BFA Level I and Level II Exams

The exams are held on the second Saturday of April every year. The Level I exam is offered from 9:30 am to 12:30pm and the Level II exam is offered from 2 pm to 5 pm. The Level I exam carries 120 questions and is a multiple choice type. The Level II exam is an essay type exam.
  • Course Content

    The course content for both Level I and Level II cover Credit, Investment and Risk management topics. Further details of the topics can be seen at Curriculum.

    The Level I exam is a mix of basic and advanced questions often asked in multiple-choice format.

    The Level II is an essay type paper that calls for advanced in depth study and higher level of analytical and thinking skills.

    Candidates are expected to study comprehensively all the topics in the curriculum, irrespective of if those topics were covered in the classroom sessions. The classroom sessions are only indicative and may not cover all topics.

  • English Proficiency

    Employers require minimum skills in drafting company / industry reports. The equity research, fixed income research analysts need an advanced level of English proficiency to express their analytical rigor. Therefore, BFA Level II requires candidates to write an essay that demonstrates candidates’ mastery over language, logical thinking, clarity and flow of thought.

    The grades obtained in English will be shown separately. This essay will have weightage of 20 points out of 240 points Level II exam.


    Those who pass BFA exams are given three grades.
    DS – Distinguished.
    HP – High Pass
    P – Pass
    The candidates who do not pass are shown Fail.

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