IFSCA Grade A Exam Pattern 2026: Phase 1, Phase 2, & Interview

IFSCA Grade A exam pattern consists of 3 stages: Phase 1, Phase 2, and interview. You need to crack each stage to become an officer in IFSCA.

I know must be about the details of the IFSCA Grade A officer exam pattern. What are the subjects? Is it MCQ-based? Is there negative marking?

In this article, I’ll break down the IFSCA Assistant Manager exam pattern in detail. You’ll get to know the phase-wise structure, the marks distribution, the time limits, and how the final selection happens.

So if you’re targeting the IFSCA Grade A exam , save this page.

IFSCA Grade A Exam Pattern 2026

As mentioned above, the IFSCA Grade A exam pattern consists of 3 phases:

1. Phase 1: Online Screening Test (Objective)
2. Phase 2: Online Mains Exam (Objective + Descriptive)
3. Phase 3: Interview

Phase 1 is qualifying. Phase 2 and the Interview decide your final merit.

Let’s break each of these down based on the latest IFSCA Grade A notification.

IFSCA Grade A Phase 1 Exam Pattern 2026

This is the very first stage. Everyone who applies has to go through this screening round; i.e., the marks obtained in this paper are not considered for the final selection. You just need to clear the IFSCA Grade A cutoff.  

IFSCA tests your basic aptitude and your understanding of finance-related subjects.

Subjects of IFSCA Grade A Phase 1

There are 2 papers in Phase 1:

• Paper 1 includes general sections like:
  • General Awareness (with financial sector focus)
  • English Language
  • Quantitative Aptitude
  • Reasoning Ability
    
• Paper 2 is all about subject-specific knowledge. You’ll be tested on:
  • Financial Sector (Banking, Capital Market, Insurance, etc.)
  • Management and Accounts
  • Companies Act
  • Economics and Financial Markets

So if you’re someone from a finance, commerce, or management background, you might already be familiar with some of these.

Number of Questions of IFSCA Grade A

IFSCA Grade A Phase 1 Paper 1

Paper 1 of IFSCA Grade A Phase 1 consists of 100 multiple-choice questions, divided equally among 4 sections:

• General Awareness: 25 questions
• Reasoning Ability: 25 questions
• Quantitative Aptitude: 25 questions
• English Language: 25 questions

IFSCA Grade A Phase 1 Paper 2

Paper 2 of IFSCA Grade A Phase 1 includes 50 multiple-choice questions, all from domain-specific subjects given below. 

• Financial Markets
• Indian Economy
• Commerce & Accountancy
• Management
• Costing
• Companies Act
• IFSCA-related regulations

Maximum Marks of IFSCA Grade A

IFSCA Grade A Phase 1 Paper 1

Paper 1 of IFSCA Grade A Phase 1 carries a total of 100 marks. Since there are 100 questions, each question carries 1 mark.

Here’s how the marks are distributed across the 4 sections:

• General Awareness: 25 marks
• Reasoning Ability: 25 marks
• Quantitative Aptitude: 25 marks
• English Language: 25 marks

A balanced performance across all 4 areas is essential. You can’t rely on just one to carry you through the cutoff. 

IFSCA Grade A Phase 1 Paper 2

Paper 2 of IFSCA Grade A carries a total of 100 marks, but the 50 questions here are weighted higher, which means each question carries 2 marks.

Every domain-specific subject in Paper 2 is tested uniformly through those 50 questions.

So overall in Phase 1, you attempt:

• 150 questions
• Total of 200 marks

Even though these marks are not added to your final merit, you must clear the cutoff (30% for Paper 1 and 40% for Paper 2) and the overall cutoff of 40% to qualify for Phase 2.

Duration of IFSCA Grade A

IFSCA Grade A Phase 1 Paper 1

You will get a total of 60 minutes (1 hour) to solve in Paper 1 of IFSCA Grade A Phase 1. Since there are 100 questions, that gives you less than a minute per question.

You can solve questions in any order and spend more time on your stronger areas. But you also need to be careful not to overspend time on just one section.

IFSCA Grade A Phase 1 Paper 2

This paper also has a duration of 60 minutes. You’ll face 50 technical questions from domain-specific subjects, and they’re usually more concept-based.

Even though the number of questions is fewer compared to Paper 1, the level is higher in Paper 2, so the one hour given here is just about right. You need to read carefully, think analytically, and avoid silly errors.

So overall, for Phase 1, you get:

• 1 hour for Paper 1
• 1 hour for Paper 2
• Total duration: 2 hours

Both papers are conducted on the same day, usually with a small gap between them. You’ll attempt them in separate time slots, back-to-back.

Read our IFSCA Grade A eligibility article to know if you can attempt IFSCA Grade A in 2026.

IFSCA Grade A Phase 2 Exam Pattern 2026

Phase 2 is the real game-changer. Unlike Phase 1, these marks will directly decide your rank in the final list. This phase also has two papers, but the nature of the questions here is different.

Let’s break it down. 

Subjects of IFSCA Grade A

The IFSCA Grade A Phase 2 exam comprises the following subjects:

• Paper 1: English Descriptive
• Paper 2:Stream-Specific Subjects, which broadly consists of the following:
  • Banking 
  • Capital Market
  • Insurance 
  • Pension Sector
  • IFSCA Act & GIFT City

Number of Questions & Maximum Marks of IFSCA Grade A

Let’s look at how many questions appear in each, and how they’re divided.

IFSCA Grade A Phase 2 Paper 1 (English Descriptive)

This paper tests your ability to write effectively, think logically, and comprehend clearly. It consists of three fixed components:

• Precis Writing – 1 question of 35 marks
• Essay Writing – 1 question of 30 marks
• Reading Comprehension – 1 passage with questions, carrying 35 marks

You have to attempt all three. There’s no choice here. That makes it a total of 3 descriptive questions, and together they add up to 100 marks.

This paper is timed for 1 hour, and to qualify, you must score at least 30% in it.

IFSCA Grade A Phase 2 Paper 2 (Domain Specific Subjects)

Paper 2 is fully objective. It includes 50 multiple-choice questions, each carrying 2 marks, making a total of 100 marks.

All questions are from exam exam-specific domain, mainly focused on:

• IFSCA Act
• Union Budget
• Economic Survey
• Indian Banking Sector
• Capital Market
• Insurance and Pension Funds
• Bullion Market
• GIFT City and GIFT IFSC
• IFSCA’s regulatory role
• Global Financial Centres

This paper also has a duration of 1 hour, and you need at least 40% marks to clear it.

So overall in Phase 2:

• Paper 1: 3 descriptive questions (Precis, Essay, RC) = 100 marks
• Paper 2: 50 MCQs from finance and regulatory topics = 100 marks

Duration of IFSCA Grade A

When it comes to Phase 2, knowing how much time you’ll get for each paper is as important as knowing the syllabus. Since both papers are equally timed but test very different skills, time management becomes crucial.

Let’s break it down.

IFSCA Grade A Phase 2 Paper 1 (English Descriptive)

You’ll get a total of 1 hour to attempt this paper. Within those 60 minutes, you need to write:

• A precis 
• An essay 
• A reading comprehension 

There’s no sectional timing, so you have to manage the full hour wisely across all three questions. Most candidates tend to over-focus on the essay and end up rushing the other two, so practice keeping things balanced.

IFSCA Grade A Phase 2 Paper 2 (Domain Specific Subjects)

This paper also comes with a total time of 1 hour. You’ll have to solve 50 MCQs, each carrying 2 marks. The questions are technical and sometimes case-based, so reading carefully and not rushing is key.

Even though it’s objective, the difficulty level is a step up from Phase 1, so you’ll need every minute to think, eliminate, and mark wisely.

To sum it up:

• You’ll get 1 hour for Paper 1 (descriptive)
• And 1 hour for Paper 2 (objective)
• Making the total duration 2 hours for Phase 2

Both papers are held on the same day, back-to-back, with a short break in between.

Additional Details of IFSCA Grade A Phase 1 Pattern 2026

Some important rules and formats that you must know to attempt IFSCA Grade A Phase 1 confidently, like mode, cut-offs, negative marking, and language given below.

Mode of IFSCA Grade A

Phase 1 is conducted online (Computer-Based Test). Both papers are taken on the computer at a test centre, with no pen-and-paper mode involved.

Paper Structure of IFSCA Grade A

• Both Paper 1 and Paper 2 are objective-type MCQs.
• Each question has four options, with only one correct answer.

Cut-Off Criteria and Qualifying Nature of IFSCA Grade A

Phase 1 is qualifying only. Marks are not counted in the final merit. But you must meet both individual and aggregate cutoffs to reach Phase 2:

• Minimum 30% marks required in Paper 1
• Minimum 40% marks required in Paper 2
• Also, an overall aggregate of at least 40% is needed to qualify.

Failing in any of these means you will not be shortlisted for the mains exam.

Exam Language of IFSCA Grade A

Apart from the English Language section, all questions in Paper 1 and Paper 2 are bilingual (English and Hindi).

Marking Scheme of IFSCA Grade A

IFSCA Grade A Phase 1 exam involves negative marking, i.e., 1/4th (0.25 marks in Paper  1 and 0.50 marks in Paper 2) will be deducted for every incorrect choice you make.

Additional Details of the IFSCA Grade A Phase 2 Pattern 2026

IFSCA Grade A Phase 2 is where the real competition happens. The marks you score here directly decide whether you’ll move on to the interview and, more importantly, how close you’ll be to final selection. 

So apart from subjects and marks, there are a few key details you should be crystal clear about.

Mode of IFSCA Grade A

Both papers in Phase 2 are conducted in online mode.

• Paper 1 is descriptive, and you’ll have to type your answers (precis, essay, RC) on a computer screen using a keyboard.
• Paper 2 is a standard MCQ-based paper. You’ll select options using the mouse.

There is no pen-and-paper component in either paper.

Paper Structure of IFSCA Grade A

Paper 1 has three descriptive questions: one precis, one essay, and one RC, with fixed weightage for each. You must attempt all three.

Paper 2 consists of 50 objective-type questions, all from domain-specific subjects. Each question has 4 options, and only one correct answer.

Exam Language of IFSCA Grade A

• Paper 1 (Descriptive English) is available only in English, as it tests written communication skills.
• Paper 2 (Objective) is bilingual, available in both English and Hindi.

Negative Marking & Cut-offs of IFSCA Grade A

Paper 1 has no negative marking, since it’s descriptive and manually evaluated.

Paper 2 has a negative marking of 0.25 marks for every wrong answer. So, avoid random guessing unless you’ve narrowed it down.

To qualify in Phase 2:

• You must score at least 30% in Paper 1
• At least 40% in Paper 2

But clearing just the cutoff isn’t enough. Marks from both papers count toward final merit, with Paper 1 carrying 1/3rd weight and Paper 2 carrying 2/3rd weight.

IFSCA Grade A Interview Pattern

Only those candidates who qualify in Phase 2 are shortlisted for the interview round, which is conducted in person.

Unlike many similar competitive exams, there is no psychometric test before the interview.

You can choose to appear for the interview in either Hindi or English, based on your comfort.

Now that you understand the complete pattern, start preparing and begin with our IFSCA Grade A syllabus article for the detailed syllabus.

Final Selection as IFSCA Grade A Officer

Your final selection as an IFSCA Grade A Officer is based entirely on your performance in Phase 2 and the Interview. Phase 1 is only qualifying in nature. Its marks are not added to the final merit list.

The final merit is calculated using the following weightage system:

• 85% weightage is given to your Phase 2 marks (combined score of Paper 1 and Paper 2)
• 15% weightage is given to your Interview performance

So even if you just clear the cutoffs in Phase 2, you need to aim for a high score to stay competitive because every single mark adds up in the final list.

Time to Get Started

You don’t need to overthink this exam. The IFSCA Grade A exam pattern is clear. Phase 1 is just to filter. Phase 2 is where it counts. And the interview is about how well you carry yourself.

Now that you know the IFSCA Grade A exam pattern inside out, start working on it. 

Just prep smart and stay consistent. All the Best.