CAP2 replaced Professional Three in autumn 2008 (first examinations in summer 2009). CAP2 consolidates and expands on the core functional competencies presented at CAP1. The four subjects making up this level are:
- Auditing & Assurance
- Strategic Finance & Management Accounting
- Financial Reporting
- Taxation II
At CAP2 level, courses will often have cumulative subject material, i.e.: material examinable at “understanding level” at CAP1 may be then be included on the CAP2 syllabus at a similar or higher level of competency. At CAP2 level, students will be expected to be fully conversant with any material covered on the CAP1 syllabus. It is the student’s responsibility to ensure this. CAP1 material will not be re-covered during the CAP2 courses. A copy of the relevant (previous year's version) of the CAP1 Competency Statement can be accessed from the notice board on the student section of the ICAI website.
A copy of the current CAP2 Competency Statement is available from the CAP2 exams section of the website
Assessment at CA Proficiency 2 (CAP2)
Assessment at CAP2 will continue with a blend of continuous assessment and traditional examinations. As in CAP1, an overall mark of 50% will be required to pass each paper (combination of continuous assessment and examination). Candidates are advised to consult the relevant examinations publications for specific regulations governing the operation of continuous assessment and examinations.
The examination papers at CAP2 will be of 3½ hours duration and include a compulsory case study element. All examinations at CAP2, except for Taxation II, will be on a full open book basis (as per table below)
A modular approach is available at CAP2 (whereby students may sit two subjects at a time, rather than take all four subjects together). Please refer to the relevant examinations publications for specific regulations in this regard.
| Subject |
Continuous Assessment Weighting |
Continuous Assessment Description |
Examination Weighting |
Examination Description |
| Audit & Assurance |
15% |
Practical audit assignment |
85% |
3.5 hour paper (open book) |
| Strategic Finance & Management Accounting |
15% |
Assignment based on pre-seen material and some personal research |
85% |
3.5 hour paper (open book) |
| Financial Reporting |
n/a |
n/a |
100% |
3.5 hour paper (open book) |
| Taxation |
n/a |
n/a |
100% |
3.5 hour paper (closed book) |