PFRDA Grade A 2026: Complete Exam Guide
Notification, expected dates, vacancies, eligibility, exam pattern, syllabus, salary, cut-offs and a SEBI vs PFRDA vs IFSCA comparison. One page that takes you from "should I apply" to "how do I clear it."
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01 What is PFRDA?
The Pension Fund Regulatory and Development Authority (PFRDA) is a statutory regulatory body set up under the PFRDA Act, 2013. It works under the Ministry of Finance and its core mandate is to promote, develop and regulate the pension sector in India, so that citizens have a secure and well-governed source of income after retirement.
An Officer Grade A (Assistant Manager) is an entry-level regulatory post at PFRDA. You work at the point where finance meets public policy. Typical responsibilities include:
- Regulating the National Pension System (NPS) and schemes such as Atal Pension Yojana (APY).
- Licensing and monitoring Pension Fund Managers (PFMs) and other intermediaries.
- Protecting the interests of NPS subscribers and handling compliance and grievances.
- Assisting in policy formulation, research, and data analysis for the pension sector.
- Promoting pension awareness and financial literacy, and coordinating with other regulators.
This makes PFRDA Grade A a strong option for aspirants who want a Grade A regulatory career similar to RBI, SEBI or NABARD, with a clear focus on retirement and social security.
02 PFRDA Grade A 2026 Notification & Timeline
PFRDA does not recruit every single year. Grade A notices came out in 2021, 2022 and again in 2025. With the 2025 cycle now complete, the 2026 cycle is expected next, and current reports point to a notification around late July to mid-August 2026. The exam is expected to be conducted through the Institute of Banking Personnel Selection (IBPS).
| Detail | Information (expected for 2026) |
|---|---|
| Organisation | Pension Fund Regulatory and Development Authority (PFRDA) |
| Post | Officer Grade A (Assistant Manager) |
| Conducting body | IBPS (expected) |
| Notification | Expected late July to mid-August 2026 |
| Vacancies | Around 30 to 40 expected (2025 had 40) |
| Mode of application | Online only |
| Official website | www.pfrda.org.in |
Vacancies, exact dates and any change in eligibility become final only when PFRDA releases the 2026 notification, so treat the numbers above as a well-grounded estimate.
03 Important Dates
Since the 2026 schedule is not out yet, the 2025 cycle is the most reliable reference for how the timeline usually flows:
| Event | PFRDA Grade A 2025 (reference) | 2026 (expected) |
|---|---|---|
| Notification | 29 June 2025 | Late July to mid-August 2026 |
| Online application | 2 July to 6 August 2025 | Opens with notification |
| Phase I exam | 6 September 2025 | September to October 2026 |
| Phase I result | 24 September 2025 | To be announced |
| Phase II exam | 6 October 2025 | November to December 2026 |
| Phase II result | 13 November 2025 | To be announced |
| Final result | 5 December 2025 | To be announced |
04 Vacancies & Streams
In 2025, PFRDA announced 40 posts across eight streams, including one post reserved for Persons with Benchmark Disabilities (PwBD). A similar spread is expected in 2026. Here is the 2025 stream-wise break-up:
| Stream | 2025 Posts |
|---|---|
| General | 28 |
| Finance and Accounts | 2 |
| Information Technology (preferably AI and ML) | 2 |
| Research (Economics) | 1 |
| Research (Statistics) | 2 |
| Actuary | 2 |
| Legal | 2 |
| Official Language (Rajbhasha) | 1 |
| Total | 40 |
Category-wise in 2025, the 40 posts were split as SC 6, ST 3, OBC 11, EWS 4 and UR/General 16. A candidate may apply for a maximum of two streams, provided the eligibility is met for each, with a separate application and fee for each stream.
05 Eligibility Criteria
Nationality
- Only Indian citizens are eligible to apply.
Age limit
- Maximum 30 years (calculated as on 31 July of the cycle). In 2025 it was as on 31 July 2025 (born on or after 1 August 1995). For 2026 it is expected to be as on 31 July 2026.
- No minimum age is prescribed.
Upper-age relaxation: SC/ST 5 years, OBC (non-creamy layer) 3 years, PwBD 10 years, Ex-servicemen 5 years, as per government norms.
Educational qualification (General stream)
You need any one of the following from a recognised university or institute:
- Master's Degree in any discipline, or a two-year Post Graduate Diploma treated as equivalent, or
- Bachelor's Degree in Law, or Bachelor's Degree in Engineering, or
- ACA/FCA from ICAI, or ACS/FCS from ICSI, or ACMA/FCMA from ICMAI, or CFA from the CFA Institute.
Specialised streams (Finance and Accounts, IT, Research, Actuary, Legal, Rajbhasha) have their own stream-specific qualifications as listed in the official notification. Final-year candidates awaiting results may apply, but must produce proof of qualification if selected.
06 Selection Process
Selection is a three-stage process. Note one key point: Phase I is only a screening filter. Your final marks come from Phase II and the interview.
Phase I (Screening)
Two online papers of 100 marks each. Purely qualifying: marks are used only to shortlist for Phase II and are not counted in the final merit.
Phase II (Main Examination)
Two online papers of 100 marks each: an English descriptive paper and a stream subject paper. This score carries 85 percent weight in the final selection.
Phase III (Interview)
Only Phase II qualifiers are called. The interview carries 15 percent weight. Final merit = Phase II (85 percent) plus Interview (15 percent).
You must clear separate cut-offs in each paper and an aggregate cut-off at every stage. In Phase II, the English (Paper 1) is evaluated only for candidates who first clear the qualifying marks in the objective Paper 2.
07 Exam Pattern
Phase I Pattern
| Paper | Subjects | Marks | Questions | Duration |
|---|---|---|---|---|
| Paper 1 | English (25), Quantitative Aptitude (25), Reasoning (25), General Awareness incl. financial sector (25) | 100 | 80 | 60 min |
| Paper 2 | General stream: Commerce, Accountancy, Management, Finance, Costing, Companies Act, Economics, Pension Sector. Other streams: specialised subject. | 100 | 50 | 40 min |
Phase II Pattern
| Paper | Subjects | Marks | Questions | Duration | Weight |
|---|---|---|---|---|---|
| Paper 1 | English (Descriptive) to test drafting skills | 100 | 3 | 60 min | 1/3 |
| Paper 2 | Stream subject (General stream: same 8 subjects as Phase I, at a higher difficulty) | 100 | 50 | 40 min | 2/3 |
- Negative marking: one-fourth of the marks for each wrong answer in objective papers.
- Language: Hindi or English, except the English language test.
- Descriptive paper: no negative marking.
08 Syllabus Overview
Paper 1 tests general aptitude: English Language, Quantitative Aptitude, Reasoning, and General Awareness (with a strong current-affairs and financial-awareness focus, including RBI, SEBI and PFRDA updates).
Paper 2 (General stream) is the specialist paper and covers:
| Subject | Key areas |
|---|---|
| Commerce & Accountancy | Accounting standards, cash flow, share capital, company final accounts |
| Management | Management process, leadership, HRD, motivation, communication |
| Finance | Financial system and markets, derivatives, financial inclusion, taxes, FRBM, inflation |
| Costing | Cost and management accounting, methods of costing, standard and marginal costing, lean systems |
| Companies Act | Companies Act, 2013 (specified chapters) |
| Economics | Micro and macro, national income, IS-LM, inflation, monetary and fiscal policy, BoP |
| Pension Sector | Status of the pension sector, retirement schemes, NPS, Atal Pension Yojana, annuity plans, basics of investment |
Phase II Paper 1 (descriptive English) tests essay writing, precis writing and comprehension.
09 Salary & Perks
Pay scale: Rs 44,500 - 2500(4) - 54,500 - 2850(7) - 74,450 - EB - 2850(4) - 85,850 - 3300(1) - 89,150 (17 years). The gross figure includes PFRDA's contribution towards NPS along with Grade, Special, Dearness, Local, Family, Special Compensatory, Learning and Housing allowances.
Other benefits: Leave Fare Concession, medical cover (hospitalisation and non-hospitalisation), personal accident insurance, education allowance, knowledge updation allowance, conveyance, staff furnishing scheme, computer purchase scheme, and a meal card. Posting can be anywhere in India.
10 Career Growth Path
PFRDA offers a clear, structured promotion ladder. You enter as an Assistant Manager and can rise to the top of the organisation over your career.
| Grade | Position |
|---|---|
| Grade A | Assistant Manager (entry point) |
| Grade B | Manager |
| Grade C | Assistant General Manager |
| Grade D | Deputy General Manager |
| Grade E | General Manager |
| Grade F | Chief General Manager |
| Above F | Executive Director, Whole Time Director, Chairperson |
11 Previous Year Cut-Off (2025)
Cut-offs help you set a realistic target. Below are the actual PFRDA Grade A 2025 cut-offs for the General stream.
Phase I cut-off (out of 100)
| Category | Paper 1 | Paper 2 |
|---|---|---|
| UR / General | 29.75 | 28.00 |
| EWS | 29.75 | 28.00 |
| OBC | 23.25 | 18.00 |
| SC | 23.25 | 18.00 |
| ST | 23.25 | 18.00 |
Phase II cut-off (out of 100)
| Category | Paper 1 | Paper 2 | Total Weighted Score |
|---|---|---|---|
| UR / General | 49.00 | 60.50 | 63.00 |
| OBC | 45.00 | 60.00 | 60.00 |
| EWS | 49.00 | 50.00 | 52.67 |
| SC | 47.00 | 57.00 | 58.67 |
| ST | 48.00 | 54.50 | 55.33 |
Final selection (minimum weighted score, out of 100)
| Category | UR/Gen | OBC | EWS | SC | ST |
|---|---|---|---|---|---|
| Score | 73.48 | 69.95 | 67.18 | 67.13 | 66.77 |
Cut-offs vary each year with difficulty level and vacancies. Use these as a benchmark, not a fixed target.
12 SEBI vs PFRDA vs IFSCA
All three are financial-sector regulator Grade A posts with a very similar exam design, so many aspirants prepare for them together.
| Point | PFRDA | SEBI | IFSCA |
|---|---|---|---|
| Regulates | Pension sector (NPS, APY) | Securities market | GIFT City IFSC (unified) |
| Gross pay (approx) | Rs 1.57 Lakh | Rs 1.84 Lakh | Rs 1.80 Lakh |
| Starting basic | Rs 44,500 | Rs 62,500 | Rs 62,500 |
| Interview weight | 85 : 15 | 85 : 15 | 85 : 15 |
| Syllabus overlap | Base + Pension Sector | Base (common with PFRDA) | Around 70 percent common |
The SEBI and PFRDA Paper 2 syllabus is essentially the same; PFRDA simply adds the Pension Sector block. This overlap is why a combined SEBI plus PFRDA (plus IFSCA) preparation is the smart strategy.
13 Preparation Strategy
- Lock the common core first: Commerce, Management, Finance, Costing, Company Law and Economics power both Paper 1 and Paper 2. Build these once, use them everywhere.
- Add the Pension Sector block: NPS, Atal Pension Yojana, annuity plans and basics of investment. This is the PFRDA-specific edge and is very scoring.
- Make current affairs a daily habit: focus on RBI, SEBI and PFRDA circulars, budget and economy news, and government schemes for the four to five months before the exam.
- Practise descriptive English early: essays, precis and comprehension. Phase II Paper 1 carries one-third weight, so do not leave it for the end.
- Take full-length mocks every week: negative marking rewards accuracy over speed. Review each mock, note errors, and revise weak areas.
- Prepare with SEBI and IFSCA together: the shared syllabus means one focused effort can target three regulators in the same season.
14 Application Fee & How to Apply
Application-cum-intimation fee
| Category | Fee |
|---|---|
| UR / General, EWS & OBC | Rs 1,000 (inclusive of GST) |
| SC / ST / PwBD / Ex-servicemen / Women | Nil |
How to apply (online only)
Go to www.pfrda.org.in and open the Careers section.
Open the Officer Grade A (Assistant Manager) recruitment link and click Apply Online, then register with your name, email and mobile number.
Note your registration number and password, log in, and fill in the application form carefully.
Upload your photo, signature, left thumb impression and handwritten declaration as per the specifications.
Preview, complete registration, pay the fee online, and save a printout of the form and e-receipt.
15 Frequently Asked Questions
When will the PFRDA Grade A 2026 notification be released?
Is the PFRDA Grade A exam held every year?
What is the salary of a PFRDA Grade A officer?
What is the age limit?
Can final-year students apply?
Is the exam bilingual?
How is the final merit decided?
How is PFRDA different from SEBI in the syllabus?
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- Complete Paper II notes for all subjects
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Valid till August 31, 2027 (PFRDA + SEBI)
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- 5 full-length tests each for Paper 1 & Paper 2
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- English descriptive compendium
Valid till Dec 31, 2026 (PFRDA + SEBI)
Buy NowDisclaimer: Vacancies, dates and eligibility for PFRDA Grade A 2026 are indicative and based on the latest available information. Always verify final details from the official notification at www.pfrda.org.in.
