NICL AO Finance Exam 2024 - Recruitment, Exam Date, All Details Here

NICL Finance Officer Exam 2024 Highlights 

National Insurance Company Limited (NICL), a prominent government-owned entity overseen by India's Ministry of Finance, stands out as a leading public sector insurance firm specializing exclusively in non-life insurance. Its offerings consist of safeguarding against natural disasters in agriculture and rural sectors, industrial insurance covering projects, construction, fire, equipment loss, theft, alongside personal medical, accident, property or auto insurance, and various other commercial insurance policies. Thus, NICL excels in providing an array of general insurance policies across diverse economic sectors. This opportunity provides an excellent launchpad for individuals seeking careers in the insurance industry, aiming to excel as Administrative Officers within India's top-tier insurance conglomerate.

NICL AO (Administrative officer) Finance Exam 2024 Highlights

Conducting BodyNational Insurance Company Limited
Official Website https://nationalinsurance.nic.co.in/
Name of the Post Administrative Officers (Finance)
Mode of Exam Online
Stages

3 Stages-

  • Phase 1- (Preliminary)
  • Phase 2- (Main)
  • Phase 3- (Interview)
Maximum marks & Time duration
  • Phase 1- 100 marks, 60 minutes
  • Phase 2- Objective
    • • Specialist - 250 marks, 145 minutes
    • Descriptive - 30 Marks , 30 Minutes
  • Phase 3- Interview 
Online registration and payment of application fees January 02, 2024 to January 22, 2024
NICL AO Phase 1 Online Examination (Objective) To be notified later
NICL AO Phase 2 Online Examination To be notified later
NICL AO Finance Vacancies 30
NICL AO Official Notification 2024 [PDF]

Specifically, this page will concentrate solely on the specifics of the NICL AO Finance notification. For a comprehensive understanding of the NICL 2024 Recruitment, interested individuals can refer to the subsequent section. This presents a promising opportunity for those seeking a career in the public insurance sector, with recruitment for Scale 1 Administrative Officer posts in Generalist vacancies and in specialist streams like IT, Finance, Statistics (Actuarial), Automobile Engineering, Doctor, Law, and Rajbhasha Adhikari. It is essential to thoroughly examine this information to ensure you possess all necessary details for applying to this enticing opportunity. 

NICL Finance Officer Notification 2024

The NICL AO Recruitment notification 2024 aims to fill 274 vacancies for the position of Administrative Officer-Scale 1 (AO) in various disciplines, including General, Finance and other specializations. Among these vacancies, 30 positions are specifically allocated for the Finance Officer post. 

The Online registration for NICL AO exam will be open from January 02, 2024 onwards, until January 22, 2024. Aspiring candidates can find all relevant information, including the NICL AO notification pdf, exam dates, recruitment procedure, and other details. Candidates must check their eligibility for the specific posts mentioned in the notification. Aspirants can refer to the official schedule provided by the authorities to prepare for the NICL AO recruitment exam.

NICL AO Finance 2024 Notification PDF

This notification marks the commencement of the recruitment drive by National Insurance Co. Ltd. Interested candidates can download the official notification directly through the provided link for further details and convenience.

NICL (AO) Finance Officer Vacancies 2024

The NICL AO Notification 2024 has been published, announcing 274 vacancies for the Administrative Officer posts across all fields. Among these, 30 NICL (AO) Finance officer vacancies have been announced. The distribution of vacancies based on different disciplines is as follows:

DisciplinesUROBCSCSTEWSTotal Vacancies
Generalist 68 24 18 07 13 130
Specialist Doctors (MBBS) 57 33 26 12 14 28
Legal 20
Finance 30
Actuarial 02
Information Technology 20
Automobile Engineers 20
Hindi (Rajbhasha) Officers 22
Backlog 02 02
Total Vacancies 125 57 44 21 27 274

NICL AO (Finance) Eligibility criteria

Prior to applying for the exam, it's crucial for prospective candidates to acquaint themselves with the NICL AO (Finance) eligibility criteria. Familiarizing oneself with the NICL AO eligibility is vital to ensure a proper application process and avoid potential disqualification. The criteria cover educational qualifications, age criteria, and age relaxation. Candidates need to meticulously assess these conditions outlined in the official notification to ascertain their eligibility for the exam. Regarding the NICL AO Finance age limit, candidates must fall within the age range of 21 to 30 years as of December 1, 2023.

The educational qualification for the NICL AO Finance Officer position requires candidates to have one of the following:

  • Chartered Accountant (ICAI) / Cost Accountant (ICWA)

OR

  • B.COM / M.COM

DisciplinesAcademic Qualification
Finance Chartered Accountant (ICAI) / Cost Accountant (ICWA) OR B.COM / M.COM from a recognized University with at least 60% marks in either of the degree examinations (at least 55% for SC/ST) candidates.

from a recognized University with at least 60% marks in either of the degree examination (at least 55% for SC/ST candidates).

NICL AO Finance Syllabus and Exam Pattern 2024

The selection process comprises three stages: the Preliminary Exam, Mains Exam, and Personal Interview. Only eligible candidates will proceed to these stages based on their qualifications and experience. Upon selection, the candidates will be required to serve a minimum of 4 years, including a 1-year probationary period. At the time of joining, selected candidates will be expected to sign an undertaking to this effect. All those who wish to apply for the upcoming exam should take note of the NICL AO exam pattern in detail which is needed if you want to prepare a good preparation plan. The selection process of AO consists of three main phases:

Phase 1: Prelims (objective)

Phase 2: Mains (objective & descriptive)

Phase 3: Interview

Candidates should go through the complete exam pattern to know about other details such as the exam language and marking scheme.

NICL AO Finance Prelims Exam Pattern

Preliminary Examination consisting of Objective Tests (Multiple Choice type Questions) for 100 marks will be conducted online (applicable for all disciplines except Hindi Officers). This test would be of 60 minutes duration consisting of 3 sections (with separate timings for each section) as follows -

Name of TestNo. of QuestionsMarksDuration
English Language 30 30 20 minutes
Reasoning Ability 35 35 20 minutes
Quantitative Aptitude 35 35 20 minutes
Total 100 100 60 minutes

Applicants must achieve passing marks as determined by the Company in each test or section. The Company will shortlist a sufficient number of candidates in each category (approximately 15 times the number of vacancies, subject to availability) for the Main Examination.

NICL AO Finance Mains Exam Pattern

Main Examination will consist of Objective Tests (Multiple Choice type Questions) for 250 marks and Descriptive Test for 30 Marks. Both the Objective and Descriptive Tests will be online.

(i) Objective Test: The Objective Test of 3 Hours duration consists six sections for Finance officer, for total 250 Marks. The sixth section is an additional test to assess technical & professional knowledge in the Finance discipline :

Name of TestNo. of QuestionsMarksDuration
Reasoning Ability 40 40 35 minutes
English Language 40 40 30 minutes
General Awareness 40 40 20 minutes
Computer Knowledge 40 40 25 minutes
Quantitative Aptitude 40 40 35 minutes
In the Special stream, an additional test to assess technical & professional knowledge in relevant discipline 50 100 35 minutes
Total 250 250 180 minutes

(ii) Descriptive Test: The descriptive Test of 30 Minutes duration with 30 marks will be a Test of English Language. The descriptive test will be in English and will be conducted through on-line mode.

(Essay – 10 Marks, Précis – 10 & Comprehension – 10 marks).

Candidates will have to answer the Descriptive Test by typing on the computer. Immediately after completion of the Objective Test, Descriptive Test will be administered.

NICL AO (Finance) Syllabus 2024

Candidates aspiring to become NICL AO Finance Officers should be well-versed with the NICL AO Finance Syllabus and Exam Pattern for the year 2024. The table provided below contains a detailed breakdown of the NICL AO Syllabus section by section, to aid candidates in their preparation. The subjects assessed in the Prelims are Reasoning, English language, Quantitative Aptitude.

SectionTopics
Quantitative Aptitude Ratio and Proportion, Simplification, Percentage, Average, Time and Work, Speed, Distance and Time, Mixture and Allegations, Percentage, Permutation, and Combination, Data Interpretation, Mensuration, Probability, Set Theory, Number Series, Number Systems, Profit & Loss, Simple Interest & Compound Interest, Surds & Indices, Sequence & Series, Mensuration – Cylinder, Cone, Sphere
English Language Grammar, Vocabulary, Error Spotting, Reading Comprehension, Cloze Test, Para Jumble, Fill in the Blanks, Sentence Correction, Miscellaneous
Reasoning Ability Inequality, Coding-Decoding, Syllogism, Machine Input-Output, Data Sufficiency, Seating Arrangement, Logical Reasoning, Floor Puzzle, Scheduling, Verbal Reasoning, Ordering and Ranking, Blood Relations, Direction and Distance, Coded Inequalities, Puzzle Tabulation, Alphanumeric Series

While in the Mains objective exam the subjects assessed are English language, Reasoning, Quantitative Aptitude, General Awareness, Computer Knowledge, and Technical and Professional knowledge in Finance stream. By thoroughly understanding the syllabus and exam pattern, candidates can formulate an effective study plan and boost their chances of success in the NIACL AO examination.

NICL AO Finance Interview

Candidates will be shortlisted for Interview on the basis of overall marks scored in Main Examination after evaluation as given in the NICL exam notification 2023. The Interview will take place at designated centres. Shortlisted candidates will receive information about the centre's address, venue, date, and time for the Interview through the call letter. 

NICL AO Finance Officer Final Selection

The final selection for the NICL AO position will be based on the consolidated marks obtained in the main examination (objective test) and the Interview. The ratio of weightage between the online Main Examination and Interview will be 80:20. The Company will determine the minimum qualifying marks for the interview at a subsequent stage. A final merit list will be prepared in descending order, considering the consolidated marks secured by the candidates. Candidates ranking within the number of available vacancies in the merit list will be considered for appointment.

NICL Finance AO Application Fee 2024

Below is the table detailing the NICL AO Finance Application Fee, which is to be paid through online mode:

NICL AO (Finance) Important Dates 2024

The NICL AO Finance recruitment notice for the Scale 1 Administrative Officer exam highlights important NICL AO exam dates that prospective candidates should mark for the examination. The online registration starts on January 2 and ends on January 22, 2024. Similarly, the application fee must be paid by January 22, 2024. Further stage wise important dates will be notified on the website. Aspiring applicants are encouraged to consistently monitor NICL's official website for updates.

NICL AO (Administrative officer) 2024 Exam Dates

EventsDates
Online registration and payment of application fees January 02, 2024 to January 22, 2024
NICL AO Prelims Admit Card  To be notified later
NICL AO Prelims Online Examination (Objective) Date March 04, 2024
NICL AO Prelims Result To be notified later
NICL AO Mains Online Examination Date To be notified later
Download NICL AO Interview dates To be notified later
NICL AO Result To be notified later

NICL Finance Officer Salary 2024

The NICL AO position is highly coveted by young individuals aspiring to build a career in the insurance sector, primarily due to its appealing salary structure. In metropolitan cities, the total monthly emoluments will amount to approximately Rs. 85,000/-, providing financial stability and serving as an attractive incentive for candidates to join the organization.

ParametersDetails
Basic Pay Rs. 50,925 /-
Pay Scale Rs.50925-2500(14)-85925-2710(4)-96765
In-hand Salary Rs. 85,000/- per month

Beyond the basic NICL Finance officer salary, NICL offers its Administrative Officers various allowances, enriching the overall compensation package. Additional perks including Pension under the New Pension scheme regulated by PFRDA, Gratuity, LTS, Medical Benefits, Group Personal Accident Insurance, etc., will align with the prevailing rules of the Company at the time of appointment.

NICL AO (Finance) Online course

In this online era, there are endless ways and means to start exam preparation. Therefore you need a reliable source where you do not have to worry much about collecting the right NICL Finance Officer study materials. To direct you towards the right path and make NICL AO (Finance) Scale 1 exam 2024 preparation much easier and hassle-free task, ixamBee has come up with NICL AO (Finance) Online Course for Finance stream, that is curated by faculties having wide experience in insurance and banking institutes.

NICL AO (Finance) Free Mock Tests

The best time to prepare for the NICL AO 2024 exam is to start now. By practicing free mock tests for the NICL Finance Officer exam you can enhance your speed and accuracy. This test series is curated as per the latest exam pattern and syllabus to deliver a high-quality test pack. The NICL Finance online mock test for Finance stream will help you to make yourself aware of various types of questions that can be asked in the exam.

NICL AO Finance Officer Useful Books

  • Monetary Theory and Public Policy by Kenneth Kurihara
  • Economic Growth and Development by Mayer and Baldwin
  • Financial Management by Prasanna Chandra
  • International Business by Hill and Jain
  • Major financial newspapers, RBI Annual Report, Report on Trend and Progress of Banking in India, Economic Survey and Union Budget capsules from ixamBee

NICL AO Generalists/Finance/Legal Prelims - Free Mock Tests

NICL AO 2024 Prelims Mock Test 5 (Generalists /Finance/Legal/IT)

NICL AO 2024 Prelims Mock Test 5 (Generalists /Finance/Legal/IT)

  • 60 Minutes
  • 100 Questions
  • 100 Marks
NICL AO 2024 Prelims Mock Test 4 (Generalists /Finance/Legal/IT)

NICL AO 2024 Prelims Mock Test 4 (Generalists /Finance/Legal/IT)

  • 60 Minutes
  • 100 Questions
  • 100 Marks
NICL AO 2024 Prelims Mock Test 3 (Generalists /Finance/Legal/IT)

NICL AO 2024 Prelims Mock Test 3 (Generalists /Finance/Legal/IT)

  • 60 Minutes
  • 100 Questions
  • 100 Marks
NICL AO 2024 Prelims Mock Test 2 (Generalists /Finance/Legal/IT)

NICL AO 2024 Prelims Mock Test 2 (Generalists /Finance/Legal/IT)

  • 60 Minutes
  • 100 Questions
  • 100 Marks

FAQs

The NICL Finance AO Exam is conducted in three stages: Prelims, Mains, and Interview. Familiarizing yourself with the NICL AO exam structure is vital to prepare effectively as it sheds light on the emphasis placed on various topics within each subject. This comprehension enables you to manage your study time and resources efficiently for each subject. Understanding the NICL AO exam layout empowers you to formulate a comprehensive preparation plan that addresses all essential subjects and topics.
The NICL AO (Finance) Recruitment 2023 presents an attractive salary package for its selected candidates. Successful applicants can anticipate an approximate monthly salary of Rs. 80,000- 85,000/-. This remuneration is based on a basic pay scale ranging from Rs. 50,925 to Rs. 96,765.
Yes, an interview is included in the NICL (Finance) AO selection process. Following the NICL Finance AO Mains, an interview session is conducted as a determining segment of the selection procedure, ensuring a comprehensive assessment of candidates' capabilities and suitability for the position.
Candidates applying for the NICL AO Finance Officer role must hold one of the subsequent qualifications; Chartered Accountant (ICAI) / Cost Accountant (ICWA) or B.COM / M.COM from an accredited University, securing a minimum of 60% marks in either degree examination.
As of now, the National Insurance Company Ltd. (NICL) has set the maximum age limit for the post of Administrative Officer (AO) at 30 years. Candidates applying for the AO position must ensure that they do not exceed this age limit. Age relaxation for specified categories are applicable as per the Government norms.
As of now, the National Insurance Company Ltd. (NICL) has set the maximum age limit for the post of Administrative Officer (AO) at 30 years. Candidates applying for the AO position must ensure that they do not exceed this age limit. Age relaxation for specified categories are applicable as per the Government norms.
As outlined in the NICL Recruitment 2023 official notice, candidates are obligated to pay a designated fee of Rs. 1000/- (inclusive of intimation charges) to finalize their application process. It's crucial to bear in mind that once the payment for the NICL Finance AO application fee is made, it is non-refundable. Your NICL AO online application form will only be considered complete and finally submitted once you have paid your fee. Fee relaxations as per Government directives are applicable to specified categories. Candidates are required to go through the official notification, for complete details.
Yes, In the Objective part of both the Prelims and Mains phases of the NICL Finance AO exam, there will be a negative marking system. For each incorrect response, one-fourth of the marks assigned to that question will be deducted as a penalty. Candidates should be cautious while answering to avoid unnecessary deductions.

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