PFRDA Grade A 2025-26
Updated June 2026
18 min read
Financial & Pension Sector
Study Material
Complete, exam-oriented syllabus breakup for PFRDA Grade A (Assistant Manager) with deep focus on Finance, Economics & Pension Sector.
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PHASE 1 + 2
150
Marks • Paper 2
HIGH WEIGHTAGE
40%
Finance + Pension Combined
CORE FOCUS
7
Subjects Covered
NEGATIVE MARKING
¼
Per Wrong Answer
OFFICIAL PATTERN
Jump to Syllabus
Exam Pattern Overview
PHASE 1 • PAPER 2
Format
50 MCQs • 100 Marks
Duration
40 Minutes
Nature
Qualifying
Negative Marking
¼ mark deducted
PHASE 2 • PAPER 2 (GENERAL STREAM)
MCQ Component
50 questions • 100 marks • 40 mins
Descriptive Component
3 Questions × 10 marks each • 60 mins
Aggregate cut-off: 40% (Gen/OBC) | 35% (SC/ST/PwBD)
Relevance: Strongly aligned with PFRDA’s mandate on pension regulation, financial stability & retirement products.
DETAILED BREAKUP
Complete Syllabus by Subject
Click any topic for deeper notes. Weightage shown is approximate based on recent patterns.
1. Commerce & Accountancy
High WeightageFinancial reporting, standards & analysis critical for pension fund oversight.
WEIGHTAGE
15-20%
Accounting Standards (Ind AS / IFRS)
Depreciation, Inventories, Revenue Recognition, Fixed Assets, Forex, Investments
View detailed notes →
Financial Statement Analysis
Ratio Analysis (Liquidity, Solvency, Profitability)
Accounting for Share Capital
Bonus Shares, Rights Issues, ESOPs, Buy-back of Securities
Company Final Accounts
Preparation & Presentation as per Companies Act
Exam Tip:
High weightage on Ratio Analysis and Cash Flow Statements (10-15% of questions). Directly relevant to pension fund financial reporting and audits.
2. Management
MediumOrganizational behavior, leadership & HR practices in financial & regulatory institutions.
WEIGHTAGE
5-10%
Nature and Scope of Management
Planning, Organizing, Staffing, Directing, Controlling
View detailed notes →
Human Resource Development (HRD)
Concepts, Goals, Performance & Potential Appraisal
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Motivation, Morale & Incentives
Maslow, Herzberg theories + factors influencing morale
View detailed notes →
Exam Tip:
Questions often link leadership & HRD to regulatory bodies. Focus on how these apply in pension fund operations and institutional governance.
3. Finance
CORE • 20%Financial systems, markets, regulation & recent developments — highest relevance to PFRDA.
WEIGHTAGE
20%
Financial System & Regulators
Role of RBI, SEBI, IRDAI, PFRDA in Indian financial sector
View detailed notes →
Financial Markets
Primary & Secondary Markets • Forex, Money, Bond, Equity • Green bonds, Digital assets
Derivatives
Forwards, Futures, Options, Swaps — basics & regulatory view
Recent Developments
FinTech, Blockchain, Crypto regulations, Digital pensions
Financial Inclusion & Technology
UPI, Digital pensions, Alternate sources of finance, PPP
Taxation, Fiscal Policy & Inflation
GST, FRBM Act, WPI/CPI, Monetary & Fiscal policy tools
Exam Tip:
Focus heavily on roles of regulators and recent reforms (post-2023/24). Critical for understanding pension fund investment environment.
4. Costing
MediumCost control, budgeting & lean systems in financial & pension operations.
WEIGHTAGE
10-15%
Overview of Cost & Management Accounting
Objectives, Scope & importance in financial institutions
Methods of Costing
Job, Batch, Contract, Process, Service Sector Costing
Cost Control & Analysis
Standard Costing, Marginal Costing, Budgetary Control
Lean Systems & Innovation
JIT, Kaizen, 5S, TPM, Six Sigma, BPR
Exam Tip:
Marginal costing and Budgetary control are frequently tested. Highly relevant for efficient administration of pension funds.
5. Companies Act, 2013
GovernanceCorporate governance framework applicable to financial institutions and pension funds.
WEIGHTAGE
5-10%
Chapter III — Prospectus & Allotment of Securities
Chapter IV — Share Capital and Debentures
Chapter VIII — Declaration & Payment of Dividend
Chapter X — Audit and Auditors
Chapter XI — Appointment & Qualifications of Directors
Chapter XII — Meetings of Board and Shareholders
Chapter XXVII — NCLT and Appellate Tribunal
Exam Tip:
Focus on Director appointments, Audit requirements and governance norms. Essential for compliance roles in PFRDA-regulated entities.
6. Economics
ImportantMacroeconomic concepts that directly influence pension investments and financial stability.
WEIGHTAGE
15%
Demand, Supply & Market Structures
National Income Concepts & Measurement
Classical & Keynesian approaches
Consumption, Investment, Multiplier & Accelerator
Money Supply, IS-LM, Inflation & Business Cycles
Balance of Payments & Forex Markets
Monetary & Fiscal Policy + NBFIs
Exam Tip:
Inflation trends, Fiscal policy and their impact on pension investments are key. Link economic indicators to retirement planning.
7. Pension Sector (PFRDA Core)
HIGHEST RELEVANCE • 20%India’s pension ecosystem, NPS, APY & regulatory framework — the heart of PFRDA exam.
WEIGHTAGE
20%
Status of Pension Sector in India
Evolution, Coverage, Challenges (aging population, low penetration)
Types of Retirement Schemes
Defined Benefit vs Defined Contribution — Features & Comparison
National Pension System (NPS)
Architecture, Subscribers, Investment Options (E, C, G), Tax Benefits (EET/EEE), Withdrawal Rules, 2024-25 updates
Atal Pension Yojana (APY)
Eligibility, Contribution Slabs, Pension Amounts, Govt Guarantee, Exit provisions
Annuity Plans
Immediate & Deferred Annuities • Providers & PFRDA regulations
Investment in Pension Funds
Asset Allocation, Risk-Return, PFMs, POPs, Regulatory Framework (PFRDA Act 2013)
PFRDA Special Tip:
Memorize NPS & APY architecture, recent subscriber numbers, and 2024-25 amendments. Questions heavily test current developments in the pension sector.
STRATEGIC INSIGHT
Subject Weightage Breakdown
Use this to prioritize your preparation. Finance + Pension = 40% of Paper 2.
Finance
20%
Pension Sector
20%
Commerce & Accountancy + Costing
20%
Economics
15%
Management + Companies Act
25%
Pro Tip: Master Finance + Pension first. They overlap significantly with current affairs and regulatory knowledge.
Additional Notes & Smart Strategy
Cross-Integration: Questions often combine topics — e.g., how fiscal policy affects pension investments or Companies Act compliance for pension funds.
Current Affairs: Include Budget 2025-26 pension provisions, latest PFRDA circulars on NPS enhancements, and subscriber growth numbers.
Recommended Resources: Official PFRDA website, Indian Economy by Ramesh Singh, Financial Management by Prasanna Chandra, and regular mock tests.
Preparation Priority: Finance (20%) + Pension Sector (20%) → Accountancy + Costing (20%) → Economics (15%) → Others.
INTERACTIVE
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