CA Inter FM SM Expected Paper Pattern & Paper Analysis | May 2026 | CA Navneet Mundhra

Added: 2026-05-13

[00:00:02]Hello Everybody, This is CA Navveet Mundra from Naveen Classes Kolkata and FMSM exams are now given to you till 10th.

[00:00:09]Please watch this video in 2X so that you get an expectation, an idea about the exam and you can proceed with a strategy for which type of paper.

[00:00:20]In this entire video I will cover an expectation, important topic, important issues, important areas.

[00:00:26]From where we feel that questions should be asked in the exams this time. First of all, I have done a proper detailed analysis for all of you.

[00:00:37]Like I did in cost for you that till today let's go back from January 26 till May 24, in every term question number one is A B C which comes in three parts, five five compulsory two's A two's B three's A three's B four's A four's B and four's C D, what type of questions are asked from these topics and where. I did proper detailed analysis of what has come when and even in MCQs, questions from which chapters have been asked in Case Scenario One.

[00:01:09]What were asked in two and in one term three case scenarios also came because on January 25 they had asked two case scenarios of FM. Meaning, instead of an individual question, the case scenarios were broken into two parts in a small way.

[00:01:24]And this is a bit of an aborted case.

[00:01:27]Generally such a case should not happen. And in SM, I have written in detail for all of you which topic has come from which chapter till date.

[00:01:36]In all these patches you will see which color is mostly there, if I ask you a prime of AC thing, then you know like we have an array of matrix like BCG matrix, we have ADL matrix, we specifically see this matrix with green light, red light, yellow light. Let's look at the GE Matrix. We see the matrix of author G. There you see me using these colours.

[00:02:02]So we also did this particular stop light analysis.

[00:02:05]He was colourful. So, this analysis that I have done for you has been done so that you can see what questions come where in which patches. Even that is continuous. From five to eight. You can see the patches.

[00:02:21]You see something as a constant patch and that's one thing.

[00:02:26]I have given you a patch in a slightly brownish shade.

[00:02:28]That patch is your chapter number five. That means chapter number five institute asks very focused. The longest chapter. After that you will also see a lot of yellow portion which you will be getting specifically.

[00:02:42]Yellow was in chapter number two. Chapter number two is addressed by Yellow. And then green is your chapter number four. The remaining white portion, which is very small, is either from Three or from One. That means three and one are a little less important, two, four and five are more important. Now let us discuss these two, four and five as to how we can attempt the exam and on which specific zone we have to work harder and on which less. I have done this ABC analysis for you. And accordingly I told the first chapter. Now I will tell you the topic within the chapter also.

[00:03:21]We expect that this time on May 26, the question of working capital should come up in our case scenario one. The Institute generally addresses the question of working capital in case scenarios.

[00:03:31]And it is very easy for them to ask working capital questions in case scenarios. So there the question arises by mixing both Tandon Committee plus calculation of your working capital.

[00:03:43]And they ask completely mixed questions in SM.

[00:03:46]Here you cannot go chapter specific. Overall reading of the chapters is required so that you can attempt these mixed type questions. Yes, again, in this most of the people focus on chapter number two and three. But if we look at it, everything will be questioned on this.

[00:04:01]You can understand that from every chapter, they ask questions worth two marks.

[00:04:02]It remains mixed here.

[00:04:05]If I talk about individual MCQs, you can practice dividend and ratio as a practical. Everything else will be based on the principles of FM and SM.

[00:04:13]Then let's talk about the practical portion of FM and in that too in the descriptive part, if I go to question number one compulsory, then this time it is a ratio question of five marks where the computation of ratio specifically quick ratio and you should understand that the work of current ratio can be important for you, here the ratios of current assets, be it gearing ratio, read them specifically and do not pay attention to them and at last, in market test ratio, you must definitely see Q ratio and all these ratios. And apart from that, if I talk about leverage, then there is a very simple question in leverage, generally on computation also. But if I think the chances of getting the question are high, then if one leverage is given in the leverage, then how can we prepare the income statement.

[00:04:59]Where we create the income statement using leverage.

[00:05:03]MM model is variant in dividend policy. Calculating the number of shares.

[00:05:08]Then came our talk, question number two. Where you will get the topic of cost of capital and here I think sums two are important this time.

[00:05:15]One is important for you where KE KR is different. So it is important to segregate your market value when you calculate the weighted average cost. And there is one important point where you should ask yourself the value of additional financing.

[00:05:29]After this, please read the indifference point in the capital structure with full focus and if you want to read something separately which requires attention to specific zones, then those are our models in which you should study MM1 and MM2 thoroughly. Then came our capital budgeting.

[00:05:45]If I talk about capital budgeting, it is an ocean.

[00:05:47]You can read anything and go away. But here also, the time of replacement decision is more important in my opinion.

[00:05:53]Sum of Second Capital Rationing. Please practice these two sums well.

[00:05:57]If we talk about the topic of cash management, then the question of cash budget becomes very important for you through cash management.

[00:06:02]This time it is also being asked in Given RTPs. And if we talk specifically about cash management, then you can expect the Bomul model for two marks in your MCQ. Then comes our FM theory where we will ask about sources of finance, cash management and investment decisions and I am showing you the list of all the important theories here once.

[00:06:24]I have prepared a chapter wise list of important theories of Even FM and SM, from where we feel you should study with more focus and in that too, if something is more important, then to get this particular booklet, this particular PDF, please comment below that Sir, please share this PDF so that I can reply to you personally and give you the Google link where you can get it. After this, let us tell you here what we will pay attention to as compulsory in SM.

[00:06:59]This time in SM I have told you very beautifully by doing a detailed analysis that staying in two, four and five is compulsory. So if you attempt two four and five, then if you read chapter number two four five then question number five will become compulsory.

[00:07:12]Similarly, to make six, you have to add three and four.

[00:07:15]To consume comes from one and three.

[00:07:17]And to eight is to two as well as or four or five. So you should notice one thing, one is a little less important, if you do five, six and eight, then by doing it here you will have to study three and one a little less and one is getting completely ignored but it should not be ignored like this, what I want to say is that less weightage should be given to one and three, two, four and five should be studied by giving more time, most of the questions come from there. ICI says that it is giving equal weight to all the chapters.

[00:07:43]But this is his pattern of asking questions.

[00:07:45]If you are understanding this then it must be clear to you that 2 4 5 most of all they are asking less from chapter one and three as compared to two to four and five sir which is the number one chapter oh brother ours is environmental analysis and which one is environmental sir internal or external particularly our chapter number two is external environment chapter number four is strategic choices and chapter number five is implementation and evaluation I have discussed each and every chapter after that which topic is more important? Wrote Chapter One, Chapter Two, Chapter Three, Chapter Four, Chapter Five. If you say marks wise, the shortest and most economical chapter is Chapter Four. And then chapter number two and then chapter number five. Chapter number five is very big and marks wise is also very big, that's why. In this way you can read important topics of SM.

[00:08:42]So hope it is clear to you what our expectations are and in this PDF I have written even important things for the theory.

[00:08:53]I am making another video for you regarding practicals and revision strategy for practical attempts. In which I have told you properly how to study the day before the exam. Now when you read that, you do an analysis before the exam that you have to attempt this, you have to attempt that, then what should be the order of that, I will discuss all these things with you again. So guys, this is my analysis chart for you and if you want all these things, I will request you all to please comment and like our video and share the video as much as possible so that people can know about these things.

[00:09:24]Thank you so much everybody. Hope you like the video. And see you soon in the next video, the second part of Guru Gyan.