• Overview
  • Exam Grading
  • Exam Scheduling Process
  • Examination Pattern Level I (Foundation Level)
  • Test Significance of Units Level I (Foundation Level)
  • Examination Pattern Level II (Advanced Level)
  • Test Significance of Units Level II (Advanced Level)
  • Permitted Accessories
  • Examination Results
  • Major Examination Policies
  • Exam Tutorial


AFA® Examination

Exam Name Units Tested Centres Exam Date Exam Language Duration Exam Fees Enrolment Through
AFA Level-I 1-5 Pearson Vue Centres >Throughout the Year(365 Days) >English >115 Minutes Rs.5900 Enrolment through AAFM Website and scheduling Through Pearson Vue pearsonvue.com
AFA Level-II 6-10 Pearson Vue Centres Throughout the Year(365 Days) English 175 Minutes Rs.9440 Enrolment through AAFM Website and scheduling Through Pearson Vue pearsonvue.com

Note : Candidates should fill the online exam form and submit the fees to American Academy of Financial Management India Private Limited (AAFM India)
Candidates can schedule their examinations on the PearsonVue portal.
Candidates scheduling examinations on the PearsonVue portal can schedule their examinations throughout the year. Candidates must always be aware of the following exam scheduling and rescheduling requirements:

  • Candidates must wait at least 15 days before re-attempting an exam or appearing for the subsequent exams. i.e. there must be a gap of at least 15 days between any two exams. For example, if a candidate takes his CWM level 1 exam on 1st date of the month, then the candidate will be able to only schedule the second attempt or level 2 exam only after 15 days from the previous exam, i.e. on 16th date of the month.
  • The time to process the exam form will be 7 Days after applying for the exam to AAFM®. For instance, if a candidate applies for the exam on 21st date of the month to AAFM®, he will only be to schedule the exam on 28th date of the month and later on Exam Delivery Partner Portal.
  • All candidates must schedule their exams and pay 30 days before their registration expiration date. For example, if the course registration is valid until October 31st, the candidate must apply and schedule the exam date by October 1st in order to take the exam until October 31st.
  • Furthermore, candidates are advised to take the exams one month before their registration expiry date, as the institution will not be liable for the non-availability of the exam center or desired exam slot.

Grading of Exam:

Passing percentage for AFA® Examination is 50%.

Each candidate would be graded as per the score achieved in the examination:

More than 76% A
65% to 75% B
50% to 64% C
0% to 49% D

Exam Scheduling Process:

  • Exams can only be scheduled after 30 days of registration with AAFM India for Level 1 and Level 2 Exam can be Scheduled after 30 Days of clearing Level 1
  • Candidate can only enrol for level II examination after clearing Level 1 Examination.
  • Candidate fills the exam form on the AAFM Website (Student Account) and pays the requisite fees online.
  • On approval from AAFM India, the candidate receives a welcome mail from Pearson Vue and a Web Account is Auto Generated with Pearson Vue. This mail would have the candidates Log in Id and Password.
  • The candidate also receives “Authorization to Test” Email form Pearson Vue which besides other information gives information on how to schedule an examination on Pearson Vue Network.
  • Candidates can schedule their examinations on the PearsonVue portal.
  • Candidates scheduling examinations on the PearsonVue portal can schedule their examinations throughout the year.
  • A candidate practices the exam on AAFM Website to make themselves familiar with the look and feel of the exam.
  • Candidates are required to carry a Photo ID and an ID carrying their signatures along with the copy of Exam Confirmation Mail received from Pearson Vue to the examination centre. (List of Acceptable ID,s is mentioned below)
  • Candidate need to agree to a Non-Disclosure Agreement at the start of the exam.
  • Candidate takes the exam at Pearson Vue Test Centre
  • Exam result is shown to the candidate immediately after submitting the exam.
  • Candidates are allowed to take a print out of the exam result.
  • On clearing of Level-II exam candidate needs to fill the AFA® Certification form and pay the requisite fees to AAFM India. Candidate submits the project work within the given time frame on approval of the project work the Candidate receives the AFA® Certification.
Sections Section A Section B Section C Passing Criteria
Marks No. of Questions Total Marks No. of Questions Total Marks No. of Questions Total Marks 50 % i.e. A score of 50 in the examination (there is no negative marking)
1 30 30 0 0 0 0
2 0 0 30 60 0 0
4 0 0 0 0 20 80
Total 30 30 15 60 20 80
AFA Level 1 Examination Total Question 80 Total Marks 170

Testing Significance of each Unit in AFA® Level I (Foundation Level)

Questions Marks
Unit No. Name of the Unit Unit Weightage 1 Marks 2 Marks 4 Marks Total
UNIT 1 Introduction to Financial markets 15% 5 5 3 12 27
UNIT 2 Quantitative Techniques and Methods 20% 6 6 4 16 34
UNIT 3 Financial Statement Analysis 25% 7 7 5 20 41
UNIT 4 Corporate Finance 25% 7 7 5 20 41
UNIT 5 Fixed Income Security Analysis 15% 5 5 3 12 27
30 30 20 80 170

Exam Pattern AFA® Level II (Advanced Level)

The table sums up the section wise marks distribution AFA Level II Examination

Sections Section A Section B Section C Passing Criteria
Marks No. of Questions Total Marks No. of Questions Total Marks No. of Questions Total Marks 50 % i.e. A score of 80 in the examination (there is no negative marking)
1 40 40 0 0 0 0
2 0 0 30 60 0 0
5 0 0 0 0 20 100
Total 40 40 30 60 20 100
AFA Level 1 Examination Total Question 90 Total Marks 200

Testing Significance of each Unit in AFA® Level II (Advanced Level)

Unit No. Name of the Unit Unit Weightage 1 Marks 2 Marks 4 Marks Total Marks
UNIT 6 Equity Valuation 25% 10 8 5 51
UNIT 7 Derivatives and Alternate Investments 15% 6 5 3 31
UNIT 8 Portfolio Management Strategies 20% 8 6 4 40
UNIT 9 Behavioural Finance 15% 6 4 3 29
UNIT 10 Advanced Financial Analysis 25% 10 7 5 49
100% 40 30 20 200

The marks signify the difficulty level and time consumption in solving the question.
The Advanced Financial Analysis questions would be in form of case study in built in the examination.

Permitted Accessories

Students are only permitted to use “CASIO FC 200 V” Financial Calculator in the examination. No exchange of accessories will be permitted during the examination.

  • Students are not allowed to carry any paper during the examination.
  • Students are not allowed to carry Laptop, Palmtop, Log Tables, and Annuity Tables etc.
  • Students are not allowed to use Calculators in their Mobile Phones.
  • Mobile Phones are to be compulsorily kept ‘switched off’ during the examination

Examination Results

Results will be declared by the system itself once the student clicks the ‘Submit’ button after the Examination is completed or if the Examination duration is elapsed the system will treat the answer sheet as submitted and result will be displayed on the screen. Students have the option of taking a printout of their result at the test centre after the Examination.

  • Major Examination Policies

    AAFM India strives to maintain the confidentiality of exam result of all the unsuccessful candidates. The results would be uploaded in the individual account of the candidate at the AAFM Website once in a fortnight. The intimation to successful candidates in Level II Advanced Level would be sent by mail requisitioning the candidate to apply for the AFA® Certification. Once the Candidate applies for the certification project work is sent. On submission and acceptance of the project the candidate’s details would be forwarded to AAFM USA for issuance of the Certification.

    Any documents submitted by the candidates at centre, viz. rough sheets, back-up sheets, feedback form, etc. are the property of AAFM India. They shall not be subject to any public scrutiny. The same is to preserve the confidentiality of candidate specific information. These are also required for gathering useful information to strengthen our examination system.

    No question/s or part of the paper which appear on the computer terminal should be copied from the test screen and/or taken out of the examination hall as it shall lead to disqualification of the candidature. In case of serious ambiguity in a question item, the same should be noted down only with the specific approval of exam coordinator in his/her presence. The replies to such queries would be sent without subverting the confidentiality of test items, within 7 days of the receipt of related documents from the Exam Administrator.

    2. Non-discrimination Policy

    AAFM India follows a policy of non-discrimination among candidates who appear for any AAFM examination. The on-line testing medium, algorithm used, facilities provided in terms of on-line content and testing and threshold criteria are the same for all candidates. On the strength of the aforesaid, there is no discrimination of any kind among the eligible candidates on the basis of pathway or mode of examination chosen, sector, region, caste, religion, age, gender, or on the basis of additional qualification and experience than those mandated for specific pathway, or on the basis of the allegiance of candidates to institutional entities or authorized educational entities.

    3. Review and Appeals Policy

    Specific query related to a particular question, if any, should be pointed out by the candidate during the course of the examination to the test coordinator at the test centre. For this the candidate is expected to submit his/her query in writing to the test coordinator after completing the examination, while submitting all other examination related documents. Subsequent queries through mail or post to AAFM India shall not be entertained.

    4. Exam Discipline

    AAFM India would treat the instances of resorting to unfair means or malpractices noticed during examination very seriously and any candidate found doing so will be expelled from taking the examination and his/her candidature shall be cancelled.

    5. Rescheduling and Cancellation Policy

    Exams once scheduled cannot be cancelled for any reason whatsoever.

    If the candidate after paying the examination fees to AAFM India does not schedule the exam at Pearson Vue during the registration eligibility period the fees paid would not be refunded nor would be adjusted further. On registration renewal with AAFM India the candidate would be required to pay the examination fees again.

    Rescheduling of Examination is possible 48 hours prior to the examination on payment of Rs. 1127 to Pearson Vue. Rescheduling of examination is not allowed if the time to examination is less than 48 hours.

    Candidate not appearing at the examination centre on the scheduled examination would be treated as absent and the fees would not refunded back.

Retake Policy

Candidates will be allowed to book retake after 15 days, regardless of whether the candidate failed or passed the previous attempt.

Examination Policies 

Standard Primary IDs (with both Photo and Signature).

  • Driver’s license
  • Passport
  • Election card/Voter ID
  • PAN card
  • Photo identity issued by a school, college or university
  • Admit card of any national/state exam issued in 2012 or 2013
  • UID/Adhar card
  • SC/ST certificate with photograph
  • Employee ID with photo and signature

Names on ID’s must exactly match those given by the candidate during registration. Discrepancies on ID’s that are due to typographical errors, traditional & cultural variations, and technical limitations must be reported by candidates to AAFM who will need to inform Pearson VUE as soon as possible.

Candidates are required to carry original id .Copy of ID is not acceptable proof.

Candidates will also be required to produce the appointment confirmation letters received from Pearson VUE after scheduling their test.

Standard secondary IDs (with Signature)

  • Any primary ID
  • Credit card
  • ATM card

1. Late Arrivals and No-shows

The standard arrival policy of 30 minutes was agreed where-by the candidates must arrive 30 minutes before the exam to their test center. Late arrival period of upto 30 minutes is allowed. If the candidate does not arrive within this period, and the test center is unable to accommodate him or her later, the candidate will be turned away and marked as a No-show.

2. Erasable note board/booklet

Candidates will receive one erasable note board & a pen to use for rough work during the exam.

3. Exhibits, personal items, Calculators

  • Candidates will receive one erasable note board & a pen to use for rough work during the exam.
  • Only “Casio FC 200V” – Financial Calculator will be allowed.
  • Candidates will not be allowed to take mobile phones, headphones or any personal items / exhibits into the testing room.

4. Break policies

AAFM exams will not have any scheduled breaks.
Candidates can access personal belongings during unscheduled breaks limited to essentials such as medicines but no access to texts or printed materials should be allowed.

Decisions of AAFM India in all matters pertaining to the examination shall be final and binding.

The AFA® Examination is held across India across 75 Cities and Globally across 200 Cities spread over 27 Countries.

To Locate an Examination Centre nearest to you: Click Here