(1) Graduates with 16 years of education Exemption from CAF

subject to the criteria specified in (2) below, shall be available
as follows:

(i) Persons who hold a minimum of a four-year relevant degree from ‘Specified
Degree Awarding Institutes (SDAI)’ shall be eligible to claim exemption from all
papers of CAF.

(ii) Persons who hold a minimum of a four-year relevant degree from ‘Relevant
Degree Awarding Institute (RDAI)’ shall be eligible to claim exemption from the
following CAF papers:
CAF-1 Financial Accounting and Reporting-I
CAF-4 Business Law
CAF-6 Managerial and Financial Analysis
CAF-7 Company Law
(iii) Persons who hold a minimum of a four-year relevant degree from any other local
or foreign institution recognized by the Higher Education Commission (HEC),
shall be eligible to claim exemption from the following CAF papers.
CAF-4 Business Law
CAF-6 Managerial and Financial Analysis
CAF-7 Company Law
(iv) Persons who hold a degree with a minimum of 16 years of education from a
foreign degree awarding institute and having equivalence issued by HEC shall be
eligible to claim exemption from all papers of CAF. Provided the university was
included in the list of Association to Advance Collegiate Schools of Business
(AACSB) at the time of issuance of degree.
(v) Persons who hold a degree with a minimum of 16 years of education from any
local degree awarding institute having accreditation from the National Business
Education Accreditation Council was established by HEC at the time of issuance of
the degree shall be eligible to claim exemption from the following CAF papers:
CAF-1 Financial Accounting and Reporting-I
CAF-4 Business Law
CAF-6 Managerial and Financial Analysis
CAF-7 Company Law
Provided that such candidates shall not be eligible to claim exemptions from the
papers of CAF stage, namely:
CAF-2 Tax Practices
CAF-3 Cost and Management Accounting
CAF-5 Financial Accounting and Reporting-II
CAF-8 Audit and Assurance

(2) Criteria for exemption from CAF shall be as follows:

(i) the syllabus contents and learning outcomes of the subject match at least 70%
with that of the prescribed syllabus and learning outcomes of the Institute or are
of more advanced level; and
(ii) person has secured a minimum of 60% marks or equivalent grades in the subject
from which exemption is sought.

(3) Professional qualification exemption Criteria

(i) Persons who have passed all examinations of the professional accountancy bodies
specified below shall be eligible to claim exemption from papers of CAF mentioned
under the name of each such body:
(a) Institute of Cost and Management Accountants of Pakistan (ICMAP)
All papers up to the CAF stage
(b) Pakistan Institute of Public Finance Accountants (PIPFA)
CAF-4 Business Law
CAF-7 Company Law
(c) Association of Chartered Certified Accountants (ACCA) of UK
CAF-1 Financial Accounting and Reporting-I
CAF-3 Cost and Management Accounting
CAF-5 Financial Accounting and Reporting-II
CAF-8 Audit and Assurance
Provided that the exemption from ‘CAF-8 Audit and Assurance’ shall only
be granted to persons who have passed AAA – Advanced Audit and
Assurance.
(d) Chartered Institute of Management Accountants (CIMA) of UK
CAF-1 Financial Accounting and Reporting-I
CAF-3 Cost and Management Accounting
CAF-4 Business Law
CAF-5 Financial Accounting and Reporting-II
CAF-6 Managerial and Financial Analysis
CAF-7 Company Law
(e) Other relevant professional bodies
Exemptions shall be granted on basis of qualification on a case-to-case basis
by the Council.

(ii) A person shall be eligible to claim exemption on the basis of different
qualifications that the person holds.
(iii) The reference to the passing of the examination in this paragraph means attempting
and passing the examinations of the relevant qualification and does not include
obtaining an exemption from such examinations. Provided that subject to the
conditions imposed by the Council, this clause shall not apply to candidates who
have gained the qualification of the Institute of Cost and Management
Accountants of Pakistan (ICMAP) and Pakistan Institute of Public Finance
Accountants (PIPFA) after obtaining some exemptions from examinations of the
said professional bodies.