The AFA® curriculum — ten units from market foundations to advanced modelling
The Accredited Financial Analyst® syllabus is structured across two levels and ten units: a five-unit foundation covering financial markets, quantitative methods, financial statement analysis, corporate finance and fixed income — followed by five advanced units in equity valuation, derivatives, portfolio management, behavioral finance and financial modelling.
Knowledge, skills and application — in a single program
The AFA® curriculum is designed around three dimensions of professional competence — each reinforced across both levels of the program.
Knowledge
Students learn current market dynamics, the latest analysis techniques and global best practices in financial analysis — keeping the curriculum relevant to how financial markets actually operate today.
Skills
Skill development spans analysing financial products, creating research reports, presenting investment strategies and strategic thinking — the transferable capabilities that define a strong financial analyst in any market.
Application
The program's rigour and practical orientation prepare candidates to apply concepts and skills in actual work environments — through project work, case analysis and the MS Excel financial modelling component of Unit 10.
The AFA® aims to equip candidates with the foundational and advanced competencies required by financial analysts, research analysts and investment bankers in performing their professional duties.
Five units that build the analyst's foundation
Level 1 establishes the quantitative, analytical and market knowledge that underpins every subsequent unit — and is assessed in a 115-minute, 80-question examination with a 50% passing score.
Unit 1 — Introduction to Financial Markets
Understanding global financial systems, institutions and regulatory frameworks, and how economic changes influence markets and financial instruments. This unit establishes the market context within which every analyst decision is made.
Unit 2 — Quantitative Techniques and Methods
The financial mathematics of return measurement, including statistical concepts such as coefficient of variation, probability and hypothesis testing. Candidates apply quantitative tools to interpret financial data with precision.
Unit 3 — Financial Statement Analysis
Analysing income statements, balance sheets and cash flow statements to support investment decision-making and assess the financial strength of listed and unlisted companies. A core competency for every analyst role.
Unit 4 — Corporate Finance
Long-term financing decisions, capital budgeting and corporate governance considerations for listed entities. Candidates develop the corporate finance lens that contextualises equity research and investment analysis.
Unit 5 — Fixed Income Security Analysis
An overview of treasury securities, bonds and structured securities, with emphasis on the price-yield relationship, various yield measures and return analysis. Essential for analysts operating across asset classes.
Five advanced units in research, valuation and modelling
Level 2 builds on the foundation to develop specialist analytical and research capabilities — assessed in a 175-minute, 90-question examination with a 50% passing score.
Unit 6 — Equity Valuation
Comprehensive equity analysis including company and sector valuation and related product analysis. This unit develops the primary skill of equity research — determining the intrinsic value of a business and its securities.
Unit 7 — Derivatives and Alternate Investments
The importance and characteristics of alternative assets, the channels through which they are accessed, and their application in global portfolio construction. Candidates understand how derivatives and alternatives expand the investment universe.
Unit 8 — Portfolio Management Strategies
Risk-return fundamentals, construction and use of Investment Policy Statements, and equity and debt portfolio strategies aligned to client objectives. This unit connects financial analysis to the portfolio construction process.
Unit 9 — Behavioral Finance
Psychological factors that influence client investment decisions and bias mitigation techniques. Understanding behavioral finance enables analysts to anticipate market inefficiencies and advise clients more effectively.
Unit 10 — Advanced Financial Analysis
Financial research using financial modelling in MS Excel — covering risk analysis, financial statement modelling and professional report writing. This applied unit produces work-ready research outputs: independent equity research reports and innovative financial models.
Flexible delivery — classroom or distance learning
The AFA® curriculum is available through two delivery modes, allowing candidates to choose the format that fits their location, schedule and learning style.
Classroom delivery
- Structured sessions at AAFM India authorised locations
- Direct interaction with faculty and peers
- Suited to candidates who benefit from guided instruction and group discussion
- Access to online study materials alongside classroom sessions
Distance learning
- Self-paced online study through AAFM India's learning portal
- Registration valid for 365 days from enrolment
- Full program must be completed within 3 years
- Suited to working professionals who need flexible scheduling
Ready to take the next step? Understand the AFA® examination in detail, or review the full course overview including eligibility and program format. To confirm current fees, visit the fees page or speak to a counsellor.
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AFA® Curriculum — Common Questions
The AFA® curriculum comprises ten units across two levels — five foundational units in Level 1 and five advanced units in Level 2. Each unit builds progressively on the one before.
Level 1 (Foundation) covers: Unit 1 — Introduction to Financial Markets; Unit 2 — Quantitative Techniques and Methods; Unit 3 — Financial Statement Analysis; Unit 4 — Corporate Finance; Unit 5 — Fixed Income Security Analysis.
Level 2 (Advanced) covers: Unit 6 — Equity Valuation; Unit 7 — Derivatives and Alternate Investments; Unit 8 — Portfolio Management Strategies; Unit 9 — Behavioral Finance; Unit 10 — Advanced Financial Analysis (including MS Excel financial modelling).
Yes. Alongside the Level 1 and Level 2 examinations, candidates must complete two levels of project work. These applied projects require candidates to demonstrate their ability to use program concepts in real analysis scenarios.
Yes — Unit 10 (Advanced Financial Analysis) specifically covers building financial research models in MS Excel, including risk analysis, financial statement modelling and professional report writing.
The AFA® curriculum can be completed via classroom delivery or distance-learning (self-study) mode. Both modes cover the full ten-unit curriculum. Speak to an AAFM India counsellor to choose the mode that suits your schedule.
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