Why Does This Paper Matter for Your CA Career?
CFAP-2 matters because corporate law knowledge is what lets a chartered accountant move from preparing numbers to advising boards. Auditors, finance heads and consultants regularly face questions about share capital, director duties, related-party dealings and regulatory filings.
ICAP describes the competency this paper builds as the ability to advise on matters relating to compliance with corporate laws. In practice, that means:
- Audit and assurance. You must judge whether a company has complied with the law, which links directly to CFAP-6 Audit, Assurance and Data.
- Corporate finance roles. Share issues, buy-backs and dividends all sit under legal rules.
- Company secretarial work. The paper tests drafting of notices, resolutions and minutes.
- Regulated sectors. Banks, insurers and non-banking finance companies each have their own laws.
Who Can Study CFAP-2? Eligibility and Requirements
You can study CFAP-2 once you are registered with ICAP and have progressed to the CFAP level. The route normally runs through the earlier PRC and CAF levels, and ICAP sets the exact rules for registration, exemptions and attempts.
Check these pages first:
- CA eligibility in Pakistan for entry requirements
- ICAP registration process for how to enrol
- CAF Group B difficulty level and career path, because the earlier Company Law paper (CAF-7) is the foundation for this one
If you have questions about your own eligibility, Learn More by speaking with our admissions team.
CFAP-2 Syllabus: What Does It Cover?
The CFAP-2 syllabus covers four areas: secretarial practices, dispute and restructuring laws, specialised sector laws, and other relevant laws including corporate governance and ethics. Together, they form the full corporate law toolkit of a practising chartered accountant.
ICAP’s Winter 2025 syllabus grid assigns the following weightage, with 155 to 180 learning hours in total:
| Section | Area | Area |
|---|---|---|
| A | Secretarial Practices | 35 to 45% |
| B | Mediation, Arbitration, Mismanagement, Restructuring and Rehabilitation | 10 to 15% |
| C | Specialised Corporate Laws | 10 to 15% |
| D | Other Relevant Laws (including governance and ethics) | 30 to 40% |
Source: ICAP CFAP Syllabus, Winter 2025. Weightage ranges can change, so verify against the syllabus for your attempt.
Section A: Secretarial Practices (Companies Act 2017)
Section A is the largest block, and it is built around the Companies Act 2017. The syllabus lists Companies Act 2017 sections 1 to 275 along with several later ranges, plus a set of supporting regulations. The Act replaced the old Companies Ordinance 1984 and is the primary law you will use in the exam hall.
Topics to master:
- Incorporation and constitution: types of companies, memorandum and articles, separate legal personality
- Share capital: issue of shares, further issue, bonus and rights issues, buy-back, reduction of capital
- Directors and officers: appointment, qualification, removal, duties, CEO and company secretary roles
- Meetings and resolutions: general meetings, ordinary and special resolutions, quorum, proxies, postal ballot, minutes
- Dividends and distributions: legal conditions and restrictions
- Securities and listed companies: the Securities Act 2015, Public Offering Regulations 2017, buy-back and takeover regulations, and Pakistan Stock Exchange rules
- Related-party transactions and investments in associates
The syllabus also expects you to prepare a notice of meetings, resolutions and minutes. This is drafting, not just theory.
Section B: Mediation, Arbitration, Mismanagement, Restructuring and Rehabilitation
Section B tests what happens when a company or its shareholders are in dispute or distress. It covers oppression and mismanagement provisions in the Companies Act, plus the Corporate Restructuring Companies Act 2016 and the Corporate Rehabilitation Act 2018 with their rules and regulations. Think of it as the legal “emergency room” for companies.
Section C: Specialised Corporate Laws
Section C covers laws for regulated financial entities. Based on the syllabus references, this includes non-banking finance company rules, the Insurance Ordinance 2000 and the Banking Companies Ordinance 1962 (selected parts only). The syllabus lists exact section ranges, so you do not need to read these laws in full.
Section D: Other Relevant Laws
Section D is where corporate governance, ethics and compliance laws come together. The syllabus includes:
- Foreign exchange rules (State Bank of Pakistan Foreign Exchange Manual, specified chapters)
- Competition Act 2010
- Anti-Money Laundering Act 2010 and related SECP regulations
- Listed Companies (Code of Corporate Governance) Regulations 2019 and Public Sector Companies (Corporate Governance) Rules 2013
- Payment Systems and Electronic Fund Transfers Act 2007
- ICAP Code of Ethics for Chartered Accountants
What Is Corporate Governance, and What Must You Know for CFAP-2?
Corporate governance is the system of rules, practices and processes by which a company is directed and controlled. It balances the interests of shareholders, directors, management, creditors and other stakeholders, and it exists to make boards accountable and information transparent.
In the CFAP-2 context, ICAP’s syllabus marks “advise on the laws relating to corporate governance of companies and ethics” at the highest proficiency and testing levels (P3 and T3). This is one of the two highest-rated areas of the paper, so do not treat it as a side topic.
Core ideas to understand
| Concept | Plain-language meaning | Why it matters in the exam |
|---|---|---|
| Agency theory | Shareholders (principals) hire managers (agents) who may act in their own interest | Explains why governance rules exist |
| Stewardship theory | Managers are assumed to act in the company’s best interest | A contrast to agency theory |
| Stakeholder theory | Companies owe responsibilities beyond shareholders | Links to ethics and sustainability |
| Board independence | Independent directors bring objective oversight | Tested through selection and role rules |
| Board committees | Smaller groups, such as audit committees, handle specialised oversight | Application scenarios on composition |
| Related-party control | Rules to prevent conflicts of interest in dealings with insiders | Frequent scenario topic |
Laws and codes to know
- Listed Companies (Code of Corporate Governance) Regulations 2019: applies to listed companies, covering board composition, committees, disclosures and director responsibilities.
- Public Sector Companies (Corporate Governance) Rules 2013: applies to public sector companies.
- Independent director selection regulations (2018): the syllabus lists the manner and selection of independent directors.
- ICAP Code of Ethics: integrity, objectivity, professional competence, confidentiality and professional behaviour.
For a deeper international view, many students also read the Cadbury Report (1992) and the OECD Principles of Corporate Governance as background. They are not a substitute for Pakistani law in the exam.
How Is CFAP-2 Examined?
CFAP-2 is a scenario-based law paper that rewards application over recitation. ICAP has run this paper under an open-book policy, and the syllabus uses proficiency and testing levels to signal how deep and how heavy each topic can be.
Testing levels explained
ICAP caps marks per topic by testing level: 8 marks for T1 topics (with a 35-mark aggregate limit across all T1 topics), up to 20 marks for T2, and up to 25 marks for T3. icap
| Level | Max marks per topic | What it tells you |
|---|---|---|
| T1 | 8 (35 in aggregate) | Lower-weight topics, often earlier-stage or new topics |
| T2 | 20 | Substantial topics |
| T3 | 25 | Highest-weight topics, so study these deeply |
In the Winter 2025 syllabus, general company law (advising on compliance with the general law governing companies) and corporate governance with ethics are the topics marked T3 for this paper.
The open-book environment
ICAP’s open-book notice states that hard copies of books are not permitted in the exam hall, and digital versions of the permitted bare acts are provided in the examination software. The permitted material listed for this paper includes the corporate restructuring and rehabilitation laws, the Code of Ethics, the corporate governance regulations and rules, and the Pakistan Stock Exchange Rule Book. icap
ICAP has also run counselling sessions to explain examiner expectations and the ideal strategy for an open-book law exam. The takeaway is simple: the exam does not reward people who can quote sections from memory. It rewards people who can find the right provision fast and apply it correctly. i
Always confirm the current open-book rules for your attempt on ICAP’s official website.
ICAP resources worth using:
- The official CFAP 2 Corporate Laws and Governance Practice Kit on ICAP’s study resources page
- ICAP’s CFAP-2 model paper and examiner comments
- Past papers on ICAP’s website
How Do I Prepare for CFAP-2? A Step-by-Step Plan
The most reliable way to prepare is to learn the law by theme, practise applying it in timed scenarios, and train yourself to navigate the digital Act quickly. Below is a 12-week plan you can compress or stretch depending on your other papers.
Step-by-step approach
- Download the current syllabus and highlight every T3 and P3 topic.
- Read the Act by theme, not section by section. Group provisions into incorporation, capital, directors, meetings, and so on.
- Make one-page maps for each theme: the rule, the exception, who approves, and the consequence of breach.
- Practise drafting notices, resolutions and minutes.
- Solve ICAP’s practice kit and past papers under timed conditions.
- Review mistakes and note the reason: wrong section, missed fact, or weak conclusion.
- Do navigation drills in a digital copy of the Acts so lookup becomes automatic.
12-week study timeline
| Weeks | Focus |
|---|---|
| 1 to 2 | Companies Act foundations: types of companies, constitution, share capital |
| 3 to 4 | Directors, officers, meetings, resolutions, minutes (with drafting practice) |
| 5 | Issue of securities, further issue, private placement, dividends |
| 6 | Listed companies: Securities Act, PSX rules, buy-back and takeover |
| 7 | Corporate governance: Code 2019, public sector rules, independent directors |
| 8 | Oppression and mismanagement, mediation, arbitration, restructuring and rehabilitation |
| 9 | NBFC, insurance and banking laws (syllabus ranges only) |
| 10 | Foreign exchange, competition, AML, payment systems, ethics |
| 11 | Timed practice kit and past-paper style questions |
| 12 | Revision, weak-area repair and a full mock under exam conditions |
Many students also want guidance on why attempts fail. Our guide on why students fail CA and ACCA exams covers study habits worth avoiding. If you want structured classes, Enroll Now and ask about CFAP-2 batches.
Is CFAP-2 Difficult?
CFAP-2 is considered demanding because of the volume of law and the depth of application, but it is manageable with structured preparation. Difficulty depends on your background, your time and how you practise.
Honest pros and cons:
- What helps: the paper is open-book, the syllabus lists exact sections, and the practice kit shows the expected style.
- What hurts: the scope is wide, law changes through amendments, and time pressure punishes slow navigation.
- The hidden challenge: scenario questions hide the relevant provision inside facts, so you must spot the issue first.
No institute can guarantee a pass. Results depend on your effort, your starting point and ICAP’s marking.
Practical Examples
These are illustrative teaching scenarios, not real cases.
Example 1: A defective meeting notice.
A private company sends a general meeting notice that lacks the required details. How to approach it: identify the notice requirements in the Act, test the facts against each requirement, state whether the meeting and any resolution is affected, and recommend a fix.
Example 2: A related-party transaction in a listed company.
A listed company buys raw material from a firm owned by a director’s relative. How to approach it: check the related-party regulations, identify who must approve and what must be disclosed, consider the audit committee’s role, then advise on the safest compliance route.
Example 3: A minority shareholder complaint.
A minority shareholder claims the board is running the company unfairly. How to approach it: map the facts to the oppression and mismanagement provisions, explain available remedies, and note whether mediation or arbitration is relevant.
The same four-step method works for most questions: issue, rule, application, conclusion.
Common Mistakes and Expert Tips
Common mistakes
- Treating the paper as pure memorisation
- Reading the whole Act instead of the syllabus section ranges
- Ignoring corporate governance because it “feels theoretical”
- Writing long theory when the question asks for advice
- Never practising in the digital, open-book format
- Skipping drafting practice for notices, resolutions and minutes
- Not tracking amendments before the exam
Expert tips
- Answer like an adviser. Start with the conclusion, then support it with the rule.
- Cite the provision where you are confident, but never invent a section number.
- Time-box every question to its marks.
- Practise searching, not just reading. Speed in locating a provision is a real skill.
- Revise T3 topics twice. They carry the highest marks per topic.
- Check ICAP’s exam guidance for each attempt, as it can clarify scope and policy.
CFAP-2 vs CAF-7 vs ACCA Corporate and Business Law
CFAP-2 is an advanced, Pakistan-specific advisory paper, while CAF-7 builds the foundation and ACCA’s law paper is a broader international qualification paper. Choosing between routes is a bigger decision, covered in CA vs ACCA.
| Feature | CAF-7 Company Law | CFAP-2 Corporate Laws and Governance | ACCA Corporate and Business Law |
|---|---|---|---|
| Qualification | ICAP CA (foundation level) | ICAP CA (advanced level) | ACCA (Applied Knowledge) |
| Jurisdiction focus | Pakistan | Pakistan | English or Global variants |
| Depth | Foundation | Advanced, advisory | Introductory to intermediate |
| Skill emphasis | Understanding core company law | Applying law to complex scenarios | Understanding legal principles for business |
| Course page | CAF-7 course | CFAP-2 course | ACCA law course |
Career Scope After CFAP-2
CFAP-2 itself is a paper, not a job title, but the skills it builds support several career paths for chartered accountants. Salaries and roles depend on experience, employer and market conditions, so treat any figure you see online with caution.
Relevant directions include:
- Audit and assurance in firms and corporates
- Company secretarial and compliance roles
- Corporate finance and capital markets work
- Governance, risk and internal control roles
- Advisory work with regulated entities
To explore options, read about the scope of CA in Pakistan, top CA jobs in Pakistan, CA salary in Pakistan and CA articleship in Pakistan. If you are weighing the whole journey, see is CA worth it in Pakistan.
Cost, Fees and Exam Dates
The ICAP exam fee for one CFAP paper is PKR 14,400, and each additional paper costs PKR 5,700, under the fee list effective July 1, 2026. Fees and dates can change, so always confirm both on ICAP’s website before you pay or plan your study calendar.
ICAP fees for CFAP-2 (effective July 2026)
| Item | Amount (PKR) |
|---|---|
| CFAP exam, first paper | 14,400 |
| CFAP exam, each additional paper | 5,700 |
| CFAP per-paper fee in ICAP’s registration and exemption list | 11,300 |
| Registration as a full-time student | 22,000 |
| Registration as a trainee (training on probation) | 26,700 |
What this means in practice (illustration):
- Sitting CFAP-2 alone: PKR 14,400
- Sitting two CFAP papers in one session: PKR 14,400 + PKR 5,700 = PKR 20,100
- Sitting three CFAP papers in one session: PKR 14,400 + 2 × PKR 5,700 = PKR 25,800
Keep in mind that ICAP generally refunds fees only in limited cases, such as when a candidate is declared ineligible or withdraws before the form submission deadline. If you fail a paper, you pay the exam fee again for the next attempt. Eligible students may also be able to use ICAP’s student financial support programme, which allows part of the registration fee to be paid in instalments at the CFAP stage. Check eligibility on ICAP’s scholarships pages.
CFAP-2 exam date and form deadlines (Winter 2026)
ICAP’s Winter 2026 programme places CFAP-2 Corporate Laws and Governance on Wednesday, 9 December 2026, with CFAP papers running from 9:00 am to 12:30 pm Pakistan Standard Time.
| Student group | Form submission window | Status as of 8 October 2026 |
|---|---|---|
| Did not appear in the Autumn 2026 session | Opened 9 Sep 2026. Last date without late fee: 30 Sep. With 25% late fee: 5 Oct. With 50% late fee: 7 Oct 2026 | Closed |
| Appeared in the Autumn 2026 session | 20 Oct to 27 Oct 2026 (after Autumn results, expected 19 Oct 2026) | Opens soon |
ICAP expects to announce the Winter 2026 results on 18 January 2027, and it notes that all schedule dates are tentative and may change due to unforeseen circumstances. The 2026 schedule ends with Winter 2026, so watch ICAP’s examination schedule page for the 2027 dates before planning a later attempt.
Tuition and total cost planning
ICAP fees are only one part of your budget. A realistic plan also includes:
- Tuition at your chosen institute
- Study material, including ICAP’s CFAP-2 practice kit
- Mock exams and revision classes
- A buffer for a possible re-sit
ICT Business School tuition for CFAP-2 depends on the batch type and format, so the admissions team shares the current fee structure directly. Learn More about CFAP-2 tuition and batches, or check the admission page for the enrolment steps. For the wider picture of what the whole qualification costs, see our guide to CA fees in Pakistan.
Latest Updates and Trends
- Paper naming and the Education Scheme 2025. ICAP’s current scheme pages list this paper as CFAP 2 Corporate Laws and Governance, while the Winter 2025 syllabus document uses the older title. Check which applies to you.
- Revised ICAP fees. ICAP’s fee list effective July 1, 2026 sets the CFAP exam fee at PKR 14,400 for the first paper and PKR 5,700 for each additional paper.
- Updated regulations in the syllabus. The Winter 2025 reference list includes the Companies Regulations, 2024 alongside earlier regulations, so students should use current versions.
- Digital open-book format. ICAP’s notice describes digital bare acts within exam software, so digital navigation skills now matter.
- Governance meets sustainability. CFAP-3 now carries the sustainability reporting angle, and boards increasingly face ESG expectations. The CFAP-3 course shows how governance and sustainability connect.
Why Choose ICT Business School for CFAP-2 Corporate Laws and Governance?
The right institute for CFAP-2 is the one that matches your learning style, schedule and goals. Compare options honestly, and use the checklist below to evaluate any institute, including ours.
ICT Business School teaches CA, ACCA, CMA, CIA and BTEC/HND programmes for students across Islamabad, Rawalpindi and the wider twin cities region. You can read more about our institute, meet our faculty, and see how we compare in our guides to the best CA institute in Islamabad and the best CA institute in Rawalpindi.
What to look for in any CFAP-2 class:
- Faculty with real corporate law, audit or company secretarial experience
- Scenario-based teaching, not just reading the Act aloud
- Timed mock exams in the digital open-book format
- Practice with ICAP’s practice kit and past papers
- Clear schedules, small enough batches and accessible support
Why Choose ICT Business School for CFAP-2 Corporate Laws and Governance?
The right institute for CFAP-2 is the one that matches your learning style, schedule and goals. Compare options honestly, and use the checklist below to evaluate any institute, including ours.
ICT Business School teaches CA, ACCA, CMA, CIA and BTEC/HND programmes for students across Islamabad, Rawalpindi and the wider twin cities region. You can read more about our institute, and see how we compare in our guides to the best CA institute in Islamabad and the best CA institute in Rawalpindi.
What to look for in any CFAP-2 class:
- Faculty with real corporate law, audit or company secretarial experience
- Scenario-based teaching, not just reading the Act aloud
- Timed mock exams in the digital open-book format
- Practice with ICAP’s practice kit and past papers
- Clear schedules, small enough batches and accessible support
What ICT Business School Offers for CFAP-2
ICT Business School teaches CFAP-2 alongside its CA, ACCA, CMA, CIA and Pearson programmes. Below is what the institute states publicly, plus what you should confirm yourself before enrolling.
- Campus address: Plot No. 63, Service Road North, Sector I-10/3, Islamabad. Students from Islamabad and Rawalpindi can call 0330 8880213 or email academic@ict.edu.pk. ICT also lists campuses in Lahore (5th Floor, Pace Shopping Mall, Model Town Link Road) and Karachi (11th Floor, Caesars Tower, Main Shahrah-e-Faisal), so ask which campus runs your batch.
- Teaching method: ICT describes a practical case-study approach with one-to-one academic mentorship, and day, evening and weekend schedules for full-time students and working professionals. Since CFAP-2 rewards timed practice, ask the admissions team for your batch’s mock-exam calendar before you join. You can see the full topic list on the CFAP-2 course page.
- Faculty: ICT states that its faculty are practising professionals, including tax consultants, CFOs and corporate auditors. For CFAP-2 specifically, ask to see your instructor’s profile: their ICAP qualification, corporate law or company secretarial experience, and years of teaching this paper. You can also browse the faculty page.
- Results: Treat any pass-rate claim carefully, from any institute. Ask for batch-wise CFAP-2 results with documentation, and compare them with ICAP’s published results.
- Learning-partner status: ICT’s About page describes it as an ACCA and FIA registered learning partner. As with any provider, confirm status and approval level in the Learning Partner Directory on
ICTbusinessschool, and check the learning providers list on ICAP’s website for CA tuition. Our guide on the benefits of studying with an ACCA approved learning partner explains what the Silver, Gold and Platinum levels mean.
Ready to see what fits you? Explore the Course options, check the admission page for the next steps, or Learn More by talking to our team about CFAP-2 batches.
FAQs
What is CFAP-2 Corporate Laws and Governance?
It is a paper at the CFAP level of ICAP’s Chartered Accountancy qualification. It tests your ability to advise on corporate law compliance, including the Companies Act 2017, securities rules, specialised sector laws and corporate governance.
Is CFAP-2 an open-book exam?
ICAP has examined this paper in an open-book format, with digital versions of permitted laws provided in the exam software and hard copies not allowed. Rules can change, so confirm the current policy for your attempt on ICAP’s website.
Which laws are most important for CFAP-2?
The Companies Act 2017 is the most important, followed by the corporate governance regulations for listed and public sector companies. Securities, restructuring, rehabilitation and specialised sector laws also appear, according to the syllabus.
How difficult is CFAP-2?
It is demanding because of the breadth of law and the scenario-based questions. Structured preparation, timed practice and fast navigation of the digital Acts make it manageable for most students.
How many hours should I study for CFAP-2?
ICAP’s Winter 2025 grid allots 155 to 180 learning hours for the paper. Your own study time depends on your background and other commitments, so plan around the official figure.
What is the passing mark for CFAP-2?
ICAP sets the pass criteria in its examination regulations. Check the current passing mark on ICAP’s official website:
How do I prepare for CFAP-2 (CFAP-2 ki preparation kaise karein)?
Study the law by theme, practise drafting notices and resolutions, solve ICAP’s practice kit under timed conditions, and rehearse digital navigation. Review mistakes after every practice paper.
What is the difference between CAF-7 Company Law and CFAP-2?
CAF-7 builds foundation knowledge of company law. CFAP-2 is advanced, covers wider laws including governance, and expects you to advise on complex scenarios.
Where can I study CFAP-2 in Islamabad or Rawalpindi?
ICT Business School offers CFAP-2 Corporate Laws and Governance preparation for students in the twin cities. Contact the admissions team to check batch timings and availability.
Conclusion
Summary. CFAP-2 Corporate Laws and Governance tests whether you can apply the Companies Act 2017, securities rules, specialised laws and governance codes to realistic situations. Its two heaviest areas are general company law and corporate governance with ethics.
Key recommendation. Study by theme, drill the T3 topics, practise drafting, and train for digital open-book navigation. Confirm the current syllabus, fees and exam rules on ICAP’s website at every attempt.
Next step. Download the syllabus, build your 12-week plan, and decide whether you want structured classes.
If you would like guided preparation, Book a Seat with ICT Business School and our team will walk you through the CFAP-2 batches.
Last Updated: October 2026. Updated to reflect the Education Scheme 2025 paper names, the Winter 2025 syllabus grid and open-book notes. Review every 6 months, and before each exam session for fees and dates.