AFA® Examination — pattern, marks and scheduling
Two computer-based proctored levels, a clear sectional structure, and a 50% passing score — understand exactly what to prepare for before you register.
A two-level, computer-based certification examination
The AFA® examination is administered as two separate, independently scheduled computer-based tests — Level I (Foundation) and Level II (Advanced) — delivered at authorised Pearson VUE test centres. Both levels must be passed, plus two levels of project work, to earn the AFA® designation.
Each level tests a defined body of knowledge aligned to the AFA® curriculum. The sectional structure rewards candidates who can demonstrate both breadth (Section A) and analytical depth (Sections B and C). There is no negative marking; candidates simply need to reach the 50% threshold in each level.
Refer to the AFA® curriculum page for the subject areas covered in each level, and to the fees page for examination fee details.
AFA® Level I — Foundation examination
Tests foundational analytical skills: macroeconomics, financial statement analysis, corporate finance, corporate valuations and research techniques.
| Section | Questions | Marks per Question | Total Marks |
|---|---|---|---|
| Section A | 30 | 1 | 30 |
| Section B | 15 | 2 | 30 |
| Section C | 20 | 4 | 80 |
| Total | 80 | — | 170 |
AFA® Level II — Advanced examination
Tests advanced skills: equity research, investment analysis, financial modelling, mergers and acquisitions, and international market regulation.
| Section | Questions | Marks per Question | Total Marks |
|---|---|---|---|
| Section A | 40 | 1 | 40 |
| Section B | 30 | 2 | 60 |
| Section C | 20 | 5 | 100 |
| Total | 90 | — | 200 |
Project work: In addition to the two written examinations, candidates must complete two levels of project work as part of the AFA® certification requirements.
How to schedule — and what to know before you do
Candidates schedule their own exams year-round via the Pearson VUE portal. A few important rules apply.
Complete registration and wait 30 days
After your AFA® registration is activated, you must wait 30 days before you can schedule an examination. Use this period to begin your studies using the online study material in your student account.
Book on the Pearson VUE portal
Log in to the PearsonVue portal and select your preferred test centre and date. Examinations are available throughout the year at 75+ cities in India and 200+ cities globally — giving you full flexibility to choose a convenient location and time.
Schedule before your registration expires
Your registration is valid for 365 days from the date of activation. You must schedule your examination at least 30 days before your registration expires. Plan your study timeline accordingly and avoid leaving this to the last moment.
Rescheduling if needed
If you need to change your exam date, reschedule through the Pearson VUE portal. A rescheduling fee of Rs. 1,127 (Pearson VUE fee) applies. A minimum 15-day gap is required between successive attempts at the same level.
Exam fee reminder: Examination fees (Level I: Rs. 5,900 including GST; Level II: Rs. 9,440 including GST) are payable at the time of scheduling, separately from your programme registration fee. See the fees page for full details.
What examination readiness looks like
Knowing the pattern is the first step; knowing how to use it gives you the edge.
Plan your time by section
With 115 or 175 minutes across multiple sections, pace yourself so that higher-mark sections (C) receive proportionally more attention. Mark uncertain questions and return.
Study from the official material
Your student account includes online study material aligned to the AFA® curriculum. Use it as your primary resource — see the curriculum page for subject-level detail.
Target 50% — and beyond
The passing threshold is 50%, but confident candidates often aim higher to account for unfamiliar question framings. A balanced revision across all sections is the safest strategy.
Register for admission before scheduling
You must complete the admission and registration process and receive your student account before you can schedule via Pearson VUE.
Explore every step of the AFA® journey
The Accredited Financial Analyst pathway is a connected set of pages — start anywhere, each links back here.
Set yourself apart as an Accredited Financial Analyst®
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AFA® Examination — common questions
There are two levels. Level I (Foundation) and Level II (Advanced), each with a separate computer-based examination delivered at Pearson VUE centres.
Level I has 80 questions for 170 marks and a 115-minute duration. Level II has 90 questions for 200 marks and a 175-minute duration.
Candidates must score at least 50% to pass each level. For Level I this is a score of 50 out of 170; for Level II a score of 80 out of 200.
The exam is computer-based and available at Pearson VUE test centres across 75 cities in India and 200+ cities globally. Candidates schedule directly through the PearsonVue portal.
Yes. Rescheduling is available via the Pearson VUE portal. A rescheduling fee of Rs. 1,127 (Pearson VUE charge) applies. You must schedule at least 30 days before your registration expires.
Yes. A minimum 15-day gap is required between attempts at the same level. You may also not schedule an exam until 30 days after your registration is activated.
Start your AFA® journey today
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