Management Accounting
Insurance Institute of India: Associate Examination
Covers financial management and financial statements, ratio analysis, budgeting and budgetary control, fund flow and cash flow statements, insurance company investments and IRDA regulations, the Indian capital market, mutual funds and AIFs, capital budgeting (NPV/IRR), international financial management, MIS, disclosure norms, portfolio management, the foreign exchange market and financial risk management and derivatives.
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IC-89 exam at a glance
| Level | Optional paper for Licentiate, Associateship or Fellowship |
|---|---|
| Credit points | 40 |
| Exam | 2 hours, online, multiple choice |
| Pass mark | 60% (75% for distinction) |
450 practice + 235 Enhanced Practice
Across 15 chapters, every question reviewed and exam-aligned.
Tap a chapter to see what it covers.
1Introduction to Financial Management30 + 12 Enhanced questions30 + 12 Enhanced
Financial management: scope, objectives, comparison with financial accounting, financial planning and the financial system.
2Preparation and Presentation of Financial Statements30 + 20 Enhanced questions30 + 20 Enhanced
Preparing financial statements under the Companies Act 2013, and statements of life and non-life insurers.
3Financial Statements Analysis and Ratio Analysis30 + 20 Enhanced questions30 + 20 Enhanced
Ratio analysis: liquidity, profitability, activity, solvency and market ratios, including ratios for insurers.
4Budget and Budgetary Control30 + 15 Enhanced questions30 + 15 Enhanced
Budgets and budgetary control: control systems and budgetary control methods in insurance business.
5Fund Flow and Cash Flow Statements30 + 12 Enhanced questions30 + 12 Enhanced
Fund flow and cash flow statements: what they show and how to prepare them.
6Investment of Insurance Companies and IRDA Regulations30 + 12 Enhanced questions30 + 12 Enhanced
Insurer investments: investment avenues, bonds and debentures, IRDAI investment rules, exposure norms and approved investments.
7Indian Capital Market30 + 20 Enhanced questions30 + 20 Enhanced
Indian capital market: its constituents, stock exchanges and their functions, and depository receipts.
8Mutual Funds, Venture Capital, Life Insurance Policies and AIFs30 + 20 Enhanced questions30 + 20 Enhanced
Mutual funds, alternative investment funds, life insurance plans, and how ULIPs compare with mutual funds.
9Capital Budgeting30 + 15 Enhanced questions30 + 15 Enhanced
Capital budgeting: meaning, need and process, and methods for evaluating long term investments.
10International Financial Management30 + 20 Enhanced questions30 + 20 Enhanced
International finance: its role in trade, FDI, FII, balance of payments and the IMF's role.
11Management Information System30 + 12 Enhanced questions30 + 12 Enhanced
Management information systems: their nature, types of systems, and features of an effective MIS.
12Disclosure Norms for Life and Non-life Insurance Companies30 + 12 Enhanced questions30 + 12 Enhanced
IRDAI public disclosure norms for life and non-life insurance companies.
13Portfolio Management30 + 15 Enhanced questions30 + 15 Enhanced
Portfolio management: its significance, types of risk, portfolio theories and fixed income investing.
14Foreign Exchange Market and Management of Exchange Rate30 + 15 Enhanced questions30 + 15 Enhanced
Foreign exchange market: transactions, quotes, spreads, cross rates, rate forecasting, rate determination and market structure.
15Financial Risk Management and Derivatives30 + 15 Enhanced questions30 + 15 Enhanced
Financial risk management and derivatives: types of derivatives and those popular in Indian and global markets.
Draws from all 450 questions across every chapter, so no two attempts are the same.
The Advanced Mock Test draws from 235 Enhanced Practice questions.
IC-89: frequently asked questions
What does IC-89 cover?
IC-89 covers financial management for insurers: financial statements and ratio analysis, budgeting, cash flows, insurer investments and IRDAI rules, capital markets, capital budgeting, forex and derivatives.
Is IC-89 compulsory?
No. IC-89 is an optional paper worth 40 credit points. You can count it towards Licentiate, Associateship or Fellowship.
What is the pass mark for IC-89?
60%. A score of 75% or more is a pass with distinction.
How long is the IC-89 exam?
2 hours. It is an online exam with multiple choice questions.
When will I know my result?
You see your score right after the online exam. The formal result usually follows within about a month.
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