The Institute of Chartered Accountants of Pakistan

Criteria for award of Gold Medal(s) and Merit Certificate(s) in CFAP & MSA Examinations

Description Criteria for Awarding Gold Medals / Certificate of Merit

Gold medal in all (i) Pass three or more papers.

individual subjects of (ii) Pass the relevant paper in the first attempt.
Certified Finance and (iii) No failure in any paper of the attempt.
Accounting Professional (iv) Obtain highest marks (among those who fulfill the above
(CFAP) Examination requirements) subject to minimum of 70% marks.

Note:
If condition (i) and/or (iv) above are not met, merit certificate shall be
awarded to the student who obtains highest marks in the subject provided
he/she meets conditions (ii) & (iii).

Gold medal in all (i) Pass the relevant paper in the first attempt.
individual subjects of (ii) No failure in any paper of the attempt.
Multi Subject Assessment (iii) Obtain highest marks (among those who fulfill the above
(MSA) requirement) subject to minimum of 70% marks.

Note:
If condition (iii) is not met, merit certificate shall be awarded to the student
who obtains highest marks in the subject provided he/she meets the other
conditions.

Gold medal on overall (i) No failure in any paper of CFAP.

performance in Certified (ii) Obtain highest marks (among those who fulfill the above
Finance and Accounting requirement) subject to minimum of 70% aggregate marks in the
Professional (CFAP) CFAP stage (six papers).
Examination
Note:
If condition (ii) is not met, merit certificate shall be awarded to the student
who obtains highest marks in CFAP provided he/she meets condition (i).

Gold medal on overall (i) No failure in any paper of CFAP and MSA stage.
combined performance in (ii) Obtain highest marks (among those who fulfill the above
CFAP & MSA requirements) subject to minimum of 70% aggregate marks in the
examinations two stages (eight papers).

Note:
If condition (ii) is not met, merit certificate shall be awarded to the student
who obtains highest aggregate marks in CFAP and MSA papers provided
he/she meets condition (i).

Gold medal on overall (i) Pass all papers of CA examination in first attempt.
performance in CA (ii) Obtain highest aggregate marks in CFAP and MSA examinations.
Program
Note:
Students who obtain paper exemptions at AFC / CAF stage are also
eligible for award of gold medal.
 Criteria for award of Gold Medal(s) and Merit Certificate(s) in CAF Examination

Description Criteria for Awarding Gold Medals / Certificate of Merit

Criteria for award of (i) Pass the relevant paper in first attempt.
Gold Medal for (ii) Pass three or more papers with no failure in any paper.
individual subject (iii) Obtain highest marks (among those who fulfill the above
requirements) subject to minimum of 70% marks.

Criteria for award of (i) Pass all papers of CAF stage in three attempts with no failure in any
Gold Medal for overall paper.
performance in CAF (ii) Do not have more than three exemptions at CAF stage.
stage (iii) Obtain highest marks (among those who fulfill the above
requirements) subject to a minimum of 70% aggregate marks in CAF
stage.

Criteria for award of (i) Appear in the relevant paper for the first time.
Merit Certificate (ii) If the examinee is also appearing in other paper(s), he/she should pass
all such papers.
(iii) Obtain highest marks (among those who fulfill the above
requirements) subject to minimum of 70% marks.

Criteria for award of Merit Certificate(s) in AFC Examination

Description Criteria for Awarding Certificate of Merit

Criteria for award of (i) Appear in the relevant paper for the first time.
Merit Certificate (ii) If the examinee is also appearing in other paper(s), he/she should pass
all such papers.
(iii) Obtain highest marks among those who fulfill the above requirements
subject to minimum of 70% marks.