Who can enroll
Anyone who has passed Class 12 (10+2) can register for the programme. No prior finance background is assumed — Level 1 builds from the fundamentals of markets and quantitative methods.
Part of a globally certified professional framework
AFA® is awarded under American Academy of Financial Management® standards, with certificates issued from the USA. Both level examinations are conducted by Pearson VUE at their examination centres.
Trusted & recognised worldwide
The gap
From Running the Numbers to Reading the Business
Most people who want to work as analysts can build a model. Far fewer can explain what the model is telling them, or defend the assumptions inside it.
Formula-driven, not insight-driven
Valuation and forecasting get learned as procedures to repeat rather than judgements to make, so the output changes but the thinking doesn't.
Statements read in isolation
The income statement, balance sheet and cash flow are analysed separately, when the useful signal usually sits in how the three disagree.
No bridge from macro to company
Economic policy, industry structure and company performance are studied as different subjects, so the link between them never gets made.
Analysis that doesn't reach a decision
Without valuation discipline, risk framing and report writing, good analysis stops short of a recommendation anyone can act on.
AFA® closes each gap with one connected curriculum across two levels — from financial markets, quantitative methods and statement analysis through corporate finance and fixed income, into equity valuation, derivatives, portfolio strategy, behavioural finance and advanced financial analysis.
What is the Accredited Financial Analyst® designation?
AFA® is a professional certification in financial analysis, conferred under American Academy of Financial Management® global standards and delivered in India by AAFM® India. It is a designation, not a course: you work through a two-level curriculum, pass both examinations, complete project work at each level, and earn the right to use the AFA® mark after your name. The programme is built around the functions a financial analyst, research analyst or equity analyst actually performs — financial statement analysis, corporate finance, equity research, investment analysis and financial modelling. It moves beyond general finance knowledge to the applied question every analyst faces: how do you turn published information about a company into a defensible view on its value?
Level 1
Foundation · Units 1–5
Introduction to financial markets, quantitative techniques and methods, financial statement analysis, corporate finance, and fixed income security analysis.
Level 2
Advanced · Units 6–10
Equity valuation, derivatives and alternate investments, portfolio management strategies, behavioural finance, and advanced financial analysis.
Who earns the AFA®?
Research & equity analysts
Formalise the analytical process behind coverage — from industry structure through valuation to the written recommendation.
Aspiring analysts & career switchers
Build a demonstrable analyst skill set before you have coverage or a track record to point to.
Corporate finance & treasury professionals
Extend into capital structure, cost of capital, working capital strategy and investment appraisal.
Banking & credit professionals
Read financial statements the way a lender needs to — cash flow quality, leverage, distress signals and covenant risk.
CAs, CSs & finance graduates
Convert accounting and reporting strength into valuation and investment analysis capability.
Students & fresh graduates
Enter the job market with a structured analytical foundation rather than a general finance degree alone.
Roles this certification is built for Equity Analyst Financial Analyst Investment Banking Analyst Equity Research Analyst Portfolio Manager Quant Analyst Treasury Manager Financial Planning & Analysis (FP&A) Manager
If your work involves analysing companies, valuing securities or building the case behind an investment decision, AFA® is built for you. If your work centres on managing a client's overall financial life, CWM® is the closer fit; if it centres on running portfolios, look at CPM®.
Organisations across the Indian financial industry
AAFM® India works with banks, asset managers, broking houses, consulting firms and advisory practices across the country.
INDIA
INTERNATIONAL
Analysis as a process, not a set of formulas
The Accredited Financial Analyst® Certificate Program
develops expertise in financial analysis, investment decision-making and
valuation. It is aimed at the skills employers look for across securities
markets, banking, corporate finance, fund management, insurance and investment
advisory work.
In a field defined by specialisation, financial analysis
remains unusually broad. An analyst needs a working understanding of market
structure, portfolio construction, risk and return — and, at the same time, the
ability to evaluate an industry and a company before forming a view on a single
stock. The AFA® curriculum is sequenced to build both, in that order.
- Statements first: learn to
find the strengths and weaknesses in a company through the tools of
financial statement analysis, before valuing anything.
- Corporate finance as an analyst reads it: capital budgeting, cost of capital, capital structure, working
capital and governance — from the outside looking in.
- Valuation across asset classes: fixed income valuation, duration and convexity at Level 1;
equity valuation models, relative valuation and distress securities at
Level 2.
- The decision, and the report: behavioural
biases that distort analysis, and the report writing that turns a view
into something a client or committee can act on.
Earn it, don't buy it
The certification exams
Two examinations,
conducted by Pearson VUE across their examination centres. Each paper is split
into three sections of increasing mark weight.
|
Examination |
Duration |
Units |
Questions |
Section A |
Section B |
Section C |
Total marks |
Pass |
|
AFA Level 1 |
115 minutes |
1 to 5 |
80 |
30 × 1 mark |
30 × 2 marks |
30 × 4 marks |
170 |
50% |
|
AFA Level 2 |
175 minutes |
6 to 10 |
90 |
40 × 1 mark |
30 × 2 marks |
20 × 5 marks |
200 |
50% |
Project work must be
completed at both levels in addition to the examinations. Certificates are
issued from the USA under American Academy of Financial Management®
international standards.
The curriculum: 10 units, two levels, one analytical
framework
Level 1 builds the
foundation an analyst works from — how markets are structured, the quantitative
methods behind every calculation, how to read a set of financial statements,
how corporate finance decisions are made, and how fixed income instruments are
valued. Level 2 applies it: equity valuation, derivatives and alternatives,
portfolio strategy, the behavioural biases that distort judgement, and advanced
financial analysis through to report writing.
111 Lessons · 10 Units ·
2 Levels
LEVEL 1 — FOUNDATION
|
Unit |
Lessons |
What it covers |
|
Unit 1 —
Introduction to Financial Markets |
13 |
The global
financial system, economic unions, international financial institutions,
macroeconomics, inflation and interest rates, fiscal and monetary policy, the
external sector, balance of payments and the international regulatory
framework. |
|
Unit 2 —
Quantitative Techniques and Methods |
18 |
Statistics,
probability, decision trees, central tendency and dispersion, correlation and
regression, time series, sampling, hypothesis testing, time value of money,
annuities and return measurement. |
|
Unit 3 — Financial
Statement Analysis |
10 |
Tools of statement
analysis, income statements, balance sheets, cash flow analysis, inventory,
long-lived assets, income taxes and financial reporting mechanisms. |
|
Unit 4 — Corporate
Finance |
10 |
Capital budgeting,
cost of capital, working capital, corporate governance, capital structure,
leverage, dividend policy and mergers and acquisitions. |
|
Unit 5 — Fixed
Income Security Analysis |
8 |
Fixed income
valuation, duration and convexity, embedded options, ABS and MBS, credit
derivatives and CDOs, and fixed income portfolio management. |
LEVEL 2 — ADVANCED
|
Unit |
Lessons |
What it covers |
|
Unit 6 — Equity
Valuation |
12 |
Equity market
structure, fundamental analysis, industry and company analysis, models of
equity valuation, and technical analysis including charts, indicators and
theory. |
|
Unit 7 —
Derivatives and Alternate Investments |
9 |
Options and swaps,
alternate assets, hedge funds, commodities and managed futures, private
equity, structured products, risk mitigation and the Indian alternatives
market. |
|
Unit 8 — Portfolio
Management Strategies |
13 |
Investment risk
and return, measures of risk, diversification, asset pricing models, asset
allocation, equity portfolio management, rebalancing, asset-liability
management and drafting an investment policy statement. |
|
Unit 9 —
Behavioural Finance |
9 |
Heuristics and
biases, economic and market anomalies, group behaviour, investment style,
case studies on behavioural bias, and the analyst's perspective on
behavioural finance. |
|
Unit 10 — Advanced
Financial Analysis |
8 |
Financial analysis
data, financial and relative valuation, control and liquidity, distress
securities, and report writing. |
Many aspiring analysts struggle, not for lack of intelligence, but because:·
- finance is studied without a systematic analytical
framework
- forecasting
and valuation stay formula-driven instead of insight-driven
- financial
statements, corporate finance and markets remain disconnected
- there is
no clear path linking data, company performance and investment choices
How the programme addresses it
AFA®
gives you an organised learning path that reflects the work of an actual
financial analyst. Alongside the analytical tools, you learn why and when to
apply each one to a real business or investment decision. By linking financial
statements, valuation and forecasting into a single practical skill set, you
build an integrated analytical framework rather than a collection of scattered
knowledge.
A complete financial analysis skill set
Read the environment
Interpret the effect of global and local economic conditions on markets, and forecast how government policy will land on a business.
Analyse the company
Use the tools of financial statement analysis to establish real financial strength and weakness, including cash flow quality and reporting mechanisms.
Value the security
Apply equity valuation models, relative valuation, fixed income valuation and discounted cash flow methods across instruments.
Model and report
Build spreadsheet-based financial models, apply statistical methods to quantitative data, and write the analysis up so it can be acted on.
Faculty
◆Learn from practitioners, not presenters
Saurabh Jain
CA, CS, CFA, FRM, CFP (US), CWM®, CTEP®, CISI (UK), CCRA, CIRA, AIM
Capital markets & investment analysis · Financial advisory & wealth management · Fintech & advanced trading technologies
Romit Barat
Executive Director – AAFM® India
Regulatory certifications & financial education · Investment & portfolio management · Corporate growth & innovation
Himanshu Patodi
Vice President – HSBC · Executive MBA, IIM Mumbai
Derivatives (equity and interest rate) · Wealth structuring · Estate and succession planning
Dr. Deepak Jain
Co-founder & Director – AAFM® India
Estate & succession planning · Wealth protection & portfolio management · Financial literacy advocacy · Training & thought leadership
What you will be able to do
Interpret the effect of the global and local economic environment on financial markets and investments, and forecast the impact of government economic policy on a business. Analyse financial statements to establish a company's financial strengths and weaknesses using the full range of analytical tools. Monitor and control corporate exposure to financial and operational risk, and recognise the governance issues that arise from the separation of ownership and control. Optimise capital structure, manage the cost of long-term capital, and evaluate capital investments quantitatively. Interpret the features of fixed income securities and use interest rate derivatives such as futures and options to manage risk. Construct optimal portfolios and apply asset-pricing models, and make investment policy recommendations including optimal asset allocation. Apply statistical methods to quantitative data across a range of financial analysis techniques. Develop spreadsheet-based financial modelling solutions to financial problems, and evaluate the performance of an investment manager. Recognise the ethical, social and cultural issues that shape professional responsibility as a financial analys
The curriculum: 10 units, two levels, one analytical framework
Level 1 builds the foundation an analyst works from — how markets are structured, the quantitative methods behind every calculation, how to read a set of financial statements, how corporate finance decisions are made, and how fixed income instruments are valued. Level 2 applies it: equity valuation, derivatives and alternatives, portfolio strategy, the behavioural biases that distort judgement, and advanced financial analysis through to report writing.
Level - 1 110 Lessons 00:00:00
Unit 1 - Introduction to Financial Market
13 Lessons
00:00:00 Hours
-
Chapter 1 - Global Financial System
.
-
Chapter 2 - Economic Unions
.
-
Chapter 3 - The International Financial Institutions
.
-
Chapter-4 Types of Financial Markets within the Global Financial
.
-
Chapter 5 - Introduction to Macro Economics
.
-
Chapter 6 - Inflation and Interest Rates
.
-
Chapter 7 - National Income Accounting
.
-
Chapter 8 - Government and Fiscal Policy
.
-
Chapter 9 - Money and Monetary Policy
.
-
Chapter 10 - The External Sector
.
-
Chapter 11 - The Balance of Payments
.
-
Chapter 12 - International Regulatory Framework
.
Unit 2 - Quantitative Techniques and Methods
18 Lessons
00:00:00 Hours
-
Chapter 1 - An Introduction to Statistics
.
-
Chapter 2 - Arrangement of Data
.
-
Chapter 3 - Probability Concepts
.
-
Chapter 4 - Decision Tree
.
-
Chapter 5 - Measures of Central Tendency
.
-
Chapter 6 - Measures of Central Dispersion
.
-
Chapter 7 - Correlation and Regression
.
-
Chapter 8 - Time Series Analysis
.
-
Chapter 9 - Index Numbers
.
-
Chapter 10 - Normal Distribution
.
-
Chapter 11 - Sampling and Estimation
.
-
Chapter 12 - Hypothesis Testing
.
-
Chapter 13 - Time Value of Money
.
-
Chapter 14 - Measuring Rate of Returns
.
-
Chapter 15 - Annuities
.
-
Chapter 16 - Role of TVM in Capital Budgeting Techniques
.
-
Chapter 17 - Portfolio Return Measurement
.
Unit 3 - Financial Statement Analysis
10 Lessons
00:00:00 Hours
-
Chapter 1 - Introduction
.
-
Chapter 2 - Tools of Analysis of Financial Statements
.
-
Chapter 3 - Understanding Income Statements
.
-
Chapter 4 - Balance Sheet
.
-
Chapter 5 - Cash Flow Analysis
.
-
Chapter 6 - Inventory
.
-
Chapter 7 - Long Lived Assets
.
-
Chapter 8 - Income Taxes
.
-
Chapter 9 - Financial Reporting Mechanisms
.
Unit 4 - Corporate Finance
10 Lessons
00:00:00 Hours
-
Chapter 1 - Understanding Corporate Finance
.
-
Chapter 2 - Capital Budgeting
.
-
Chapter 3 - Cost of Capital
.
-
Chapter 4 - Working Capital
.
-
Chapter 5 - Corporate Governance
.
-
Chapter 6 - Capital Structure
.
-
Chapter 7 - Leverage
.
-
Chapter 8 - Dividend Policy
.
-
Chapter 9 - Mergers and Acquisitions
.
Unit 5 - Fixed Income Security Analysis
8 Lessons
00:00:00 Hours
-
Chapter 1 - Introduction
.
-
Chapter 2 - Fixed Income Valuation
.
-
Chapter 3 - Duration and Convexity
.
-
Chapter 4 - Embedded Options
.
-
Chapter 5 - ABS and MBS
.
-
Chapter 6 - Credit Derivatives & CDO
.
-
Chapter 7 - Fixed Income Portfolio Management
.
Unit 6 - Equity Valuation
12 Lessons
00:00:00 Hours
-
Chapter 1 - Equity Markets and Structures
.
-
Chapter 2 - Fundamental Analysis
.
-
Chapter 3 - Industry Analysis
.
-
Chapter 4 - Company Analysis
.
-
Chapter 5 - Models of Equity Valuation
.
-
Chapter 6 - Technical Analysis
.
-
Chapter 7 - Type of Charts
.
-
Chapter 8 - Technical Indicators
.
-
Chapter 9 - Other Technical Indicators
.
-
Chapter 10 - Theories of Technical Analysis
.
-
Chapter 11 - Wealth Management Perspective
.
Unit 7 - Derivatives and Alternate Investments
9 Lessons
00:00:00 Hours
-
Chapter 1 - Derivatives-Options and Swaps
.
-
Chapter 2 - Alternate Assets
.
-
Chapter 3 - Hedge Funds
.
-
Chapter 4 - Commodities and Managed Futures
.
-
Chapter 5 - Private Equity
.
-
Chapter 6 - Structured Products
.
-
Chapter 7 - Alternatives and Risk Mitigation
.
-
Chapter 8 - Alternate Assets in India
.
Unit 8 - Portfolio Management Strategies
13 Lessons
00:00:00 Hours
-
Chapter 1 - Introduction to Portfolio Management
.
-
Chapter 2 - Investment Risk
.
-
Chapter 3 - Types of Investment Returns
.
-
Chapter 4 - Measures of Risk
.
-
Chapter 5 - Managing Risk Through Diversification
.
-
Chapter 6 - Asset Pricing Models
.
-
Chapter 7 - Asset Allocation
.
-
Chapter 8 - Equity Portfolio Management
.
-
Chapter 9 - Rebalancing Strategies
.
-
Chapter 10 - Asset Liabaility Management of Individual Investors
.
-
Chapter 11 - Drafting of Investment Policy Statement
.
-
Chapter 12 - Current Scenario of Portfolio Management
.
Unit 9 - Behavioural Finance
9 Lessons
00:00:00 Hours
-
Chapter 1 - Introduction to Behavioral Finance
.
-
Chapter 2 - Heuristics and Biases
.
-
Chapter 3 - Anomalies - Economic Behavior
.
-
Chapter 4 - Anomalies - Market Prices & Returns
.
-
Chapter 5 - Group Behavior
.
-
Chapter 6 - Investment Style and Behavioral Finance
.
-
Chapter 7 - Cases on Behavioral Biases
.
-
Chapter 8 - Analyst Perspective on Behavioral Finance
.
Unit 10 - Advanced Financial Analysis
8 Lessons
00:00:00 Hours
-
Chapter 1 - Introduction to Financial Analysis
.
-
Chapter 2 - Financial Analysis Data
.
-
Chapter 3 - Financial Valuation
.
-
Chapter 4 - Relative Valuation
.
-
Chapter 5 - Control and Liquidity
.
-
Chapter 6 - Distress Securities
.
-
Chapter-7-Report-Writing
.
Our alumni work at India's leading wealth institutions
CWM® charterholders serve in private banking, wealth advisory, financial planning, and portfolio roles across these organizations — part of a 300,000+ global alumni network.
Your charter - tangible, verifiable, yours
Verified in seconds
Every AFA® charter can be verified online by employers and clients at AAFM India's official verification page. Your designation is a credential, not a claim — and verification is what separates the two. Use the AFA® mark after your name on your resume, LinkedIn, business card and client communication. Certificates are issued from the USA under American Academy of Financial Management® international standards. AFA® charterholders agree to a code of ethics and rules governing both professional and personal conduct. CertificationValidityChecks
One route, one charter
Eligibility & pathways
What certification requires
Pass both level examinations, complete project work at both levels, and hold a bachelor's degree from an accredited institution at the time the certification is conferred — so final-year students can enrol now and be certified after graduating.
Registration is valid for 365 days from the date of activation. Certification must be completed within three years of activation; beyond that, any completed level stands nullified.
The counsellor call, replaced
Frequently asked questions
Everything you'd normally ask a counselor, answered here.
General
AFA® is a professional certification in financial analysis, conferred under American Academy of Financial Management® standards and delivered in India by AAFM® India. It covers a two-level, 10-unit curriculum spanning financial markets, quantitative methods, financial statement analysis, corporate finance, fixed income, equity valuation, derivatives, portfolio strategy, behavioural finance and advanced financial analysis.
AFA® is about analysing companies and valuing securities — the work of a research or equity analyst. CPM® is about constructing and managing portfolios. CWM® is about managing a client's overall financial life. AFA® sits earliest in the chain: it produces the analysis the other two act on.
Research and equity analysts, aspiring analysts and career switchers, corporate finance and treasury professionals, banking and credit professionals, CAs and CSs moving into valuation work, and finance students and fresh graduates.
A general finance course teaches topics. AFA® teaches an analytical process. The units are sequenced the way an analyst works — understand the environment, read the statements, understand the corporate finance decisions, then value the security and write the recommendation.
Your registration fee includes online access to the AAFM AFA Learning System™ — guided overviews for each module highlighting key topics, assessments that identify what you already know and where you need more time, more than 500 questions for continually testing comprehension, and real-life case study scenarios.
No. Level 1 begins with the global financial system and quantitative techniques before moving into statement analysis and corporate finance. A financial calculator and working comfort with spreadsheets will both help.
Online, through the AAFM® India learning portal — 111 lessons across 10 units, accessible on mobile and desktop. Access activates within 24 hours of enrolment and runs for 12 months.
This depends on your pace. Registration is valid for 365 days from activation, and certification must be completed within three years of activation — beyond that, any completed level stands nullified.
Yes. Project work must be completed at both Level 1 and Level 2, in addition to passing both examinations.
Anyone who has passed Class 12. A bachelor's degree from an accredited institution is required at the point the certification is conferred, so final-year students can begin now.
Two papers, both conducted by Pearson VUE. Level 1 runs 115 minutes across 80 questions for 170 marks; Level 2 runs 175 minutes across 90 questions for 200 marks. Both require 50% to pass, and each paper is split into three sections of increasing mark weight.
The registration fee is ₹28,000 + 18% GST, which comes to ₹33,040. This includes your registration and 12 months of access to the AFA Learning System™. Examination fees are payable separately — ₹6,000 + GST for Level 1 and ₹8,000 + GST for Level 2 — along with the certification fee once you qualify.
Each examination fee is payable when you book that examination — ₹6,000 + GST (₹7,080) for Level 1 and ₹8,000 + GST (₹9,440) for Level 2. The certification fee is payable once you have passed both examinations and met the other certification criteria.
Equity research, financial analysis, investment analysis, corporate finance, credit analysis, fund management, treasury and investment advisory. AFA® builds knowledge relevant to these areas; AAFM® India does not guarantee employment or salary outcomes.
All fees are non-refundable once paid, under any circumstances. We state this upfront so you can decide with complete information.
Part of a globally certified professional framework
AFA® is awarded under American Academy of Financial Management® standards, with certificates issued from the USA. Both level examinations are conducted by Pearson VUE at their examination centres
Not sure which certification fits you?
If your work centres on analysing companies and valuing securities, AFA® is the specialist route. If it centres on running portfolios, CPM® is. If it centres on the client's overall financial life, CWM® is. A career expert can talk it through in ten minutes.
Talk to a Career Expert →Self-paced or live
◆Choose your Study Mode
Choose the study mode that works best for Accredited Financial Analyst® (AFA®) Certification. Your selected course access and applicable fees are shown below.
Study on your own schedule
₹34000
+ 18% GST
₹40120 payable today
- 1 Year Registration
- Online access to the AFA Learning System™
- 111 Lessons across 10 Units, both levels
- 500+ practice questions and case scenarios
- Access on Mobile and Desktop
- Dedicated Learning Support
Not sure which certification fits you?
Everything you need to decide is on this page — the full curriculum, both exams, the fee structure and where the knowledge applies. Enrollment takes five minutes and your learning portal opens within 24 hours.
Enroll in AFA® Today →
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