IFSCA Grade A Phase 2 Exam Analysis 2025, Check All Questions Asked

The Phase 2 exam of the IFSCA Grade A (Assistant Manager) for 2025 isn’t just a screening hurdle it’s the decisive stage where your merit is determined. The Domain Paper tested candidates on IFSCA regulations, global financial services, capital markets, banking, insurance, and key economic concepts. Here’s a detailed breakdown of how it went, what sorts of questions were asked, and how you should use this insight for your preparation.

IFSCA Grade A Phase 2 Exam Analysis 2025

The IFSCA Grade A Phase 2 Exam 2025 was moderate to difficult, with the Descriptive English section focusing on financial and socio-economic essay topics, along with precis and comprehension. Questions were concept-based and required strong understanding of financial regulations and current economic updates. Overall, the exam rewarded clarity, conceptual depth, and well-prepared candidates.

IFSCA Grade A Phase 2 Exam Analysis 2025 Paper Wise

The English Descriptive section of the IFSCA Assistant Manager Phase 2 exam maintained a balanced structure, testing candidates on clarity of expression, comprehension skills, and the ability to summarise complex information. While the essay and precis components were largely on expected lines and fairly manageable, the reading comprehension introduced a higher difficulty level with its abstract and technical theme.

Paper 1: English Descriptive

Paper 1 can be categorized as moderate, with scoring potential largely dependent on accuracy, clarity, and time management.

1. Essay Writing

Word Limit: 250–270 words

• Pet care industry
• Role of government & private institutions in ensuring inclusive education
• Rising inequality and its impact on urban areas

Difficulty Level: Easy to Moderate (Education-related topic most doable)

2. Precis Writing

Word Limit: 135 words (including title)

Theme: Green Hydrogen

Difficulty: Easy for those with clear precis-writing concepts + typing speed

3. Reading Comprehension

Theme: Brain-Machine Interface (BMI) – company named Aura Aligned

Total Questions: 5

Difficulty: Toughest part of Paper 1

• Passage was abstract/weird
• Included a long fill-in-the-blank question

Overall Paper 1 Difficulty: Moderate

Paper 2: General Stream (Finance, Banking, Capital Markets, Insurance, Pensions, Schemes)

The Paper 2 section of the IFSCA Assistant Manager Phase 2 exam was largely on expected lines, with most questions being direct, concept-based, and highly approachable for well-prepared candidates. The majority of the paper revolved around core areas of Finance, Banking, Capital Markets, Insurance, Pensions, and key updates from the Budget and Economic Survey.

With a strong emphasis on fundamentals and recent regulatory developments, Paper 2 can be classified as easy to moderate, offering ample scoring opportunities for those with a solid conceptual base.

A. Finance, Banking & Capital Markets

Difficulty: Easy to Moderate and most questions were direct and on expected lines.

Key Areas Asked:

GIFT City

• Full form
• Number of regulators
• SME Fund Management Entity – required net worth
• Minimum gold contract quantity on MCX

RBI Current Affairs

• Free AI Committee
• CTS (Cheque Truncation System) update
• Payment Vision Document

Financial Institutions

• Functions of SEBI
• Purpose of NaBFID
• Export credit provider
• Year of PFRDA establishment

Debt & Money Market

• Where G-secs are traded
• Notice Money maturity
• Debt instrument of 7 days–1 year
• Swap meaning
• Contango & Backwardation
• Initial margin

B. Insurance

Difficulty: Easy

3–4 questions from Principles of Insurance

LIC nationalisation year

FDI limit in insurance (as per budget)

Who conducts insurance contract valuation (Actuary)

C. Pension & Schemes

Difficulty: Easy

APY & NPS basics

Defined benefit vs defined contribution

Scheme-based conceptual questions

D. Budget & Economic Survey

Around 5 questions

Mostly terminology + sectoral updates