National Financial Literacy Quiz (NFLQ) 2024: A Comprehensive Guide

The National Financial Literacy Quiz (NFLQ) 2024 is a nationwide financial literacy quiz competition. This event is conducted by the Securities and Exchange Board of India (SEBI) and aims to promote financial literacy among the citizens of India. The National Institute of Securities Market (NISM) is appointed as the nodal institute for coordination, conduct, and implementation of the nationwide quiz.

NFLQ Registration and Quiz Dates

The registration for colleges have started on October 09, 2023, and student registrations began on November 01, 2023. The online quiz dates are from November 15, 2023 to April 30, 2024.

Quiz Structure

The quiz comprises three rounds:

1. Round 1 – Online: This round can be attempted in online mode by logging into the NFLQ Portal.
2. Round 2 – Regional Round: This round will be conducted at the NISM Campus, Patalganga, Near Navi Mumbai.
3. Round 3 – National Round: This round will also be held at the NISM Campus, Patalganga, Near Navi Mumbai.

Assessment Structure for Online Quiz

The online quiz has a maximum score of 100 and consists of 40 questions. Participants are allotted 45 minutes to complete the quiz. The questions are multiple-choice and are randomly selected from a question bank. There is no negative marking.

Eligibility Criteria

The NFLQ 2024 is open for all candidates who have completed their 10+2 / higher secondary level of education and are currently enrolled in any College/University/Institution operating from India under any course/stream. Only recognized College, University, and Institutions shall be eligible to participate. College students shall be registered by their respective colleges/Institutions.

Prizes

The top 3 national winning teams separately in UG and PG categories will get Rs.1,00,000; Rs.50,000 and Rs.30,000 each. Regional Winners will get cash rewards and a chance to visit Mumbai and attend a grand ceremony sponsored by SEBI. The total prize pool is Rs.9,50,000. All participants will receive participation certificates.

How to Register?

Participants need to provide their name, email address, telephone number, identity proof, and a passport-size photo. They must consent to the use of these details for Quiz-related purposes.

What are the topics covered in NFLQ?

The National Financial Literacy Quiz (NFLQ) 2024 covers a wide range of topics related to financial literacy. While the exact syllabus is not explicitly mentioned on the NFLQ website, based on the nature of the quiz and the topics covered in similar examinations conducted by NISM, the topics likely include:

• Key Concepts in Financial Literacy: Understanding the basic principles of financial management, such as the time value of money, risk and return, diversification, and the importance of saving and investing.
• Various Investment Options: Knowledge about different types of investment options available, such as stocks, bonds, mutual funds, real estate, and commodities.
• Savings and Investment Products: Information about various savings and investment products offered by banks and financial institutions.
• Insurance and Pension: Understanding the concepts of insurance and pension, their importance, and how they work.
• Retirement Planning: Knowledge about how to plan for retirement, including understanding pension plans and retirement savings accounts.
• Stock Market: Basic understanding of how the stock market works, including knowledge about stocks, bonds, mutual funds, and other investment options.
• Caution Against Ponzi Schemes: Awareness about fraudulent investment schemes and how to avoid them.
• Tax Savings Options: Information about various tax-saving options available under the Income Tax Act.
• Investor Protection and Investor Grievance Redressal: Knowledge about the rights of investors and the mechanisms available for grievance redressal.

Please note that this is a general guide and the actual quiz may include questions outside of these topics as well. 

Where can I find the official study material for NFLQ?

The official study material for the National Financial Literacy Quiz (NFLQ) 2024 can be found on the NFLQ 2024 Portal. NISM has made various study materials available for participants’ reference. You can download these materials directly from the NFLQ website.

In addition to the resources provided on the NFLQ portal, you can also download study material from the SEBI Investor website. This includes resources such as the Securities Market Booklet, Financial Education Booklet, and the SEBI Glossary.

Please note that these resources are intended to guide your preparation for the quiz. It’s important to thoroughly understand the concepts and topics covered in these materials to perform well in the quiz. Good luck with your preparation!

What are the common mistakes to avoid during NFLQ?

Participating in the National Financial Literacy Quiz (NFLQ) 2024 is a great opportunity to test and improve your financial literacy. However, to ensure a smooth experience and increase your chances of success, here are some common mistakes to avoid:

1. Incorrect Registration Details: Providing incorrect data during registration may lead to disqualification. Make sure to provide accurate and complete information when you register.
2. Not Reading the Instructions Carefully: The quiz has specific instructions regarding the format, duration, and rules. Not reading and understanding these instructions can lead to mistakes during the quiz.
3. Not Managing Time Effectively: The online quiz has a duration of 45 minutes. It’s important to manage your time effectively to answer all questions within the allotted time.
4. Multiple Entries: Each participant can only participate once, and multiple entries from the same person will be discarded. Ensure you only submit one entry.
5. Not Preparing Adequately: The quiz covers a wide range of topics related to financial literacy. Not preparing adequately for these topics can affect your performance in the quiz.
6. Not Reviewing Your Answers: Before submitting your answers, take a moment to review them. This can help you catch any mistakes or errors you might have made.

Remember, the key to success in the NFLQ is preparation and careful attention to the rules and instructions. 

What are the benefits of participating in NFLQ?

Participating in the National Financial Literacy Quiz (NFLQ) 2024 offers several benefits:

1. Financial Literacy: The quiz promotes financial literacy among the youth of the nation. It helps participants understand the basics of financial planning, investing, and budgeting.
2. Prizes: The top 3 national winning teams separately in UG and PG categories will get Rs.1,00,000; Rs.50,000 and Rs.30,000 each. Regional Winners will get cash rewards and a chance to visit Mumbai and attend a grand ceremony sponsored by SEBI.
3. Certificate of Participation: All participants will receive participation certificates, which can be a valuable addition to their resume.
4. Enhanced Decision Making: The knowledge gained through this quiz can enable better financial decision making and ultimately financial wellbeing.
5. Networking Opportunities: Participants get a chance to interact with like-minded individuals and professionals in the field of finance.
6. No Entry Fee: There is no participation or entry fee for the quiz, making it accessible to all eligible students.

Remember, the key to success in the NFLQ is preparation and careful attention to the rules and instructions. Good luck with your participation!

Is there a mock test available for NFLQ preparation?

The mock test for NFLQ is available on the NFLQ website.

You can find other useful NISM Mock Tests at PrepCafe Academy.

What can I expect in the NFLQ Regional and National Rounds?

In the Regional and National Rounds, you can expect a more competitive environment as you’ll be competing with the top performers from across the country. These rounds will likely involve more complex questions and scenarios related to financial literacy.

Please note that the specific format and rules for these rounds may vary, and it’s recommended to check the official NFLQ website or contact the organizers for the most accurate information.

Conclusion

The NFLQ 2024 is a great opportunity for students to test their financial literacy and win exciting prizes. So, don’t wait! Register now and start preparing for the quiz. Good luck!

For more information, please visit the NFLQ website.

For more information visit the official National Financial Literacy Quiz (NFLQ) website.